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    Home Unlabelled Accounting Is it just a normal power-play for people to ignore you in public accounting? See this in school and in both my internships so far and am a bit confused by it.

    Accounting Is it just a normal power-play for people to ignore you in public accounting? See this in school and in both my internships so far and am a bit confused by it.

    December 03, 2017

    Accounting Is it just a normal power-play for people to ignore you in public accounting? See this in school and in both my internships so far and am a bit confused by it.

    Is it just a normal power-play for people to ignore you in public accounting? See this in school and in both my internships so far and am a bit confused by it.

    Posted: 03 Dec 2017 05:47 PM PST

    I thought it was just my school at first since a lot of the kids going into B4 act like they're Ivy League lawyers or investment bankers. Yet both internship I've had for a public firm (B4 & Regional) had people just outright ignore you when it comes to work. Not just me, but they do it to each other a lot to. Enough so they complain about it. Is it just a power-play thing to make people sweat it out or something? I know in school that's 100% what it is. Does the same translate to the workplace?

    Example: Senior needed a work-paper from associate so she could do her work. Associate does not respond. Senior emails again. No response. Senior tasks me with it. 2 hours later, associate turns in work with a "here it is!". It's like being in college where you have a group project and nobody fucking communicates until the night it's due. That's a great way to not get shit done.

    submitted by /u/sdpthrowaway3
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    Story Time: Firm Holiday Parties

    Posted: 03 Dec 2017 02:54 AM PST

    Let's go guys.

    Saw a senior manager (married) making out with a 3rd year tonight.

    EDIT: It was a Partner. I was blacked last night when I posted this.

    submitted by /u/tr1llee
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    Are you happy? Why or why not

    Posted: 03 Dec 2017 10:27 AM PST

    Remember to feel grateful for what you have and compare to the ones doing better and worse equally...to keep a sane mind without comparison

    submitted by /u/deadliftsquatbench
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    Accountant needed!

    Posted: 03 Dec 2017 07:26 AM PST

    [CAN] I have a 2.5 hour job interview scheduled during work hours. How do I explain my absence to my current boss? I just started my current job 2 months ago...

    Posted: 03 Dec 2017 08:51 PM PST

    I want to go to this interview just so I can have an offer in case I get laid off (my company seems to always be looking for ways to eliminate redundancies). Though I believe my role is safe, things can change quick (I've experienced a layoff myself).

    I don't expect an offer/selection from the hiring pool for another year or two (it's a CRA tax auditor job).

    How should I explain my absence?

    -I have no holidays/flex time off left -I just started my job 1 month ago. I'm still in my 3 month new hire probation period. - I can't exactly say I have a doctor's appointment, since the interview is a 1 hour drive away, and will be for 2.5 hours long. -I applied for this job and had the first interview 6 months ago

    Any suggestions on what I can do?

    submitted by /u/zindagi786
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    Becker vs FAR

    Posted: 03 Dec 2017 05:31 PM PST

    Anybody who just took FAR and used Becker, what do you think is the best strategy?

    Also, how difficult would you say the FAR mc's were in comparison to Becker?

    I'm currently doing a little bit of lecture, and then the MC's for that module afterwards. Would you say that a 75% average on the module-end MC's is good? OR should I be aiming for higher?

    Thanks in advance

    submitted by /u/jaebizzles
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    Is a MAcc worth it if I just need the extra credits to get to 150 for the CPA exam?

    Posted: 03 Dec 2017 05:22 PM PST

    I've accepted a job offer for an audit firm after I graduate with an undergrad in Accounting (125 credits) this April. This firm expects all employees to be working towards getting their CPA, but doesn't have any time requirements—several senior accountants were still working on theirs and at least one manager was not a CPA. I am definitely going to be getting mine, but first I need to get to 150 credits.

    I've been considering getting a MAcc or an MBA, but I am not sure if the extra time/money I'll need to invest is worth it since I would just be doing it for the credits. From what I understand, whether I have a masters degree or not doesn't matter once I have "CPA" by my name. I am also limited to online courses, since I've already accepted the offer.

    So, I'm not sure if I should just take some extra, online courses at a community college or if I should go ahead for an online graduate program.

    What would you guys recommend? If a graduate program, would you recommend a MAcc or MBA? What schools would be best?

    submitted by /u/jewshoe
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    Using fake LinkedIn account to look people up. Is this a good idea?

    Posted: 03 Dec 2017 08:09 PM PST

    I'm interviewing for accounting jobs and I get email notifications about "anonymous" users from X company/organization viewing my profile. I can usually figure out who the person is, esp if I get the email notification a few days after an interview with the company.

    My question is - what if I create a fake LinkedIn account to view people's profiles? Will they never figure out it's really me?

    submitted by /u/hamalsalle
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    How much compensation can I ask for as an intern?

    Posted: 03 Dec 2017 08:51 PM PST

    I have a second interview for a CPA audit internship in the morning. The first interview I got asked how much compensation I was expecting and I got really stumped by it.

    How much should I feel comfortable asking for?

    It is a small firm.

    submitted by /u/SmurfetteDoesntF_ck
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    Plan of action to go from Audit to IT audit (B4)

    Posted: 03 Dec 2017 08:44 AM PST

    Hello. So I am a first year, around 4-5 months of work experience and I am looking to possibly leave Audit and join the It audit team within the same firm.

    How Can I go about doing so? Talk to my coach? Would it be crazy to say I am interested in switching so early in? Would it require interviewing again, could I loss my job over this? Should I ask for like a rotation after busy season when things slow down?

    Sorry for all the questions. Just wanna make sure I don't fudge it up!

    Thanks everyone!

    submitted by /u/accountant4lyfe
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    I am learning so many useful things from REG.

    Posted: 02 Dec 2017 10:02 PM PST

    Deloitte and PwC

    Posted: 03 Dec 2017 07:58 AM PST

    CA Foundation Accounts Chapter 2 Golden Rules of Accounting 3

    Posted: 03 Dec 2017 08:38 PM PST

    Assignment Help Accounting

    Posted: 03 Dec 2017 08:17 PM PST

    Ace-My Homework offers all types of assignment help like Accounting Assignments, College Assignments, Online Assignments. Hire us for Accounting Term Papers and other College Assignments and help in any other writing assignment.

    submitted by /u/acemyhomework
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    [CAN] thinking of Re-taking a course... will firms/ Big 4 look down on me cause of this???

    Posted: 03 Dec 2017 07:58 PM PST

    Hey guys, this question is for CPAs in Canada but everyone can chime in as well. I am currently in school in my third year and I have been taking intermediate accounting and Intro to Tax. Those two classes, especially tax, are really difficult courses in my program (as much of you probably know) and it was my smart idea to do them while doing my internship where I working roughly 40 hours a week. I am thinking of re taking tax just because I am really interested in it and want to know all the "ins-n-outs" of tax but I did not study for it as I should because of my job and my mark will be around 50-60%. I know for CPA you need to have a C in everything so if I re take the course will they give me any trouble? Also when applying for jobs (particularly Big4) and they see me re take the course will they look poorly on that or is it not as much a big a factor as I am making it to be?? Thanks any suggestions or tips would help.

    submitted by /u/omarlittlescar
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    Vlookup and sum from journal entries to TB

    Posted: 03 Dec 2017 07:54 PM PST

    Does anyone know how to combine vlookup and sum so that I can pull the sum of my accounts using the GL acct # as a reference?

    In other words, I want to input the GL acct # and then get the sum of the total debits/credits via vlookup.

    If there's a better way of doing so, I'm all ears! Thanks.

    submitted by /u/not-a-beancounter
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    Tax vs Audit

    Posted: 03 Dec 2017 07:42 PM PST

    So I hear that if you're introverted you should go into tax and if not then do audit. People also say that you have more career opportunities if you do audit. Is there any truth behind these claims?

    submitted by /u/Mossed81
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    B4 Provided CPA Exam Bootcamp?

    Posted: 03 Dec 2017 12:09 PM PST

    Hey everyone,

    So I start Summer/Fall 2018 at a B4, and I received an e-mail from someone in HR informing me about a bootcamp that the firm provides for certain under-represented minorities that I seem to qualify for. It's geared toward having us pass the CPA exam prior to starting full-time. Has anyone ever done one of these? They're saying it's a full-time commitment to the program from June through August, and the materials would be exclusively online except for training, which would be in another state. I'm just curious if this was helpful for anyone or not, and if it would be worthwhile to take them up on this offer.

    Thanks!

    submitted by /u/wickedmaniac
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    What am I doing wrong in excel? I know I'm plugging in the right numbers

    Posted: 03 Dec 2017 03:25 PM PST

    I'm trying to compute the

    -receivables turnover rounded to 2 decimal places: which is net sales rev/avg net receivables. I'm having trouble plugging it in the precise way. I did =ROUND(B14/B5,2) (B14 being the net sales all on account and B5 net A/R for 2016)and that didn't work. Then I did =ROUND((B14/(B5+C5/2,2) and it didn't work. C5 being the A/R for 2015

    -average collection period

    -inventory turnover rounded to 2: which is COGS/avg inventory.. I'm just having trouble computing something that requires 2 different maths the right way, in this case / and + since I'd need to find the average inventory of 2015 and 2016 right?

    -debt to equity ratio: (I swear to god I literally did =B14/B10 (B14 being total liabilites and B10 total assets) and it said incorrect. It didn't say to round it to a place but it's in the round function section so I tried that =ROUND(B14/B10) and then adding 1,2,3- all incorrect)

    -avg days in inventory

    -times interest earned rounded to 1 decimal: (net income+interest exp+income tax exp)/interest exp but how would I plug that in? I've tried too many times that I'm about to lose my attempts

    Can anyone help out with this?

    submitted by /u/OnMushrooms
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    Gift Tax/Wedding

    Posted: 03 Dec 2017 06:33 PM PST

    My parents and future spouses mother are giving us two checks for $15,000 to cover our wedding expenses.

    1) Will they be liable for gift tax? 2) Is that technically a gift just because it isn't going directly to the venue? 3) The annual exclusion is $14,000, should I just have them write me $14,000 now and $1,000 in January? 4) I looked up gift tax rates and it depends on "taxable estate." What does that actually mean? Total net worth?

    Please and thank you!

    submitted by /u/erice1986
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    Several business operations and accounting questions [US]

    Posted: 03 Dec 2017 06:24 PM PST

    Q1. I just started a SM-LLC this year and selected S-Corp for tax purposes. The business has been profitable and I'm paying payroll and all other required taxes and filing returns. I had no income and payroll for November. Is it OK not to pay any payroll, state or FICA taxes if there was no income? Should I just send in a check for $1 so the feds and state government know that I did not forget to make the payment?

    Q2. Since my business is considered a S-Corp for tax purposes, can I leave some money in my business at the end of the year or is it smarter to take out the full balance as dividend? I know these are age old newbie questions. Is there a FAQ compilation for these sorts of business accounting questions?

    submitted by /u/YourMinky
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    Crypto-Asset Small Business

    Posted: 03 Dec 2017 06:18 PM PST

    I have been successfully running what has turned into more-or-less a small business for about a year whose main activity comprises making thousands of small trades in in the crypto-asset space. This started as a hobby and has turned into a self-perpetuating mostly automated business. Accordingly, I'd like to set up a business entity which I believe might make the accounting and tax filing simpler: It seems infeasible to me to report all trades separately as an individual as there may be e.g. >100,000/year which are mostly on the order of several dollars, generating less than .01/trade in net profit.

    For example, if I formed an llc and elected s-corp tax treatment, my understanding is that I would be able to file a 1120-s for the entity which could theoretically aggregate the reporting of all revenue-generating activities.

    Looking at the 1120-s, however, even the method of (gross sales)-(cost of goods sold) would seem to present an accounting difficulty. This is because for example, $1,000,000 of crypto-assets might have been purchased gross, but at a cost of e.g. $9,990,000 yielding a profit of $10,000. The total capital base involved might only be $10,000, which is continually recycled to generate that $1,000,000. Keeping track of all of this movement, due to the lack of record keeping by some exchanges and the hundreds of thousands of trades, is infeasible especially given that at this point I'm only looking at profits of e.g. $1-10,000/year without accounting for capital appreciation or depreciation of the assets.

    On the other hand, it is very easy to calculate net profit at the end of a reporting period--simply look at the account balances of crypto assets and their spot prices at the end of the period and compare to the corresponding number generated at the beginning of the period. Any profit is driven by two sources--the accumulation of crypto-assets and their capital appreciation. Because of the recycling involved, all capital appreciation is realized on a short-term basis which should be taxed at the same rate as regular income generating activities, so this should be able to be aggregated together? If there is a lot of capital depreciation, then of course even with an accumulation of assets, a net loss would result.

    My question--which might be more appropriate to a small-business or tax-focused subreddit, but I'm not sure--is: What kind of accounting and corresponding (entity, perhaps) tax reporting best captures the simple and completely accurate method of the paragraph above?

    submitted by /u/Rigel_gg
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    Leave public accounting without a cpa license... Bad idea?

    Posted: 03 Dec 2017 06:03 PM PST

    I am considering leaving public accounting after the upcoming busy season. I have already passed the cpa exam but will be about 6 college credits shy of the cpa license after busy season and am working to finish a couple more classes in a graduate program. Would it be a terrible idea to leave public accounting with 3 years of public accounting experience in audit but no cpa license?

    submitted by /u/KellyGhost3
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    Russian language and CPA?

    Posted: 03 Dec 2017 05:40 PM PST

    Any ideas on how i can utilize my CPA license and the Russian language? can i get more money knowing this language? (world bank, UN, Fed) something?

    submitted by /u/iwannapseakrussianpl
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