AGEC 2020 Farm and Ranch Business Management

This course is designed to introduce the student to economic principles, business methods, and science applied to agricultural organization and operation. The measurement of business size, rate and efficiency of production is emphasized. (4 lect.)

Credits

4 credits

Transfer Status

Equivalent to UW.

Major Topics

Cash and accrual accounting procedures
Types of depreciation
Use of a balance sheet and income statements
Analyzing net farm income
Input and output functions
Enterprise combinations
Application of cost concepts and economies of size
Farm planning
Cash flow budgeting
Risk and uncertainty
Using the current tax system
Forms of farm business organization
Investments
Farm business efficiency measures, profitability, and size

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

Other Information

Any information placed here must be adhered to by all instructors:

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.