Question: Prepare an email responding to the client, not the manager: You are working as a staff accountant, and your manager, Ben, is helping a company

Prepare an email responding to the client, not the manager:

You are working as a staff accountant, and your manager, Ben, is helping a company client and has asked you to research whether U.S. Treasury notes purchased by the client five years ago as an investment should be classified as a current asset now that they are only two months away from maturity. Prepare a response to his question as if this was a real on-the-job assignment and deliver as if you are emailing a response to a client. Assuming the client will hold the U.S. Treasury note until maturity.

Response email should be within the line of "Stay as a non-current asset based on Standard Codification 210-10-41-1. The current asset section of the balance sheet generally includes cash and cash equivalents amount to other assets, and then under cash equivalent definition states a U.S. treasury note purchased three years ago does not become a cash equivalent when its remaining majority is three months, so because of this the client here purchased the treasure note 5 years ago. These notions do not become a cash equivalent. It does not become cash equivalent when its remaining maturity is three months or less. The notes also do not meet the description of any of the other types of assets that are potentially classified with the current assets category 210-10-45-1."

Support your email response by including the following:

-Use FASB CAS 210-10-45-1 to emphasize your response/reply

Emails are helpful when you are dealing with limited-scope questions.

Some tips:

-Keep it brief (it is concise but complete in response to the questions asked)

-Re-state the question

-Include an excerpt from authoritative guidance to support your response

-Use complete sentences

-If you made any assumptions in researching the issue, state what you assumed

-Do not say "I think" or "I feel." This is not about you but about what the guidance says. "It appears..." would be better.

-Avoid exclamation points (keep a professional tone)

-Include an offer to be of further assistance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!