Refer to the extracts of the annual report of Woolworths Limited in this book's appendix. All questions relate to the consolidated accounts.

1. Which of the notes under significant accounting policies (note 1) deal with revenue and expense recognition?

2. Select three notes related to expense recognition and prepare an alternative policy for the recognition of the expense. Does your alternative increase or decrease profit for the year?

3. Find the dollar values for each of the following for 2014:

a. Total sales revenue

b. Cost of goods sold

c. Depreciation

d. Interest expense

e. Income tax expense

f. Net profit attributable to outside equity interests.
4. What is meant by profit attributable to non-controlling interests?
5. Why does comprehensive income (as reported on the statement of comprehensive income) differ from profit for the period (reported on the income statement)? Identify the major items which explain this difference.

Data from Appendix

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WOOLWORTHS LIMITED SUSTAINABILITY METRICS AND PROGRESS - PROGRESS AGAINST OBJECTIVES 1 Reduce carbon emissions from our buildings by 40% by 2015 [(compared to projected growth levels) Energy efficient and low carbon technology delivered an 18.7% reduction in carbon emissions, compared to original projected growth levels for 2014 Sourcing electricity from renewable sources delivered a further 14.2% reduction in emissions 2 Achieve a 25% reduction in carbon emissions per square metre for new supermarkets New supermarkets built in 2014 have carbon emissions per square metre which are, on average, 25.1% lower than baseline stores 3 Zero food waste to landfill by 2015 (where receiving facilities are available] The volume of recoverable food waste in our waste stream reduced by 20%, from 77% to 57% Woolworths has diverted an estimated 40,000 tonnes of food waste from landfill and we continue to identify new solutions for food waste 4 Reduce amount of recyclable cardboard in the waste stream to less that 1% by weight Weight of recyclable cardboard in supermarkets rubbish bins was 0.96%