Internal Controls in Accounting: Definition, Types & Examples

Instructions:

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question 1 of 3

Procedures that are put in place within an organization to ensure business is carried out in an orderly, effective and accurate manner are called _____.

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1. A loss that occurs from honest mistakes being made by individuals is called a(n) _____ loss.

2. Jan is the accounting manager for ABC Manufacturing. In her role she instructs newly hired accountants in the use of internal controls. Why would she stress the importance of accuracy when they are creating financial documents?

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About This Quiz & Worksheet

This quiz and worksheet gauge your knowledge of accounting principles, such as internal controls. In order to pass the quiz, you will need to know the purposes of internal controls as well as terms related to it.

Quiz & Worksheet Goals

Use this worksheet and quiz to review:

  • A loss that occurs from honest mistakes
  • Purposes of internal controls
  • Special group created by the Securities and Exchange Commission to set accounting guidelines
  • What the FASB sets

Skills Practiced

Students will use these skills:

  • Reading comprehension - ensure that you can draw the most important information from the related accounting lesson
  • Defining key concepts - ensure that you can accurately define the procedures that are put in place within an organization to ensure business is carried out in an orderly, effective and accurate manner
  • Information recall - access the knowledge you have gained regarding FASB guidelines

Additional Learning

The lesson called Internal Controls in Accounting: Definition, Types & Examples can help you:

  • Differentiate intentional loss and accidental loss
  • Identify the purpose of FASB
  • Review guidelines put in place by the FASB
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