ABSTRACT
Financial accounting and management serve the important corporate functions of reporting and evaluating the nancial health of a rm (Williams et al. 2014; Libby et al. 2013; Weygandt et al. 2013).
Financial statements are prepared by certied management accountants (CMAs) and certied public accountants (CPAs), according to the Generally Accepted Accounting Principles (GAAP) in a conservative, material, and consistent manner. These nancial documents provide (a) internal reporting to corporate insiders for planning and controlling routine operations and for decisions on capital investments and (b) external reporting to shareholders and potential investors in nancial markets (Phillips 2012).
