The author remarks that this theorem, which is basically all about what happens if we compose linear transformations, also gives a proof that matrix multiplication is associative:
Let $V$, $W$, and $Z$ be finite-dimensional vector spaces over the field $F$; let $T$ be a linear transformation from $V$ into $W$ and $U$ a linear transformation from $W$ into $Z$. If $\mathfrak{B}$, $\mathfrak{B^{'}}$, and $\mathfrak{B^{''}}$ are ordered basis for the spaces $V$, $W$, $Z$, respectively, if $A$ is the matrix of $T$ relative to the pair $\mathfrak{B}$, $\mathfrak{B^{'}}$, and $B$ is the matrix of $U$ relative to the pair $\mathfrak{B^{'}}$, $\mathfrak{B^{''}}$, then the matrix of the composition $UT$ relative to the pair $\mathfrak{B}$, $\mathfrak{B^{''}}$ is the product matrix $C=BA$.
However, I see no reason why that's true...