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    Accounting Everyone studying for their certifications

    May 29, 2018

    Accounting Everyone studying for their certifications

    Everyone studying for their certifications

    Posted: 29 May 2018 01:02 PM PDT

    Pooping = FIFO, Vomitting = LIFO

    Posted: 29 May 2018 05:02 PM PDT

    One-pager with every Excel keyboard shortcut known to Wall Street (PDF/XLSX)

    Posted: 29 May 2018 08:41 AM PDT

    “Pass. It’s immaterial.”

    Posted: 29 May 2018 10:13 AM PDT

    When your subconscious slips out

    Posted: 29 May 2018 02:30 PM PDT

    Me when my boss asks me questions I don't know the answer to

    Posted: 29 May 2018 11:53 AM PDT

    Waiting for this extra long Q2 score release...

    Posted: 29 May 2018 04:09 PM PDT

    [CAN] Why the f**** did they merge CA, CMA and CGA in Canada!!?

    Posted: 29 May 2018 09:40 PM PDT

    The capstone 1 is a bitch, this shit is not worth it for those working in audit...

    submitted by /u/cpaguy2016
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    Any tax people leave for financial analyst/controller-like roles?

    Posted: 29 May 2018 07:17 PM PDT

    I'm ready to leave public, I'm at 3.5 years of experience but am not sure I want to stay in tax. Anyone here have a similar feeling and leave for non-tax role?

    submitted by /u/HelpMeOut10101
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    [CAN] When Big 4 Staff Can't Afford Toilet Paper

    Posted: 29 May 2018 10:51 AM PDT

    u/AMAMAMAMMAMAMAMA - How is the foot odor issue coming along?

    Posted: 29 May 2018 09:18 AM PDT

    Being considered for partner, looking for advice

    Posted: 29 May 2018 11:46 AM PDT

    I'm in my 7th year at a fairly small CPA firm (~15 employees), and just had "the talk" with the head partner of the firm on being made partner. I believe they have this talk with just about everyone who makes it this far. If I accept I'm probably looking at about 2-3 years of additional training before actually becoming partner.

    I'm really on the fence about it, tbh. On the one hand, I feel like I'm kinda stagnating in my current positions - I've been working on basically the same clients every year for a number of years and it gets really boring doing the same thing every reporting cycle. This would definitely provide a new challenge. I'd also love to pay off the house (and retire) sooner. My wife also supports the idea.

    On the other hand, even though we're a smaller firm and we don't work the kind of crazy hours that Big 4 partners work, the stress can be immense. My boss told me that I'd probably be looking at 65-70 hour weeks during tax season and another 5-6 weekends worked outside of tax season, which isn't a huge increase from what I'm currently doing, but still substantial.

    I'm also frankly not a salesperson. My boss told me that the primary reason they need another partner is so that they can reduce the workload of the existing partners, but I know I'd still be expected to do a lot of networking events, golfing, etc. and that kinda thing really doesn't appeal to me as an introvert. I feel like I'm good at retaining clients but the idea of persuading someone to join our firm and pay the ridiculous fees seems extremely difficult.

    So I dunno. Any partners or aspiring partners out there willing to give some friendly advice? If anyone convinces me either way I'll be proud to tell everyone I made my decision based on reddit advice :D

    submitted by /u/Steven_Cheesy318
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    Can anyone help me with this problem. I can’t figure out what the sales for part B is?

    Posted: 29 May 2018 09:01 PM PDT

    Is it normal to feel worried and unqualified about my first real job?

    Posted: 29 May 2018 07:58 AM PDT

    Recently got hired by a big 4 (Fall start date) for what is essentially core audit support doing data analytics, designing data visual interactive dashboards for the core audit team, and code review of calculations.

    I loved doing tableau and data analytics in school, so this job seemed great!

    Unfortunately, when I did the "meet the firm" office tour thing, I realized that most of the current employees had IS/CS backgrounds. So now I am worried that I over-sold myself in my interview by talking about being comfortable with Tableau and utilizing MS access at work. Basically, I'm more proficient in those areas than most accounting students, but less than most IS/CS students.

    Furthermore, I'm halfway through my CPA exams and I dont know if I should just hold off the last two parts and try to cram data visualization/SQL learning modules or just focus on finishing my CPA exams and hope that the initial training is sufficient.

    submitted by /u/PuzzleheadedOpinion
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    Is BEC really as easy as the Becker review?

    Posted: 29 May 2018 02:57 PM PDT

    I've taken AUD and FAR. I know for those Becker was LEAGUES harder than the actual exam. I'm doing BEC now and getting 75%+ on the vast majority of the module MCQs without so much as reading.

    Does BEC follow the trend of AUD and FAR where Becker is way harder than the actual exam? At this point, I'm wondering if I should even waste more time studying. I haven't done a mock yet, but I'm averaging 85%+ on all progress tests on about 25 hours of studying. If it's this easy AND there's a written portion that's basically a free 15%, it makes me wonder why I'm wasting my time studying.

    submitted by /u/sdpthrowaway3
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    What’s your favorite “A friend told me” Tax scenario a client has called and asked/told you about

    Posted: 29 May 2018 02:49 PM PDT

    Mine is a client this tax season who said "My friend that works at a bank told me that the IRS/CPA's don't tell you but you actually only have to file your taxes every 3 years"

    submitted by /u/Tcurl03
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    Father passed away, leaving an S corp in California. How to dissolve?

    Posted: 29 May 2018 02:02 PM PDT

    Hi r/accounting,

    To preface, I am not an accountant by trade, nor am I well versed in personal finance.

    A month ago my beloved dad (the sole breadwinner for my mother and two minor siblings) passed away unexpectedly, intestate. He ran a small professional firm in California structured as an S corporation in which he was the sole shareholder. According to his employees, there is approximately $30,000 due in invoices from consultants for services rendered. According to the CPA we have no extra taxes due to the IRS or CA Franchise Board (return for 2017 was extended). His office lease was terminated this month, with the security deposit withheld. My mother did not co-sign any loans for the business.

    As the eldest son at 26 yrs it's fallen to me to organize affairs. I have met with a probate lawyer who thinks that we can do this through simplified probate, and thinks that we might not require an attorney. I'm running into some questions about the process...

    1. How would I go about transferring and then dissolving an S corporation in California?
    2. Is the value of the S corp simply the amount of money in its banking account? (No real property was owned, most projects had been wound down, father was the sole shareholder)
    3. Are social security survivors benefits taxed? Do we report them as gross income when applying for financial assistance?
    4. How should my mother file taxes from here on? We deferred our 2017 return this year, and our CPA states that she can file as a surviving widow for two years
    5. Would I be able to file as head of household if I pay more than half of the home's upkeep, if I don't own the home?
    6. Any other advice for someone in our shoes?

    Apologies for being so clueless, my dad shielded the rest of us from having to deal with finances and I'm afraid I was not smart enough to learn from him while I could.

    submitted by /u/TacManJones
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    Accounting Research: Less is More and More is More? Paper Versus Digital in Financial Communication

    Posted: 29 May 2018 11:47 AM PDT

    Hey /r/Accounting!

    I'm back with another study that you might find interesting. This one has to deal with the amount of information companies present to their financial statement users (long form or short form) and what medium its communicated in (paper or digital). The results show that how you communicate your financial results (i.e., the medium) can influence how much information you should provide them. For all the F/S preparers out there, I thought you might like this study.

    Abstract: The need to ensure people are saving for retirement and reading their financial reports have prompted debate among regulators. Certain countries, such as Australia and Israel, are requiring a move to short-form reports and some countries, such as Germany, Austria, the Netherlands, the United Kingdom, Italy, Belgium, and Hungary are requiring digital reporting, instead of or in addition to delivering reports through the mail system. In a series of experiments, we investigated people's ability to locate essential information in short versus long financial reports, in both paper and digital form. The ability to find information was sensitive to the length of the report with opposite effects in the different media (paper vs. digital). In the paper experiment, participants found information and answered questions better when provided with short reports, whereas in the digital experiments, participants responded better when provided with long financial reports. Our results indicate that in digital communication, "more is more". These findings contribute to the current discussion regarding financial and pension information communication.

    Link to study: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3157919

    Reference: Hurwitz, Abigail and Lahav, Eyal and Mugerman, Yevgeny, Less is More and More is More? Paper Versus Digital in Financial Communication: An Experimental Study (April 6, 2018). Available at SSRN: https://ssrn.com/abstract=3157919 or http://dx.doi.org/10.2139/ssrn.3157919

    submitted by /u/AccountingResearcher
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    Wearing shorts to work?

    Posted: 29 May 2018 05:45 PM PDT

    Specifically on "casual" Fridays and no client facing meetings lined up? I feel like I've reached the point where I just prefer comfort over dressing nicely.

    That said, don't think I've seen any guy wear shorts in the 5 years I've been with this firm :(

    submitted by /u/LegendaryVenusaur
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    REG Tomorrow, last exam... I am a bit anxious.

    Posted: 29 May 2018 05:39 PM PDT

    Personally think I studied more for this exam than the other 3, yet I feel more anxious. Bleh I think I hit burnout.

    submitted by /u/Lizardiceboy
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    What order did you take the CPA exam?

    Posted: 29 May 2018 09:41 AM PDT

    Is there an efficient method, or is it all preference?

    submitted by /u/Mattlookingatreddit
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    Small Business Questions

    Posted: 29 May 2018 08:52 PM PDT

    Hello,

    I am currently a student in a Small Business Finance class and an assignment of ours is to interview an accountant regarding various small business related questions. I have reached out to local firms but have yet to hear back from any of them. With that being said, if you are an accountant and would like to help answer some questions, could you please PM me? Thank you in advance!

    submitted by /u/RacingBull
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    Pick 3...

    Posted: 29 May 2018 08:17 PM PDT

    Hey all,

    Taking the CPA within a year. Planning the 3 masters classes I need to hit my 150. Which 3 should I pick in terms of what will help me on the CPA the most.....

    1. Advanced Accounting
    2. Tax 2 / Advanced Tax? (Masters level tax course that builds off of Tax 1 from undergrad)
    3. Governmental and Non-Profit Accounting
    4. Advanced External Auditing (Masters level audit course that builds off of Audit 1 from undergrad)

    Also, any other Masters classes in particular that would help with the CPA besides these that are worth considering will help.

    Thank you all. God bless.

    submitted by /u/TakeMySoul2Hell
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