WAEC Agricultural Science 2025 Theory — Question 6

Model answer

(a)(i) Farm inventory: A complete listing of all the assets on a farm with their value in monetary terms (land, machinery, farm buildings, crops, livestock). It involves identification, physical counting and assigning monetary value to farm assets, and is carried out at the beginning and end of the farming season/accounting year. (ii) Depreciation: The reduction in the value of an asset as it is used over time; it also refers to the wear and tear of a farm asset with use. Fixed assets depreciate slowly while current assets depreciate quickly. (iii) Liability: The debt owed by a farm business to outside parties (creditors), including loans, mortgages, deferred revenue, bank overdrafts, accrued expenses and debts payable; liabilities may be long-term or short-term. (iv) Salvage value: The value of an asset or capital after its useful life, usually lower than its purchase/cost price. It is important in calculating the depreciation of a farm asset. (b)(i) Law of supply: All things being equal, the higher the price of a farm produce, the higher the quantity supplied, and vice versa. (ii) Factors affecting supply of farm produce (any three): Price of produce; Price of other produce/substitutes; Technology used in production/technological change; Changes in weather/climate; Natural disaster; Goal of the farmer; War/conflict/political instability. (c) Effects of weeds on farm animals (any five): - May be toxic when consumed by farm animals/could result in death - Could destroy the hide/skin of animals - May cause injury to animals, e.g. entangle the horns - Could taint/contaminate milk or reduce milk quality - Harbour disease pathogens - Harbour insect pests/predators