Finance and Accounting

NORTHCENTRAL UNIVERSITY

ASSIGNMENT COVER SHEET

Learner: Aulton C. Mitchell

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7000-8 | Mary Dereshiwsky |

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SKS | Business Finance and Accounting |

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I hope I covered everything that I needed to cover because I found this to be a much harder assignment than I thought it would be.

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To: XYZ Construction, Inc. Employees

From: Aulton Mitchell

Date: December 31, 2011

Subject: Concerns about Business Finance and Accounting

Yesterday our Chief Financial Officer (CFO) was promoted to the position of Vice President of Overseas Operations. Since our CFO has been promoted, this leaves an empty space in the knowledge base of key financial and accounting practices. The company will have a mandatory meeting on January 8, 2012 to explain what everyone can expect from today forward. The main topics of discussion at the meeting will be financial management, accounting practices, internal controls that are in place, cash management and Sarbanes-Oxley regulations.

The company like any other publicly traded company has to follow the guidelines set out by the SEC and the company has to follow the generally accepted accounting principles (GAAP). Our company has to complete financial statements which include a balance sheet, income statement, statement of cash flows, and a statement of stockholders’ equity. By looking at these statements, investors and creditors are able to view a summary of how the company is performing. For example, the...