(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) Explanation 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.