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Income Statement
Statement of owners equity
Balance sheet
Statement of Cash Flows
Accounting
100
Net Income or Net Loss
What is Revenue - Expenses
100
investments, net income, withdrawals
What is the three things listed on an income statement
100
assets, liabilities, equity
What is the three things listed on a balance sheet
100
operating activities, investing activities, and financing activities
What is three things listed on a statement of cash flows?
100
information system that provides financial information about an economic entity
What is accounting?
200
Revenues, Expenses, Net Income
What is the three things listed on a income statement
200
any additions of cash or other personal assets that the owner or others contributed to the farm business since the beginning of the current year.
What is an investment
200
land, buildings, perennial crops, breeding stock, machinery
What is a non current asset
200
day to day activities of producing and selling crops and livestock and managing hired help
What is operating activities?
200
The original cost of an asset
What is historical cost?
300
Money earned by the farm business.
What is Revenue
300
an cash or other assets used by the owner for personal purposes
What is a withdrawal
300
cash, feeder cattle, feed, crops on hand
What is current assets
300
buying and selling items needed for production of farm products
What is investing activities
300
A farm business that will continue to operate indefinitely
What is going concern?
400
the cost of operating the farm
What is expenses
400
any money from other jobs or businesses that the owner earned
What is non farm income
400
debts that are expected to be payed off within the year
What is current liabilities
400
capital is provided to the farm business
What is financing activities?
400
the basis for when financial activities should be reported
What is revenue recondition?
500
the cash received from an insurance claim for crop damage
What is farm revenues
500
gifts, contributions, inheritances
What is other capital
500
debt payed off over a number of years
What is a non current liabilities
500
money or personal items used for the business, or it might be borrowed money.
What is capital?
500
Requires that financial statements be accompanied by additional information that clarifies that numbers in the financial statements and the methods used to calculate them.
What is full disclosure?