About This Chapter
How it works:
- Identify which concepts are covered on your internal controls in accounting homework.
- Find videos on those topics within this chapter.
- Watch fun videos, pausing and reviewing as needed.
- Complete sample problems and get instant feedback.
- Finish your internal controls in accounting homework with ease!
Topics from your homework you'll be able to complete:
- Safeguards and controls of banking
- Control of cash and control of cash receipts
- Earnings management
- Bank reconciliation
- Sarbanes-Oxley Act
- Purpose of the Securities and Exchange Commission
1. Typical Problems with Financial Information
There are some problems with financial information, which is the information found on a company's financial statements. Learn more about financial statements and typical problems with financial information, including reporting errors, disagreements in judgment, and fraudulent financial reporting.
2. Internal Controls in Accounting: Definition, Types & Examples
Internal controls in accounting are procedures that ensure the business is ran in the most effective, orderly, and accurate fashion. Explore definition, purpose, examples, and types of internal controls in this lesson.
3. Safeguards & Controls of Banking Activities
As institutions trusted with our money, banks must have strong safeguards and internal controls in place to protect it. With this lesson, explore what safeguards and controls are, the goals of safeguards, and how banks achieve these goals.
4. Control of Cash: Definition & Methods
Cash control refers to the act of managing credit, collection and disbursement of cash, and invoicing policies. Learn the components of cash and the methods of internal control which organizations use in cash control.
5. Control of Cash Receipts & Disbursements
Companies and individuals work hard to maintain control over the cash that they acquire. This lesson explores how this is done, looking specifically at the use of cash receipts and cash disbursements, and provides an example of these concepts in action.
6. Earnings Management: Definition, Techniques & Examples
Earnings management is an accounting process that a company uses to make its financial reports look better. This lesson explores the concept of earnings management, defining it, and explaining the different techniques that companies might use.
7. What is Bank Reconciliation? - Definition, Purpose, Process & Examples
Accountants regularly complete bank reconciliations, which is the balancing of a company's cash account balance with a corresponding bank account balance. Learn about the definition, purpose, examples, and process of preparing bank reconciliations.
8. Technology's Impact on the Internal Control System
An organization's internal control system is a policy that ensures that business is conducted effectively and efficiently. Examine the impact of technological developments on the accounting procedures in an organization.
9. Limitations of Internal Control in Financial Reporting
In financial reporting, Internal Controls are the measures that an organization implements to conduct business in a precise, and effective manner. See the limits of internal controls in the effects of human error on the system, and the cost-benefit principle used in business.
10. The Sarbanes-Oxley Act: Definition and Explanation
Laws are sometimes put in place to protect investors from the effects of fraudulent accounting or business practices. One such law is the Sarbanes-Oxley, or 'SOX', Act. Learn the history and purpose of the Sarbanes-Oxley Act and how it works to prevent repeated incidents of fraud.
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.
12. The Securities & Exchange Commission: Definition, History & Purpose
The Securities and Exchange Commission is the organization that oversees the accounting industry. In this lesson, the reader will explore the role of the SEC and examine the history and purpose of the organization.
13. Segregation of Duties: Definition & Examples
Segregation of duties is an important part of protecting company assets such as money, inventory, and employee information. In this lesson, we'll define segregation of duties, explain how it works as an internal control, and provide examples.
14. Segregation of Duties: Benefits & Risks
A business puts internal controls in place to ensure its assets and records are protected from theft and errors. In this lesson, you will learn about segregation of duties.
Earning College Credit
Did you know… We have over 220 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
Other chapters within the Financial Accounting: Homework Help Resource course
- Introduction to Accounting: Homework Help
- Financial Statements in Accounting: Homework Help
- Mechanics of the Accounting Cycle: Homework Help
- Adjusting Accounts: Homework Help
- Inventory and Merchandising Operations in Accounting: Homework Help
- Current and Long-Term Liabilities in Accounting: Homework Help