FAP1 - Econ 3A - Financial Accounting - W09 Apple Inc....

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Econ 3A - Financial Accounting - W’09 Apple Inc. Financial Analysis Project–Assignment # 1 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? b. Write the accounting equation and demonstrate that Apple understands the equation using numbers from its fiscal year-end 2008 financial statements. c. What is a “fiscal year?” What is Apple’s accounting policy concerning its fiscal year?
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