View the step-by-step solution to:

There are two main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well...

There are two main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below.

Part I.

Why is revenue recognition a significant issue? How do we determine when revenues are recorded 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.

Part II. Refer 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, this information is found in the Investor Relations area of the website.

Clearly identify the companies, the time period, and include the link to the financial statements you are analyzing in your report.

What accounting conventions do the two companies follow, US GAAP or IFRS?
Locate the income statement for the past two years for both companies. Prepare a table comparing five items or more from each statement.
Comment on the changes from one year to another. Is the company doing better or worse? Did revenues and expenses increase or decrease?
Is it easy to discern trends or compare the information from year to year and between the two companies? Please, comments on both aspects and show some examples.



Modular Case Assignment Expectations:

The submission should be 3 to 5 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

Sign up to view the entire interaction

Top Answer

Here is the answer... View the full answer

Revenue Recogniition.docx

Revenue Recognition a Significant Issue:
Revenue recognition is significant issue because proper income determination for the company and
owners depends upon it. In the earnings of a company there...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online