Management Accounting Coop Training Report: Al-Sudais & Partners Co.

This report details a coop training experience in management accounting at Mohammed S. Al-Sudais & Partners Co., a prominent transport company in Saudi Arabia. The report covers the company's profile, departmental overview, and a detailed work description, including objectives, background, and the approach taken during the internship. It highlights the data collection and analysis methods, the accounting principles used as a model, and the problems encountered during the preparation of financial reports. Solutions to these problems are discussed, along with the experience and techniques gained, and the tasks accomplished, such as the preparation of financial statements like cash flow, trial balance, ledger, income statement and balance sheet. The internship provided conceptual learning on intricate matters pertaining to accounts and financial concepts, creating a foundation in the preparation of various financial statements.

Running head: MANAGEMENT ACCOUNTING
Name of the Student
Name of the University
Author note

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Abstract:
The following project report is a coop report which has been
prepared under the head of Management accounting. The report contains
a coop training report which had been undertaken under one of the most
prominent transport companies of the Royal Kingdom of Saudi Arabia, the
Mohammed S. Al-Sudais &Partner Co. The company is one of the largest
transport companies in the Royal Kingdom and has a range of large fleet
of world class trailers, which makes it one of the most sought after
companies in the Royal Kingdom of Saudi Arabia. The daily activities and
learnings of undertaking this training has been explained in this report.
The company has become one of the most dominant forces in the
transport sector of the Royal Kingdom of Saudi Arabia in a very short span
of time, which makes it a lucrative undertaking to undertake training.

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Table of Contents
Introduction................................................................................................................................3
Company Profile:.......................................................................................................................3
Company Description:...........................................................................................................3
Department Overview:...........................................................................................................3
Work Description:......................................................................................................................4
Objective:...........................................................................................................................4
Background:.......................................................................................................................5
Approach:...........................................................................................................................5
Data Collection and analysis:.............................................................................................5
Model:................................................................................................................................5
Problems Faced:.................................................................................................................6
Solutions:............................................................................................................................6
Experience Gained:............................................................................................................6
Techniques Learned:..........................................................................................................6
Tasks Accomplished:.........................................................................................................7
Analysis and Discussion:...................................................................................................7
Summary:...................................................................................................................................7

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Introduction
The concerned report has been prepared on the basis of a coop
training report which was undertaken under the astute guidance of
Mohammed S. Al-Sudais & Partners Co. It was built through the visionary
leadership of Sheikh Mohammed Saleh Al-Sudais and his sons. Within a
very short span of time, the company has transformed itself into the
leading transport companies in the Middle East region. It has actively
expanding its business around the region, with active involvement in
Riyadh, Dammam and Jeddah. For all these reasons, the company has
become one of the most sought after companies in the world. An
internship was undertaken by me with this company and a detailed coop
training report mentioning all the learning experiences and outcomes
have been mentioned and consequently discussed in this report.
Company Profile:
Company Description:
One of the most esteemed transport company Mohammed S. Al-
Sudais & Partners Co. had been founded by Sheikh Mohammed Saleh Al-
Sudais and his sons Abdul and Abdullah Rahman. With the vision,
perseverance of the founders and by the almighty’s grace, this company
has now become one of largest transport company in the Middle East
region. It operates with the largest fleet of modern trailers in the Royal
Kingdom of Saudi Arabia. An estimated 1000 trailers of heavy transport is
owned by the company, making it one of the most premier transport
related companies in the entire region of Middle East. It boasts of separate
centres for servicing and maintenance of its fleet across the Kingdom,
specifically located at Dammam, Jeddah, Yanbu and Riyadh.

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Department Overview:
. The company mainly engages in transport related activities along with real estate,
agricultural farms, and spare parts and in investment in different companies. Each of these
activities have been segregated into departments for expert provision of activities.
Work Description:
Objective:
The objective of undertaking the training under the internship with Mohammed S.
Al-Sudais & Partners Co has been to understand and learn important concepts of
accounting. These concepts form the crux of the financial functioning of the
company, therefore their understanding and analysis becomes a thing of considerable
importance. The internship undertaken was aimed at learning the various intricacies
of accounting concepts and learn their proper implementation in real life business
scenarios.

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Background:
In today’s world, account’s importance cannot be downplayed. In order to
understand the concepts and their practical implementation in real life circumstances
has become necessary. Therefore, considering all these reasons, an internship was
undertaken with the leading transport company of the Royal Kingdom of Saudi
Arabia, Mohammed S. Al-Sudais & Partners Co.
Approach:
The internship was undertaken on 4th February, 2018 over a period of 10 weeks
consisting of 35 hours per week, where various concepts were introduced by the
department personnel. After understanding of the concepts, tasks and assignments
were given to me.
Topics learned:
Various registration restrictions have been learnt and used by me and these processes
include:
1. Determine the financial process through accounting or financial statement.
2. Apply the concept of double entry accounting by determining the amount of
the debtor and the creditor.
3. Preparation of journal entries.
4. Posting all the journal entries into the ledger accounts.
After the practice of the registration restrictions as my home task, I was taught about
the importance of financial statements and their preparation process. As a result, I
had learned about the four main components of financial statements which are:
 Balance sheet which includes all the company’s assets and liabilities.
 Income statement which includes all the incomes and expenses.
 Cash flow statement which includes the cash flow for the given period.

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 Statement of owner’s equity which shows changes in the owner’s assets over
a given period of time.
Towards the end, I was taught about three important things which are:
1. Customer accounts where critical information about the customer such as
name, billing date and order, credit and communication information had been
mentioned.
2. Account balances which refers to the difference between the debits and
credits posted to the account during the current financial period plus the
beginning balance.
3. Bank account refers to a financial account which is maintained by a financial
institution for any company.
The relevant data’s were taken from the various annual reports of the company,
which had helped me to garner financial concepts.
Model:
Important accounting principles have used as a model in the progress of this entire
internship. Double entry accounting concepts, financial process and various model
financial statements were explained and used. Important accounting concepts
relating to journal, ledger and trial balance were also explained to me and I was
asked to practice those lessons too.
Problems Faced:
The most important problems which had been faced by me was being extra careful in
preparing the accounting reports as these reports are expected to be very accurate
and authentic. As even the smallest numbers in the balance sheet and the financial
statements could make huge alterations in these statements, so I had to be careful in

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preparing them.
Solutions:
The solution to this problem was to undertake the preparation of financial statements
under the expert guidance of all the department personnel of the company. Practice
of registration restrictions, understanding the applications and its concepts were
some of the solutions which had been prescribed to me by the departmental officials.
Experience Gained:
The internship had assisted me in understanding the different concepts of
accounting and finance. The journalizing, posting of transactions, preparation of trial
balance and the consequent preparation of financial statements like cash flow, inflow
statement, balance sheet and others. I am very fortunate that I had received the
opportunity to do an internship program over here as it was really a life changing
experience. The amount of knowledge related to accounts and finance, which I had
received over here, would immensely help me in the long run.
Techniques Learned:
The various accounting principles, concepts and theories relating to accounting have
been taught. The various accounting standards of international repute have been
taught and understood by me. Book-keeping concepts, dual principle concepts are
some of the concepts which have been learned by me.
Tasks Accomplished:
I along with the expert guidance and regular supervision had been able to
accomplish tasks like successful preparation of financial statements like cash flow,
trial balance, ledger, income statement and balance sheet.

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Summary:
The internship was a useful experience in many different ways. I received various
conceptual learnings on various intricate matters pertaining to accounts and financial
concepts. These had helped in understanding of the core finance and accounts issues, which
consequently had created the base in the preparation of various financial statements. I
received expert guidance and all round support in carrying out this internship programme. It
was a life changing experience and it had helped me in garnering the various ways through
which a big organisation works and the various issues faced by them in the preparation of
financial statements.