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ACC 304: Intermediate Accounting I Assignment: Week One Financial Reporting Exercises Exercise #1 Omar Morena has recently completed his first year of studying accounting. His instructor for next semester has indicated that the primary focus will be the area of financial accounting. Instructions (a) Differentiate between financial accounting and managerial accounting. (b) One part of financial accounting involves the preparation of financial statements. What are the financial statements most frequently provided? (c) What is the difference between financial statements and financial reporting? Exercise #2 Presented below are the assumptions, principles, and constraint used in this chapter. Instructions: Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) Allocates expenses to revenues in the proper period. (b) Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.) (c) Ensures that all relevant financial information is reported. (d) Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.) (e) Indicates that personal and business record keeping should be separately maintained. 1 (f) Separates financial information into time periods for reporting purposes. (g) Assumes that the dollar is the \"measuring stick\" used to report on financial performance. Exercise #3 The financial statements of P&G are presented in Appendix B of the textbook. The company's complete annual report, including the notes to the financial statements, is available online. Instructions: Refer to P&G's financial statements and the accompanying notes to answer the following questions. (a) Using the notes to the consolidated financial statements, determine P&G's revenue recognition policies. Discuss the impact of trade promotions on P&G's financial statements. (b) Give two examples of where historical cost information is reported in P&G's financial statements and related notes. Give two examples of the use of fair value information reported in either the financial statements or related notes. (c) How can we determine that the accounting principles used by P&G are prepared on a basis consistent with those of last year? (d) What is P&G's accounting policy related to advertising? What accounting principle does P&G follow regarding ac- counting for advertising? Where are advertising expenses reported in the financial statements? 2