By James L. Gibson, W. Warren Haynes
Accounting in Small company Decisions offers the 1st large-scale empirical exam of the way small businesses use accounting facts to make working judgements.
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Extra info for Accounting in Small Business Decisions
37 laborious and costly. Even in theory there may be doubt that probability analysis is applicable. 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.
On the basis of past experience and future forecasts, management can make estimates of the dimensions of the probability distributions of demands and costs. It is then possible to apply the present value formula, the analysis being complicated by the fact that the estimates are probability distributions rather than exact estimates of costs and revenues. The computation of these probabilities is likely to be 11 For this purpose it may be desirable to lengthen the "horizon" to include a longer period of years.
The principles of managerial economics The logic of managerial economics is simple when examined in broad perspective. When applied to business problems, it may be contained in four basic principles. 1. The Incremental Principle: a decision is sound if it increases revenue more than costs, or if it reduces costs more than revenue. A decision involves change, often in both costs and revenues. The incremental principle simply states that it is necessary to compare incremental costs with incremental revenues.
Accounting in Small Business Decisions by James L. Gibson, W. Warren Haynes