Accounting in Small Business Decisions by James L. Gibson, W. Warren Haynes

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By James L. Gibson, W. Warren Haynes

Accounting in Small enterprise Decisions provides the 1st large-scale empirical exam of the way small enterprises use accounting info to make working judgements.

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Extra info for Accounting in Small Business Decisions

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When accounting does influence nursery decision making, it is through the income statement. The concept of homeostasis introduced in Chapter l seems to describe the way some of the nursery managers make use of accounting information. If their annual income seems "unreasonably" low-that is, if it falls short of some predetermined standard of appropriate income-the managers become interested in action that will correct the situation. They may then go over their price lists for the coming year and raise prices on items they "feel" are not making the requisite profit.

Since price lines are usually firmly established in small retail stores, the emphasis is on "economic" buying. The objective is to buy merchandise of suitable quality to fit into the price range and at a wholesale cost which makes a satisfactory margin feasible. Unit budgeting is the rule in instances of prepriced, nationally advertised lines. In this situation, the retailer is concerned only with estimating the amount to sell at the established price. Budgeting in small retail stores varies in several respects.

It may cover a three- to six-month period, or longer, depending upon the store's characteristics. The budget and the small retailer The allocations in the case studies are in terms of units, of dollars, or of both. When it is in terms of dollars (the 46 predominant practice), the retailer attempts to maximize the gross margin on the sale of all items. Since price lines are usually firmly established in small retail stores, the emphasis is on "economic" buying. The objective is to buy merchandise of suitable quality to fit into the price range and at a wholesale cost which makes a satisfactory margin feasible.

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