Вопрос
(a) Distinguish between the following terms (8 marks) (i) Physical Farm records and Financial Farm records (ii) Depreciation and valuation (iii) Whole farm budget and partial budgeting (iv) Risk and Uncertainty (b) Outline any four (4) difficulties farmers face in maintaining farm records and accounts (4 marks) QUESTION TWO (a) Agribusiness is the sum total of all operations or activities involved in the business of production and marketing of farm supplies and farm products for achieving the targeted objectives Explain any four (4) features of agribusiness management (8 marks) (b) Explain any two (2) reasons why a poultry farmer will need to keep records and accounts for poultry activities in his or her farm
Решения
4.6
(353 Голоса)
Юсуф
элита · Репетитор 8 лет
Ответ
(a) (i) Physical Farm records refer to the tangible documentation of farm activities, such as crop yield records, livestock records, and equipment maintenance logs. Financial Farm records, on the other hand, involve the recording of financial transactions, income, expenses, and other monetary aspects of the farm business.(ii) Depreciation refers to the systematic allocation of the cost of a tangible asset over its useful life, reflecting the wear and tear or obsolescence of the asset. Valuation, on the other hand, is the process of determining the current worth or value of an asset, taking into account factors such as market conditions, demand, and supply.(iii) Whole farm budgeting involves planning and managing the financial aspects of the entire farm operation, considering all aspects of the farm business. Partial budgeting, on the other hand, focuses on analyzing the financial implications of specific changes or decisions within a particular aspect of the farm, such as the addition of a new crop or the purchase of new equipment.(iv) Risk refers to the potential for an undesirable event or outcome to occur, which can have negative consequences on the farm business. Uncertainty, on the other hand, refers to the lack of complete knowledge or predictability about future events or outcomes, making it difficult to make informed decisions.(b) Four difficulties farmers face in maintaining farm records and accounts include:1. Limited technical knowledge or expertise in record-keeping and accounting.2. Lack of time or resources to dedicate to proper record-keeping and accounting practices.3. Inadequate training or support in using accounting software or tools.4. Resistance to change or adoption of new technologies and methods in record-keeping and accounting.QUESTION TWO(a) Four features of agribusiness management include:1. Integration of production and marketing activities to ensure efficient and profitable operations.2. Utilization of advanced technologies and management practices to enhance productivity and efficiency.3. Focus on the entire supply chain, from input suppliers to end consumers, to optimize the flow of goods and services.4. Emphasis on sustainability and environmental stewardship to ensure long-term viability and profitability.(b) Two reasons why a poultry farmer will need to keep records and accounts for poultry activities in his or her farm include:1. Monitoring and tracking the performance and profitability of the poultry operation, including production, income, and expenses.2. Ensuring compliance with regulations and standards related to poultry production and marketing, such as health and safety regulations, environmental regulations, and quality standards.