By James L. Gibson, W. Warren Haynes
Accounting in Small company Decisions provides the 1st large-scale empirical exam of the way small corporations use accounting info to make working judgements.
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Extra resources for Accounting in Small Business Decisions
The simplicity of the accounting approach explains why some firms and writers have taken an interest in developing cost finding or cost accounting for nurseries. But we have shown that both conceptual and practical difficulties stand in the way of this development. Perhaps cost accounting can contribute to control; but measures of full cost have little to contribute to decision making. The economic model we have constructed also has serious limitations. If applied formally, it takes on a mathematical form, since it requires the simultaneous consideration of a large number of variables.
It is necessary, however, to examine possible longer run repercussions. Will this customer and others refuse to pay higher prices in the future if a price concession is made now? Will prices paid by other customers be affected? Will the offer tie up productive capacity which might be used for more lucrative orders? A similar study of both longrun and shortrun considerations enters into the decision on raising prices when demand is favorable. This point is discussed more fully in connection with individual cases.
It establishes the initial number (or value) of items to be purchased, but the retailer may leave a 10 percent to 30 percent "open to buy" margin in each category. During the season, reorders are made until the "open to buy" provision is nil. " The function of the budget, or merchandising plan, varies among stores. In a department store, the manager considers it an invaluable control device. In a small shop, the owner uses the budget to indicate where money is spent. AD HOC ANALYSIS Small retailers seldom prepare quantitative ad hoc analyses for merchandising decisions.
Accounting in Small Business Decisions by James L. Gibson, W. Warren Haynes