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.
You may apply this scenario to either Option 1 or Option 2, described in Requirements below.
You are a regional manager for Urban Outfitters or your selected organization and oversee a number of districts. You have recently brought a new district manager on board and want to ensure he has the knowledge and tools needed to effectively do his job.
The organization you work for is Urban Outfitters. Use the U.S. Securities and Exchange Commission website 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.
Use a firm or scenario of your choosing.
Before choosing a company, read the assessment thoroughly to ensure:
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:
Leadership has asked that you develop either a training deck or a training manual that you will use with John and that can be deployed with other new hires as well. Regardless of the format selected, the information should address the points identified above and with detailed explanations within the notes areas of slides or within the training manual text. It 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.
Training materials requirements:
Related company standards for either format:
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
Marshall, D., McManus, W., & Viele, D. (2020). Accounting: What the numbers mean (12th ed.). New York, NY: McGraw-Hill.