Farm Accounts - SS2 Agriculture Past Questions and Answers - page 1
What are farm accounts?
Records of farm animals
Financial records of farming operations
Financial records of farming operations
Why are farm accounts important?
To track the weather
To plan vacations
To manage farm animals
To evaluate financial health and make informed decisions
Which of the following is NOT a type of farm account?
Income and Sales Accounts
Expense Accounts
Weather Records
Asset Accounts
What do Asset Accounts in farm accounting primarily focus on?
Crop yields
Farm labor costs
The value of farm-owned assets
Daily weather conditions
Which accounts help farmers assess the profitability of different crops or livestock?
Income and Sales Accounts
Expense Accounts
Liability Accounts
Cash Flow Statements
What purpose do Liability Accounts serve in farm accounting?
Track crop prices
Record debts and financial obligations
Monitor rainfall
Count livestock
Which type of account helps farmers prepare for future expenses and income?
Budget Accounts
Inventory Accounts
Asset Accounts
Income Accounts
What do Cash Flow Statements provide a summary of in farm accounting?
Seed prices
Weather conditions
Movement of money in and out of the farm
Crop yields
What kind of accounts help manage stock levels and pricing in farms?
Budget Accounts
Income and Sales Accounts
Inventory Accounts
Asset Accounts
Which accounts keep track of taxes owed and paid by the farm?
Weather Records
Tax Accounts
Expense Accounts
Asset Accounts