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Ch 6: Internal Controls in Accounting: Help and Review

About This Chapter

The Internal Controls in Accounting chapter of this College Financial Accounting Help and Review course is the simplest way to master accounting's internal controls. This chapter uses simple and fun videos that are about five minutes long, plus lesson quizzes and a chapter exam to ensure students learn the essentials of internal controls in accounting.

Who's it for?

Anyone who needs help learning or mastering college accounting material will benefit from taking this course. You will be able to grasp the subject matter faster, retain critical knowledge longer and earn better grades. You're in the right place if you:

  • Have fallen behind in understanding internal accounting controls or working with earnings management.
  • Need an efficient way to learn about internal controls in accounting.
  • Learn best with engaging auditory and visual tools.
  • Struggle with learning disabilities or learning differences, including autism and ADHD.
  • Experience difficulty understanding your teachers.
  • Missed class time and need to catch up.
  • Can't access extra accounting learning resources at school.

How it works:

  • Start at the beginning, or identify the topics that you need help with.
  • Watch and learn from fun videos, reviewing as needed.
  • Refer to the video transcripts to reinforce your learning.
  • Test your understanding of each lesson with short quizzes.
  • Submit questions to one of our instructors for personalized support if you need extra help.
  • Verify you're ready by completing the Internal Controls in Accounting chapter exam.

Why it works:

  • Study Efficiently: Skip what you know, review what you don't.
  • Retain What You Learn: Engaging animations and real-life examples make topics easy to grasp.
  • Be Ready on Test Day: Use the Internal Controls in Accounting chapter exam to be prepared.
  • Get Extra Support: Ask our subject-matter experts any relevant question. They're here to help!
  • Study With Flexibility: Watch videos on any web-ready device.

Students will review:

In this chapter, you'll learn the answers to questions including:

  • What is the definition of an internal accounting control?
  • What types of controls and safeguards are used to monitor banking activities?
  • How do companies control cash?
  • What are some of the most popular techniques for earnings management?
  • How do banks reconcile their accounts?
  • What are the guiding principles behind the Sarbanes-Oxley Act?
  • How does the Securities and Exchange Commission regulate the accounting industry?
  • What roles do auditors play in the accounting process?

17 Lessons in Chapter 6: Internal Controls in Accounting: Help and Review
Typical Problems with Financial Information

1. 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.

Internal Controls in Accounting: Definition, Types & Examples

2. 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.

Safeguards & Controls of Banking Activities

3. Safeguards & Controls of Banking Activities

Money is one of the most highly valued items a person has. Is that money safe when it is deposited in a bank? In this lesson, you'll learn how banks safeguard your money so that you can be confident with every deposit you make.

Control of Cash: Definition & Methods

4. 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

5. 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.

Earnings Management: Definition, Techniques & Examples

6. Earnings Management: Definition, Techniques & Examples

Earnings management is a hot topic in the accounting world. In this lesson, you will learn what it is, what techniques are most popular and see examples of each.

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

7. 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.

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.

Limitations of Internal Control in Financial Reporting

9. 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.

The Sarbanes-Oxley Act: Definition and Explanation

10. The Sarbanes-Oxley Act: Definition and Explanation

Government regulations play a major role in corporate financial reporting. In this lesson, you will learn about one of the most important regulations enacted in the last two decades - the Sarbanes-Oxley Act.

The Role of Auditors in the Accounting Process

11. The Role of Auditors in the Accounting Process

Auditors play a pivotal role in the accounting industry. In this lesson, you will learn what an auditor is, what they do, and the steps in the auditing process.

The Securities & Exchange Commission: Definition, History & Purpose

12. The Securities & Exchange Commission: Definition, History & Purpose

The accounting industry is regulated by several organizations. Each of these were created by the Securities and Exchange Commission. In this lesson, you will learn the definition, history, and purpose of the SEC.

Substantive Procedures in Auditing: Definition & Explanation

13. Substantive Procedures in Auditing: Definition & Explanation

During an audit engagement, auditors are looking for evidence that supports their conclusions. To get this evidence, they perform substantive procedures. In this lesson, you'll learn what that means and learn some examples of substantive procedures.

Financial Audit: Definition, Procedure & Requirements

14. Financial Audit: Definition, Procedure & Requirements

When it comes to protecting an organization's assets, stakeholders are very interested in making sure things are done right. In this lesson, you'll learn about financial audits, including what they are, why they occur, and how they are done.

Continuous Auditing: Definition, Techniques & Examples

15. Continuous Auditing: Definition, Techniques & Examples

While audits are an excellent tool to provide independent, objective feedback about a process or organization, they often only provide point-in-time snapshots. In this lesson, we'll discuss continuous auditing and how it can overcome those shortfalls.

Continuous Auditing: Advantages & Disadvantages

16. Continuous Auditing: Advantages & Disadvantages

Continuous auditing is an emerging trend in the auditing landscape today. Read this lesson to learn more about continuous auditing, how it differs from traditional auditing, and the advantages and disadvantages it offers to business organizations.

Continuous Auditing vs. Continuous Monitoring

17. Continuous Auditing vs. Continuous Monitoring

Continuous auditing and continuous monitoring may sound synonymous, but there are some crucial differences. In this lesson, we will define each of these terms and discuss what makes them separate activities.

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