Agricultural Science·Agricultural economics · NSSCO 8.1.2
Farm records & financial accounts
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At the end of a season, how does a farmer know if she actually made money, or quietly lost it? She can't just guess — she needs records. We'll meet the three types of farm records, learn why every farmer keeps them and how, then work out a real profit and loss in Namibian dollars and split the costs into fixed and variable.
What you'll learn in this lesson
By the end you should be able to (NSSCO Agricultural Science 8.1.2):
- State different types of farm records such as inventory, production and financial records
- Outline the reasons for keeping farm records
- Describe how to keep farm records
- Explain financial accounts relating to farming enterprises, e.g. crop production including inputs and yields, costs and returns, and calculating profit and loss
- Explain the differences between fixed and variable costs and state examples for each
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