21* FARM ACCOUNTING 



4. Under what conditions is the general system of accounting 



inadequate ? 



5. \Vhy are cost records kept? 



6. Discuss the collection of cost <l:it;i as to 



(a) Source and nature of information, 



(b) Method of recording or tabulating. 



7. What is done with the cost data after collection ? 



8. Name and <li>cus> briefly tbrec purposes of a cost system. 



9. Describe the construction and use of the monthly labor record, 



the yearly labor record. 



10. To what extent may it be said that the yearly labor record 



expresses debits and credits? 



11. Discuss the practical use of a daily labor record. 



12. If a flat hourly labor rate is not used, how may the cost of 



labor per 'hour be calculated in any casef 



13. Describe the monthly and yearly horse labor record, pre- 



sent inu" points of similarity or difference as compared 

 with the labor record. 



14. How may a tractor receive proper credit for its work on the 



farm? 



1."). What is the purpose of the Exchange Labor account? When 

 i> it debited! When credited? 



16. Under what conditions does the Exchange Labor account have 



a debit balance? A credit balance? 



17. What does a debit balance in the Exchange Labor account 



mean? A credit balance? 



18. Describe a means of recording in the labor record exchange 



labor for the neighbors and by the neighbors. 



19. Why is it proper to charge a crop with the value of labor 



performed on it by neighbors? 



20. Compare the treatment of horse exchange labor with man 



exchange labor. 



21. What is the purpose of the feed record? 



22. Describe a form of feed record. What debits and credits are 



expressed therein? 



