Page 47 - Business Studies 11-12 (2006)

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THE ONTARIO CURRICULUM, GRADES 11 AND 12: BUSINESS STUDIES
Fixed Assets, Payroll, and Income Tax
Overall Expectations
By the end of this course, students will:
• describe and apply accounting procedures for fixed assets; • demonstrate an understanding of payroll practices;
• demonstrate an understanding of income tax procedures.
Specific Expectations
Fixed Assets
By the end of this course, students will:
– identify the elements that constitute the cost of a fixed asset (e.g., purchase price, sales tax, delivery and installation costs);
– describe the different methods of calculat- ing depreciation (e.g., straight-line, declin- ing balance, units of output);
– record transactions relating to the acquisi- tion and depreciation of fixed assets.
Payroll Practices
By the end of this course, students will:
– explain various types of employee remu- neration (e.g., hourly wage, piecework, commission, salary, incentive);
– describe payroll deductions;
– record payroll transactions, using accounting software.
Income Tax
By the end of this course, students will:
– describe the income tax reporting system (e.g., purpose, requirements, timelines);
– prepare a personal income tax return, using applications software;
– prepare an income tax return for a small business, using applications software.