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1. Importance of record keeping
2. Principles of Accounting
   1. Single-entry accounting
   2. Double-entry accounting
   3. Accrual vs. cash basis of accounting
   4. The Accounting Equation
3. Accounting Cycle
4. Financial Statements
   1. Balance Sheet
   2. Work sheet
   3. Income Statement
   4. Analysis of financial statements
5. Asset valuation and depreciation
6. Liabilities and Equity
   1. Calculating simple interest loans
   2. Transactions involving loans and loan payments
   3. Determining current principle loan balances
   4. Determining interest payable
   5. Determining Net Worth
7. Practical Exercises in
   1. Developing financial statements
   2. Using computer applications as a tool for financial analysis

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At the conclusion of this course, the student should be able to:

• Define the uses of agricultural records.
• Explain the accounting cycle
• Define common agricultural accounting terms.
• Differentiate between cash and accrual accounting systems..
• Design a chart of accounts for an agricultural business. Demonstrate the principles of accrual accounting by opening, entering transactions, and closing a set of accounting records.
• Create a balance sheet and income statement.
• Calculate and analyze ratios of solvency and liquidity for an agricultural business
• Properly value asset and liability accounts.

Comprehensive Quizzes and Exams

Written Critical Thinking Scenarios

Problem Analysis and Solution

Research and Term Papers

Skidmore, Accounting for Agriculture, Soft Data

Irwin, Hermanson, Financial Accounting, McGraw-Hill

Wheeling, Introduction to Agriculture Accounting, Cengage Learning