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Ch 10: Internal Control Use in Accounting

About This Chapter

Review internal controls in accounting, including reconciliation and financial reporting, with the use of this chapter. You can refer to these lessons to support accounting or finance class studies or help to prepare for student assessment or other types of academic exams.

Internal Control Use in Accounting - Chapter Summary

What are the types of internal controls used in accounting? What are their limitations? How is cash controlled? These questions demonstrate the type of information you can expect to review when you make use of this short chapter.

You'll learn about financial controls, internal control in financial reporting and the use of technology in internal controls with these video lessons. Once you have finished studying these lessons, you should be able to:

  • Cite the rules and regulations associated with internal controls in accounting
  • Explain the purpose of different types of financial controls
  • Define methods for controlling cash and protecting cash receipts and disbursements
  • Provide details about and examples of bank reconciliations
  • Relate typical problems and limitations associated with financial information and reporting
  • Describe the impact of technology on internal controls

This chapter offers quick and engaging videos with expert instruction, examples and animations that clearly explain each topic. You can study at your own pace and whenever it's convenient with 24/7 accessibility of these lessons. Measure what you have learned from each lesson using the brief self-assessment quizzes.

8 Lessons in Chapter 10: Internal Control Use in Accounting
Test your knowledge with a 30-question chapter practice test
Internal Controls in Accounting: Definition, Types & Examples

1. Internal Controls in Accounting: Definition, Types & Examples

Rules and regulations are a part of everything we do. In this lesson, you will learn about internal controls in accounting. You will learn what they are, why they are important and see examples.

Financial Controls in Organizations

2. Financial Controls in Organizations

Organizations have to deal with a lot of money. How do they keep it all straight? In this lesson, we're going to explore the concept of financial controls and see how these can be used to help organizations manage their resources.

Control of Cash: Definition & Methods

3. Control of Cash: Definition & Methods

Cash is a valuable commodity and one that is vulnerable to fraudulent activity. In this lesson, you will learn what makes up a company's cash account as well as how to control cash.

Control of Cash Receipts & Disbursements

4. Control of Cash Receipts & Disbursements

Cash is something that we all work hard for and certainly don't want to lose to predators. In this lesson, we will discuss cash and how to protect both the receipt and disbursement of cash.

What is Bank Reconciliation? - Definition, Purpose, Process & Examples

5. What is Bank Reconciliation? - Definition, Purpose, Process & Examples

Ensuring that a company's cash account is in balance is a vital part of an accounting professional's job. In this lesson, you will learn about bank reconciliation.

Typical Problems with Financial Information

6. Typical Problems with Financial Information

The ultimate goal of an accounting professional is to provide accurate and reliable financial information to interested parties. In this lesson, we are going to discuss typical problems with financial information.

Limitations of Internal Control in Financial Reporting

7. Limitations of Internal Control in Financial Reporting

Internal controls are a vital part of the operation of a business. In this lesson, we will discuss what internal controls are and some of the limitations of internal controls.

Technology's Impact on the Internal Control System

8. Technology's Impact on the Internal Control System

Almost every day, you hear about new advances in technology. Do you ever wonder how this new technology affects the business world? In this lesson, we are going to discuss how technology impacts internal control.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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