This paper provides contextual explanations on the related aspects of Working Capital (WC) management. The objective of the paper is to illustrate related variables and cash management models in the WC management, especially from an accounting learning point of view. Initially, WC has been defined; and subsequently, WC policy and determination, some useful related ratios, liquidity management in relation to operating cycle and cash conversion cycle of a business, and optimal cash balance and cash management models are explained. All these contextual explanations are supported with some specific examples as exhibits at the end of this paper, especially with the determination of the WC requirement on a cash-cost basis as an operational approach. Further, the use of simple economic order quantity (EOQ) model for determining the required outflow of cash to buy initial production material in a continuous production process has also been explained.