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Financial Accounting : Essential For A Management Of Organizations

Decent Essays
While I was reading this book, I realized that financial accounting is essential for a management of organizations or companies because leaders have to know a cash flow in order to keep companies sound. If leaders could not understand balance sheets, income statements and cash flows and not manage their finance properly, they might experience the lack of cash or could unluckily wrap up their business.
Leaders and even business managers nowadays must have financial competence that was not expected in earlier days. They have to keep accosting records clearly in order to prepare tax returns. Financial terminology is too difficult for people who do not study to understand. Leaders and managers, therefore, need to learn basic financial terms to keep their job or to be successful in it. They also need to know the rules of accounting well enough to achieve their goals without trouble. Leaders and managers need to know what happens in the finance department. They have to continue keep their eyes on it (Siciliano, 2014).
In my opinion of the article “After his business went sour, he blames M&T and former loan officer,” Mr. Drilling might not be a good businessman and Mr. Whipple seemed to be a loan officer who was not supervised well. I think that both are to blame. The bank also has responsibility for that.
“Want this job? Let me sleep with your girlfriend.” I cannot imagine that an interviewer ask about this to interviewees while interviewing. I felt shocked when I saw this title.
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