Finance and Accounting for ACCA Strategic Professional Level Exams

When I speak of the purpose of self-culture, I mean that it should be sincere. In other words, we must make self-culture really and truly our end, or choose it for its own sake, and not merely as a means or instrument of something else. And here I touch a common and very pernicious error. Not a few persons desire to improve themselves only to get property and to rise in the world; but such do not properly choose improvement, but something outward and foreign to themselves; and so low an impulse can produce only a stinted, partial, uncertain growth. A man, as I have said, is to cultivate himself because he is a man. He is to start with the conviction that there is something greater within him than in the whole material creation, than in all the worlds which press on the eye and ear; and that inward improvements have a worth and dignity in themselves quite distinct from the power they give over outward things. Undoubtedly a man is to labor to better his condition, but first to better himself. If he knows no higher use of his mind than to invent and drudge for his body, his case is desperate as far as culture is concerned.

The real reason that physicians are rotten investors is that it never occurs to them that finance is a science, just like medicine.

The swift victory of the railway over the waterway resulted from organizational as well as technological innovation. Technology made possible fast, all-weather transportation; but safe, regular, reliable movement of goods and passengers, as well as the continuing maintenance and repair of locomotives, rolling stock, and track, roadbed, stations, roundhouses and other equipment, required the creation of a sizable administrative organization. It meant the employment of an administrative command of middle and top executives to monitor, evaluate, and coordinate the work of managers responsible for the day-to-day operations. It meant, too, the formulation of brand new types of internal administrative procedures and accounting and statistical controls. Hence, the operational requirements of the railroads demanded the creation of the first administrative hierarchies in American business.