List thirty relevance of farm accounting

All QuestionsCategory: Secondary SchoolList thirty relevance of farm accounting
Farooq asked 3 years ago

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1 Answers
User AvatarStopLearn Team Staff answered 3 years ago

Here are some benefits of farm accounting:

  • Helps you easure efficiency and progress of your farm
  • Easier to prepare accounts at year end
  • Help plan for Goods and services tax payment
  • Avoid over/under tax payments
  • Identify strengths and weaknesses in the farm business
  • Help manage changes and improvements in the agribusiness
  • Make productivity projections
  • Help maximize the expenses you claim and minimize tax burden
  • Make it easier to pay employees and creditors and see what is owed
  • Simplify process if you want to get a loan or sell the business
  • Easier to distribute profits to shareholders (dividends)
  • Quicker for partnerships to view profits and losses
  • Make it easier should the business get audited by Nigerian Revenue Agency FIRS

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