Write short notes on the following:
a. Farm budget
b. Accounting convention for farm investment analysis c. Investment and operating expenditure
c. Investment and oprating expenditure
d. Balance sheet.
a. Farm Budgeting is the process of estimating costs, returns and net profit on a farm and involves managerial principles of input and output in relation to the production.
b. An accounting convention consists of the guidelines that arise from the practical application of accounting principles. It is not a legally binding practice; rather, it is a generally accepted convention based on customs and designed to help accountants overcome practical problems that arise out of the preparation of financial statements. If an oversight organization, such as the Securities and Exchange Commission (SEC) or the Financial Accounting Standards Board (FASB) sets forth a guideline that addresses the same topic as the accounting convention, the accounting convention is longer applicable.Conventions are used to provide guidelines around the basic rules of accounting. The historical cost convention requires all transactions to be
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