Question: As stated in the chapter, notes to the financial statements are the means of explaining the items presented in the main body of the statements.

As stated in the chapter, notes to the financial statements are the means of explaining the items presented in the main body of the statements. Common note disclosures relate to such items as accounting policies, segmented information, and interim reporting. The financial statements of P&G are presented in Appendix 5B. The company’s complete annual report, including the notes to the financial statements, can be accessed at the book’s companion website, www.wiley.com/college/kieso.

Instructions
Refer to P&G’s financial statements and the accompanying notes to answer the following questions.
(a) What specific items does P&G discuss in its Note 1—Summary of Significant Accounting Policies? (List the headings only.)
(b) For what segments did P&G report segmented information? Which segment is the largest? Who is P&G’s largest customer?
(c) What interim information was reported by P&G?

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