FFA Farm and Ranch Business Management
Terms in this set (10)
Money owed by a business after a certain time.
Money owed to a business at the end of a specific time.
A method used to report income and expenses by keeping track of inventory levels.
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)
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.
Transacts the business and represents the employer in business affairs.
Investments or contracts that are yearly dividends.
Property or resources owned and controlled by a business.
Object that is danger to those that are attracted to it. (Usually a term for artificial objects that may potentially attract someone through curiosity and then injury them.)
Units of output crop / Units of input
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