Ag Management
Test 1 (Ch. 1 & 2)
Study Guide
Test- 5 matching (10 pts each) + 25 multiple choice (2 pts each)
Double Entry-
Cash Accounting-
Accounting Period-
Accrual Accounting-
Single Entry-
Functions of the Farm or Ranch Manager-
5 classifications of decisions
Steps of the Decision making Process
1.
2.
3.
4.
5.
6.
Define goals-
Techniques for reaching goals-
Short Term Goals-
Long Term Goals-
Intermediate Term Goals-
Objectives-
3 things that determine priorities of goals-
Guidelines for Setting Goals
Cash flow summary-
Taxes involved with hired labor records-
3 general categories of enterprise records-
Internal Transfer-
Examples of Physical Records-
Sources of Farm Income as stated by IRS Publication 225-The Farmer’s Tax Guide-
Sources of non-business income
3 Levels of Record Keeping
Date Farmers and Ranchers begin to Inventory
Formula for Book Value
Formula for Current Value
Steps to Set Up a Records System
1.
2.
3.
4.
Reasons for record keeping-
4 types of record keeping systems-