BOOKEPING IN AGRICULTURE Flashcards
1
Q
What is Book-keeping?
A
Book-keeping is the orderly recording of daily business transactions involved in the farming operations
2
Q
State 6 importance of book-keeping on agriculture
A
1.It determines the profitability of a farm business
2.It shows the assets and liabilities of a farm
3.Provides a basis for recording and reference at any time
4.It is useful for planning and budgeting
5.It helps the farmer to detect fraudulent business practices.
6.Useful for securing loans from the bank
3
Q
What are the two types of book-keeping and explain
A
1.Single-entry book-keeping
2.Double entry book-keeping
