answersLogoWhite

0

There are certain records that are standard and necessary for every farm. These are:

  • Accounting/financial records (where income and costs or expenditures are recorded
  • Market records (for current prices on commodity items like grain, cattle, hogs, etc.)
  • Inventory records
  • Sales records (where product was sold, to whom and for how much)

Specific types of farming operations would have specific records, such as records for medications or hormones given to beef cattle for farms raising them, or the types of seeds used by a farmer growing a crop.

User Avatar

Wiki User

11y ago

What else can I help you with?

Continue Learning about Accounting

What are the four main types of farm records?

Four main types of farm records are financial, machinery repairs/maintenance, crop production, and livestock production records. Even within these four records, other types come up. For instance in financial records, there are records to be kept for sales and purchases, income tax statements, utility bills for gas, water and electricity, rental/leasing records, gross income budget analysis which get used to determine annual net income, etc.


What are two types of financial records?

2 types of financial records could be utility/service bills and mortgage statements.


What types of records are best kept in safe deposit boxes?

Valuable records like marriage records or stock certificates.


What are the Difference between farm account and farm record?

Different between farm record and farm accaunt


What does a small business use as a basis of obtaining information for their financial records?

Financial records for a small businessProfit and Loss Statement and a Balance Sheet are common to all types of businesses and are the basic financial statements which summarize all the accounts of a business.Ledgers for Accounts Receivable - for a business offers credit to customersLedgers for Accounts Payable - for a business that purchases material or goods for production or resaleCost accounting records - for a business that manufactures goods for saleInventory records - cover purchase costs, quantities brought in, and quantities used.There are many other types of financial records a business may need. Examples are Personnel and Payroll records.There may also be financial records specially required by certain industries or because of the legal form of business organization you choose, such as incorporation. Refer to links below for further information

Related Questions

What are the four main types of farm records?

Four main types of farm records are financial, machinery repairs/maintenance, crop production, and livestock production records. Even within these four records, other types come up. For instance in financial records, there are records to be kept for sales and purchases, income tax statements, utility bills for gas, water and electricity, rental/leasing records, gross income budget analysis which get used to determine annual net income, etc.


What are the problems of farm records?

knowlodgy


What are the different types of police records?

types of police records


What are the base records manager functional area records manager and records custodian responsibilities?

The BRM provides the FARM name to NCC. The FARM creates folders for each Office of Records with in the functional area. The RC creates folders for offices of records under their purview.


How many types of animals are on a farm?

It varies from farm to farm. Usually a farm will have pigs, chickens, and cows.


Who is responsible for scheduling the training for all unit records professionals who create maintain and dispose of records?

FARM


Who is responsible for scheduleing the training for all unit records professionals who create maintain and dispose of records?

FARM


What are the various data types for entering records?

Data types for entering records depend on the nature of data


Who can the Base Records Manager delegate approval authority of a file plan to?

The FARM (Functional Area Records Manager).


What are the types of police record?

types of police records


What Types of jobs in Sudan?

they farm


In addition to preparing the file maintenance and disposition plan and assisting with the maintanence and disposal of records the farm performs a number of other duties?

The FARM serves as the liason to the Base Records Manager. The FARM conducts Staff Assistance Visit (SAVs) every 24 months. The FARM acts as the POC for the Organization and Directorate The FARM guides and assists both the COR and RC.