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 Apples 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 Apples retained earnings account and explain how it changes between the two past years.
• Comment on at least three differences between Apples and Samsungs balance sheets.
• Does Apple or Samsung have more debt?
• Which of the two companies is the bigger one? Explain your reasoning.