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AGBU 2389 Test 1 Question and answers 100% correct $13.99
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AGBU 2389 Test 1 Question and answers 100% correct

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AGBU 2389 Test 1 Question and answers 100% correct Management of a farm or ranch can be divided into two broad categories, they are: - correct answer Strategic and Tactical Management Which of the following is NOT a characteristic of Agribusiness Decisions? - correct answer Competition ...

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  • December 19, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AGBM
  • AGBM
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AGBU 2389 Test 1 Question and answers
100% correct
Management of a farm or ranch can be divided into two broad categories, they
are: - correct answer ✔Strategic and Tactical Management


Which of the following is NOT a characteristic of Agribusiness Decisions? -
correct answer ✔Competition


Which of the following is included in the purpose and Use of Farm Record: -
correct answer ✔Prepare income tax returns, analysis in new investments,
obtain loans, measure profits


Farmable land is depreciated over which period? - correct answer ✔None.
Land does not depreciate


All of the following are decisions to be made in setting up an Agribusiness
accounting system EXCEPT - correct answer ✔Whether to use revenue or
income method


Lack of access to additional land and capital effectively limits producers from
expanding their business so... - correct answer ✔The key is to produce
higher valued commodities


Average production per farm has changed considerably due to which of the
following factors? - correct answer ✔Labor saving technology, Employment
opportunities outside agriculture are more appealing, Operators want to earn
a higher level of income and enjoy a higher standard of living, New technology
is available only on a minimum scale

, Cost less Accumulated Depreciation is used only for - correct answer
✔Depreciable assets


Items that are produced on the farm are valued at - correct answer ✔Farm
production cost


This Valuation requires valuating an asset both ways - correct answer
✔Lower of cost or market


Items that have been purchased and have receipts an be valued at - correct
answer ✔Cost


Valuating an asset at current market price is also known as - correct answer
✔Market value


The accounting period is always a one-year period of time - correct answer
✔True


Depending on the asset, using the lower of cost or market method, you add
both of the values together to determine the valuation. - correct answer
✔False


Once an asset is fully depreciated, tax law requires that it be retired from
service - correct answer ✔False


Due to technology advances, biological processes in agriculture is an issue
that is no longer considered something that does not change much over time.
- correct answer ✔False

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