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In this course, the basic concepts of internal controls will be discussed, including the main objectives of controls.  Also, essentials for understanding bank reconciliations are presented along with examples of typical reconciling items and required adjusting journal entries.

Course Series

This course is included in the following series:

11 CoursesBack to the Basics: Accounting Fundamentals

  1. Accounting Review: The Basics of Debits and Credits
  2. Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
  3. Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
  4. The Accounting Equation and Financial Statements
  5. Bank Reconciliations, Cash, and Internal Controls
  6. Accounts Receivable Training: Bad Debts
  7. Equipment and Depreciation
  8. Inventory Costing
  9. Purchase and Sale of Inventory
  10. The Adjusting Process
  11. The Closing Process

Learning Objectives

  • Discover Internal Controls and their objectives
  • Recognize how to prepare a bank reconciliation
  • Prepare adjusting entries from a bank reconciliation
Last updated/reviewed: October 9, 2018

29 Reviews (138 ratings)Reviews

5
Anonymous Author
Good course. Thorough and detailed instructor lecture. I could tell he was a professional who knew his stuff. I enjoyed the review and exam questions. They got me to think about bank reconciliations in a different way than I had before in my daily job at work.
3
Anonymous Author
While watching this course I felt like I understood the material but when I took the quiz and final exam I couldn't apply what I learned. I would have liked more examples in the course worded the same as in the tests.
4
Member's Profile
Very Informational. I appreciate how instructor kept it short, but explained it all very thoroughly. I appreciate that instructor provided the supporting materials for personal use/notes.
4
Member's Profile
This is course is good for someone who is new to accounting for cash. Instructor provides a good summary about month end close procedures for cash and also the internal controls for cash.
3
Member's Profile
This class was primarily focused on the monthly Bank Account Reconciliation process rather than actual cash control processes to implement. I suggest the class be renamed.
Anonymous Author
great review of internal controls and how to properly do a bank reconciliation. Would like to know which answer was incorrect on the final exam.
3
Member's Profile
I agree with the other reviews that the course was too basic. I felt the wording used to describe adjustments to and from were very confusing.
4
Anonymous Author
Good refresh on bank recons and internal controls. Helpful for entry level staff, but helpful for all handling the bank recons.
4
Member's Profile
Very basic info. Enroll to the course only if you do not know the basics of internal control and bank reconciliation.
5
Anonymous Author
Nice review of the bank reconciliation and the accompanying journal entries needed to adjust the accounting records.
3
Member's Profile
Very basic information. I'm not sure who this course was intended for, but it wasn't geared towards CPAs.
4
Member's Profile
Great presentation of some basic accounting concepts, that all Accountants should be familiar with.
3
Anonymous Author
This was an okay course; however, it greatly emphasized the bank recon over internal controls.
4
Member's Profile
Basic, straightforward info. Didn't particularly like the "whiteboard" type of presentation
4
Member's Profile
Very basic, but a good review for someone who hasn't done a bank reconciliation for a while.
4
Member's Profile
good review of bank reconciliation items. Internal controls related to cash were emphasized
Member's Profile
Very process oriented. Would like more discussion of the internal control implications.
5
Member's Profile
very brief and useful overview of bank reconciliations and internal controls over cash
3
Member's Profile
Different presentation style that lends itself to basic understanding of Bank Recs.
5
Member's Profile
Clear introductory explanation of purpose of internal controls
4
Member's Profile
Geeat intro course for those without an accounting background
4
Member's Profile
This course was a good overview of a basic cash rec.
5
Anonymous Author
a good example of a bank reconciliation worked out.
4
Anonymous Author
Bank reconciliation examples excellent.
5
Anonymous Author
very easy to follow
5
Member's Profile
Good job. Thanks!
4
Member's Profile
Good
4
Member's Profile
good
5
Member's Profile
na

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Cash and Internal Controls
  4:40Bank Reconciliation
  6:56Comparing Unadjusted Balances
CONCLUSION
  11:33Example: Internal Controls
Continuous Play
  28:16Core Financial Accounting: Cash and Internal Controls
SUPPORTING MATERIALS
  PDFNotes Template: Cash and Internal Controls
  PDFWorkbook: Cash and Internal Controls
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM