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Agec 012 Question Paper

Agec 012

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2013

KENYA METHODIST UNIVERSITY

END OF 1''ST ''TRIMESTER 2013 (DAY) EXAMINATION
FACULTY : SCIENCE & TECHNOLOGY
DEPARTMENT : AGRICULTURE
UNIT CODE : AGEC 012/AGEC 311
UNIT TITLE : FARM MANAGEMENT AND ACCOUNTING
TIME : 2 HOURS

INSTRUCTIONS

Answer question One and any other two questions.

Question One

Explain the meaning of farm management and state three approaches used by farmers to answer production questions.

(5 Marks)

Expound on the meaning of scarcity and choice as used in farm management and list the three farm management production questions.

(5 Marks)

Define a production function and state three ways in which it can be illustrated.

(5 Marks)

Define marginal product and state its importance in farm management.

(5 marks)

Outline five reasons to support keeping of records by the small scale farmers.

(5 Marks)

State five ways in which small scale farmers mitigate risks and uncertainties.

(5 Marks)

Enter the following transactions in a simple cash book

Year 2011
Nov 1 cash in hand 150,000
Nov 5 received from society 45,000
Nov 10 paid debt to supplier 15,000
Nov 23 sold produce 105,000
Nov 25 received cash from John 30,000
Nov 27 paid to vet supplier 102,000

What is a petty book and why should it be maintained.

(5 Marks)

Question Two
Explain various factors that determine the profitability of an agricultural enterprise. (15 Marks)

Question Three
Write short concise notes on (15 Marks)

Gross margin analysis
Partial budget
Depreciation

Question Four

From the hypothetical illustration here below

Calculate average product and marginal produce.

(4 Marks)

Illustrate total product (TP) Average product (AP) and marginal product (MP) graphically.

(4 Marks)

Identify the three stages of production and specify the national stage of production.

(4 Marks)

State the law that is derived from this illustration.

(3 Marks)

Input x Output y
0 0
1 10
2 28
3 42
4 52
5 60
6 66
7 70
8 72
9 72
10 70

Agec 012 Question Paper

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