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