The Farm Management course includes a three hour weekly laboratory which compliments the material covered in the class. It is designed to provide a basic understanding of the accounting procedure and the accounting cycle in a setting where students have the opportunity to practice with the supervision and support of an instructor. The skills and knowledge acquired in the lab is applied to analyze farm management and financial situations in the class. Introductory accounting theory, concepts and procedures, emphasizing the sole proprietorship form of business are presented. Financial Statements; Income Statements, Balance Sheet and Cash Flow will be generated and analyzed as part of the lab exercises. The use and application of accounting and financial information as managers is emphasized, since the main objective is to prepare farm managers.