Free CIA Practice Questions | Pt 1 — Accounting Cycles and Associated Controls

Ready to pass the Certified Internal Auditor exam with confidence? 
Watch as we walk through this important CIA Part 1 topic!

This topic is also relevant to the CIA Challenge Exam.

The accounting process can be described in terms of five cycles:
Sales to customers on credit and recognition of receivables
Collection of cash from customer receivables
Purchases on credit and recognition of payables
Payment (disbursement) of cash to satisfy trade payables
Payment of employees for work performed and allocation of costs

A properly designed system of internal controls should reduce the risk of errors and prevent an individual from perpetrating and concealing fraud. The structure of an organization and the assignment of job duties should be designed to segregate certain functions within this environment.

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Chapters:
0:00 Intro
0:06 Question overview
0:15 Question discussion
0:47 Answer choice discussion
2:34 Answer reveal
2:38 More videos

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Try 40 free CIA exam practice questions!
See how topics are tested on the real exam.