COURSE: Equine Science I - AA31 2.00 8% C2 Understand the use of records in the equine industry. Essential Standard: Understand methods of financial record keeping in an 2.02 4% C2 Objective: equine business. Source of Information: Moore, Dr. Gary, 2000-2001. Supervised Agricultural Experience Program Record Book, Agricultural & Extension Education, Box 7607, NC State Univ., Raleigh, NC 27695 (NCSU SAE Record Book). Essential Questions: What terminology is used in financial record keeping? How do you correctly record entries in a financial record system? UNPACKED CONTENT Note to Teacher: Create guided notes and/or visual presentations for unpacked content A. Terms Asset something tangible of value that a person owns. – Current items quickly converted to cash or that will be sold within 12 months – – examples: cash, checking, savings, stock and non-depreciable inventory of crops, livestock, etc. Non-Current items that have a useful life of more than one year examples: land, – – machinery, breeding livestock, etc. Liability debts – Current debts that are due to be paid this year examples: fertilizer and feed bills, – – tractors and building payments and part of mortgage due this year. Non-Current debts not due this year examples: mortgages not including this – – year’s payment. Net Worth = Total Assets minus Total Liabilities. Current Assets + Non-Current Assets = Total Assets. Current Liabilities + Non-Current Liabilities = Total Liabilities. Inventory an itemized list of things owned by a business with the beginning value and – depreciated value. Non-Depreciable items that will be used up or sold within a year example: feed, – – supplies, etc. Depreciable items that have a useful life of more than one year and lose value because – of age, wear, or becoming out-of-date because of technology advancements. Land is NOT depreciable property.
COURSE: Equine Science I - AA31 Essential Standard: 2.00 8% C2 Understand the use of records in the equine industry. Objective: 2.02 4% C2 Understand methods of financial record keeping in an equine business. Source of Information: Moore, Dr. Gary, 2000-2001. Supervised Agricultural Experience Program Record Book, Agricultural & Extension Education, Box 7607, NC State Univ., Raleigh, NC 27695 (NCSU SAE Record Book). Essential Questions: What terminology is used in financial record keeping? How do you correctly record entries in a financial record system? UNPACKED CONTENT Note to Teacher: Create guided notes and/or visual presentations for unpacked content A. Terms Asset – something tangible of value that a person owns. Current – items quickly converted to cash or that will be sold within 12 months – examples: cash, checking, savings, stock and non-depreciable inventory of crops, livestock, etc. Non-Current – items that have a useful life of more than one year – examples: land, machinery, breeding livestock, etc. Liability – debts Current – debts that are due to be paid this year – examples: fertilizer and feed bills, tractors and building payments and part of mortgage due this year. Non-Current – debts not due this year – examples: mortgages not including this year’s payment. Net Worth = Total Assets minus Total Liabilities. Current Assets + Non-Current Assets = Total Assets. Current Liabilities + Non-Current Liabilities = Total Liabilities. Inventory – an itemized list of things owned by a business with the beginning value and depreciated value. Non-Depreciable – items that will be used up or sold within a year – example: feed, supplies, etc. Depreciable – items that have a useful life of more than one year and lose value because of age, wear, or becoming out-of-date because of technology advancements. Land is NOT depreciable property.
AA31_16%20Equine%20Science%20I%20Course%20Guide.docx