FOT 2061 - Farm Record & Finance/Simulation

Clock Hours: 100

Course Description:
This course is a study of the general principles in farm accounting and financial analysis including financial statements. Students will be informed of the different credit agencies and what they have to offer beginning farmers. Students will learn what is required of them to obtain credit. Communication between lender and the farmer is also discussed.

Student Learning Outcomes:
Upon completion of this course, the student should be able to:

Understand basic accounting principles including debits and credits.
Understand basic banking tasks.
Understand payroll processes.
Define and recognize basic accounting forms and financial statements in relation to farming operations.
Become familiar with the operations of financial institutions/credit agencies in relation to an agriculture or farming career.
Demonstrate the ability to accurately enter information from source documents into automated accounting software and be able to utilize financial information generated from software.
Create a budget.
Comprehend basic federal income tax information and calculations.