Get premium membership and access revision papers, questions with answers as well as video lessons.

Agec 311:Farm Management And Accounting Question Paper

Agec 311:Farm Management And Accounting

Course:Agriculture

Institution: Kenya Methodist University question papers

Exam Year:2012

KENYA METHODIST UNIVERSITY

END OF 1''st ''TRIMESTER 2012 EXAMINATIONS
FACULTY : SCIENCE & TECHNOLOGY
DEPARTMENT : AGRICULTURE AND NATURAL RESOURCES
UNIT CODE : AGEC 311
UNIT TITLE : FARM MANAGEMENT AND ACCOUNTING
TIME : 2 HOURS

INSTRUCTIONS

Answer question ONE and any other two questions.

Question One

List the three production questions and explain why they are important in farm management.

(5 Marks)

Outline five reasons why small scale farmers in Kenya should keep records.

(5 Marks)

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

(5 Marks)

Explain the principle of equimarginal utility and with a clear example show its application in farm management.

(5 Marks)

Define financial records and list at least three such records used in farm management.

(5 Marks)

Define gross margins and explain the difference between gross margin analysis and a balance sheet.

(5 Marks)

Small scale farmers have over time developed risk mitigating measures. Outline five such measures.

(5 Marks)

Explain the concept of least cost combination.

(5 Marks)

Question Two

From the following table, calculate:

Average product for each level of input use.

(2 Marks)

Marginal product for each level of input use.

(2 Marks)

Graphically illustrate the production function and explain the three regions of production.

(2 Marks)

State the economic law derived from this production function.

(2 Marks)

Input(X1) Total Product (Y1)
0 0
1 6
2 15
3 22
4 27
5 31
6 34
7 36
8 37
9 37
10 36

Question Three
Examine the various risks and uncertainities faced by farmers. (15 Marks)

Question Four

Write concise notes on the following.

Least cost combination.

(5 Marks)

Depreciations and the three methods of depreciation.

(5 Marks)

Net present value.

(5 Marks)

Agec 311:Farm Management And Accounting Question Paper

More Question Papers

Popular Exams