General Mills and Meiji Holdings Accounting

General Mills

http://www.generalmills.com

Meiji Holdings Co., Ltd.

http://www.meiji.com/english/corporate/data/group/

Required:

Go to each company’s website, review the most recent financial statements for the company, and then answer the following questions.

• What accounting standards are used?
• What auditing standards are used by the external auditors?
• Analyze and comment on the differences in the annual statements found on the companies' websites. Provide a few specific differences in content and format.
• Explain and illustrate the difference between an annual report, a 10-K, and a Corporate Social Responsibility Report. Comment on the type of reports issued by both companies.
• How comparable are these financial statements?

Prepare a table for a period of three years showing some key financial information for the two companies. Include at least four items from the balance sheet, four items from the income statement, and four items from the statement of cash flow. Having reviewed and analyzed the financial information, please elaborate on the following three questions:

1. Which one of the two companies is the most profitable?
2. Compare growth of revenues vs. income over time and between the two companies.
3. How can you explain the difference in profitability between the two companies?
4. Indicate in detail the information you used to answer the above questions.

Assignment Expectations

It is important to answer the questions as posed. The discussion should be 4 to 6 pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet software when computations are involved.

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