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AEC306Agricultural Sciences2 Unitsintermediate

Farm Records And Accounting

This course provides an in-depth understanding of farm records and accounting principles. It explores the dynamic farming environment and the importance of accurate record-keeping for effective management. Students will learn about different types of farm records, bookkeeping techniques, and accounting systems. The course covers trial balance preparation, final accounts adjustments, and computerized accounting methods. Emphasis is placed on analyzing financial statements and making informed decisions for sustainable agricultural development.

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195h
Study Time
13
Weeks
15h
Per Week
basic
Math Level
Course Keywords
Farm RecordsAccountingBookkeepingTrial BalanceFinal Accounts

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
➕
Math Level
Basic Math
🔬
Learning Type
Hands-on Practice

Course Topics

Key areas covered in this course

1

Farm Records

2

Bookkeeping

3

Accounting Systems

4

Trial Balance

5

Final Accounts

6

Computerized Accounting

Total Topics6 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Farm Manager

Apply your skills in this growing field

Agricultural Economist

Apply your skills in this growing field

Accountant

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Agricultural Consultant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

AgricultureFarmingAgribusinessFinancial ServicesConsulting

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Farm Records

3h

Unit 1: Meaning and Scope of Farm records

3 study hours
  • •Define farm records and their importance.
  • •Explain the scope of farm records.
  • •Discuss the principles of record keeping.
Week
2

Module 1: Farm Records

3h

Unit 2: Types and uses of farm Records

3 study hours
  • •Identify and explain the different types of farm records.
  • •Discuss the uses of farm records in decision-making.
  • •Analyze the importance of resources inventories.
Week
3

Module 1: Farm Records

3h

Unit 3: Developing and improving farm records

3 study hours
  • •Differentiate between record keeping and record analysis.
  • •Compare hand and computer systems of record keeping.
  • •Explain how farm records can be improved.
Week
4

Module 1: Farm Records

3h

Unit 4: Analyzing farm Records

3 study hours
  • •Discuss methods of analyzing farm records.
  • •Explain the use of balance sheets, income statements, and cash flow statements.
  • •Calculate key financial ratios.
Week
5

Module 1: Farm Records

3h

Unit 5: Computerized Farm Record keeping

3 study hours
  • •List and explain the uses of commercial software programs for computerized farm records.
  • •State the advantages and disadvantages of each software system.
  • •Consider factors in selecting a computer record keeping system.
Week
6

Module 2: Bookkeeping and Accounting

3h

Unit 1: Meaning and scope of bookkeeping

3 study hours
  • •Explain the concept of bookkeeping.
  • •Distinguish between bookkeeping and accounting.
  • •Discuss the various books used for bookkeeping.
Week
7

Module 2: Bookkeeping and Accounting

3h

Unit 2: Book keeping

3 study hours
  • •Explain the role of a bookkeeper.
  • •Describe the single-entry and double-entry bookkeeping systems.
  • •Prepare a statement of affairs and statement of profit.
Week
8

Module 2: Bookkeeping and Accounting

3h

Unit 4: System of Farm Accounting

3 study hours
  • •Explain the systems of farm accounting.
  • •Discuss the Farm Income Statement, Farm Trading Account, and Balance Sheet.
  • •Describe farm asset valuation methods.
Week
9

Module 2: Bookkeeping and Accounting

3h

Unit 5: Computerized Farm Accounting

3 study hours
  • •Explain the features of Farm Funds software.
  • •Describe how to accomplish complete farm accounting electronically.
  • •Discuss the enhancements in the 2009 version of Farm Funds.
Week
10

Module 3: Trial Balance and Final Accounts

3h

Unit 1: Meaning and scope of Trial Balance

3 study hours
  • •Define trial balance and its purpose.
  • •Explain how to construct a trial balance.
  • •Discuss the functions of a trial balance.
Week
11

Module 3: Trial Balance and Final Accounts

3h

Unit 2: Limitations and common errors of the trial balance

3 study hours
  • •State and explain the limitations of the trial balance.
  • •State and explain common errors that can affect the trial balance.
  • •Identify errors that do not affect the trial balance.
Week
12

Module 3: Trial Balance and Final Accounts

3h

Unit 3: Final Accounts

3 study hours
  • •Explain the concept of final accounts.
  • •Prepare the various accounts that make up the final accounts.
  • •Discuss manufacturing, trading, and profit and loss accounts.
Week
13

Module 3: Trial Balance and Final Accounts

6h

Unit 4: Adjustments in the final Accounts I

3 study hours
  • •Explain the concept of adjustments in final accounts.
  • •Discuss the adjustments related to depreciation, bad debts, and prepaid expenses.
  • •Prepare adjusted final accounts.

Unit 5: Adjustments in the final Accounts II

3 study hours
  • •Explain the concept of adjustments in final accounts.
  • •Discuss the adjustments related to depreciation, bad debts, and prepaid expenses.
  • •Prepare adjusted final accounts.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all types of farm records and their uses (Units 1-2).

2

Practice bookkeeping exercises, focusing on double-entry systems (Units 6-7).

3

Master the preparation of financial statements: income statement, balance sheet, and cash flow (Units 12-13).

4

Understand the limitations of the trial balance and common errors (Unit 11).

5

Familiarize yourself with computerized farm accounting software and its applications (Units 5, 9).

6

Focus on adjustments in final accounts, including depreciation and bad debts (Units 12-13).

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