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Unit D3-1

Unit D3-1. BASIC AGRIBUSINESS PRINCIPLES AND SKILLS. Problem Area. Keeping and Using Records in Agricultural Occupations (D 3-1). Lesson. Understanding Record Keeping. Interest Approach.

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Unit D3-1

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  1. Unit D3-1 BASIC AGRIBUSINESS PRINCIPLES AND SKILLS

  2. Problem Area Keeping and Using Records in Agricultural Occupations (D 3-1)

  3. Lesson Understanding Record Keeping

  4. Interest Approach • Calculate your current grade in your agricultural education class. Is this easy to do. What would make this task easer? • Does calculating your grades in this class relate to grain elevator operator being able to determine the average price paid for the grain in the elevator?

  5. Terms • Financial records • Inventory • Physical records

  6. Student Learning Objectives • Understand why records are important for the planning and continuity of an agricultural business. • Identify the two functions of records. • Understand the procedure of record keeping.

  7. Uses of AgriculturalBusiness Records • Determine earnings • Determine profit and loss • Determine financial progress or net worth • Determine the profitability of enterprises • Determine where improvements can be made • Assist with planning • Provide information needed for income taxes • Provide information needed to obtain credit • Preserve information for future reference

  8. 2 Function of Record Keeping • 1. For tax purposes. Businesses must keep receipts and cancelled checks in order to complete income tax filing. • 2. Management information. includes cost per unit of production, yield per acre, and inventory turnover. Inventory is the number and value of the goods owned by a business. They are the goods and materials that are in final product form or used in making the final product.

  9. Surefire steps to insure accurate and usable records • 1. Study the record keeping system selected before implementing it. • 2. Make complete record entries on a regular basis. Include date, quantity, description, and the person or firm with whom transaction occurred. • 3. Do little business with cash. A checking account will offer cancelled checks as supporting documentation. • 4. Reconcile the business checkbook and record system monthly. • 5. Keep both financial records, list of money owed and money received, and physical records, list of items owned by the business.

  10. Review • Why are records are important for the planning and continuity of an agricultural business? • Identify the two functions of records. • What are the procedures of record keeping

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