By James L. Gibson, W. Warren Haynes

Accounting in Small enterprise Decisions offers the 1st large-scale empirical exam of the way small corporations use accounting facts to make working judgements.

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This is consistent with our observations in the nurseries we have visited. If incremental costs are a high proportion of the total, the relative stress we have given revenue would no longer be appropriate, especially in view of the fact that the costs come earlier and thus should not be discounted so heavily. 35 the equipment) to various products. The objective is maximization of profits to be derived from those facilities, which means the selection of the optimum combination of alternatives. ) The present value method discounts the expected profits in such a way that earnings in different time periods can be compared.

Small retailers use sales data as a first approximation of future demand, though only in combination with other information. The final estimate of future demand is conditioned by the retailer's own judgment, employee suggestions, etc. 4. Budgeting is evident in some form in all firms. The extent to which the budget is formalized varies widely. 5. Accounting is not used by the stores covered in this study as a source of programed incremental cost data. When decisions require cost data, the merchants make ad hoc studies of anticipated costs.

There may be cases, especially when only a short period is involved, in which discounting can be ignored for practical purposes, but such cases are better examined individually. Discounting reflects the fact that revenues far in the future have less value today than those nearer at hand. A dollar to be earned ten years from now is less valuable than one tomorrow, for there wi11 be no opportunity to earn revenue from it in the ten-year period. 54 in cash today will at cumulative earnings of 10 percent amount to $100 ten years from now.

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