Finance and Accounting for ACCA Strategic Professional Level Exams

Towards this fine honor of a trade converged all the finest, all the most noble sentiments—dignity, pride. Never ask anything of anyone, they used to say. … In those days a workman did not know what it was to solicit. It is the bourgeoisie who, turning the workmen into bourgeois, have taught them to solicit.

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.