Financial Accounting

Feb 3rd, 2012
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Case Assignment: There are three 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 Philips: http://www.philips.com/about/investor/index.html. 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 stateme

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