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FARM ACCOUNT:
DEFINITION: A farm account can be defined as the statement of various transactions which take place in the farm enterprise within a special period of time.
It refers to as statements of money paid out or received due to sales of goods and services used in a farming business. Money is received due to sales of farm produce or loans from other sources while money is paid out for purchases of farm produce or settlement of debts. At the end of a given period of time, the farmer should be able to know whether the business is yielding profits or losses. OR Farm accounts are financial records of what the farmer spend and receives
It shows the total receipt and payment made by the farm at a particular time. It shows the movement of cash in and out of the business. It also records the income and expenditure made in the farm within the season
IMPORTANCE OF FARM ACCOUNTS: Farm accounts are kept by farmers for the following reasons:
TYPES OF FARM ACCOUNTS
These include
Importance of cash analysis account
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