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Ch 5: Internal Controls in Accounting: Tutoring Solution

About This Chapter

The Internal Controls in Accounting chapter of this College Financial Accounting Tutoring Solution is a flexible and affordable path to learning about internal accounting controls. These simple and fun video lessons are each about five minutes long and they teach all of the purposes and principles of internal controls required in a typical college financial accounting course.

How it works:

  • Begin your assignment or other financial accounting work.
  • Identify the accounting internal controls concepts that you're stuck on.
  • Find fun videos on the topics you need to understand.
  • Press play, watch and learn!
  • Complete the quizzes to test your understanding.
  • As needed, submit a question to one of our instructors for personalized support.

Who's it for?

This chapter of our college financial accounting tutoring solution will benefit any student who is trying to learn accounting's internal controls and earn better grades. This resource can help students including those who:

  • Struggle with understanding the various types of internal controls, the reasons for earnings management, the limitations of internal controls in financial reporting or any other internal controls topic
  • Have limited time for studying
  • Want a cost effective way to supplement their accounting learning
  • Prefer learning accounting visually
  • Find themselves failing or close to failing their internal controls in accounting unit
  • Cope with ADD or ADHD
  • Want to get ahead in financial accounting
  • Don't have access to their accounting teacher outside of class

Why it works:

  • Engaging Tutors: We make learning accounting's internal controls simple and fun.
  • Cost Efficient: For less than 20% of the cost of a private tutor, you'll have unlimited access 24/7.
  • Consistent High Quality: Unlike a live financial accounting tutor, these video lessons are thoroughly reviewed.
  • Convenient: Imagine a tutor as portable as your laptop, tablet or smartphone. Learn internal controls in accounting on the go!
  • Learn at Your Pace: You can pause and rewatch lessons as often as you'd like, until you master the material.

Learning Objectives

  • Describe the typical problems with financial information.
  • Provide examples of internal controls in accounting.
  • Discuss the controls and safeguards of banking activities.
  • Describe different methods for controlling cash.
  • Take a look at the internal control of cash receipts and disbursements.
  • Learn some techniques for earnings management.
  • Understand the purpose and process of preparing bank reconciliations.
  • Explain how technology impacts the internal control system.
  • Describe the limitations of internal control.
  • Become familiar with the Sarbanes-Oxley Act.
  • Discuss the role auditors play in the accounting process.
  • Understand the history and purpose of the Securities and Exchange Commission.

17 Lessons in Chapter 5: Internal Controls in Accounting: Tutoring Solution
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.

What is Intellectual Property? - Definition & Laws

13. What is Intellectual Property? - Definition & Laws

Intellectual property rights are an important aspect of the modern economy. In this lesson, you'll learn about intellectual property rights and some of the relevant laws. A short quiz follows.

What is Internal Data? - Definition & Sources

14. What is Internal Data? - Definition & Sources

The company you work for is losing money but doesn't know why. Sales are high, employees are happy, and bills are paid. It might be time to collect internal data to find out. This lesson reviews where internal data comes from and its importance.

Option-Adjusted Spread: Formula & Examples

15. Option-Adjusted Spread: Formula & Examples

This lesson defines the option-adjusted spread and explains how the metric is used by bond investors to make decisions. You'll also learn the components of the option-adjusted spread and how the metric is calculated.

What is a Defined Benefit Plan? - Definition & Examples

16. What is a Defined Benefit Plan? - Definition & Examples

Let's take a look at how a defined benefit plan works and what sort of payment plans are available to employees as an alternative or supplementary benefit in retirement.

Defined Benefit Plans vs. Defined Contribution Plans

17. Defined Benefit Plans vs. Defined Contribution Plans

When it comes to financial planning, retirement is something that everyone, regardless of their age, should consider. In this lesson, we will discuss two types of retirement plans often offered by employers, defined-benefit and defined-contribution plans.

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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