BUS103: Objectives, Components, and Limitations of Internal Controls | Saylor Academy

Home Specialization Programs Help

This video will help you understand the internal control systems that companies put in place in order to prevent fraud and ensure that corporate policies are being followed.

Source: Dave Alldredge, https://www.youtube.com/watch?v=B83yxjLttCY
This work is licensed under a Creative Commons Attribution 3.0 License.

Last modified: Wednesday, 6 March 2024, 4:45 PM

Course Introduction

Course Syllabus

Unit 1: Accounting Environment, Decision-Making, and Theory

1.1: The Accounting Environment

The Accounting Environment

Financial vs. Managerial Accounting

Conventions and Standards

GAAP Principles and Concepts

1.2: Accounting and Its Use in Business Decisions

Accounting and Its Use in Business Decisions

The Accounting Cycle

1.3: Financial Statements

Introducing Financial Statements

Beginners' Guide to Financial Statements

Overview of Financial Statements

1.4: Accounting Theory

Accounting Theory

1.5: Internal Controls

Fraud, Internal Controls, and Cash

Objectives, Components, and Limitations of Internal Controls

Fraud and the Sarbanes-Oxley Act of 2002

More on the Sarbanes-Oxley Act

Unit 1 Assessment

Practice Problems

Unit 1 Assessment

Unit 2: Recording Business Transactions

2.1: Debits and Credits

Recording Business Transactions

Rules of Debits and Credits

More on the Rules of Debits and Credits

Why are the Rules of Debits and Credits Backwards?

2.2: The Accounting Process

The Accounting Cycle

Principles of Accounting Transactions

Accounting Cycle Step 1: Analyze Transactions

Accounting Cycle Step 2: Journalize Transactions

Accounting Cycle Step 3: Post Transactions

Accounting Cycle Step 4: Unadjusted Trial Balance (Corporations)

Financing Your Organization

Accounting Cycle Steps 5–9

Unit 2 Assessment

Practice Problems

Unit 2 Assessment

Unit 3: Adjusting Entries

3.1: Adjustments for Financial Reporting

Adjustments for Financial Reporting

Cash vs. Accrual Accounting

3.2: Visualizing the Adjusting Journal

Adjusting Entries Overview

Completing the Accounting Cycle

Unit 3 Assessment

Practice Problems

Unit 3 Assessment

Unit 4: Completing the Accounting Cycle

4.1: Completing the Accounting Cycle

Completing the Accounting Cycle

4.2: The Closing Process

Adjusting and Closing Entries

Unit 4 Assessment

Practice Problems

Unit 4 Assessment

Unit 5: Financial Reporting and Financial Statement Analysis

5.1: Financial Reporting

Interpreting Corporate Financial Statements

Obstacles to Good Financial Reporting

Research Public Companies Through EDGAR: A Guide for Investors

How to Read a 10-K

5.2: Financial Statement Analysis

Analysis and Interpretation of Financial Statements

Vertical Analysis

Common Size Financial Statements

Horizontal Analysis

Ratio Analysis

Calculating Financial Ratios

Unit 5 Assessment

Practice Problems

Unit 5 Assessment

Unit 6: Accounting for Inventory – Measuring and Reporting

6.1: Introduction to Inventories and the Classified Income Statement

Introduction to Inventories and the Classified Income Statement