By James L. Gibson, W. Warren Haynes
Accounting in Small enterprise Decisions offers the 1st large-scale empirical exam of the way small agencies use accounting facts to make working judgements.
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Extra info for Accounting in Small Business Decisions
30 I. The nursery owns a given amount of land. 2. The demand schedules for all the plants are known with certainty. This means not only that the immediate demand is known; it also means that the position of demand at future dates within the decision-making "horizon" is known. 3. The breakdown between fixed and variable costs is known. 4. , are known. 5. There are no difficulties in allocating incremental costs to particular plants. 6. The cost of capital is known. 7. The firm wishes to maximize profits.
4 If one wanted to measure the cost of a particular variety of plants, he should be concerned as to whether that variety takes three years or ten years to mature, since the longer period involves a greater cumulative sacrifice of revenue from alternatives. Doubtless the prices these nurseries charge do reflect the time periods required in maturing plants (prices for large plants are almost universally higher than those for small ones of the same variety) . The managers recognize that land is tied up longer on such plants, but they do not appear to have thought through the discounting principles involved in a sound treatment of this problem.
This difference arises from the fact that certain costs included in full costs are unaffected by the decision-they will run on whether or not the order is taken. Considered on a shortrun basis, the incremental revenue of $5,000 and the incremental cost of $4,000 produce $1,000 of added income. 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?