aea306Farm Records and Accounting SEPTEMBER, 2020_1(NOUN)

 INSTRUCTION: Answer compulsory question 1 (25 marks) and any other 3 questions (15 marks each). 



1.(a)What are farm records? (5 mks) (b) List and Discuss the basic types of Farm Records that you know (12 mks) (c) Define Farm Record keeping and its composition (5 mks) (d) What is Farm Record Analysis (3 mks) 

2(a).State the Methods used to develop Farm Records (2 mks) (b) Discuss in detail, the methods mentioned in 2a (5 mks) (c) Discuss 4 principles of Record Keeping (8 mks) 

3.(a) Compare and contrast Hand System and Computerized System of record keeping. (8 mks) (b) Why is accuracy needed for farm records? (3 mks) (c) Write short notes on Current Ratio (4 mks) 

4.(a) What is Income Statement? (5 mks) (b) Discuss any two of the financial ratios derived from it (10 mks) 

5.(a) What do you understand by the double entry system of book keeping? (5 mks) (b) What are the objective(s) of the system? (5 mks) (c ) Explain what a ledger is. (5 mks)

 6(a) What is depreciation? (5 mks) (b) List any 5 methods of calculating depreciation (5 mks) (c ) Outline any 2 advantages and 3 disadvantages of any of the methods mentioned above

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