Basic Business Accounting Requirements

Cite this article as:"Basic Business Accounting Requirements," in The Business Professor, updated July 7, 2014, last accessed June 2, 2020, https://thebusinessprofessor.com/lesson/basic-business-accounting-requirements/.
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Basic Business Accounting Requirements

http://youtu.be/kVy7kdv5TUM   Back to: ACCOUNTING, TAX, & REPORTING Below is an outline of the general accounting considerations for a small business. Operational Accounting General Bookkeeping Procedures (Separate from Owners) Income Statement Statement of Cash Flow Balance Sheet   Pa

 

Back to: ACCOUNTING, TAX, & REPORTING

Below is an outline of the general accounting considerations for a small business.

Operational Accounting

  • General Bookkeeping Procedures (Separate from Owners)
  • Income Statement
  • Statement of Cash Flow
  • Balance Sheet

 

Payroll Accounting

  • State and Federal Income Taxes (Withholding and Estimated Taxes)
  • Social Security and Medicare (FICA)
  • Unemployment Tax (FUTA) and (SUTA)

 

Tax Accounting

  • Often prepare Operational Accounting books to account for tax consequences of operational decisions.

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