ACC 201 Module 3 Case BALANCE SHEET 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 â€¢ Distinguish between an expense (expired cost) and an asset. â€¢ Distinguish between current and long-term assets. â€¢ Distinguish between current and long-term liabilities. â€¢ Review Appleâ€™s balance sheet and provide two examples of each of the above categories. â€¢ Discuss retained earnings and how income or loss and dividends affect this account. Review Appleâ€™s retained earnings account and explain how it changes between the two past years. â€¢ Comment on at least three differences between Appleâ€™s and Samsungâ€™s balance sheets. â€¢ Does Apple or Samsung have more debt? â€¢ Which of the two companies is the bigger one? Explain your reasoning.
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