The Conservation Reserve Program (CRP)is a Voluntary Subsidy Program That

question 50

Multiple Choice

The Conservation Reserve Program (CRP) is a voluntary subsidy program that pays farmers to stop producing crops on highly erodible farmland. Instead farmers are required to:

• A)strip crop native plants with grain crops on the erodible land.
• B)plant native grasses or trees on the highly erodible land and then "retire" it from further use for 10 to 15 years,
• C)develop and adopt a 5-year conservation plan for their farms that includes erosion-control measures, and if they do not comply, they lose federal agricultural subsidies such as price supports
• D)plant shelterbelts to reduce the impact of wind erosion

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Definitions:

Debits

Accounting entries that increase assets or expenses or decrease liabilities, equity, and revenue.

Double-entry Accounting System

An accounting technique which records each transaction as both a credit and a debit in different accounts, ensuring the accounting equation remains balanced.

Journal

A record where all financial transactions are initially documented in chronological order.

Record

The act of documenting business transactions in the financial books of a company.