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Financial Accounting Seven: Cash Controls And Bank Reconciliations


Skill Success

Summary

Price
Save 81%
£29 inc VAT (was £157)
Offer ends 27 June 2022
Study method
Online, self-paced
Qualification
No formal qualification
Optional extras

Digital certificate included in price

Additional info
  • Tutor is available to students

3 students purchased this course

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Overview

This course includes lifetime access so you can complete it at your own speed.

This course is designed for those interested to learn the basics of financial accounting that focuses on internal controls; what they are, why they are useful, and their objectives. Also learn about bank reconciliations control which provides more assurance over the revenue cycle, purchases cycle, and payroll cycle.

Benefits of taking this course include:

  • Unlimited and lifetime access to the course
  • Learn the course at your own pace
  • Course can be accessed on any platform
  • 24/7 Customer support

Course media

Description

In this course, we will discuss internal controls including what they are, why they are useful, and the objectives of internal controls. We will then move to internal controls specific to cash including bank reconciliations.

Bank reconciliations are important controls for both large and small companies. After the double entry accounting system itself, the bank reconciliation is one of the most important internal controls. The bank reconciliation will compare the bank statement to the cash book balance as of a point in time and reconcile the difference between the two. The bank reconciliation process will provide more assurance of the cash account and will provide more assurance over many other accounting processes because most accounting processes include cash. For example, reconciling the bank account provides more assurance over the revenue cycle, purchases cycle, and payroll cycle.

We will also discuss the setting up and recording of a petty cash account, a process that can be more complex than if first seems.

Who this course is for:

  • Accounting students
  • Business owner
  • Anyone who wants to learn accounting

The Financial Accounting Seven: Cash Controls And Bank Reconciliations will cover the following topics:

Section 1 - Introduction

  • Bank Reconciliations And Cash Internal Controls Overview

Section 2 - Internal Controls Overview And Cash Internal Controls Introduction

  • Internal Controls Overview And Cash Internal Controls Introduction Overview
  • Internal Controls Overview
  • Cash Internal Controls Overview
  • Multiple Choice Questions One – Cash And Internal Controls

Section 3 - Cash Receipts Internal Controls

  • Cash Receipts Internal Controls Overview
  • Cash Receipts Internal Controls
  • Multiple Choice Questions Two – Cash And Internal Controls

Section 4 - Cash Disbursements Internal Controls

  • Cash Disbursements Internal Controls Overview
  • Cash Disbursements Internal Controls
  • Multiple Choice Questions Three – Cash And Internal Controls

Section 5 - Bank Reconciliations

  • Bank Reconciliations Overview
  • Bank Reconciliations
  • Bank Reconciliation January
  • Bank Reconciliation Adjusting Entries January
  • Bank Reconciliation February
  • Bank Reconciliation February Adjusting Entries
  • Multiple Choice Questions Four – Cash And Internal Controls

Section 6 - Petty Cash

  • Petty Cash Overview
  • Petty Cash
  • Petty Cash Journal Entries – Part One
  • Petty Cash Journal Entries – Part Two
  • Multiple Choice Questions Five – Cash And Internal Controls
  • Multiple Choice Questions Six – Cash And Internal Controls
  • CPA Test Preparation – Part One

Section 7 - Comprehensive Problem

  • Comprehensive Problem Overview
  • Comprehensive Problem – Part One
  • Comprehensive Problem – Part Two
  • Comprehensive Problem – Part Three
  • Comprehensive Problem – Part Four
  • Comprehensive Problem – Adjusting Entries – Part One
  • Comprehensive Problem – Adjusting Entries – Part Two
  • Comprehensive Problem – Financial Statements – Part One
  • Comprehensive Problem – Financial Statements – Part Two
  • Comprehensive Problem – Closing Process – Part One
  • Comprehensive Problem – Closing Process – Part Two
  • Multiple Choice Questions Seven – Cash And Internal Controls
  • CPA Test Preparation – Part Two

Section 8 - Definitions And Key Terms

  • Deposits In Transit
  • Gross Method
  • Invoice
  • Liquid Assets
  • Liquidity
  • Outstanding Check
  • Petty Cash
  • Purchase Order
  • Purchase Requisition
  • Vendee
  • Vendor
  • Bank Reconciliation
  • Bank Statement
  • Canceled Checks
  • Cash
  • Cash Equivalents
  • Cash Over And Short
  • Check
  • Check Register

Section 9 - Discussion Questions And Downloadable Materials

  • Discussion Question One – Principles Of Internal Control
  • Discussion Question Two – Voucher System
  • Discussion Question Three – Outstanding Items In Bank Reconciliation
  • Discussion Question Four – Petty Cash
  • Discussion Question Five – Bank Reconciliation
  • Discussion Question Six – Adjustments During Bank Reconciliation
  • Discussion Question Seven – Internal Control And Purpose
  • Discussion Question Eight – Cash Controls
  • Downloadable Materials

Who is this course for?

This course is designed for those interested to learn the basics of financial accounting that focuses on internal controls; what they are, why they are useful, and their objectives. Also learn about bank reconciliations control which provides more assurance over the revenue cycle, purchases cycle, and payroll cycle.

Requirements

No prior knowledge is required to take this course.

Career path

None

Questions and answers

Currently there are no Q&As for this course. Be the first to ask a question.

Optional extras

Digital certificate

Certificate of completion is included in course price

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FAQs

What does study method mean?

Study method describes the format in which the course will be delivered. At Reed Courses, courses are delivered in a number of ways, including online courses, where the course content can be accessed online remotely, and classroom courses, where courses are delivered in person at a classroom venue.

What are CPD hours/points?

CPD stands for Continuing Professional Development. If you work in certain professions or for certain companies, your employer may require you to complete a number of CPD hours or points, per year. You can find a range of CPD courses on Reed Courses, many of which can be completed online.

What is a ‘regulated qualification’?

A regulated qualification is delivered by a learning institution which is regulated by a government body. In England, the government body which regulates courses is Ofqual. Ofqual regulated qualifications sit on the Regulated Qualifications Framework (RQF), which can help students understand how different qualifications in different fields compare to each other. The framework also helps students to understand what qualifications they need to progress towards a higher learning goal, such as a university degree or equivalent higher education award.

What is an ‘endorsed’ course?

An endorsed course is a skills based course which has been checked over and approved by an independent awarding body. Endorsed courses are not regulated so do not result in a qualification - however, the student can usually purchase a certificate showing the awarding body’s logo if they wish. Certain awarding bodies - such as Quality Licence Scheme and TQUK - have developed endorsement schemes as a way to help students select the best skills based courses for them.