NATIONAL OPEN UNIVERSITY OF NIGERIA
Faculty of Agricultural Sciences
Dept. of Agricultural Economics and Extension
2020_2 Examination 1234
Course Title: FARM RECORDS AND ACCOUNTING
Course Code: AEC306
Credit Unit: 2 Units
Total Score: 70 Marks
Time Allowed: 2 ½ hrs
Instruction: Answer Question one and three other questions
1.a. Who is a Book keeper? (3marks)
b. What are the functions of a book keeper? (6marks)
c. Explain the problems of the single entry system of book keeping? (7½ marks)
d. What is Farm Assets Valuation? (2½ marks)
e. Discuss three methods of valuation (6marks)
2a. Explain the Two common bookkeeping systems used by businesses and other
organizations (8marks)
b. Compare the hand system and the computer system as methods of developing
and keeping farm records (7marks)
3a. Define the term Income Statement? (5marks)
b. Distinguish between Gross Income and Net Income (5marks)
c. What is Current Ratio? (5marks)
4a. What is a Ledger? (5marks)
b. What are the objectives of double entry system? (10marks)
5a. What is Depreciation? (5marks)
b. Explain five limitations in the use of Trial balance 6a. What are the various tools for the analysis of Farm records (5marks)
b. Explain the use of Balance sheet as a tool (10marks)
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