 THE ACCOUNTANT AND FARM MANAGEMENT ADVICEJohn A. Stone Australian Journal of Agricultural Economics, 1963, vol. 07, issue 2, 11 Abstract: The purpose of accounting is two-fold. First to record and summarize economic transactions for a given period, and second to interpret the account as an aid for making management decisions. Before we examine a more rational blend of the two ingredients of accounting it is necessary to examine the framework of principles and procedures within which accountants work. However, this discussion is primarily intended to, demonstrate how more accountants serving agriculture can overcome their pre-occupation with recording and summarizing, virtually aimed at assessing tax liability, and extend their influence to render professional advice to management. Economic transactions fall into two accounting groups; cash movements during the period and estimates or valuations at the close of the period. Faithful recording of cash transactions is rendered complex by movements in price, characteristic of a dynamic environment. Estimates or valuations are necessary to record the capital charges imputed for the period. While certain conventions have been established governing both the treatment of cash and the basis of valuation, judgment and experience play a dominant part in their application. Keywords: Agricultural; Finance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ags:ajaeau:22946 Access Statistics for this article More articles in Australian Journal of Agricultural Economics from Australian Agricultural and Resource Economics Society Contact information at EDIRC. |
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