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Ch 5: Internal Controls in Accounting Lesson Plans

About This Chapter

The Internal Controls in Accounting chapter of this course is designed to help you plan and teach the students in your classroom about topics such as bank reconciliation, financial reporting and the Sarbanes-Oxley Act. The video lessons, quizzes and transcripts can easily be adapted to provide your lesson plans with engaging and dynamic educational content. Make planning your course easier by using our syllabus as a guide.

Weekly Syllabus

Below is a sample breakdown of the Internal Controls in Accounting chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.

Day Topics Key Terms and Concepts Covered
Monday Common problems with financial information, safeguards and internal controls Fraudulent reporting, disagreements or errors; reasons for internal controls; why safeguards and risk management are necessary in banking
Tuesday Cash control and earnings management Monitoring the flow of cash assets; establishing a system to control cash receipt and disbursement; techniques for managing earnings and reasons for their use
Wednesday Bank reconciliation and internal control systems Comparing the cash account of a company to its bank account balance; ways in which technology might minimize errors; the effects of human error and the cost-benefit principle
Thursday The Sarbanes-Oxley Act: Definition and Explanation; the role of auditors Government regulations that safeguard against fraudulent accounting practices; the importance of having auditors to verify the accuracy of financial reports and statements
Friday The Securities and Exchange Commission A look at the organization that governs the activities of the finance, accounting and banking industries

12 Lessons in Chapter 5: Internal Controls in Accounting Lesson Plans
Test your knowledge with a 30-question chapter practice test
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.

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

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