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3A-W'09-FAP-AAPL#1-KEY

3A-W'09-FAP-AAPL#1-KEY - Econ 3A Financial Accounting W09...

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Econ 3A - Financial Accounting - W’09 Apple Inc. Financial Analysis Project–Assignment # 1 ANSWER KEY Due in class (ON TIME!) Wednesday, January 28, 2009. Must be typewritten (word-processed). DO YOUR OWN WORK!!! I. Use the internet to access Apple’s annual report on Form 10-K for its 2008 fiscal year. (Go to http://www.apple.com/investor/ to download. Note that the Form 10-K is word searchable). Save the 10-K for assignments # 2 & 3. Answer the following questions. (Note: Financial statements in a Form 10-K are at Item 8, which for Apple begins on printed page number 53). a. Which public accounting firm audited Apple’s financial statements (see page 88)? What standards did they follow in their audits? What was their opinion on Apple’s financial statements? KPMG LLP followed standards of the Public Company Accounting Oversight Board . Their opinion was that the financial statements were presented fairly, in all material respects, in accordance with U.S . generally accepted accounting principles . (p88) b. Write the accounting equation and demonstrate that Apple understands the equation
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