You work for an organization that is seeking growth and recently has hired new district managers to assist in this growth. In talking to other regional managers, you have heard that some district managers do not have a thorough understanding of commonly used accounting tools including an income statement and balance sheet. You have a new district manager hire, John, and see the need to do some training with him so he has a solid understanding of income statements, balance sheets, and the elements that go into them, including advertising costs, Web development costs, and store opening costs.
In preparing to train your new hire, you have determined that the use of examples (a picture is worth a thousand words) can be a great approach to use. So you have decided to gather some examples from the company’s summary of significant accounting policies from its latest financial statements.
The organization you work for is Urban Outfitters. Use theU.S. Securities and Exchange Commissionwebsite to find the Urban Outfitter’s 2016–2017 financial statement’s summary of significant accounting policies. Look at the data for 2015, 2016, and 2017 for the following examples of essential elements you need to cover with John and ensure his understanding.
As you prepare your training materials for John, use the examples you collected from the company’s Notes to financial documents to illustrate how you address the following items:
t will also be helpful to include information in regard to why each item is important to the organization as well as the success of the new district manager.
To use your time and John’s time wisely, be conscientious about providing thorough yet concise information. These materials are expected to be used by others for future training needs, so make sure they are well organized and clear.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
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