Financial Accounting- Balance Sheet

Financial Accounting- Balance Sheet
The case requires you to analyze the balance sheet for the two companies 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, briefly
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 Philips? balance sheets.
Does Apple or Philips have more debt?
Which of the two companies is the bigger one? Explain your reasoning.
Modular Case Expectations
It is important to answer the questions as posed. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved.

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