By James L. Gibson, W. Warren Haynes
Accounting in Small company Decisions offers the 1st large-scale empirical exam of the way small organizations use accounting information to make working judgements.
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Additional resources for Accounting in Small Business Decisions
To make two plants requiring different 32 growing periods comparable, it is necessary to estimate the present value of revenues and costs for the same length of time in the future on each. Here the "horizon" or planning period concept becomes important. As used in this chapter, the term "horizon," or "planning period," refers to the maximum growing period that a nursery considers on the slowest maturing plant. " If the "horizon" is nine years, it is necessary to consider three cycles of a plant with a three-year growing period to make an adequate comparison.
Profit is the concern of the owner, and in this case, profit is measured by accounting reports. Throughout the three years, operating statements were prepared biannually and the profit figure was consciously compared with the decision maker's profit objective. The rationality of curtailing successful advertising is subject to question. But there are two possible interpretations: ( l ) the decision maker assumes that once the desired level of profit is reached, less advertising is necessary to maintain the captured market and the profit, or (2) he estimates that the advertising expense would exceed the incremental profits from advertising.
1. Let the five evergreens grow until the next season in the hope that they will be sold at that time. 2. Sell the evergreens at a reduced price and plant the land in the new crop. 3. s The solution would involve a comparison of three values: ( 1) the discounted contribution to overhead and profits of the five evergreens sold in the next season; ( 2) the revenue to be derived from a cut-price sale at the present (taking into account the effects of this price reduction on company sales in general) plus the discounted extra revenue to be gained from an earlier planting of the new item; and ( 3) the discounted extra revenue from an earlier planting of the new item less the incremental costs of plant destruction.