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Farm record and account

Quiz by Edike Victor

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20 questions
Show answers
  • Q1
    What is a farm record and account?
    a type of crop grown on a farm
    a document that shows the physical layout of a farm
    a type of livestock found on a farm
    a detailed record of all financial transactions and activities related to a farm
    20s
  • Q2
    Why is it important for a farmer to keep a farm record and account?
    to monitor the health of livestock on the farm
    to record the weather conditions on the farm
    to keep a record of different crops grown on the farm
    to track income, expenses, and profitability of the farm
    20s
  • Q3
    What is the purpose of a balance sheet in farm record and accounting?
    to provide a snapshot of the farm's financial position at a specific point in time
    to keep track of daily transactions on the farm
    to calculate the average annual income of the farm
    to measure the productivity of livestock on the farm
    20s
  • Q4
    What is the purpose of a cash flow statement in farm record and accounting?
    to track the inflows and outflows of cash in the farm's operations
    to measure the size and layout of the farm
    to calculate the average yield of crops in the farm
    to record the market prices of agricultural commodities
    20s
  • Q5
    What is a farm income statement used for in farm record and accounting?
    to measure the fertility of the soil on the farm
    to track the revenue and expenses of the farm over a specific period of time
    to monitor the weather conditions of the farm
    to record the number of livestock in the farm
    20s
  • Q6
    What is the purpose of a farm budget in farm record and accounting?
    to keep track of the number of animals on the farm
    to plan and allocate financial resources for the farm's operations
    to measure the quality of the soil on the farm
    to record the rainfall levels on the farm
    20s
  • Q7
    Why is it important for farmers to maintain accurate and up-to-date farm records?
    to make informed decisions and improve farm management
    to comply with government regulations and audits
    to keep track of the farm's historical weather patterns
    to showcase the farm's productivity to potential buyers
    20s
  • Q8
    What is the term used for the complete financial summary of a farm business?
    Farm balance sheet
    Farm inventory report
    Farm cash flow statement
    Farm income statement
    20s
  • Q9
    What is the term used to describe the process of recording and summarizing all the financial transactions of a farm?
    Farm inventory management
    Farm bookkeeping
    Farm forecasting
    Farm budgeting
    20s
  • Q10
    What is the term used to describe the process of recording all income and expenses related to a specific crop or livestock?
    Inventory accounting
    Cash accounting
    Cost accounting
    Tax accounting
    20s
  • Q11
    What is a cash book?
    A record of all sales and expenses on the farm
    A record of all farm equipment and machinery
    A record of all cash transactions including receipts and payments
    A record of all livestock on the farm
    20s
  • Q12
    What is a production record?
    A record of all farm operations and tasks
    A record that tracks the quantity and quality of farm products
    A record of all cash transactions on the farm
    A record of the farm's financial transactions
    20s
  • Q13
    What is a balance sheet?
    A record of all crop planting and harvesting dates
    A record of all rainfall and weather data on the farm
    A record of all livestock sales and purchases on the farm
    A financial statement that shows the assets, liabilities, and net worth of a farm
    20s
  • Q14
    What is a farm income statement?
    A record of all crop yields and production numbers
    A record of all livestock health and vaccination records
    A record of all land and property ownership
    A financial statement that summarizes the farm's revenue and expenses
    20s
  • Q15
    What is a farm journal?
    A record of all crop planting and harvesting dates
    A record of all farm equipment and machinery
    A record of all sales and expenses on the farm
    A daily record of farm activities and observations
    20s

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