Accounting means the various processes involved in recording the flow of economic resources into, out of and around a business. It is not difficult to see why an understanding of finance is generally important to the owners and managers of a business. Any survey of why businesses fail produces a list of reasons that, almost without exception, include financial mismanagement amongst the top problems. As you progress through this book, you will be reminded of the overall importance of financial management skills to the organisation, other businesses, to households and ultimately to society. This is the 3rd book in a series of 7 on Business and Management
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