(a) (i) What is an inventory record? [2 marks] (ii) State the four steps involved in the process of taking inventory. [4 marks] (iii) State two ways in which inventory record is important in farm business. [2 marks] (b) Mention four objectives of agricultural extension. [4 marks] (c) Explain the following agricultural extension teaching methods. (i) news bulletin; (ii) agricultural shows. [4 marks]
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) 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.