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    Friday, April 27, 2018

    Accounting There’s no way they’ll test this

    Accounting There’s no way they’ll test this


    There’s no way they’ll test this

    Posted: 27 Apr 2018 07:09 AM PDT

    First hotCPA now this!

    Posted: 27 Apr 2018 06:36 PM PDT

    I have been bamboozled!

    Posted: 27 Apr 2018 02:34 PM PDT

    All the movies and cliches told me accounting job would be me minding my business in my cubicle or being at backend and having to deal with people sporadically.

    Now I have passed exams of two accounting degrees, doing 3 years articles (practical work experience to complete degree) thinking I am doing great and employers will brawl for me. Now I am in final year of my internship and I have realized it's all about networking. It's not that I am not at good terms with people. Its that I don't socialize much with colleagues and clients and didn't make many acquaintances. I know I am good at work and managers and seniors know it, but still colleagues that go to best clients are those who make an extra effort to have good relations with seniors and managers. I am not complaining. It amazes me how long little chats and eating pizza with client accountants can go.

    submitted by /u/namaloomafrad
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    Graduation!

    Posted: 27 Apr 2018 09:51 AM PDT

    First post on r/accounting.

    I'm officially done with my Bachelor's in Accounting. A lot of blood, sweat, tears, personal issues, but here I am. The first in my family to attend and graduate from college.

    I just want to shout it to the world. But the other part of me wants to hide. I'm both excited and afraid to be out in the world even though I've been working in the field all along. It's different.

    A note to new students, current students, and those going back for that degree: Keep your head up and keep pushing forward! You will make it!

    Yes, I am going for my CPA. ☺

    submitted by /u/Tttthrowaway_123
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    "I need you to sign off on this workpaper I did, so I can sign off as reviewer" and other lies my senior told me

    Posted: 27 Apr 2018 07:48 AM PDT

    What are your experiences from public accounting where you cringe when you look back?

    submitted by /u/GAAP_Year
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    Smart mom, she knows an EY staffer couldn't afford real coke.

    Posted: 27 Apr 2018 09:12 AM PDT

    Your Final Exam Destresser

    Posted: 27 Apr 2018 12:34 PM PDT

    Hey all! I just finished my finals. Got crushed by intermediate 2 and federal tax but I made it

    To celebrate I brought a 6 pack into the exam bottles clanking and immediately cracked one on the bus on the way home like a true future CPA. I then proceeded to get belligerently drunk with friends watching basketball and fell twice on the walk home

    What did you guys do? Or are planning to do with your post exam joy ?

    Good luck to everyone !

    submitted by /u/ShenFrog
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    No work while doing CPA

    Posted: 27 Apr 2018 01:26 PM PDT

    Hello. How important is it to have a job while doing the cpa pep program? Graduated last year and I'm starting pep next month and while my (terrible) contract job ends very soon I want to focus 100% on the materials and finish all the courses before getting back to work. I don't want to fail courses because of work.. but I've heard employers don't like that? And input is appreciated. Thank you.

    submitted by /u/coldwater113
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    Remote Accounting/Finance Jobs

    Posted: 27 Apr 2018 04:13 PM PDT

    Has anyone here had any luck finding long term remote work in accounting/finance (outside of bookkeeping/tax work)? If so, where did you find the opportunity (online, referral, etc)?

    I want to be location independent and am looking for a job that will let me work remotely.

    submitted by /u/TXaccountant
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    Industry accountants, what are your best tips for dealing with auditors?

    Posted: 27 Apr 2018 04:02 PM PDT

    Advice for my internship college resume?

    Posted: 27 Apr 2018 09:57 AM PDT

    https://imgur.com/PiVjkRK

    My resume is very lackluster. I don't know what else to add to it since I'm not in any clubs, never did any volunteer work, etc.,. My school has no accounting or business related club other then one for marketing majors. I don't exactly have any proficient skills with Microsoft office or excel, I know the basics and could learn it fast though if need be.

    submitted by /u/heyoitsben
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    I'm starting to lose CPA studying motivation and it's entirely my fault

    Posted: 27 Apr 2018 03:07 AM PDT

    I've taken and passed AUD and BEC with an 81 and 93 respectively, but I've had such a hard time getting back into the REG material. I think a big part of it was that I essentially had a 3-week downtime period in March between spring break and a class trip to London. In that time, I just lost all drive to study.

    How can I motivate myself to get back in to it?

    submitted by /u/stevis33
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    GPA drop

    Posted: 27 Apr 2018 09:29 PM PDT

    I most likely have an offer to intern with a big 4 next summer. I currenlty have a close to a 4.0. If I receive a 3.3/3.4 this semester, will the offer be rescinded? How often is GPA checked?

    submitted by /u/nyclove321
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    Severance pay rolled into RRSP

    Posted: 27 Apr 2018 05:25 PM PDT

    If I was let go and received 60k serverance pay (ineligible) that was directly transfered into my RRSP (I had the room), how would this be treated for tax purposes? It was contributed in the first 60 days of 2018. Can a portion be used against income in 2017 and a portion be used against income in 2018? Also will the 60k show up on my T4?

    submitted by /u/LVM94
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    Cost accounting questions

    Posted: 27 Apr 2018 09:00 PM PDT

    Hello cost accountants, I want to ask:

    • What were the challenges you faced in your missions that stood out most?
    • Is it true that, from personal experience, your daunting and elaborate reports often get ignored in favor of financial reports? And how does one deal with that?
    • Why is it that I come across various instances where this job is not as lucrative as it's made out to be?
    • What are the telltale signs of job descriptions where your skill set will be squandered and/or underpaid?
    • What other not so obvious careers can one viably perform in with this skill set?
    • Are cost accountants better off going as consultants after acquiring around a decade of experience?
    • Is there another line of work you'd rather be in right now? Feel free to get long-winded.
    • What book would you recommend most, that includes exercises?

    For those who have the haunting aversion toward cost accounting and want to express it here, be my guest.

    submitted by /u/cordialstaredown
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    Switched to accounting in my last 11 months of school, how to go about getting into big 4?

    Posted: 27 Apr 2018 08:52 PM PDT

    Even though I graduate in 8 months, I wasn't an accounting major until a week before the winter semester. I didn't go to the career fair this year Bc I actually had an internship elsewhere.

    I'm sort of mad because I started an app for the Deloitte leadership summit and they blew up my phone to finish the app and I never did. I have the fall recruiting season to see if I can score something but idk. I'm super pissed that I didn't go to either the summit/career fair/ accounting nights at school (I was told big 4 doesn't show up in the winter though). Would I have been able to snag a big 4 summer internship that short notice? Kind of down on myself for being such a bum and not going to that summit.

    submitted by /u/FlexasAandM
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    (AUS) Would this be considered Limb 2 in regards to a company deduction?

    Posted: 27 Apr 2018 08:28 PM PDT

    If a company spends $200,000 in analysing the company's future?

    submitted by /u/ashesoak
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    Financing lease problem

    Posted: 27 Apr 2018 04:34 PM PDT

    Okay so here is the problem

    https://imgur.com/a/Lg8vrNt

    and here is one of my answers

    https://imgur.com/a/nvHmaIF

    I have used Cullumbers annual rate and the incremental borrowing rate and neither have worked.

    I am find the present value of the residual value and subtracting it from the fair value, then I am taking the difference and dividing it by the present value of an annuity due for n=6 and i=5 and getting 27305

    When i do n=6 and i=6 I am getting 27966 as the payment

    from the present value tables, present value of a single sum 5%, 6 periods is .74622, for 6% 6 periods its .70496

    for the present value of an annuity due at 5% 6 periods it's 5.32948 and at 6% 6 periods it's 5.21236

    I am not sure what I am doing wrong, the only other thing I can think of is that I do not subtract the residual value? But that doesn't seem right. Any help would be awesome, thank you!

    submitted by /u/pinkfloydfan4life
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    Fair Value Option FAR

    Posted: 27 Apr 2018 08:04 PM PDT

    For the current FAR Exam, what is difference between electing fair value option versus not electing fair value option for disclosures/ anything else?

    submitted by /u/cpabound24
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    Advice needed: History Grad student seeking career switch to accounting. Can I start as a bookkeeper?

    Posted: 27 Apr 2018 04:05 PM PDT

    Hello all, as the title suggests I am looking to get into the field of accounting. A while back, I asked this subreddit if there were any History majors, like me, who went back to school to become accountants. Many recommended the Macc program, instead of getting a second undergrad degree since I already have a BA.

    However, I am also considering the possibility of working as a bookkeeper while I take the required classes I need to sit for the CPA. The reason for this that I already have too many student loans and I don't want to add anymore on top of my debt. I would rather work full time with a comfortable income and pay off my courses as I go. The local community college offers an 18-unit bookkeeping course that includes Accounting 1 and 2 in the program (which can be applied later towards an accounting degree).

    I want to hear any advice going forward, what to look out for, or even if anyone thinks this is a terrible idea. All I know is I don't want to be a teacher, and I don't want to work a retail management job (I own a house and I don't want to relocate), and I don't want to waste anymore time with minimum wage. I spent my entire 20's working minimum wage gigs, it's time to move on.

    submitted by /u/ArthurCyning
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    Examples of Resumes after Public

    Posted: 27 Apr 2018 07:15 PM PDT

    I'm brushing up my resume, as I plan on leaving public in a couple months, but I'm beginning to realize that the college activities I had on my resume to get into public are no longer relevant or outdated. Deleting them seems right, but it would shorten by resume significantly.

    I interned and started my career at the public accounting firm I am currently employed in, so it's pretty much the "only" job I've had.

    Anyone mind sharing (or PM'ing) an example of a good resume after leaving public?

    submitted by /u/erinhayth
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    (AUS) Can a company claim expense on business related traveling?

    Posted: 27 Apr 2018 06:56 PM PDT

    Say that an employee who is also the Managing director of a company went to another state to see if their business can be planted there. Can both the company and the tax payer claim a deduction?

    submitted by /u/ashesoak
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    Expired Becker Best plan of attack?

    Posted: 27 Apr 2018 09:38 AM PDT

    So like my title says what's the best plan of attack? I have the 3 more sections to go. I have physical becker books. I don't think the updated topics will be that much different. MCQ test banks I can just buy, but I worry about SIMs. Should I use ninja, wiley, or gleim? Do you guys think wiley or gleim is better than becker?

    Anybody with similar previous experience can chime in?

    submitted by /u/080498
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    Free Talk Friday

    Posted: 27 Apr 2018 06:50 AM PDT

    Spent the whole week working from home, it's been pretty glorious. Hope your weeks are ending well!

    submitted by /u/its-an-accrual-world
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