ABSTRACT

This project starts out to observe that there is a gap between the importance given
to accounting and the low level of bookkeeping and accounting practice in the
agricultural sector. Reasons for this gap are that current general accounting rules do
not adapt very well to the particularities of farming and are difficult and expensive to
implement.

We then suggest that the recently issued International Accounting Standard on

Agriculture (IAS 41) could be key elements to improve the use of accounting in
Indian farms. We review the main contributions of IAS 41 and conclude that it
provides a strong conceptual framework but might need further instruments for its
implementation in practice, given the limitations of the agricultural sector. We
continue to very detailed farm accounting procedures, and suggest that these
procedures could be turned into a guide for implementing IAS 41.

1
 Chapter 1

INTRODUCTION

2
1.1 INTRODUCTION

In spite of its relative importance in the economy of many countries and its
growing interrelationships with other sectors, agriculture has traditionally not received
much attention from accounting researchers, practitioners and standard setters.
Consequently, current accounting principles typically do not respond very well to the
particular characteristics of agricultural information needs of farmers and their
stakeholders. As an example, until the arrival of IAS 41.

1.2 NEED FOR STUDY

Farm records are used to evaluate the performance of any farm with in a given
period of time. Farm records will enable the farmer to know the overall progress of the
farm. Farm records tell the farmer where he is gaining progressively or loosing. Farm
records tell a farmer how much he is earning.

1.3 OBJECTIVES OF THE STUDY

The objectives of the study are:

 To present a theoretical framework on agricultural accounting.

 To study the Records of accounting on agriculture.
 To study the basic accounting guidance for beginning farmers.

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1.4 SCOPE

Agricultural activities are distinguished by the fact that management facilitates and
manages biological transformation and is capable of measuring the change in the quality
and quantity of biological assets. Management of biological transformation normally
takes the form of activity to enhance, or at least stabilise, the conditions necessary for
the process of growth, degeneration, production and procreation that cause qualitative
or quantitative changes in a biological asset to take place

Examples of agricultural activity include:

• Raising livestock, fish or poultry
• Stud farms (for example, breeding horses or cattle)
• Forestry
• Cultivating vineyards, orchards or plantations
• Floriculture

1.5 LIMITATIONS
 By treating the farm as whole, this system avoids the unrealistic and time
consuming exercise of splitting up farm cost between enterprises.

 This starts with consideration of profit. If the profit is enough in relation to the
capital investment of the farm and the type of living it has to support, it goes on
to examine the factors affecting profits and it goes on to compare the
performance level with the results of other farms and with the estimate of the
potential of individual farms

 The main fault with the gross margin is that it gives no immediate guide as to
whether attention should be directed towards changing the farm system or
towards improving the efficiency or production of the present combination of
enterprises.

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1.6 RESEARCH METHODOLOGY

This project tries to summaries the current state of knowledge about agriculture
accounting, problems created by agriculture and study international policies, plans and
programmes for agriculture accounting in India. The relevant secondary data is collected
through various sources such as websites, accounting standards, books and journals.

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 Chapter -2
REVIEW OF LITERATURE

6
 Batte and Forster (2008) stated that farm records are systematic records of all
activities and transactions regarding all aspects of farm operations. Farm
accounting on the other hand, is the extraction and analysis of the farm records for
the purpose of determining the assets and financial situations of the farm at a
particular period of time (Okojie & Ayinde, 2012).

 According to Winkler (2008), farm records and accounts are important tools in
farm management. In fact, farm records and accounts are sine qua non to effective
farm management. In Africa where a large percentage of farmers are illiterates and
unwilling to enlist the services of clerks, some kind of mental record-keeping and
accounting is done. Nevertheless, there is a need to encourage the documentation
even at the small-scale farmer level of all activities on the farm as well as the
expenses and the returns in physical as well as monetary terms within the frame
work of general farmer education programme.

 Kayode (2002) opines that records and accounting are active process of decision-
making in planning, organizing, directing, coordinating, controlling and
motivating farm records, accounting and management.

 Armstrong (2002) proves records and accounting as essential economic characters

since they are concerned with effective attainment of chosen, accepted objectives
through the optimal use of resources.

 Abel (2000) identified farm records and accounts as an economic, sociological,

psychological, mathematical, statistical, logic and practical science.

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 Chapter -3
NATURE OF FARM ACCOUNTING

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3.1 FARM ACCOUNTING MEANING
Farm accounting is defined as the art as well the science of recording in books
business transaction in regular and systematic manner so that their nature extent and
financial effects can be readily ascertained at any time of the year.

3.2 WHY FARM ACCOUNTING?

Farm accounting is measuring and recording in a systematic way all farm
resources all business transactions having financial consequences as accounting
involves much time and effort on the part of the farmer, there must be good reasons
For keeping farm accounts. These reasons are the following (in decreasing order of
importance):
1. First of all, it permits the farmer to find out the size of the income which is
derived from the Farm. Family expenses and other expenditures such as loan
repayments and taxes may then be adjusted to that income. Money may be saved
for investments in order to improve the farm.
2. To know the total value of the farm business and to know which part is actually
owned by the Farmer and which by others. This information is required for
making a budget and for determining the creditability of the farm Business and
its real sales value.
3. Farm accounts provide the indispensable tool for farm management. In other
words, accounting is needed to obtain and to maintain the most profitable use of
farm resources. Keeping farm accounts is the only way to reveal the weak spots
in the farm's business and show where and how to improve management so as to
arrive at a larger income. Note that accounts cannot by themselves teach a farmer
how to farm, but they can without doubt assist the farmer to use agricultural
knowledge to best advantage.
4. To detect loss or theft of cash or stock.
5. To provide the necessary data for a correct income tax assessment.
6. To claim expenses for work done by others.

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7. Normally farmers dislike paper work, busy as they are with their farm work.
And where to keep records May be a real problem for a farmer, as one cannot
expect that an office or a desk is available on the average farm. Therefore farm
accounting should be kept very simple; it helps when all records can be kept in
just one book. It would help too if, for instance, the Ministry of Agriculture
would make a Farm Accounting Book Available for farmers. This would also
guarantee uniformity in accounting practices. Such a Farm Accounting Book
should be set up in such a way that all data can be filled in directly. Farmers
should be advised to fill in this book weekly or monthly at least. If a farmer keeps
all receipts, Invoices, statements and other business documents in a file, a box,
or in a clip on the wall, he will have sufficient material to produce reliable
accounting figures for the proper management of his Farm.

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 Chapter-4
RECORD KEEPING

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4.1 FARM RECORDS

There are various reasons why a farmer should keep farm records. The reasons may be
summarized as follows:

 Farm records are used to evaluate the performance of any farm or farm enterprise
within a given period of time. Farm records will enable the farmer to know what
each enterprise contributes to the overall progress of the farm.
 Records are an aid to managerial control. With the help of records, a farmer can
keep a close check on whether work on his farm is going according to his plans.
For instance, he can check on whether he is using too much animal feeds or too
much seed or whether crop and livestock yields are falling. It is important to
detect where farm activities are going wrong quickly so that they can be put right
before losses occur.
 Farm records provide figures for farm planning and budgeting. A farmer making
plans to modify his farming activities needs to know what yields he can expect
from crops and livestock and what costs and receipts he is likely to get.
 Farm records tell a farmer how much he is earning.
 Farm records tell the farmer where he is gaining progressively or loosing.
 Farm records enable the farmer obtain loans from banks and other financial
houses. Banks normally give loans if only a farmer can produce adequate
physical records with the corresponding accounting records as well as the overall
farm plan. This is necessary and beneficial to both the bank and the farmer for
the good use of the loan which must be repaid with interest.
 It is the lack of accurate records in small scale farm production that makes it
difficult for banks to extend credit facilities to small-scale farmers. It is only
presentation of records of what the farmer has already been doing that will
convince the banks that the money will be used for what is being asked for
(Okojie & Ayinde, 2012).

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4.2 TYPES OF FARM RECORDS

Having established the need for record keeping, it is now necessary to list types of
records a farmer is expected to keep. According to Okojie (2012), farm records can
broadly be put into four (4) classes viz:

 Inventory records
 Production records
 Expenditure and income records
 Special or supplementary records
Records could be taken daily, weekly, monthly, or annually depending on the enterprise,
the type of record, the kind of farmer or the farm manager. Usually, however, most
records are kept on daily basis while monthly, quarterly and annual summaries are made
(Dennis, 2003).

1. Inventory Records
An inventory record refers to the complete count and valuation of all assets and
liabilities on the farm at a specific date. Assets here refer to all materials, i.e. goods and
services, owned by the farmer and used in the production process. Liabilities refer to
goods and services which the farm owes others.

An inventory involves two aspects:

(a) The physical measurement or count of the assets and liabilities

Physical records which involves a simple listing of the assets and liabilities of the
farm e.g. land in hectares including what crops are on them, buildings and what the
buildings are for, fences and permanent improvements on land such as dams, terraces,
etc. other assets include machinery and equipment; supplies such as chains, ropes,
fertilizers, seeds, chemicals, gasoline; produce in storage, growing crops, livestock

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(Okojie, 2012). The physical count of liabilities such as mortgages, notes and accounts
yet to be paid, etc. should be taken.

(b) Valuation of the assets and liabilities already listed using appropriate methods.

Assets are classified into fixed assets, working assets and current assets. Fixed
Assets are those with a long life and which are practically impossible to covert to cash
to meet short-term or current obligation. They include the buildings, lands, permanent
improvements, dairy cattle, breeding stock, etc. While, working Assets are those which
can within a relatively short time be converted into cash e.g. seeds, feeds, and supplies
(drugs) as well as livestock.

Current Assets are those that can be used immediately in production such as cash
and accounts receivable. Whereas, long-term liabilities include mortgages which take a
long time to liquidate and other long-term debts. Furthermore, medium-term liabilities
include debts incurred on the basis of crops in the process of production or poultry and
other livestock which will be ready for sale within the production season.

Current liabilities are debts that are due for payment or that will be due for
payment within a very short period. Inventories should be taken twice a year – at the
beginning and at the end of the year, though with experience the farmer learns to keep
inventories only once in the year.

2. Production Records

Production records, also known as physical records are records of quantities of

inputs used in the farm and outputs obtained from it. They include records of hectares
under various crops, chemical inputs used in various crops, and crop yields. Production
records also include livestock records such as the quantities of feed fed to various type
of livestock, the weight gains of the livestock, the production rate such as number of
eggs collected per day or per week, amounts of milk produced per animals, number of

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piglets farrowed per sow, etc. labour input records which also fall within production
records is usually recorded for each enterprise in either mandays or man hours (Okojie,
2012).

3. Expenditure and Income Records

Expenditure and Income Records are derived from production records and they
are the money values of the production records. They comprise purchases and wages
(expenditure) and sales (income). Expenditure and income records together with
production records normally form the basis of day-to-day management decision (Okojie
2012).

4. Special or Supplementary Records

Okojie (2012) stated that, these are the records which do not fit into any of the
categories discussed above but which are very essential for the farm. They include both
the farm (layout) map, which can change over time and the farm soil map as well as the
legal documents pertaining to the farm. Farm layout map and the soil map are necessary
for consistent planning and economical use of the land and its improvements, such as
irrigation facilities.

3.3 GENERAL PRINCIPLES OF FARM RECORD-KEEPING

According to Okojie (2012), there are some general principles which apply to all
record keeping. All records, to be of value, must be accurate, neat and full. One way of
making sure that records are accurate is by filling them in as soon as possible after the
operation or transaction and by checking regularly. The other important role in keeping
accurate records is actually to measure quantities. It is no use guessing the area of lad
or yields of crops. All the results should be compared with some standards. The
standards for comparison might be the result for previous years or the results for other

15
farms. By comparing results and discussing problems together, farmers can help each
other to improve their management:

4.4 RECORD KEEPING HAS TWO PARTS:

1. collecting source data (receipts or bills) and

2. Entering the data into a paper journal or computer software program spreadsheet.

An advantage of using computer software is that some programs will prepare income
statements and balance sheets on demand. Whichever method you choose, both
collecting and entering data are simple tasks, but they require diligence. Think of ways
that you can capture receipts and keep them together so you don’t accidently throw them
away or have to go searching for them later.

SALES LOG
Year

Date Total sale Venue List of crop sold

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4.5 VALUATION OF FARM INVENTORY

Valuation means attaching prices to given assets like buildings, vehicles,

growing crops and livestock, stored products, etc. a farmer is expected to keep
statements of the value of stocks at the beginning and end of an accounting year or
period for a particular farm; this helps to show the true worth of the farm at the given
period (Johnson & Kaplan, 1991).

There are various methods of valuation and the valuation will usually determine the
method to use. For consistency the same method of valuation should be used each year
since the method of valuation affects the profit or loss on a given farm.

The followings are the common methods of valuation:

(i) Valuation at cost or market price, whichever is lower. These are used for valuing
purchased farm supplies.

(ii) Valuation or net selling price. This method is used for assets that are meant for
sale.
(iii) Valuation at cost less depreciation used for such assets as machinery and breeding
livestock.

(iv) Valuation by reproductive value or replacement cost. This method is used to value
assets in terms of what it would cost to reproduce them at present prices and under
present methods of production.

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4.6 DEPRECIATION OF FARM INVENTORY

Closely associated with the concept of valuation is depreciation concept.

According to Johnson (1991), it is not very easy to formulate a clear cut definition of
depreciation. It may, however, be defined as a method by which the cost of capital items
are distributed over the number of years those capital items are expected to serve. Those
number of years that capital items can conveniently serve is called its lifespan or useful
life. The annual depreciation of a tractor is meant to represent the wear and tear as a
result of using it. Such a tractor can therefore be replaced say, in five years’ time by
setting aside such annual depreciation as savings to purchase a new one when it is due
for replacement. Farm implements decline in value even when not used.

The rates of depreciation of a particular type of asset differ depending on the

handling, rate of usage and the maintenance. Different assets also depreciate at different
rates. Farm Business Analysis and Appraisal Johnson (1991) states that, farm business
analysis and appraisal is the systematic process of identifying, classifying and
evaluating the characteristics and resources of a farm in order to make a well-reasoned
judgment of its economic and technical potentials. The making of farm appraisal
involves two major parts viz:

(i) Physical Appraisal – identification, classification and enumeration of physical

resources on the farm.

(ii) Economic appraisal – valuation, which is the placing of values on the resources on
the farm.

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 Chapter-5
METHODS OF FARM ANALYSIS
AND STATEMENTS

19
5.1 METHODS OF FARM ANALYSIS

There are different methods of Farm Business Analysis and a particular

technique to use depends on the farm and type of farming and also the farm and
availability of local efficiency standard. The common methods include the following:

(i) Enterprise costing or complete costing

(ii) Whole farm analysis

(iii) Gross margin analysis

(iv) Balance sheet analysis

This is one of the oldest techniques. The objective of enterprise costing is to

allocate income and expenditure of the farm between various enterprises so as to show:

(i) The account of profit or loss earned by each enterprise.

(ii) The cost per unit of each product in relation to its selling price.

 It involves the splitting up and apportioning of all farm costs including the fixed
cost between the various enterprises.
 The result of enterprise costing can make a considerable contribution to good
farm management. This is especially true if the farmer specializes in one
enterprise or when the farming system is relatively simple.

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  It makes it possible to identify the items of the cost which have to be cut down
in order to reduce cost of production.
 Splitting up of cost between enterprises is unrealistic and time-consuming. E.g.
in order to allocate labour cost to different enterprises you have to keep time
sheet, keep record of job done and hours spent. That even becomes more
complicated if the same man works in many enterprises in a day.
 The system also involves an elaborate system of keeping record which many
farmers don’t have the time or knowledge.
 Complete costing cannot locate weaknesses or inefficiencies in farm
organization. Many farmers would interested in the indication as to which
enterprise to reduce or abandon in order to increase the profit.

Disadvantages of Whole Farm Analysis

 By treating the farm as whole, this system avoids the unrealistic and time
consuming exercise of splitting up farm cost between enterprises.

 This starts with consideration of profit. If the profit is enough in relation to the
capital investment of the farm and the type of living it has to support, it goes on
to examine the factors affecting profits and it goes on to compare the performance
level with the results of other farms and with the estimate of the potential of
individual farms (Armstrong, 2002).

Advantages of Whole Farm Analysis

 It uses individual farm and comparative farm sample data which are often readily
available.
 It is a systematic approach.
 It gives little direct guide to those sectors of the farm where efficiency can be
improved if the farm is already run more efficiently than the comparative sample
farm.

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  Because it is a system of analysis which operates at a whole farm and not in
enterprise level, inefficiency at certain enterprises might be marked by efficiency
elsewhere.

Disadvantages of Gross Margin Analysis

 The gross margin analysis overcomes some of the defects of whole farm analysis.
 It measures the margin between the gross output and the variable cost for each
enterprise.
 The basic economic concept of the gross margin analysis is based on the
recognition that farm cost can be divided into fixed and variable cost (Kayode,
2000).

Advantages of Gross Margin Analysis

 The principals involved in the diagnosis of efficiency are easy to grasp.

 There is no marking of inefficient sector of business by more efficient one.
 It is applicable to farms which are already running at high levels of efficiency.
 Gross margin allows easy assessment of economic efficiency of each enterprise
through their individual contribution.
 The same information or data used in examining the farm system can be used to
plan new system.
 Budgeting with gross margin tends itself to a logical process of selection.

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5.2 INCOME STATEMENT

 A net income statement otherwise called profit and loss statement is a summary
of expenditure and income and it aims at giving a snapshot of a production
cycle’s performance.
 Total production or returns – the income from sales and other sources together
with other valuation of crops and livestock in sock at the end of accounting
period
 The total expenditure – the sum of expenditure plus valuation of input resources
at the beginning of accounting period.
 Profit of net farm income – this is the amount by which the value of total products
produced in the accounting period exceeds the value of the total resources used
during the same period (Dennis, 2003
 The income statement has the same income and Expense categories as the annual
cash operating Budget — minus the capital-purchases line and With the addition
of depreciation expense and Interest. Also, instead of a monthly breakdown, The
income statement shows total sales (or gross Revenue) for a year of operating
your farm, along With all the expenses and what’s left over in net Farm income.

Expense Categories
 The expense categories listed down the left side of the income statement are
based on the IRS Schedule F form “Profit and Loss from Farming,” and adapted
to better fi t this particular Operation. Also known as a “chart of accounts,” the
list of operating expenses that you use For your income statement also can be
used for your cash-flow budget and statement.

23
IRS Schedule F Lines include the following:
PART I Farm Income
1. Sales of livestock and other items you bought for resale
2. Cost of other basis of livestock or other items reported on line 1
3. Subtract line 2 from line 1
4. Sale of livestock, produce, grains, and other products you raised
5a. Cooperative distributions
5b. Agricultural program payments
7. Commodity Credit Corporation (CCC) Loans
8. Crop insurance proceeds and federal crop disaster payments
9. Custom hire (machine work) income
10. Other income, including federal and state gasoline or fuel tax credit or refund
11. Gross income
Part II Farm Expenses
12. Car and truck expenses
13. Chemicals
14. Conservation expenses
15. Custom hire (machine work)
16. Depreciation and Section 179 expense deduction not claimed elsewhere
17. Employee benefit programs
18. Feed
19. Fertilizers and lime
20. Freight and trucking
21. Gasoline, fuel, and oil
22. Insurance (other than health)
23. Interest a mortgage (paid to banks)
24. Labour hired
25. Pension and profi t-sharing plans
26. Rent or lease (see instructions) a. vehicles, machinery, or equipment;
b. land, animals, etc.
27. Repairs and maintenance

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28. Seeds and plants
29. Storage and warehousing
30. Supplies
31. Taxes
32. Utilities
33. Veterinary, breeding, and medicine
34. Other expenses (specify):

INCOME STATEMENT
Income statement
Income
CSA
Farmers market
Other

Total sales
Expenses
Fertilizer
Fuel and oil
Farm insurance
Market fees
Livestock expenses
Labour
Pest management
Rent paid
Repairs and maintenance
Seeds, plants
Supplies
Utility farm share

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 Interest on loan
Depreciation

Total expenses
Net profit

5.3 BALANCE SHEET

 The best possible measure of capital position or networth of the farm at any given
time is shown by the yearly balance sheet. The balance sheet shows the assets
and liabilities of the farm business at a specific point in time, usually the last day
of financial year shows. However, nothing prevents one from making an
accounting year correspond with the production (Dennis, 2003).

 An Asset is defined as anything of value possessed by the business or any claim

to values in possession of others. A liability on the other hand, is a claim which
people outside the business have against the business.

Measuring and recording of farm resources

The main purpose of farm management is to obtain and How profitably maintain
the most profitable use of the available farm resources. a farmer has used his or her
resources is measured by Net Farm Income. Before we can calculate the Net Farm
Income, we must first see how we can measure and record systematically. The available
farm resources.
As in every business undertaking, the resources of a farm business are nature,
labour and capital: By ‘capital’ is commonly meant capital or production goods; not
money. ‘Labour’ is the resource provided by individual human beings with their free
consent (it cannot be Owned) ‘Nature’ and ‘capital’ are either owned or rented.

26
 When making a list of the resources, only those owned by the farmer are
considered; the rented resources are taken into account when the costs of production are
calculated.
It is also important to know by what financial means the farmer is able to own
his farm resources.The farm resources are also called ‘factors of production’.A general
way of recording the facts about the available farm resources is the Balance Sheet (BS).
The Balance Sheet is a listing of all the possessions and debts of the farm business at a
certain date.
The possessions are called ‘assets’ and normally listed on the right side of the
Balance Sheet. The debts (= what is owed to others) are called ‘liabilities’; they are
normally listed on the left side .Right or left: do what is customary in your country.
Schematically a Balance Sheet looks as follows:

5.4 BALANCE SHEET PROFORMA

LIABILITIES AMOUNT ASSETS AMOUNT

CURRENT CURRENT
LIABILETIES ASSETS
OPERATING LOAN FARM CHECKING
BALANCE
LINE OF CREDIT ACCOUNTS
BALANCE RECEIVABLE
LONG TERM LOANS CROP AND FEED
PRINCIPAL DUE THIS INVENTORY
YEAR
OTHER FARM SUPPLIES
ON HAND
TOTAL CURRENT TOTAL CURRENT
LIABILITES ASSETS
INTERMEDIATE INTERMEDIATE
LIABILITES ASSETS

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 TRACTOR LOAN FARM
BALANCE MACHINERY
TRUCK LOAN LIVESTOCK
BALANCE
OTHER PERENNIAL
PLANTS
TOTAL TOTAL
INTERMEDIATE INTERMEDIATE
LIABILITIES ASSETS
LONG TERM LONGTERM
LIABILITIES ASSETS
LONGTERM LOAN FARM LAND
BALANCE
LONGTERM LOAN 2 FARM
BALANCE BUILDINGS
OTHER OTHER
TOTAL LONGTERM TOTAL
LIABILITIES LONGTERM
ASSETS
TOTAL L;IABILITIES
EQUITY
LIABILITIES+EQUITY TOTAL ASSETS
Note:
This balance sheet was template was borrowed and adopted from” Richard wiswall” and can
be pound in his book “organic farmers business”

5.5 STATEMENT OF CASH FLOWS

 The statement of cash flows, which is a required Component of a loan

application, helps to answer whether and how all expenses will be covered over
the course of a year.

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  It shows total annual cash into and out of the farm household from operations,
Financing, investing, and nonfarm activities.
 A cash-flow statement considers inflows from farm Sales, bank loans
(financing), off -farm income (Financing), and selling capital assets
(investments), as well as outflows from family living expenses, paying down a
loan, and buying a new capital asset (Such as a tractor or walk-in cooler).
 The bank needs this information to be assured that cash will be coming in from
somewhere (if not from the farm operation itself) to pay bills, including servicing
the loan.

STATEMENT OF CASHFLOW TEMPLATE

Statement of cash 2014 2015 2016
flows
Beginning cash
balance

Operating activities
Total cash income
Total cash expenses
Net cash from
operating

Non-farm activities
Off-farm income
Non-farm(living
expenses)
Net cash from non-
farm

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Cash from investing
Capital sales
Capital purchases
Net cash from
investing

Cash from financing

Capital sales
Capital purchases
Net cash from
investing

Cash from financing

New loans received
Farm land loan
payment(principal
and interest)
Net cash from
Financing

Net change in
cash(total inflows-
total out flows)
Ending cash
balance(beginning
cash-net change)

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 Chapter-6
SUGGESTIONS AND CONCLUSIONS

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6.1 SUGGESTIONS

1. Bank loans should be given to farmers annually to encourage accountability.

2. Illiterate farmers should employ family members who are educated for record
keeping.
3. There should be massive campaign from govt agents encouraging farmers to keep
records.
4. There should be low bank interest charges for farmers who keep farm records.
5. Government at all levels should only distribute fertilizers, agro chemicals and other
subsidised farming tools to only farmers who keep their records.

6.2 CONCLUSIONS

Since farms records and accounts are important tools in farm management and
are in fact, the sine qua non of effective farm management, farmers all over the world
at whatever levels should be encouraged to keep the records of all the activities carried
out on the farm from the beginning to the end of each farming season and be accountable
for present and future performances.

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 BIBLIOGRAPHY

 National sustainable agriculture information service (2014),Research journal

Vol 2
 Hannah lewis NCAT agriculture specialist published December 2012, NCAT
443
 www.attra.ncat.org
 www.agriinfo.in
 www.ruralfinanceandinvestment.org
 www.graduatefarmer.co.ke
 www.agrinewsinteractive.com

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