About This Chapter
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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Other chapters within the MTEL Business (19): Practice & Study Guide course
- MTEL Business: Management Basics
- MTEL Business: Management Theories
- MTEL Business: Planning Function of Management
- MTEL Business: Organizing Function of Management
- MTEL Business: Leading Function of Management
- MTEL Business: Leadership Theories
- MTEL Business: Controlling Function of Management
- MTEL Business: Motivation & Management
- MTEL Business: Managing Organizational Change
- MTEL Business: Operational Management
- MTEL Business: Overview of Human Resource Management
- MTEL Business: Job Analysis & Design
- MTEL Business: Hiring & Staffing
- MTEL Business: Employee Training & Assessment
- MTEL Business: Employee Compensation
- MTEL Business: Employment Law & Rights
- MTEL Business: Equal Employment Opportunity
- MTEL Business: Labor Relations
- MTEL Business: Business Communications
- MTEL Business: Overview of the American Legal System
- MTEL Business: Contract Law
- MTEL Business: Property Law
- MTEL Business: Agency Law
- MTEL Business: Creditors' Rights & Bankruptcy
- MTEL Business: Securities & Antitrust Law
- MTEL Business: Product Liability & Consumer Protection
- MTEL Business: Environmental Law
- MTEL Business: Business Law & Ethics
- MTEL Business: Overview of Accounting
- MTEL Business: Accounting Cycle
- MTEL Business: Financial Statements & Ratios
- MTEL Business: Basics of Business Math
- MTEL Business: Probability & Statistics
- MTEL Business: Depreciation
- MTEL Business: Interest & Purchases
- MTEL Business: Financial Analysis
- MTEL Business: Basic Concepts of Microeconomics
- MTEL Business: Supply & Demand in Microeconomics
- MTEL Business: Aggregate Supply & Demand in Macroeconomics
- MTEL Business: Economic Systems & Theories in Macroeconomics
- MTEL Business: Business Cycle, GDP & Growth in Macroeconomics
- MTEL Business: Unemployment & Inflation in Macroeconomics
- MTEL Business: Fiscal Policy & Monetary Policy in Macroeconomics
- MTEL Business: Trade & International Business in Macroeconomics
- MTEL Business: General Marketing Concepts
- MTEL Business: Consumer Behavior
- MTEL Business: Pricing in Marketing
- MTEL Business: Product Development, Market Research & Segmentation
- MTEL Business: Advertising, Promotion & PR
- MTEL Business: Marketing Channels & Distribution
- MTEL Business: Entrepreneurship
- MTEL Business: Information Technology
- MTEL Business: Career Development
- MTEL Business: Consumer Economics & Personal Finance
- MTEL Business Flashcards