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