Describe the uses of farm records to a farmer.

      

Describe the uses of farm records to a farmer.

  

Answers


Peter
Show the history of the farm
Show whether the farm is making profit or
loss
Shows all the Assets and liabilities of the
farm which can be used to value the farm.
Used as a guide in planning and budgeting
Help in supporting insurance claims on
death, theft, fire or loss of farm assets.
Helps to detect losses or theft in the farm.
Make it easy to share profits and losses in
partnerships.
Helps in settling disputes among heirs of
estate if the farmer dies without leaving a
will.
Provide labour information on terminal
benefits for workers
Helps in assessment of income tax to
avoid over or under taxation.
Helps to compare the performance of
different enterprises within a farm or other
farms.

OR

• They are used to compare the performance of different enterprises within a farm or other farms
• They show the history of the farm
• Guides the farmer in planning and budgeting of farm operations
• Help to detect losses or theft on the farm
• Help in assessment of income tax to avoid under or over taxation
• Help to determine the value of the farm or determine the assets and liability of the farm
• Makes it easy to share the profit and the losses in partnership
• Help in settling disputes among heirs to the estates when the farmer dies without leaving will
• They help in supporting insurance claims on death, theft and fire of farm assets
• Helps to show weather the farm business is making profits or losses
Musyoxx answered the question on February 27, 2018 at 15:35


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