Farm Accounts - SS2 Agriculture Past Questions & Answers - page 1

1

What are farm accounts?

A

Records of farm animals

B

Financial records of farming operations

C

Financial records of farming operations

CORRECT OPTION: b
2

Why are farm accounts important?

A

To track the weather

B

To plan vacations

C

To manage farm animals

D

To evaluate financial health and make informed decisions

CORRECT OPTION: c
3

Which of the following is NOT a type of farm account?

A

Income and Sales Accounts

B

Expense Accounts

C

Weather Records

D

Asset Accounts

CORRECT OPTION: c
4

What do Asset Accounts in farm accounting primarily focus on?

A

Crop yields

B

Farm labor costs

C

The value of farm-owned assets

D

Daily weather conditions

CORRECT OPTION: c
5

Which accounts help farmers assess the profitability of different crops or livestock?

A

Income and Sales Accounts

B

Expense Accounts

C

Liability Accounts

D

Cash Flow Statements

CORRECT OPTION: a
6

What purpose do Liability Accounts serve in farm accounting?

A

Track crop prices

B

Record debts and financial obligations

C

Monitor rainfall

D

Count livestock

CORRECT OPTION: b
7

Which type of account helps farmers prepare for future expenses and income?

A

Budget Accounts

B

Inventory Accounts

C

Asset Accounts

D

Income Accounts

CORRECT OPTION: a
8

What do Cash Flow Statements provide a summary of in farm accounting?

A

Seed prices

B

Weather conditions

C

Movement of money in and out of the farm

D

Crop yields

CORRECT OPTION: c
9

What kind of accounts help manage stock levels and pricing in farms?

A

Budget Accounts

B

Income and Sales Accounts

C

Inventory Accounts

D

Asset Accounts

CORRECT OPTION: c
10

Which accounts keep track of taxes owed and paid by the farm?

A

Weather Records

B

Tax Accounts

C

Expense Accounts

D

Asset Accounts

CORRECT OPTION: b
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