Farm Records – SS2 Agricultural Science Lesson Note (Third Term)

Farm Records are written documents, showing major activities going on in the farming business.

Importance of farm records

1. It enables the farmer to monitor the changes in prices of products bought or sold.
2. It shows the financial position of the farm.
3. It helps to determine profit.
4. Detection of fraudulent decisions.
5. For making informed management decisions.
6. For procurement of loans.
7. For determination of annual tax.
8. Determining the actual worth of the farm.
9. For comparing management efficiency.
10. To evaluate the performance of an enterprise.
11. To estimate future farm returns.
12. It provides a basis for conducting research.
13. To monitor the health status of crops and animals.

Types of farm record

1. Farm Diary: This is the record of daily activities 
2. Farm Inventory: This is the list of all assets on the farm and their money worth or value
3. Sales And Purchase Record: a record of revenue and expenses made by the farm business.
4. Yield Or Production Record: it contains the information on output of crops and animal product
5. Payroll Or Labour Record: It shows the amount and types of labour hired or employed to work on the farm and the rate at which their  wages are paid 
6. Farm Input Utilization Record: It shows the input required, utilized and their level of input application.