There are two main parts to this assignment. Please make sure this paper is well organized andcovers all of the items below.Part I•Why is revenue recognition a significant issue? How do we determine when revenues arerecorded for accounting purposes?•Explain the difference between a product and period expense.•Discuss the matching concept as it relates to accounting for revenues and inventory.•Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two orthree specific differences.Part IIRefer to the latest annual financial statements for the two following companies: Apple:http://investor.apple.com/and Samsung: http://www.samsung.com/us/aboutsamsung/ir/newsMain.do. Generally, thisinformation is found in the Investor Relations area of the website.Clearly identify the companies, the time period, and include the link to the financial statementsyou are analyzing in your report. Next, answer questions below.•What accounting conventions do the two companies follow US GAAP or IFRS?•What about auditing standards for the two companies?•Locate the income statement for the past two years for both companies. Prepare a tablecomparing five items or more from each statement. Next, comment on the changes from oneyear to another. Is the company doing better or worse? Did revenues and expenses increase ordecrease?•Locate the balance sheet for the past two years for both companies. Prepare a table comparingfive items or more from each statement. Next, comment on the changes from one year toanother. Further, discuss retained earnings and how income or loss and dividends affect thisaccount. Review two companies’ retained earnings account and explain how it changesbetween the two past years.Assignment ExpectationsIt is important to answer the questions as posed. The discussion should be three to fivepages and written in a clear and concise manner. Support your discussion withreferences in APA format. You are encouraged to use Excel or other compatiblespreadsheet when computations are involved.
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