SS3 First Term Agricultural Science Lesson Note – Farm Record

The content is just an excerpt from the complete note for SS3 First Term Agricultural Science Lesson Note – Farm Records. Check below to download the complete PDF

 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:

1. Farm records give the history of what has happened on the farm for the periods during which they are kept
2. It allows the manager to carry out performance evaluation of the farm business
3. It helps in determining the profitability of the business
4. It is an indispensable tool for the farm manager during planning and budgeting
5. It allows the manager to determine the efficiency levels of inputs used in the production
6. It is a vital requirement when seeking loans from banks
7. It enable both the government and managers to determine the amount of money payable by the farm business
8. 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 :

1. Inventory record
2. Farm dairy
3. Production/yield record
4. Income and Expenditure record
5. Inputs record
6. Labour record
7. Sales record
8. Purchases record
9. Supplementary record
10. 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

To gain full access to the note: DOWNLOAD FILE