Outcomes
In order to successfully complete this course, the student will:
1. Identify and use cash and accrual accounting procedures
2. Identify and use different types of deprecation
3. Identify and use a balance sheet and income statement
4. Identify revenue and expenses analyze net farm income, establish change in owner equity
5. Demonstrate and use input and output functions
6. Determine and analyze input and enterprise combinations
7. Determine and evaluate costs, application of cost concepts and economies of size
8. Identify and use whole farm planning with both simplified and linear programming
9. Identify and use cash flow budgeting
10. Describe and evaluate risk and uncertainty
11. Explain and apply the current tax system
12. Evaluate and analyze investments
13. Evaluate and analyze a farm business using efficiency measures, profitability, and size
Assessment:
Student comprehension will be accessed through lab activities, homework assignments and exams. A typical class period will include lecture and the lab activities associated with that lecture. In class discussion and attendance will be an important factor that will be considered if a student finishes the semester with a borderline grade.
Required Material:
Text: Contract Instructor for Text Book information
Software: Most software used will be Microsoft applications available on all campus computers.