AEE 522  Occupational Experience in Agriculture
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Class 11: Financial Record Keeping
Objectives: Upon completion of this lesson you should be able to:

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Discuss the importance of SAE agreements and preliminary SAE budgets. 
List five principles to follow in record keeping 
Complete an inventory page 
Calculate depreciation 
Differentiate between current and non-current assets and liabilities 
Properly record sales of capital assets 
Prepare a net worth statement 
Compete a year end financial summary 
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Learning Activities:

These actvities should be completed before class for on-campus students as this provides a foundation for the class discussion.

For distance education students, these activities constitute the lesson. Pay special attention to the PowerPoint Presentation.

  Take the Record Keeping pretest to see how much you know about record keeping and SAE programs.

Read "Remember Those Record": by Chase and Thorn in the July-Aug. 1998 issue of The Agricultural Education Magazine.

Read Hall's article "Supervised Experience Record Keeping" in the May 1990 issue of The Agricultural Education Magazine.

Read about the new on-line record keeping system being used in Texas in "E-Record Books for Supervised Agricultural Experience Programs: Tools for the 21st Century". Edwards, Ermis and Dillingham are authors of this Agricultural Education Magazine article.

Read the handout on Depreciation

Read the handout on Financial Terminology

The IRS Farmers Tax Guide has useful information about record keeping and figuring depreciation.

The IRS also has information for farmers regarding depreciation.
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Laboratory:

For students who are taking the class live on campus, there is a one and half hour lab. This activity will be done during the lab.

For distance education students, the lab will be described and the student will be responsible for performing the activity.
 Introduction: Once a year, a student should "close out" his or her record book. This means he or she ends one record keeping year and starts the next. This is typically done near the end or start of the calendar year. In lab today, you will be using sections 9-16 in the IMS record book--the financial record pages.  You will be entering data from your scenario.

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