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NATIONAL OPEN UNIVERSITY OF NIGERIA
University Village, Nnamdi Azikiwe Expressway, Plot 91, Cadastral Zone, Jabi, Abuja
Faculty of Agricultural Sciences,
Dept. of Agricultural Economics and Extension,
2020_2 Examination 1234
Course Title: FARM RECORDS AND ACCOUNTING
Course Code: AEA306
Credit Unit: 2 Units
Total Score: 70 Marks
Time Allowed: 2 ½ hrs
Instruction: Answer Question one is compulsory 25marks and three other questions
15marks each.
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. explain the term 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 tern 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 (10marks)
6a. what are the various tools for the analysis of Farm records (5marks)
b. Explain the use of Balance sheet as a tool (10marks