Explanation

(a)(i) Meaning of inventory records: This is a record that gives a full list of assets and liabilities of a farm in that gives  both physical and monetary terms. 
(ii) Steps involved in the process of taking inventory: 
-Identification of assets and liabilities.
 - Itemizing of assets and liabiiities. 
- Physical counting of each item of asset. 
- Assigning monetary value to each asset. 

(iii) Ways in which inventory record is important in farm business 
- Helps in periodical checking of the movement of farm tools and equipment. 
- Helps in identifying damaged tools and equipment. 
- Provides data for the preparation of Balance Sheet of a farm. 
-Helps in the assessment of the Net-worth of a farm.
- Assists in farm planning and budgeting. 
-Assists in farm evaluation. 

(b) Objectives of agricultural extension 
- Help people living in rural areas to recognize and take interest in their problems. 
-Convince people to make themselves available to be taught how to raise their standards of living by their own efforts using their own resources and initiatives/ Encourage local leadership. 
- Educate farmers to abandon unproductive traditional ways of farming for improved and scientific farming techniques.
- Help improve the health of rural dwellers through better nutrition using their own farm produce.  
- Help accelerate rural development/collection and collation of basic information relating to rural programmes. 
-Identification of proper marketing channels 
-Help farmers to access and supervise the use of agricultural loans. 
- Link farmers with research institutes. 

(c) Explanation of agricultural extension methods 
(i) Bulletins: 
- Bulletins are official statement of news or official announcement sent out to many persons by an extension agent or authority. 
- Bulletins serve to teach farmers/remind them of special meetings and may be used by them as reference materials. 
(ii) Agricultural shows: 
- Is a day set aside for showcasing successful farmer's II m farms and displaying improved agricultural inputs, implements and machinery to farmers. 
- They are held in villages, towns and cities and have e nationwide character. 
-During such shows, selected farmers, input suppliers and other stakeholders in agriculture display their produce and products for and award. 
- Very often processed food are also exhibited. 
- It is characterized by festive moods, speeches, addresses and awards.

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