(a) What is depreciation in agricultural production?
(b) Distinguish between the following pairs of terms as used in agricultural production:
(i) farm records and farm accounts;
(ii) credit and subsidy;
(iii) assets and liabilities.
(c) State five problems of agricultural extension in West Africa.
(d) Enumerate five factors that affect the supply of cassava in West Africa
(a) Meaning of Depreciation in Agricultural Production
Depreciation refers to the loss or reduction in the value or worth of an asset as the asset is being used over time.
OR
a loss in value of asset as a result of wear and tear or obsolescence over a period of time.
(b)Differences between the following Pairs of Terms as used in Agricultural Production
(i) Farm Records and Farm Accounts
Farm records are information or facts about the activities that take place on the farm while/but/ whereas/ on the other hand;
Farm accounts are statements of financial transactions on the farm.
(ii) Credit and Subsidy
Agricultural credit is a repayable loan given to a farmer to carry out farm operations while Agricultural subsidy refers to a non-refundable aid to farmers to reduce cost of production.
(iii) Assets and Liabilities
Farm assets refer to anything of value in the possession of a farm business while/but/ whereas/ on the other hand; Liabilities represents an amount that is owed to others, whether it is payable in cash, goods or services.
(c) Problems of Agricultural Extension in West Africa
(d) Factors that affect the Supply of Cassava in West Africa
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