Page 7 - Account for Ag - 2019

Table of Contents iii

III. PRODUCTION RECORDS

CHAPTER ELEVEN: SUB-LEDGER AND JOURNALS
Accounting for Departments and Enterprises - Profits by Department - Separate Special Journals -
Need and Basis for Subdividing the Ledger - Preparing Schedules of Subsidiary Ledgers - Posting
Principle of Controlling Accounts and Subsidiary Ledgers - Sales Journal and the Accounts Receivable
Ledger - Sales Taxes - Sales Invoices as a Sales Journal - Cash Receipts Journal - Cash from Charge
Customers - Cash Sales - Miscellaneous Receipts of Cash - Posting the Cash Receipts Journal -
Miscellaneous Credits to Accounts Receivable - Establishing a Subsidiary Expense and Accounts
Payable Ledger - The Purchases Journal and its Posting - The Cash Disbursements Journal and its
Posting - Miscellaneous Debits to Creditor Accounts - Purchase and Sale of Assets Used in the
Business - The Combination Journal.

IV. AGRICULTURAL INVENTORIES

CHAPTER TWELVE: ACCOUNTING FOR FIXED ASSETS
& DEPRECIATION
Cost of a Fixed Asset - Depreciation of Plant and Equipment - computation of Depreciation -
Productive Life of a Fixed Asset - Depreciation in the Year of Purchase or Disposition - Salvage Value
- Total Allowable Depreciation - Allocating Depreciation - Straight Line Method - Units of Production
Method - Declining Balance Method - Sum of Years Digits Method - Accelerated Cost Recovery
System (ACRS) - ACRS Depreciation in the Year of Purchase or Disposition - Depreciation of
MARCS Property - MACRS in the Year of Purchase or Disposition - Calculating MACRS
Depreciation - The Allowance Account and Book Value - Recording Depreciation - Depreciation on
the Financial Statements - Sale of Fixed Assets - Exchange of Fixed Assets - Repairs, Replacements
and Betterments - Raised Assets and Livestock Depreciation - Subsidiary Fixed Asset Records.

CHAPTER THIRTEEN: INVENTORYING OPERATING ASSETS
Basis for Financial Statements - The Physical Count - Perpetual Inventories - Periodic and Perpetual
Inventory System - Inventory Pricing: At Cost . Average Cost - First-in*First-out - Last-in*First out -
Comparison of Methods - Cost or Market, Conservatism - Estimated Inventories: Retail Method .
Gross Profit Method.

V. FINANCIAL REPORTS

CHAPTER FOURTEEN: PREPARING THE INCOME STATEMENTS
The Agricultural Firm - The Income Statement - Heading of the Income Statement - Classifying
Income Statement Items - Measures of Income - Reporting Cash Discounts - Classification of
Expenses - Variable Expenses - Operating Expenses - Fixed Expenses - Depreciation - Changes in
Inventories - Summing expenses and Income - Net Farm Income - Net Cash Income - Difference
between Net Cash Income and Net Farm Income - Income Statement Analyzed - Relation of the
Income Statement to the Balance Sheet.

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