FFA Farm and Ranch Management

Approximately what percentage of farms in the United States are considered part time?

50%

How many acres are in one square mile?

640

A farmer uses accrual accounting. At the end of the year he or she makes and entry to reflect the use of fertilizer purchased in a different accounting period. What type of entry is this?

Adjusting Entry

On a Balance sheet, what must balance?

Assets and the total of liabilities and owners equity

Which crop produces the most revenue for Nebraska farmers each year?

Corn

In Nebraska, during which season is corn typically harvested?

Fall

What term is used for the increased worldwide trade in agricultural products?

Globalization

Production of commodity corn would embody which type of farming?

High-volume, low margin production

What does "cwt" mean?

Hundred Weight

What is another name for a profit and loss statement?

Income Statement

What type of human resource is a shovel?

Manufactured

A fully amortizing loan is said to have equal "P" and "I" payments. What do P and I stand for?

Principal and Interest

In accounting, what does the "matching principle" try to match?

Revenue and expenses

What type of cost has happened in the past, and cannot be recovered?

Sunk

When should accounting transactions be recorded when using a cash accounting system?

Whenever cash is exchanged