Ch 32: MTEL Business: Managerial Accounting & Internal Controls

About This Chapter

Let us help you build or strengthen your knowledge of accounting management procedures. The lessons and quizzes are designed to help you answer questions on the Massachusetts tests for Educator Licensure (MTEL) Business exam.

MTEL Business: Managerial Accounting and Internal Controls - Chapter Summary

Use the lessons in this chapter to review various elements of cash, earnings and auditing management. You will have the opportunity to study relevant definitions, processes and methods relating to managerial accounting. Once you have a strong understanding of these concepts, you should possess the following skills and the ability to correctly answer these types of questions on the MTEL Business exam:

  • Comparing managerial accounting and financial accounting
  • Identifying the functions of managerial accounting
  • Relating examples of internal controls and the limitations of these procedures
  • Understanding why safeguards are used in the banking industry
  • Discussing how cash and cash receipt control methods are used
  • Defining earnings management
  • Detailing the role of auditors and the auditing process
  • Summarizing corporate financial reporting regulations as outlined by the Sarbanes-Oxley Act

Lessons use detailed examples to support definitions and explanations, making the material engaging and easy to learn. The self-assessment quizzes accompanying each lesson allow you to check what you have retained using the same multiple-choice format you'll encounter on the MTEL Business exam.

10 Lessons in Chapter 32: MTEL Business: Managerial Accounting & Internal Controls
Test your knowledge with a 30-question chapter practice test
Managerial Accounting vs. Financial Accounting

1. Managerial Accounting vs. Financial Accounting

In this lesson, we'll review the differences between managerial and financial accounting as it pertains to audience, purpose, and statement preparation. You'll also learn about the GAAP and IFRS regulatory standards.

Managerial Accounting Functions

2. Managerial Accounting Functions

Managerial accounting is used to improve the efficiency of the management process by focusing on management planning, cost controls and financial monitoring to ensure the financial success of departments and the overall company.

Internal Controls in Accounting: Definition, Types & Examples

3. 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

4. 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

5. 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

6. 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

7. 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.

Limitations of Internal Control in Financial Reporting

8. 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 Role of Auditors in the Accounting Process

9. 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 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.

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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Other Chapters

Other chapters within the MTEL Business (19): Practice & Study Guide course

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