The difference between the total assets and total liabilities of a farm enterprise within a specified period before taxation is known as
Answer Details
The difference between the total assets and total liabilities of a farm enterprise within a specified period before taxation is known as "net worth". This is because it represents the residual interest of the owner(s) in the assets of the farm after all liabilities have been settled. In other words, net worth is the value of the farm to its owners. It is calculated by subtracting the total liabilities from the total assets.