Farm Record Keeping Questions - Alcorn State University

Name *

Email *

Phone Number *

1. There are several important reasons to keep accurate and complete family farm records. *

True

False

2. Half of the countries Farm/Ranch land in now rented or leased *

True

False

3. You should always keep neat farm records. *

True

False

4. Record keeping can aid in planning or your farm business *

True

False

5. Farm Records can be used for tax reason *

True

False

6. Don’t use your personal checking account for your business *

True

False

7. Count all items in inventory and include the purchase cost of each item *

True

False

8. Take inventory every five years *

True

False

9. The key to successful record keeping is a good accounting system. *

True

False

10. You should always deposit cash once a week *

True

False

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