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, .-PrefaceThis guide has been designed to present the very basics in bookkeeping and coopera-tive financial statements. The format is designed for those that have limited bookkeep-ing or accounting experience. It is not meant to be all inclusive, but to provide guid-ance in developing the cooperative s record keeping system and understandingfinancial most cooperatives, trained accountants will take care of the financial reports andmore difficult accounts, such as depreciation expense. However, all board membersshould understand the bookkeeping functions and be able to interpret financial understanding all components of bookkeeping and the financial documents, theboard will be better able to design an accounting system for their cooperative , maintainaccurate bookkeeping records, and make prudent business decisions based on thefinancial exercises are included that should be completed after the sections on thedaily journal and the general ledger and a final exercise at the end of the 1998 Price: ; foreign-$ ~~ Accounting Balance Income of Cash Cash Flow Transactions in the Daily

Understanding Cooperative Bookkeeping and Financial Statements R. Wade Binion Agricultural Economist Financial reports are used to evaluate past opera-

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