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By James L. Gibson, W. Warren Haynes

Accounting in Small company Decisions provides the 1st large-scale empirical exam of ways small corporations use accounting information to make working judgements.

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Extra resources for Accounting in Small Business Decisions

Sample text

If the future is unlike any prospects that this firm or any other firm in the past has ever met, where does one get the information to determine the shapes and positions of the probability distributions? One may doubt that even a large nursery with a great volume of sales of each plant material could profit much from refined statistical analysis; and the smaller the nursery, the more doubtful the practice. Thus we have encountered a serious obstacle t9 the application of the model to the realities of business life.

6. Particular attention is given to suppliers' "estimated profitability" studies. This practice indicates that the store managements consider such studies relevant for merchandising decisions. It raises the question of why the same retailers do not make studies of their own. 1 The case studies for this chapter cover men's clothing, gift, drug, book, hardware, department, and departmentalized specialty stores. 41 THE CONCEPT OF HOMEOSTASIS AND RETAIL DECISION MAKING Accounting can operate in the homeostasis process as ( 1) the receptor of changing conditions, ( 2) the translator of conditions into financial data, and ( 3) the relayer of data to the organization.

3) Although the homeostatic concept may suggest stress on ratios, the case studies indicate greater attention to absolutes. The firms are concerned with the amounts of cash, of salaries, or of profits. HISTORICAL DATA AS ESTIMATES OF FUTURE DATA Historical data are used as first approximations of expectations, depending on the type of retailer. In the case studies, accounting data are frequently used in forecasts of demand. Merchandise decisions may rest on such estimates, but the final decision is influenced by a number of considerations which reduce the impact of accounting data.

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

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