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EFFECTIVE FARM ADMINISTRATION - Coggle Diagram
EFFECTIVE FARM ADMINISTRATION
ACCOUNTING
consists of procedures to
determine and manage the value and the financial position of the farm
show gains and losses
determine the efficiency of the management
plan further choices and investments
BUDGETING
means
planning
ahead
What to produce?
How to produce it?
How much to produce?
It includes
taking an inventory of resources
estimating costs and returns
choosing the most efficient alternatives
Balance sheets
a financial statement that shows a business's financial position at a specific point in time
Liabilities
What the farmer owes (-)
Assets
What the farmer owns (+)
Owner's equity
What it is truly owned (assets - liabilities)