FFA Farm and Ranch Business Management questions n answers

FFA Farm and Ranch Business
Management questions n answers

Accounts Payable - correct answer ✔✔Money owed by a business after a certain time.



Accounts Receivable - correct answer ✔✔Money owed to a business at the end of a specific
time.



Accrual Method - correct answer ✔✔A method used to report income and expenses by keeping
track of inventory levels.



ACRS (Regular) - correct answer ✔✔Accelerated Cost Recovery System: A method of
determining depreciation of personal property.

(IRS Farmer's Tax Guide * percent of depreciation by the total cost of the item)



ACRS (Straight Line) - correct answer ✔✔Accelerated Cost Recovery System: method used to
determine the depreciation of personal or real property.

(Original Cost of an item / Recovery Period)

First cost of an item is determined by the month that the item is purchased.

Recovery terms are found in the IRS Tax Guide.



Agent - correct answer ✔✔Transacts the business and represents the employer in business
affairs.



Annuities - correct answer ✔✔Investments or contracts that are yearly dividends.