What is VAT? Value-Added Tax is commonly known as VAT. VAT is an indirect tax on the consumption of goods and services in the economy. Revenue is raised for the government by requiring certain businesses to register and charge VAT on the taxable supplies of goods and...
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Financial Management
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Interpretation of Financial Statements
Every business concern wants to know the various financial aspects for effective decision-making. The preparation of a financial statement is required to achieve the objectives of the firm as a whole. The term financial statement refers to an organised collection of...
Controlling Budgets
Compilation of Rationalised Budget The above issues are related to a cost value for the farmer to set up a rationalised budget. A rationalised budget is a budget where excessive costs are already cut to the bare minimum. An example of a rationalised physical budget is...
Balance Sheet, Profit, and Loss Account
Balance Sheet Just as data on the technical and natural resource aspects of the farming business was collected and recorded, it is even more important to evaluate the current financial status of the farming business. The main objective of farm planning is to achieve...
Cost Allocation and Income Statement
Total Farm Cost Understanding these simple and general cost input terms will help you to calculate exactly how much your farming enterprise costs you to run. Input costs include items needed in your production processes, such as labour, fertiliser, and tractor fuel....