EXERCISE 36 (Continued) 



Leading Questions. 1. What departments of an average commercial 

 poultry farm do you consider important enough to warrant separate financial 

 statements? 



2. What is the great advantage of such departmental study? 



3. Why is a double-entry system not more generally used? 



4. Define the column system of accounting and state its uses. 



5. Name two important advantages possessed by the column system. 



6. What is meant by a bill payable and a bill receivable? How could 

 accounts of these be included in the column system? 



7. Why is an inventory so essential in making a financial statement or 

 balance? 



8. When is the best time to make an inventory on a poultry farm? Why? 



9. An inventory should be divided into certain very distinct and pro- 

 nounced groups; what are these groups and why are they so important? 



10. What is your conception of the two terms "debit" and "credit" as 

 applied to the keeping of detailed expenditures and receipts? 



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