This article will help you to maintain cost accounting records for your farm business. Meaning of Cost Accounting: In any business where production of goods, services, or processing of raw material is undertaken the maintenance of the cost of production is very crucial. In the field of crop production working out of the cost of production (cost of cultivation plus [...]
This article throws light upon the three key aspects of a farm. The aspects are: 1. Human Aspects 2. Physical Aspects 3. Financial Aspects. 1. Human Aspects: (i) Goals of Farm Family: Scope for a change, i.e., family satisfaction and an additional business approach to achieve both family satisfaction and profit maximization. The farmer's family may not be able to [...]
This article throws light upon the five main management exercises before taking final decision on farm. The management exercises are: 1. Appraisal of Farm Resources 2. Appraisal of Land Resources 3. Appraisal of Capital Resources 4. Entrepreneurial Appraisal. Management Exercise # 1. Appraisal of Farm Resources: The basic aim on commercial farms are the minimization of cost and maximization of [...]