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By James L. Gibson, W. Warren Haynes
Accounting in Small company Decisions provides the 1st large-scale empirical exam of the way small corporations use accounting info to make working judgements.
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He thought that he had to maintain his prices between these two. But it became clear upon further questioning that he did not study the prices of these competing nurseries systematically. He "believed" that he set his prices between the two levels. Most of the firms used rather informal forecasting procedures for estimating future demand. These forecasts were the basis for planting decisions, which would, of course, determine what plants would be available in future years. One procedure was to note trends-for example, the movement to ranch style houses, for which tall evergreens are not suited-and to project these trends into the future.
A cost which is not incremental for a short period may be incremental in the long run. Furthermore the distinction between the short run and the long run is not nearly so neat in business practice as in the elementary economics textbook. As we show, some decisions involving a few months of time will be similar in character to decisions in other industries involving many years. There is a whole range of short runs, depending on the nature of the issue at hand. Some decisions require only a consideration of immediate effects; others involve estimation of the total consequences of the decision over a period of time.
In addition to the owner, there are two other employees, both of whom have been with the firm for fifteen years. Advertising is budgeted at a fixed amount; alterations are made for a fixed monthly fee by a local seamstress; receiving, handling, and marking are done by the two employees. The only cost that the owner can control is merchandise cost. Price lines are maintained at a level consistent with the store's reputation for quality goods. The fixity of costs and price lines do not permit shortrun price-volume experiments.