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    Accounting 2 tru

    March 01, 2018

    Accounting 2 tru

    2 tru

    Posted: 01 Mar 2018 02:46 PM PST

    To all the students...

    Posted: 01 Mar 2018 07:06 AM PST

    It's really not as bad as this forum would make you think.

    We're in the middle of busy season and people come here to vent. Is the work not right for some people? Yeah, but it's only as stressful or as difficult as you make it. Especially in your first year people will understand you don't know what you're doing. There is NOTHING you could do, short of setting the building on fire, that would cause you to fk up the audit. So don't worry, you'll be eased into it (in responsibility, not in hours).

    If you're recruiting and didn't get Big 4, it's not the end of the world (really). The power of the Big 4 brand is real, but it's not nearly as good as the people here or at your school will make you believe. This is coming from someone from a large mid-tier, so I don't know what it's like for truly small firms, but recruiters and companies I interviewed with all saw my experience the same as Big 4 (these were IB, FDD, and BVal positions not accounting, but I also had recruiters hitting me up for large public company accounting positions).

    If you're bright eyed about public accounting, good. There are a lot of good things that people don't mention along with the bad. Come in with an open mind and decide for yourself if it is for you.

    submitted by /u/helpimsleepy
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    Reddit tries to understand corporate income tax

    Posted: 01 Mar 2018 04:34 PM PST

    feelsgood.jpg

    Posted: 01 Mar 2018 05:43 PM PST

    Florida CPA Education Requirement Changes

    Posted: 01 Mar 2018 04:37 PM PST

    MetLife Revises 2017 Earnings After Another Mistake (multiple MW's)

    Posted: 01 Mar 2018 04:05 PM PST

    My response when the audit team asks what I'm doing this weekend.

    Posted: 01 Mar 2018 09:15 PM PST

    That time of year again

    Posted: 01 Mar 2018 08:00 PM PST

    What was your career path like? Are you happy with where you are in your career?

    Posted: 01 Mar 2018 09:01 PM PST

    Question in title.

    I want to see how people ended up where they are today - both good and bad. Are you happy with where you are now? Do you feel like you could have been further along? Personally, I feel like I'm way behind in my career, even though I've been working for 7 years after graduation. I didn't get the fancy-schmansy opportunity to start my career in B4/Goldman/Lehman/etc for like 60K starting - I had to start with a tiny accounting job for $13 an hour, then move up dollar by dollar. Now I'm in corporate and I like where I am now, but I feel like I could be way farther along in my career than I currently am. I'm currently at 61K in my late 20s which is a big jump up from $13/hour.

    Thoughts?

    submitted by /u/SuspenseEverything
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    What kind of car do you drive?

    Posted: 01 Mar 2018 02:22 PM PST

    I'm guessing every one of you have a Benz or a BMW, right? ;)

    submitted by /u/onewaytoparadise
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    Whenever your shareholder asked if you checked your work before sending it to the reviewers.

    Posted: 01 Mar 2018 12:27 PM PST

    Unlike some of you, I really love my job. However I just can't get used to waking up so early :(

    Posted: 01 Mar 2018 06:41 AM PST

    Currently an associate doing pretty much all types of taxes except income (mainly salt).

    I absolutely love what I do and I have so much fun while I do it. To top it off, I'm going full time at my local CC to finish the requirements to sit for the CPA (6 units left).

    I usually have a 12-16 hour daily schedule. However one thing I absolutely cannot get used to is waking up in the morning.

    It doesn't matter how early I sleep; every morning is the same for me. I wake up around 6, snooze my alarm, wake up at 6:30, snooze, 6:45, snooze, 7:00, start getting out of bed. However I'm always so out of it and can nod off anytime.

    I hate my mornings the most. I know I don't wake up as early as some other people do, but it's still really difficult for me. How do you guys overcome this problem?

    Edit: 12 hours after my post, so I'm a little late to my own party. I have an app called "Sleep Cycle" where I pay like $15 a year for it to analyze my sleep. of course it's not mandatory to pay this fee to have the benefits of the sleep analyzer, but you do need to pay for it to track across multiple days.

    I'm generally good with waking up in the morning. It's just the time it takes from me to get out of my bed and into the shower that's really annoying. The entire "Waking Up" period is annoying >:(

    submitted by /u/Bizarrmenian
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    Have you ever told your manager "I am leaving no matter what?"

    Posted: 01 Mar 2018 09:32 PM PST

    I arrived 9:30 AM, it's 12:AM and my manager tellsme to stay and finish and I tell him "I am sorry, something happens to my health they hire another senior the next day and the audit still gets done" and he just tells me "ok just send me a status of your pendings and leave".

    Getting a guaranteed bad review. All our team stays up all night. I'll no longer care, if it has been 16 hours I am leaving, can't live another month like this.

    On the bright side I am getting my CPA soon.

    Yesterday I admitted him I relapsed into drugs/alcohol and that I am crazy, he then casually tells me he was having an interview today. Rush season is crazy.

    submitted by /u/labradf0rd
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    The Final Boss

    Posted: 01 Mar 2018 09:26 PM PST

    effective interest method

    Posted: 01 Mar 2018 07:02 PM PST

    FG Corp has a $1,000,000 term loan issued on January 1, 20X2, at a discount of $25,000.

    The terms of FG Corp's debt instrument as of December 31, 20X3 are:

    Terms: Outstanding balance:$1,000,000 Remaining term:5 years Maturity date:December 31, 20X8 Effective interest rate:5.86% Unamortized discount:$17,857 Net carrying value:$982,143 Coupon:5.50% Interest payments:Annually in December Principal payment :Balloon payment at maturity

    Can anyone explain how the fact pattern spits out an effective interest rate of 5.86%? I'm using the rate function in excel and getting 5.947%! Been stuck on this for quite a bit. I appreciate technical answers!

    submitted by /u/pwchero
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    Will I ever get an intern if I'm a student-athlete (TL;DR at the bottom)?

    Posted: 01 Mar 2018 06:56 PM PST

    Not a 'shitpost'.....I currently am a sophomore that play's Division 1 A football (on scholarship) in SE U.S and was wanting to know if there's any logical/possible opportunity to get a successful internship. I'm not 'drinking the kool-aid' but I really enjoy accounting so far and think that the way my schedule is set up, I will never be able to get an internship.

    Here's the schedule: In season late July until December (January if a NY6 bowl/playoffs again), Off until late Febr, Spring training Febr-Late April, Off May until late July... and the cycle begins anew. Obviously, a student so have school 8am-1pm, workouts 6am and 6pm during offeason. My scholarship takes makes up over 55% of cost of school. Honestly,I am discouraged to continue in this field because of lack of time availability and wasting time thinking anyone will help me land a position..

    TL;DR: Current sophomore student-athlete who has a very busy schedule and concerned about not having any internship experience through college.

    submitted by /u/CanUSpareADime
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    A C C O U N T I N G

    Posted: 01 Mar 2018 04:21 AM PST

    For those of you who worked retail, how did you relate that experience when interviewing for accounting internships?

    Posted: 01 Mar 2018 12:53 PM PST

    So currently I am in between schools. This is my last semester at a community college and next semester I will, hopefully, be commuting to a university. In this time I have really only found that retail jobs work with my schedule with work. I have looked at some office jobs like bookkeeping positions or accounting clerk positions but all of them are either full time or part time with a requirement for a bachelors degree.

    Since I plan on going to meet the firms next semester I am a bit worried about how I will be able to relate my work experience to an internship about accounting. The closest I am getting to is explaining how I was an excellent salesman and how I had to deal with customers and the responsibility of opening and closing the store as well.

    Thanks in advance for any advice!

    submitted by /u/forestgather50
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    B4 Experienced Hire Recruiter Question

    Posted: 01 Mar 2018 01:59 PM PST

    Yesterday got an email from a B4 Recruiter for experienced recruiting. Email was asking for a 30 minute chat to discuss my interests based on my resume/job applications I made last week. I also got an email invite for a B4 networking event in my city by the same recruiter.

    • Is this call with the recruiter going to be about any of job applications I made or is it something else altogether?
    submitted by /u/RevQuestion
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    Quick books bank reconciliation help!

    Posted: 01 Mar 2018 02:57 PM PST

    Student here - I trying to finish up an accounting project. It gives me the beginning balance number in my instructions for my bank reconciliation, and my beginning balance is way off from what it should be. It isn't letting me edit it, how can I fix this? I'm super lost and hope this makes sense! Thanks for any help

    submitted by /u/Kinnerkay
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    If CPAs were allowed to advertise themselves with stupid jingles on the radio like lawyers do, what would your jingle be?

    Posted: 01 Mar 2018 09:17 AM PST

    Retirement plans and Ponzi schemes

    Posted: 01 Mar 2018 08:44 PM PST

    Is it just me, or are retirement plans basically legalized Ponzi schemes?

    submitted by /u/unoriginalmystery
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    Am I committing career suicide by going from Kpmg to Protiviti?

    Posted: 01 Mar 2018 08:31 PM PST

    Starting off my career right now, and I have offers from both Kpmg audit and Protiviti (spinoff of Arthur Andersen consulting) Sox consulting. Protiviti is paying a good 4000 dollars more annually with a 2500 signing bonus than Kpmg. I'm thinking Protiviti is the better deal because of the much less hours and obviously higher pay. Feel like the free time I will have compared to Big 4 I can invest in other activities or learn new trades. I don't want to work in public forever and want a good management position when I go to industry. Also realize that being at a big 4 firm is a big blessing. Thoughts?

    submitted by /u/Phonix8728
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    Comparative F/S with one year shorter

    Posted: 01 Mar 2018 08:26 PM PST

    Is there any guidance on presentation? Halfway through the prior year is when the company incorporated. Same year-end.

    (Yes, I know the concept doesn't make sense)

    submitted by /u/incarnate1
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