Students learn to record and summarize financial data for both service and merchandising businesses.
Invite the class to research factors that affect the financial reporting of single proprietorships, partnerships, and corporations. Have students create graphic tables to make comparisons and summarize their findings. As a class, review the detailed instructions for completing remittance forms given in Revenue Canada publications. Then ask students to use payroll data to fill in T4 slips and remittance forms, identify where the amounts in the forms originate, and explain what each entry means. Ask students to use both perpetual and periodic inventory methods and compare them.