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In: Operations Management

Develop the training manual on any courses, such as Financial Accounting, to be used by the...

Develop the training manual on any courses, such as Financial Accounting, to be used by the freshmen. Material of this manual should include the following:

1. Training objectives

2. Training contents (2 chapters)

3. Learning models

4. Key learning points

5. Exercises, using different training methods, such as games, case studies, group exercises, etc.

6. Diagrams, pictures, graphs, etc.

7. Reference list

Solutions

Expert Solution

Training Module for Financial Accounting

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

The external financial statements are used by a variety of people in a variety of ways, financial accounting has common rules known as accounting standards and as generally accepted accounting principles (GAAP). In the U.S., the Financial Accounting Standards Board (FASB) is the organization that develops the accounting standards and principles. Corporations whose stock is publicly traded must also comply with the reporting requirements of the Securities and Exchange Commission (SEC), an agency of the U.S. government.

Training objectives:

  1. 1. Understanding the bookkeeping records
  2. 2. Building balance sheet
  3. 3. Building income statements
  4. 4. Understanding the accounting equation and principle of double entry
  5. 5. Understanding Debits and Credits
  6. 6. Analyze a company’s performance based on the figures in annual reports
  7. 7. Learn how to analyze business transactions

Training Content:

1. Introduction to course

  • Basics of financial accounting
  • Financial Statements
  • Understanding debit and credit
  • Exercises

2. Accounting Principles and Fundamentals

  • Introduction
  • Accounting Principles and assumptions
  • Accounting Equations
  • Financial transactions and effects on accounting equations
  • Exercises

3. Accounting During the year

  • Introduction
  • Debits and Credits
  • Journalising and Posting
  • Exercises

4. Keeping Cash and Bank Reconciliation

  • Introduction
  • Internal Control and Bank Reconciliation - Explanation
  • Cash Management Concepts
  • Bank Reconciliation - Explanation
  • Petty Cash Funds
  • Exercises

5. Tracking Inventory

  • Introduction
  • FIFO, LIFO, Weighted average costs
  • Explanation of each method
  • Exercises

6. Statement of Cash Flows

  • Introduction
  • Preparing the Statement of Cash Flows - Indirect Method
  • Statement of Cash Flows - Direct Method
  • Statement of Cash Flows

7. Financial Statement and Analysis

  • Introduction
  • Financial Statements
  • Financial Statements Analysis

Learning Methods:

  • Offline / Online video content
  • Instructor Question and Answer
  • Written Notes and Guides
  • PDF Files

Key Learning Points:

  • Learning about the basic Financial Accounting
  • Learning facts required in industry
  • Understanding accounting principles and transaction effects on financial statements
  • Analysing company’s financial performances

Exercises, using different training methods, such as games, case studies, group exercises, etc.

  • Exercises in the form of quizzes, short answer tests
  • Case studies for each topic
  • Group discussions and exercises based upon the session (offline/online)

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