Training—Accounting Tools and Practices
Develop a training manual of 3 pages (not including the title or reference page) to ensure new hires have a solid understanding of income statements, balance sheets, and the elements that go into them.
Introduction:
This project will help you to not only better understand commonly used accounting tools, but it will also give you the opportunity to use your skills and experience by preparing training materials to train someone else.
Scenario:
You are a Regional Manager for URBAN OUTFITTERS and the company 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.
In preparing to train your new district manager, 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.
As stated previously, you are a regional manager for Urban Outfitters 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.
Requirements:
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 the new hire and ensure his understanding.
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Training manual page 1#
Explain how one or more of the following costs are captured:
Advertising.
Store opening. If store opening costs were capitalized, over what time period would you amortize them? Explain why you selected this time period.
Website development.
(VIEW BELOW)
-Advertising. Examine the criteria used to expense and capitalize on advertising costs and where these costs appear in the financial statement.
-Store opening costs. Examine how store opening and organization costs were handled and where these costs appear in the financial statement.
-Website development costs. Examine the approaches taken during the application and infrastructure development stage and the planning and operating stage.
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Training Manual page 2#
As you prepare your training materials for the new manager use the examples you collected from the company’s notes to the company’s financial documents to illustrate how you address the following items:
– Analyze the importance of Notes to financial statements in interpreting financial statements.
-Explain how the accounting method Urban Outfitters uses affects the financial statements.
-Explain how the financial statements would differ if another method were used to capture the costs.
-If you have a preference for capitalizing or expensing these costs, explain why it is your preference.
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Training Manual page 3#
-In-depth appendix with supporting materials. If you are using a firm or scenario of your choosing, ensure that the faculty has sufficient information to understand how you reached your recommendation.
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Deliverable Format:
*The training manual will also need to include information in regard to why each item is important to the organization above as well as why the success of the new district manager is important as well.*
Include:
-Title page.
-Reference page with (3 APA-formatted references.)
-3 pages for the training manual. (not including title page and reference page)
-The information should address the points identified above and with detailed explanations within the training manual text.
-Be conscientious about providing thorough yet concise information.
-Make sure the manual is well organized and clear.
-The training manual is a professional document and should, therefore, follow the corresponding MBA Academic and Professional Document Guidelines, including single-spaced paragraphs.
