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Distinguish between an expense and an asset

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Reference no: EM131431482

Assignment Overview

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. Additionally, 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.

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.

Reference no: EM131431482

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