Farm Accounts (Leaving Cert Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What equation is used in the statement of capital?
What equation is used in the statement of capital?
When does the statement of capital show the farm's financial position?
When does the statement of capital show the farm's financial position?
At the beginning of the accounting period
What does the receipts and payments account document?
What does the receipts and payments account document?
All money received and payments made
What does an enterprise account replace in farm accounting?
What does an enterprise account replace in farm accounting?
The trading account
When was the single payment scheme introduced?
When was the single payment scheme introduced?
2005
What does REPS stand for?
What does REPS stand for?
Rural Environment Protection Scheme
How should drawings from farm produce be recorded?
How should drawings from farm produce be recorded?
Added to sales at fair market value
What must be included in enterprise account calculations?
What must be included in enterprise account calculations?
Opening stock and closing stock
What is Conacre?
What is Conacre?
Rental payments for renting out land
What is the primary source of farm income?
What is the primary source of farm income?
Sales of produce