A farm business accounting period for July 1, 2010 to June 30, 2011 would be an example of what type of accounting period?

Test D

Quiz
•
Other
•
10th Grade
•
Hard

Kelsey Elam
Used 1+ times
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140 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calendar year accounting period
Fiscal year accounting period
Monthly accounting period
Quarterly accounting period
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the steps in the control function of farm management?
Establish standards for comparing results; measure the actual performance of the farm business; identify problem areas and take corrective action
Calculate assets; calculate net worth; calculate liabilities
Assessing the farm; analyzing revenues; analyzing expenses
Establishing the farm; measuring the wealth of the farmer; identify the problems the farmer has
with equipment
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Depreciation is a cost associated with which of the following assets?
Farm land
Cattle feed
Dairy barn
Liquid fertilizer
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assume a new tractor is purchased on January 1 for $124,000 and given a salvage value of $20,000 and a useful life of 8 years. What would the annual depreciation be per year under the straight-line method?
$15,500 per year
$49,600 per year
$61,995 per year
$13,000 per year
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an investment activity?
Pay principal on a loan
Purchase a pickup
Pay interest on a loan
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an operating activity?
Pay cash for tractor repairs
Charge $12,000 of feed
Sell corn for $35,000
All of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Agricultural processors will probably want more uniform products in the future in order to __________ .
Pay lower prices to producers
Diversify their product line
Reduce environmental contamination
Make more efficient use of processing and packaging equipment
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