Financial Management by P V Kulkarni & B G Sathyaprasad

B G Sathyaprasad was my mentor and professor and he has this flair for deliverence. His lectures were a treat in the sense, he would meticulously present the concepts which came so easily to him and he would transform the blackboard into the free flow of ideologies/facts from the 'Financial world'. As David Francis observes:  "Overnight, Finance changed from a primarily descriptive study to one that encompassed rigorous analysis and normative theory; finance today is best characterised as ever-changing with new ideas and techniques". This applies to the whole book.

His book is a thoroughly good read with a lot of illustrations and the treatise is very refreshing.

For e.g. 'Responsibility Centres'
This is a relatively 'new concept' well dealt in this book. It  says 'Reports prepared by managers pertaining to only those costs or revenues over which he/she is expected to have control' in small groups and applied to the whole enterprise. In a responsibility centre, costs are charged to the person who has the authority over the acquisition as well as the use of service. Hence, it is a 'personalised concept' and are of three types viz., cost centre (which measures the ability to control cost, tracing procedures used for product costing cutting each activity as a cost centre), profit centre (controlling the bulk of income and the bulk of expenditure on an operation taking into account both inputs and outputs)  and investment centre (on the basis of returns on the capital employed)