able to judge where to pay & not pay
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You need to keep track of your finances in order to keep a budget. If everyone is spending whatever they want, your financial control goes away and you will be in debt.
financial accounting
Financial management is a discipline that allows manages and others to be more in control of their finances. They get to learn how to invest and make profits.
to control the finance activitiies
1.estimating financial requriments. 2.selecting a source of finance. 3.selecting a pattern of investment. 4.proper cash management. 5.implementing financial control. 6.proper use of surplus.