The new North Carolina SAE record book was changed to conform to the new national FFA forms. If a student uses the NC SAE Record Book, the records should easily transfer to the national FFA forms. Net worth statements are needed to secure loans and can be a decided factor in selecting proficiency award winners. The sheet has two main sections assets and liabilities. Assets are money and property owned by an individual.
Liabilities are debts the person owes.
Current assets and current liabilities are those that will be realized or paid within the next 12 months. For record keeping purposes, an inventory is conducted once a year. There are two components in an inventory. These figures come straight from the depreciation page. Basically, most items that you buy to be used in your business that have a useful life longer than one year are depreciated.