Title: Complete farm income and expense record forms.
Course: Livestock Production Management (18301-II) > Section: Raising and Managing Livestock

Completion should include

- identifying the parts of an income statement
- computing the income, expenses, and profit/loss of the farm
- analyzing income statements for the strengths and weaknesses of the farm.

Process/Skill Questions:

- How often should income/expense records be updated?
- What can income statements communicate about a farm's strengths and weaknesses?