The Procter & Gamble Company was founded in 1837 and has grown into a global corporation. Its employees number over 120,000. The company sells and produces branded consumer packaged goods. The company currently operates across five different segments and its products are now marketed in more than 180 countries. Procter & Gamble Company's method of accounting for inventory and depreciation is determined by inventory valuation of the product type. Within this document you will gain insights into how fundamental accounting principles have contributed to the long-term success of the company. It all began when William Procter emigrated from England and James Gamble came from Ireland to the United States of America, in Cincinnati, Ohio. William Procter became a respectable candle maker while James Gamble was a novice soap maker. They met because they married sisters, Olivia and Elizabeth Norris. Their wives' father, Alexander Norris, convinced them to become business partners. This led to the formation of Procter & Gamble in 1837. This was accomplished with the f...