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TOPIC: FARM RECORDS
CONTENTS: – Meaning and the Importance of Farm records.
- Types of farm records
- Design farm records
- Farm accounts
MEANING AND IMPORTANCE OF FARM RECORDS: farm records refer to the documentation of all the various activities on the farm. It shows the major activities and transactions that take place in a farm enterprise over a period of time
IMPORTANCE OF FARM RECORDS: A Farm record keeping is advantageous in the following ways:
- Farm records give the history of what has happened on the farm for the periods during which they are kept
- It allows the manager to carry out performance evaluation of the farm business
- It helps in determining the profitability of the business
- It is an indispensable tool for the farm manager during planning and budgeting
- It allows the manager to determine the efficiency levels of inputs used in the production
- It is a vital requirement when seeking loans from banks
- It enable both the government and managers to determine the amount of money payable by the farm business
- It enables the manager to make or take sound management decisions about the farm
TYPES OF FARM RECORDS
A good farm or farm manager keeps many important records which includes :
- Inventory record
- Farm dairy
- Production/yield record
- Income and Expenditure record
- Inputs record
- Labour record
- Sales record
- Purchases record
- Supplementary record
- Consumption record
INVENTORY RECORD: farm inventory record is a written document containing the list of all items in the farm at a particular time. It is the complete account and evaluation of all assets and liabilities on the farm at a specified date. It shows the state of each equipment and its value. It is usually ten at beginning and at the end of each year.
An example of inventory record
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