Accounting for Decision Making: Introduction to Financial Accounting Essay.

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Details:Module 1: Introduction to Financial Accounting. Assignment
Overview General Mills Meiji Holdings Co.,
Ltd. 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: Which one of the two companies is the most profitable?
Compare growth of revenues vs. income over time and between the two
companies. How can you explain the difference in profitability between
the two companies? 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.


Here’s a snippet of the essay.



Overview of General Mills and Meiji Holdings Company Limited


Globally, the food manufacturing and processing sector is an expanding industry due to increasing demand for processed foods arising as a result of urbanization, improved transport, higher income and consumer perceptions concerning safety and quality. The growth of the industry has been rapid especially in the US, as well as other developed and developing countries like China, Japan, UK, and India. Some of the most dominant companies dealing with food include Tyson foods Inc, Unilever, Nestle, Deans Food Company etc. This report seeks analyze and compare the financial statement of Meiji Holdings Company and General Mills company, which are among the largest firms in the food industry.


With a market capitalization of 33 billion dollars, General Mills Company is among the biggest companies in the beverage and food sector. Incorporated on June 1928, the company has been a marketer and manufacturer of branded consumer foods sold in retail stores. General Mills is also a supplier of unbranded and branded food products to the commercial baking industries and food service (General Mills, 2013). The firm manufactures its food products in 15 states and markets them in over a hundred countries. Globally, General Mills manufactures and markets its products in over 130 states. The company has mainly ventured into three main areas i.e. the food service and bakeries sector, United States retail sector and the international sector. Additionally, General Mills sells ready to eat cereals through its joint venture with CPW (Cereal Partners Worldwide). In 2012, the company acquired Yoki Alimentos SA and Food Should Taste Good, a firm based in Needham Heights. In the same year, the firm also acquired 50% and 51% interest in Yoplait Marques SAS and Yoplait SAS respectfully (General Mills, 2013). Over the years, the revenues for General Mills have grown from 16.7 billion dollars to 17.8 billion dollars. Most remarkably, the company has succeeded in reducing costs associated with general administration and selling from 20.29% to 19.99%, this was the main element behind its growth from 1.6 billion dollars to 1.9 billion dollars.


Meiji Holdings Company limited, on the other hand is a conglomerate primarily engaged in the sale and manufacture of dairy products, food products, confectionaries, and pharmaceuticals and healthcare industries. The company mainly operates in Asia, Europe and North America, with its headquarters located in Tokyo Japan and with over 14,000 employees (Meiji Holdings, 2013). During the financial year ending on March 2013, the company recorded revenues of 13,630.9 million dollars, a 1.6% increase over the 2012 financial year. In 2013 financial year, the company operating profit was 312.9 million dollars; this was a 28.1% increase from the previous financial year. Similarly, the net profit significantly increased in the 2013 financial year with the company recording a profit of 201.4 million dollars; this was a higher figure than the 82.34 million dollar profit for the 2012 financial year (Meiji Holdings, 2013).


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