Assess the impact of accurate record keeping in the agricultural industry.

Indicators for this outcome
(a) Explain why farm records are required.
(b) Investigate the potential consequences of inaccurate bookkeeping.
(c) Investigate forms of record keeping that address specific needs of the agriculture industry.
(d) Generate a list of who (e.g., insurance agencies, Canadian Wheat Board, Canada Customs and Revenue Agency, financial institutions) would need to access farm records and discuss the purpose (e.g., financing, tax returns, farm programs, crop insurance) for granting access.
(e) Discuss the role that insurance agencies play in protecting various farm investments (e.g., crop, stock).
(f) Investigate agencies/organizations (e.g., Saskatchewan Economic Development Corporation, Farm Credit Canada, Farm Syndicates Credit Act) and the available financial supports for agriculture credit and why accurate farm records are needed.
(g) Examine programs available through agencies/organizations such as Agriculture and Agri-Food Canada that support specific groups (e.g., farm with lower net worth, First Nations, corporations) working in the agriculture industry in Saskatchewan.
(h) Examine how farm records are used to make decisions regarding operation (e.g., what to grow and when, diversification) and financial management (e.g., capital asset replacement, tax laws, estate planning tools, government programs, loan application) decisions.
(i) Compose a set of guidelines for ethical and fair accounting decisions in an agricultural application.
(j) Examine the inquiry questions: Why keep records? Who should have access to records?
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