About This Chapter
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.
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.
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.
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.
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.
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.
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.
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.
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.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the VCE Accounting: Exam Prep & Study Guide course
- Establishing a Small Business
- Funding for Small Businesses
- Budgeting in Business
- Overview of Service & Trading Businesses
- Business Analysis Overview
- Price Setting Strategies for Business
- Financial Statements Overview
- Overview of Accounting Basics
- Overview of the Accounting Cycle
- Technology in Accounting
- Double-Entry Accounting Overview
- Journals in Accounting
- Accrual-Based Accounting System
- VCE Accounting Flashcards