Refer to the financial report for Canadian Tire Corporation for the fiscal year ended December 31, 2013

Question:

Refer to the financial report for Canadian Tire Corporation for the fiscal year ended December 31, 2013 in Appendix D.

Required:
a. Note 3 of the financial statements describes the company’s accounting policies. Aside from a policy for “Sales and warranty returns,” briefly describe the other six accounting policies relating to revenue.
b. In 2013, how much was recognized in revenue for each of the six categories described in (a)?How much was deferred as at December 31, 2013? Where is the largest source of growth in revenue?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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