Farm Record And Accounting
- Agricultural Sciences
- 300 level
- 2 credit units
- 135 pages
- 13 units
This course introduces students to the fundamental principles of farm records and accounting. It covers the meaning and scope of farm records, bookkeeping, and accounting practices. Students will learn to analyze farm records, understand trial balances, and prepare final accounts. The course emphasizes the importance of accurate record-keeping for sustainable agricultural development and efficient farm management. It also explores computerized methods for farm record-keeping and accounting.
About this course
- Difficulty
- Intermediate
- Study hours
- 195 hours
- Maths
- Basic
- Content
- Theoretical, practical, case study
- Practical work
- Yes
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of AEA306, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
AEA306 · Unit 3: Final Accounts
Details of the study units have earlier been presented. It is spelt out in modules with corresponding units and titles. You will be expected to spend 2-3 hours in studying a unit.
What you should be able to do
- Identify types and uses of farm records
- Apply strategies for computerizing farm records
- Explain the concept of bookkeeping
- Discuss books used for bookkeeping
- Prepare financial statements
- Explain adjustments in final accounts
- Prepare final accounts of a farm firm
What it prepares you for
- Farm Manager
- Agricultural Economist
- Accountant
- Agricultural Extension Officer
- Agribusiness Consultant
- Agriculture
- Agribusiness
- Farm Management
- Financial Services
- Consulting
- Quicken
- QuickBooks
- DacEasy
- Peachtree
- Farm Trac
- Farm Stock
- Farm Site
- Spreadsheets
- FINPACK
- AFRA by FBS
- Agrivi
- Granular
- Trimble
- FarmERP
- Farmlog
- Agworld
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: Trial Balance and final Accounts
Unit 2: Limitations and common errors of Trial Balance
Understanding the different types of errors (omission, commission, principle) and their impact on the trial balance requires careful attention to detail and a strong grasp of accounting principles.
- Module 3: Trial Balance and final Accounts
Unit 3: Final Accounts
Preparing final accounts involves integrating knowledge from all previous units and applying various adjustments, requiring a comprehensive understanding of accounting principles and practices.
A suggested way through it
13 weeks, about 39 hours in total. Yours will differ.
- Week 1Module 1: Farm Records
Unit 1: Meaning and Scope of farm records · 3 hours
Define farm records. Explain the scope of farm records. Understand the importance of accurate record keeping.
- Week 2Module 1: Farm Records
Unit 2: Types and uses of farm records · 3 hours
Identify different types of farm records. Explain the uses of each type of farm record. Analyze examples of farm record formats.
- Week 3Module 1: Farm Records
Unit 3: Developing and improving farm records · 3 hours
Describe methods for developing effective farm records. Explain how to improve existing farm record-keeping systems. Compare manual and computerized record-keeping.
- Week 4Module 1: Farm Records
Unit 4: Analyzing Farm Records · 3 hours
Apply financial analysis tools to farm records. Interpret balance sheets, income statements, and cash flow statements. Evaluate farm profitability and financial health.
- Week 5Module 1: Farm Records
Unit 5: Computerized Farm Record keeping · 3 hours
Identify suitable software for farm record keeping. Explain the advantages and disadvantages of computerized systems. Select appropriate software based on farm needs.
- Week 6Module 2: Bookkeeping and Accounting
Unit 1: Meaning and scope of bookkeeping · 3 hours
Define bookkeeping and its scope. Distinguish between bookkeeping and accounting. Describe the various books used for bookkeeping.
- Week 7Module 2: Bookkeeping and Accounting
Unit 2: Book keeping · 3 hours
Identify the role of a bookkeeper. Explain different bookkeeping systems. Apply single-entry and double-entry bookkeeping methods.
- Week 8Module 2: Bookkeeping and Accounting
Unit 3: System of farm Accounting · 3 hours
Define farm accounting. Explain the different systems of farm accounting. Apply farm income statement, trading account, and balance sheet.
- Week 9Module 2: Bookkeeping and Accounting
Unit 5: Computerized Farm Accounting · 3 hours
Explain how to accomplish farm accounting electronically. Use farm funds software. Integrate field records, herd management records, and mapping.
- Week 10Module 3: Trial Balance and final Accounts
Unit 1: Meaning and scope of Trial Balance · 3 hours
Define trial balance and its scope. Explain the purpose of trial balance. Construct a trial balance.
- Week 11Module 3: Trial Balance and final Accounts
Unit 2: Limitations and common errors of Trial Balance · 3 hours
Identify the limitations of trial balance. Explain common errors in trial balance. Correct errors in the trial balance.
- Week 12Module 3: Trial Balance and final Accounts
Unit 3: Final Accounts · 3 hours
Explain the concept of final accounts. Prepare the various accounts that make up the final accounts. Understand the purpose of each final account.
- Week 13Module 3: Trial Balance and final Accounts
Unit 3: Final Accounts · 3 hours
Explain the necessary adjustments in the final accounts. Apply adjustments for depreciation, bad debts, and accrued expenses. Prepare adjusted final accounts.
Preparing for the exam
- Create a detailed study schedule allocating time for each module and unit
- Review all self-assessment exercises and tutor-marked assignments
- Practice preparing financial statements (trading account, profit and loss account, balance sheet) using different datasets
- Focus on understanding the underlying principles of each accounting concept rather than memorizing formulas
- Pay close attention to the adjustments required in final accounts and practice applying them
- Create concept maps linking Units 3-5 database concepts
- Practice SQL queries from Units 7-9 weekly
- Review all TMAs
- Focus on key concepts
Questions students ask about this course
What is AEA306 about?
This course introduces students to the fundamental principles of farm records and accounting. It covers the meaning and scope of farm records, bookkeeping, and accounting practices. Students will learn to analyze farm records, understand trial balances, and prepare final accounts. The course emphasizes the importance of accurate record-keeping for sustainable agricultural development and efficient farm management. It also explores computerized methods for farm record-keeping and accounting.
How many units does AEA306 have?
AEA306, Farm Record And Accounting, has 13 units across 3 modules, over 135 pages of course material. You can read it one unit at a time.
How many credit units is AEA306?
AEA306 carries 2 credit units, at 300 level in Agricultural Sciences.
Is AEA306 hard?
AEA306 is rated intermediate level, with basic mathematical content. It is mostly theoretical, practical and case study work, and it has a practical component.
How long does AEA306 take to study?
About 195 hours of study, spread across its 13 units.
How is AEA306 assessed?
AEA306 is assessed by assignments, tutor marked assessments and final examination.
What can I do with AEA306?
Farm Manager, Agricultural Economist, Accountant, Agricultural Extension Officer and Agribusiness Consultant.