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What is farm input?

The resources that are used in farm production, such as chemicals, equipment, feed, seed, and energy. Most farm inputs are purchased (a change from the days when animals powered most operations), making production costs susceptible to nonfarm economic conditions.

What is farm balance sheet?

The balance sheet is a report of the farm businesss financial position at a given moment in time. It lists assets, liabilities, and net worth (owners equity), and represents a snapshot of the farm business as of a certain date.

What is the importance of record keeping?

You need good records to monitor the progress of your business. Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success.

What is input and output of a farm?

input - it includes the investment made by peasant or farmer to grow the crop in field it includes investment in fertiliser e.t.c. output - it is the outcome of the crops production after selling in the market.

What is meant by farm accounting?

The farm accounting is a technique of using accounting data for cost and profit ascertainment of each farming activity and decision making with regard to the most profitable line of activity.