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Record Keeping: Agricultural Science

Record keeping is an important part of farm management that provides farmers with information to make planning, budgeting, and decision-making easier. It allows farmers to assess the viability of farm enterprises, identify weaknesses, implement controls, and achieve effective management. Common records kept by farms include inventory, production, financial, labor, and consumable records. These records should be complete, simple, accurate, easily interpreted, accessible, and have space for notation. Inventory records specifically involve listing all physical and financial assets owned by the farm, including personal property like livestock and machinery, as well as real estate. Taking an inventory consists of counting the physical items and assigning them a monetary value.

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360 views2 pages

Record Keeping: Agricultural Science

Record keeping is an important part of farm management that provides farmers with information to make planning, budgeting, and decision-making easier. It allows farmers to assess the viability of farm enterprises, identify weaknesses, implement controls, and achieve effective management. Common records kept by farms include inventory, production, financial, labor, and consumable records. These records should be complete, simple, accurate, easily interpreted, accessible, and have space for notation. Inventory records specifically involve listing all physical and financial assets owned by the farm, including personal property like livestock and machinery, as well as real estate. Taking an inventory consists of counting the physical items and assigning them a monetary value.

Uploaded by

Kay
Copyright
© Public Domain
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Agricultural Science

RECORD KEEPING

Important part of farm management.


Provides information the farmer uses to make decisions about planning and budgeting.
Enables the farmer to assess the viability of certain specific farm enterprises or of his farm as a whole.
Enables the farmer to pinpoint areas of weakness in the farm business which require attention.
Enables the farmer to implement measures of control.
Helps the farmer to achieve effective managerial control during production.
May be required to obtain a loan.
May be required for tax purposes.

A farmer should keep several types of records in the operation of the farm business. The specific type
of records kept depends on the nature of the enterprise. A poultry farmer keeps records of his chickens
and a vegetable farmer keeps records of his vegetables.
There are some common records which are kept by different types of farms.
Type of Record Examples
Inventory Records Land, machinery, tools and equipment, buildings, livestock, field crops

Production Records Crops, livestock, breeding, milk production, egg production, feed conversion
ratios

Financial Records Profit and loss account, assets, liabilities, balance sheet.

Labour Records Personnel, permanent, casual, seasonal, contract, family

Consumables Seed, fertilizers, pesticides, feed, medication, fuel


Records

Records should be:

 Complete
 Simple
 Accurate
 Easily interpreted
 Easily accessible
 Have space for notation

INVENTORY RECORDS

Inventory – a complete record listing of all physical and financial items owned by the business, done
at the beginning and end of an accounting period (normally one calendar year).
An inventory includes both personal property such as livestock, machinery, grain, stocks, bank
balances and real estate property such as land and building.
Taking an inventory is the first step in organizing a complete set of farm records.
To be useful in a record-keeping system, the inventory must be in dollar value.
Taking an inventory consists of two parts, the physical count and valuation.
Agricultural Science

INVENTORY
FARM:
DATE: ____________________________
INVENTORY OF: Tools
Description of Item Quantity/ Value ($) Comments/ Remarks
Number
Jan. 01st _____ - Dec. 31st
in Stock
_______
Unit Cost Total Cost
($) ($)

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