I. General Information
1. Course Title:
Preparation for Farm Business Analysis
2. Course Prefix & Number:
FBMT 1121
3. Course Credits and Contact Hours:
Credits: 4
4. Course Description:
This course will take the student through a step-by-step procedure to close out a complete year of farm business records. This course will emphasize tax planning, completing inputs to livestock and crop enterprises, and emphasizing cash and liabilities accuracy. A completed business and enterprise analysis will be the course focus.
5. Placement Tests Required:
Accuplacer (specify test): |
No placement tests required |
Score: |
|
6. Prerequisite Courses:
FBMT 1121 - Preparation for Farm Business Analysis
There are no prerequisites for this course.
9. Co-requisite Courses:
FBMT 1121 - Preparation for Farm Business Analysis
There are no corequisites for this course.
II. Transfer and Articulation
III. Course Purpose
1. Program-Applicable Courses – This course is required for the following program(s):
Essentials of Farm Business Management Certificate
IV. Learning Outcomes
1. College-Wide Outcomes
College-Wide Outcomes/Competencies |
Students will be able to: |
Analyze and follow a sequence of operations |
Complete closeout checklist |
Utilize appropriate technology |
Complete detailed computerized transaction list |
2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of
the course:
- Identify credits and deductions for tax management;
- Identify the data necessary to complete a business analysis;
- Examine the compatibility of new technology with existing systems;
- Compare the sources, pricing, and performance of business and production inputs;
- Employ a detailed record keeping system;
- Develop family and personal goals;
- Compare the actual vs. planned cash flow;
- Explain how the farm management cycle pertains to the farm business;
- Examine the implications of asset valuation and depreciation;
- Construct a detailed year-end balance sheet;
- Construct a tax management plan; and
- Assemble accurate production records.
V. Topical Outline
Listed below are major areas of content typically covered in this course.
1. Lecture Sessions
1. Identify credits and deductions for tax management
- Students will demonstrate competence by doing the following:
- Determine credits and deductions for tax management
- Completing an income tax estimate and implementing a tax management plan
- Students will show understanding through the following:
- Identify current federal tax credits
- Identify current state tax credits
- Identify current state tax deductions
- Identify current federal tax deductions
- Participate in a tax planning seminar/session
- Complete a tax estimate
- Implement one of the plans from the estimate
2. Identify the data necessary to complete a business analysis
- Students will demonstrate competence by doing the following:
- Capture necessary data to complete a business analysis
- Students will show understanding through the following:
- Complete a personal annual account of financial and production records
- Complete a year-end inventory of assets and liabilities
- Validate the accuracy of all information
3. Examine the compatibility of new technology with existing systems
- Students will demonstrate competence by doing the following:
- Determine compatibility of new technology with existing systems
- Students will show understanding through the following:
- Evaluate current technology system
- Evaluate current technology needs
- Choose appropriate technology products to serve personal business needs
4. Compare the sources, pricing, and performance of business and production inputs
- Students will demonstrate competence by doing the following:
- Compare sources, pricing and performance of business and production inputs
- Students will show understanding through the following:
- Identify inputs required for production
- Determine local and regional sources for production inputs
- Review available information relative to input performance
- Rate value of inputs based on performance and price
5. Employ a detailed record keeping system
- Students will demonstrate competence by doing the following:
- Enhance the record system detail through expanded enterprising of income and expenses
- Students will show understanding through the following:
- Enterprise crop transactions in a personal accounting system
- Enterprise livestock transactions in a personal accounting system
- Enterprise value added transactions in a personal accounting system
- Maintain detailed and accurate vendor accounts
6. Develop family and personal goals
- Students will demonstrate competence by doing the following:
- Evaluate business, family, and personal goals
- Students will show understanding through the following:
- Review business, family, and personal goals
- Identify goals achieved
- Modify goals to reflect current objectives
- Discuss new goals with current stakeholders
7. Compare the actual vs. planned cash flow
- Students will demonstrate competence by doing the following:
- Monitor and compare actual vs. planned cash flow
- Students will show understanding through the following:
- Maintain current accounting records
- Complete a periodic monitoring worksheet (FINFLO)
- Validate the accuracy of the profit loss statement
- Adjust cash flow where necessary
8. Explain how the farm management cycle pertains to the farm business
- Students will demonstrate competence by doing the following:
- Explain to FBM instructor how the farm management cycle pertains to the farm business
- Students will show understanding through the following:
- Discuss how to assemble a farm business plan
- Prepare data to assemble a personal farm business plan
- Discuss the process for review of a personal farm business plan
9. Examine the implications of asset valuation and depreciation
- Students will demonstrate competence by doing the following:
- Recognize the implications of asset valuation and depreciation
- Students will show understanding through the following:
- Explain cost valuation of assets
- Explain market valuation of assets
- Explain the concept of cost value (management) depreciation
10. Construct a detailed year-end balance sheet
11. Construct a tax management plan
12. Assemble accurate production records