generalized accounting def. + review apples balance sheet

The main purpose of this module is to review the balance sheet in more detail.

Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, clearly

• Distinguish between an expense (expired cost) and an asset.
• Distinguish between current and long-term assets.
• Distinguish between current and long-term liabilities.
• Review Apple’s balance sheet and provide two examples of each of the above categories.
• Discuss retained earnings and how income or loss and dividends affect this account. Review Apple’s retained earnings account and explain how it changes between the two past years.
• Comment on at least three differences between Apple’s and Samsung’s balance sheets.
• Does Apple or Samsung have more debt?
• Which of the two companies is the bigger one? Explain your reasoning.

Modular Case Assignment Expectations:

The submission should be 3 to 5 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.