(a) (i) What is an inventory record? [2 marks] (ii) State the four steps involved in the process of taking inventory. [4 marks] (iii) State two ways in whic...

Answer Details

(a)(i) What is an inventory record? [2 marks]

An inventory record is a written and up-to-date list showing all the assets and property of a farm (land, buildings, machinery, tools, livestock, stored produce, inputs, etc.), together with their quantities and money value at a particular date.

(a)(ii) Four steps involved in taking inventory [4 marks]

1. Listing (identifying and writing down) all the items and property found on the farm.
2. Counting or measuring each item to determine its quantity.
3. Valuing each item by attaching a current money value to it.
4. Recording and totalling the values to obtain the overall worth of the farm assets.

(a)(iii) Two ways inventory record is important in farm business [2 marks]

• It shows the true worth (net worth) of the farm and is used in preparing the balance sheet.
• It helps in obtaining loans and credit because it serves as evidence of the assets available as security.

(b) Four objectives of agricultural extension [4 marks]

• To teach farmers improved and modern farming practices and techniques.
• To raise the standard of living and income of rural farmers.
• To help farmers identify and solve their own farming problems.
• To pass research findings and innovations from research stations to the farmers.

(c) Extension teaching methods [4 marks]

(i) News bulletin: This is a printed sheet or short broadcast that carries up-to-date farming information, announcements and advice to many farmers at the same time. It is used to give timely reports on prices, new inputs, weather and events, spreading information quickly and cheaply over a wide area.

(ii) Agricultural shows: These are organised exhibitions where farmers, research bodies and companies display improved crops, livestock, tools and produce. They allow farmers to see new varieties, breeds and machines, compare results, exchange ideas, and are motivated (through prizes and competition) to adopt improved practices.