Theory question 109
Farm Management and Records(a)(i) What is an inventory record? (ii) State the four steps involved in the process of taking inventory. (iii) State two ways in which inventory record is important in farm business.
(b) Mention four objectives of agricultural extension.
(c) Explain the following agricultural extension teaching methods: (i) news bulletin; (ii) agricultural shows.
Show the model answer
(a)(i) A record of all the assets (property) of the farm, such as land, buildings, equipment, animals and stock, with their values, at a given date.
(ii) Count/list all items; describe them; value them (cost, depreciation); record and total the values.
(iii) Any two: shows the net worth of the farm; helps in getting loans; shows depreciation and when to replace items; helps in tax assessment and insurance; prevents theft and loss.
(b) Any four: pass new research findings to farmers; help farmers raise production and income; teach better farming methods; improve rural living standards; carry farmers' problems back to research; encourage co-operatives.
(c)(i) News bulletin: short printed or broadcast information on new farming practices sent out regularly to farmers.
(ii) Agricultural shows: exhibitions where improved crops, animals and machines are displayed and demonstrated to farmers, often with prizes for the best produce.
Inventory steps: count, describe, value, record.