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John and Mary Farmer Essay Topics & Paper Examples

Farm Financial Standard Council Case: John and Mary Farmer

Accounting of farm is a blurred affair, there has not any standard which is commonly practiced and adhered to.  This farm financial crisis brought this lack of accounting standards to focus in 1980 and to fill this need the formation of “Farm Financial Standards Council” took place; which brought out its first set of guidelines, in 1991, for accounting the agriculture produce. The process of perfecting the farm accounting standards leading to introduction of management accounting procedures in farm businesses is continuously progressing as farm has to be managed better to make it profitable to survive. Crops have several usages, like soybean can be grown for animal feed to be consumed at farm or it can be sold as an…