Describe an activity performed as part of the internal control procedures to ensure the financial statements are accurate
Internal control procedures
You must answer the following questions using the financial statements of can access the Apple’s company financial statements in its Form 10-K for 2017.
1. Describe the g general business activities of the company. In which countries does the company operate?
2. What are the sources of revenue for the company that are reported on the Income Statement? How much revenue did the company generate in 2017?
3.What types of expenses does the company recognize as reported on the Income Statement? What is the company’s net income as a result of the expenses?
4.What type of assets does the company report on its Balance Sheet? Give examples of both current and non-current assets.
5. What type of liabilities does the company report on its Balance Sheet? Give examples of both current and non-current liabilities
6.Which inventory valuation method does the company use to value its inventory? What is the inventory ending balance as of December 31, 2017?
7.Calculate three different ratios for 2017 that we learned in class. Provide an explanation to what the ratio means
8.Describe an activity performed as part of the internal control procedures to ensure the financial statements are accurate
9. Review the notes to the financial statements. Select one note that is relevant to class and summarize.
10. Provide an interesting fact in the financial statements that relates to a topic covered in class that was not mentioned in the questions above