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Unique Characteristics of Farming
Production systems:
Net worth Equations (3)
Labor Productivity
Factors under the farmers control
Functions of Management
Implementation
Challenges in US Agriculture Today
How is structure changing in US farms
what is the response to changing structures?
How must farms be sustainable
Strategic Farm Management
Tactical Farm Management
Purposes of farm management records:
Income tax management
what are major farm activities?
What are the minimum records needed?
Financial Inventories
Barn Door, Shoe box
Cash Journal and Check Processing
Hybrid system of Own Design
Prepared systems
Supervised Systems
An Accountant
What is an Asset?
What is a Liability?
Account payable
Account receivable
Accrued expenses
credit
Debit
Expense
Inventory
Net Farm Income (profit)
Owner Equity
Prepaid expenses
Revenue
Accounting period
Single Entry
Double Entry
Balance sheet
Income Statement
Transaction Journal
General ledger
Deprecation schedule
Inventory report
Enterprise reports
Employment Records
Cash-Flow Statement
Statement of owner equity
Value at cost
Available net selling price
Reproduction Price
Value at capitalization of earning power
Why is a dollar today worth more than a dollar tomorrow?
Current Assets
Depreciation
