Chapter 1
The number of farms in the United States over the last 80 years has what trend?
What is declined?
Which type of management is deciding whether to hire a crop consultant or not?
What is strategic management?
Which type of activity would be buying four bags of salt and mineral for cattle?
What is production activity?
The accounting equation.
What is assets = liabilities + owners equity?
Niche markets are gaining popularity due to what trend in society?
What is organic and specialty products are sought after as much as conventional products in today's society.
One of the five characteristics of decisions.
What is importance, frequency, imminence, revocability, OR number of alternatives?
Revenue for a product that has been sold or a service provided but for which no payment has been received.
What is accounts recievable?
Measures the liabilities of the business relative to the amount of owner equity invested in the business.
What is solvency?
One of the reasons farms have grown in size and production.
What is labor-saving technology OR employment outside of agriculture OR farmers wanting a higher income OR new technology with minimum size or scale, encouraging farmers to grow their operation so they can utilize these devices?
"Farmers should strive to conserve soil and keep water and air resources clean" is an example of what?
What is a common value among farmers and ranchers?
Two most important reasons for keeping and using farm records.
What is measuring profit and assessing financial condition?
True or false, the numbers shown on a balance sheet provide little information about the nature of a business or its accounting procedures.
What is true?
What is low volume high-value producers OR high volume low margin producers OR specialty products and service providers OR part-time operators?
An assessment of the quantity and quality of physical, human, and financial resources available.
What is internal scanning?
What should producers keep in mind when choosing an accounting period, or fiscal year?
What is a period that ends after harvest or sale of animals?
What is necessary before constructing a balance sheet?
What is to estimate the value business assets?
A contractual or other business arrangement involving two or more stages in the production of a commodity.
What is vertical integration?
The fourth step in the decision-making process.
What is analyze the alternatives and make a decision.
What three things must any accounting or record system be able to handle?
What is transactions from production, investments, and financing activities?
The current ratio equation.
What is current ratio = current asset value / current liability value?
When was the farm debt crisis?
What is 1983-1987?