Introduction to Small Business Accounting Processes

The video tutorial introduces small business accounting, focusing on bookkeeping, operational accounting, and the use of software tools like QuickBooks and FreshBooks. It covers the creation of financial statements and the importance of understanding payroll accounting, including tax withholdings and self-employment taxes. The tutorial also delves into tax accounting, discussing tax deferral strategies and the differentiation between book and tax accounting. The video concludes with a summary of accounting separations and encourages further learning through a dedicated video series.

Which of the following is NOT typically included in operational accounting?

• Sales recording

• Accounts receivable management

• Inventory tracking

• Marketing strategies

What is a key function of payroll accounting in a small business?

• Managing inventory levels

• Withholding state and federal income taxes

• Creating marketing campaigns

• Tracking customer satisfaction

In which business structure might you not have self-employment taxes deducted from compensation?

• LLC

• S corporation

• Partnership

• Sole proprietorship

What is a primary focus of tax accounting?

• Increasing sales revenue

• Employee training programs

• Tax deferral strategies

• Customer relationship management

How can businesses use past losses in tax accounting?

• To offset current tax liabilities

• To expand into new markets

• To increase current sales

• To hire more employees