Title: Analyze farm income and expense record forms.
Course: Introduction to Animal Systems (18101) > Section: Managing Animal Health

Analysis should include

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

Process/Skill Questions:

- How often should income and expense records be updated?
- What is a profit-and-loss statement?
- What can income statements communicate about a farm's strengths and weaknesses?
- Who should maintain these documents for the farm?