RECORDS AND ACCOUNTS. 



393 



YEARLY INVENTORY. 



ASSETS. 



LIABILITIES. 



Fir.d difference between assets and liabilities. 



Questions and Exercises. 



1. Define ''record. " Define "bookkeeping." 



2. What is meant by an account? 



3. Define a ledger? 



4. What is meant by "Dr." and "Cr." in an acct ? 



5. Define a loss ; a gain ; depreciation. 



6. Define "resource ;" "income." 



7. What is an "asset"? A "liability"? 



8. W r hat is a resource inventory? A liability inventory? 



9. Define "gross receipts;" "net profit." 



10. Define terms, "on credit;" "on account." 



11. What is meant by "cash." 



12. What is meant by "merchandise"? 



13. What special kinds of records are important in farming? 



14. Xame the important elements in a poultry acct. 

 lo. What is an expense account? 



lf>. What is an itemized statement? 



17. What is the distinction between saving and economy? 



18. What is the distinction between farm economy and rural 



economics? 



19. What is a promissory note? Write one. 



