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 were P&G’s net sales for 2011?
  (b) What was the percentage of increase or decrease in P&G’s net sales from 2010 to 2011? From 2009 to 2010? From 2009 to 2011?
  (c) In its notes to the financial statements, what criteria does P&G use to recognize revenue?
  (d) How does P&G account for trade promotions? Does the accounting conform to accrual accounting concepts? Explain.