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    July 01, 2018

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    Accounting Humor

    Posted: 01 Jul 2018 05:44 PM PDT

    Found a match for HotCPA

    Posted: 01 Jul 2018 02:01 PM PDT

    I see your license plates and raise you this gem seen in Atlanta

    Posted: 01 Jul 2018 06:37 PM PDT

    [US] So, About That Employee And My New Accountant Job

    Posted: 01 Jul 2018 09:03 AM PDT

    As some of you may know from my last post (https://www.reddit.com/r/Accounting/comments/8tlcg2/us_was_i_in_the_wrong_here/), I've been having trouble with an employee. This is my first management job and I'm trying me best to deal with everything.

    Had another problem on Thursday. The retiring accountant has continued to not introduce me to his clients. He still just wants to send an e-mail. My boss is getting annoyed about this, but she still hasn't done anything. She has told me to meet everyone who comes in the door.

    So, I did so.

    One day, I'm in my office and I hear a name that I know. This is a person whose return I prepared. I wanted to greet them. I go to do so and the same employee who yelled at me before is there. I introduce myself to the client and ask if I can handle it from here. The employee responds by screaming at me in front of the clients and saying "I've been doing this longer than you have." To avoid anything else happening in front of the clients, I wait till they leave and go to her office to have a meeting. I say politely "hey, I need to introduce myself to these clients. I'm going to be the only accountant in the office soon and I want them to know who I am. And I need them to trust me so can you please say things like that or scream at me in front of clients" She immediately begins yelling at me and saying "I've been doing this longer than you've been alive!"

    I tell her I was just trying to introduce myself to the clients, that I knew she could handle it, and that I don't doubt her ability, just that I want the clients to know who I am before the accountant retires. She continues yelling at me before going "I have to get back to work" and dismissing me. I tell at her not to yell at me and leave.

    My boss and the other employees meet me and start saying "We really have no idea what her problem is. She did the same thing to T and D (obviously not their names) for six months. So, maybe she'll stop. She has this problem of thinking that being here 8 years makes her above everyone else, despite she's just an entry level bookkeeper. And it really gets on everyone nerves. She's screamed at my assistant in front of interns who never respected my assistant again after that. She's even rude to the district manager and it really ticks us all off." But they also say "you just got to learn to deal with it because its how she is" Obviously, I'm summarizing the conversation.

    So, I just go back to work.

    Things are also getting weird. While the retiring accountant is giving me more work and I am talking to more clients and business, I've only sat in on one meeting. That's fine, but the reason I was there was disconcerting. I mentioned it to my boss and she said "yeah, but the problem with that is that the accountant who is retiring is a big Trump supporter and kind of a bigot. I think he only wanted you in there because the client was gay and he was afraid of being alone with a gay man. He's said some things in private that would have made me fire him, if I didn't know he was retiring anyway. " Now, I'm a bi man who is in the closet and that was really uncomfortable. Then she goes, "Yeah, both him and that other employee who yells at you (obviously she said the name but I'm keeping that secret) were obnoxious in 2016 about Trump and illegals and stuff. It's why I'm glad he's retiring and why I wish she stuck to her promise of retiring with him."

    Then it kind of clicked. Remember those two other employees she treated like shit for a few months? They were Portuguese and Dominican. And I'm Puerto Rican. And apparently she went on about illegals and deportations. Maybe I'm jumping the gun, but she is the only one who is really been hostile to me. So, I'm starting to wonder if she might be doing it because I'm hispanic.

    submitted by /u/Josh_From_Accounting
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    Want to take it easy after 5 years.

    Posted: 01 Jul 2018 06:10 PM PDT

    Worked at big 4 for two. small business for 1 year, and fortune 50 for 2 years. I am a CPA.

    I'd like to take it easy on a W-2 front, since I'm starting a side hustle that I want to ensure I have the energy for.

    What are some more "laid-back" and reduced stressed opportunities (40 hours max) that align best with my background? I don't really have a strong salary requirement, but wouldn't want to take TOO big of a paycut (current 80k in low COL)

    submitted by /u/throwaway3424345
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    Who provided the debt for the Toys R Us leveraged buy out?

    Posted: 01 Jul 2018 03:11 PM PDT

    Given the recent events regarding Toys R Us, I wanted to do a bit of research. I just read these articles: https://www.bloomberg.com/news/articles/2018-03-09/toys-r-us-downfall-is-ominous-reminder-about-debt-laden-deals

    http://theweek.com/articles/761124/how-vulture-capitalists-ate-toys-r

    From what I understand, three private equity firms bought Toys R Us from its shareholders turning the toy retailer into a private company. These firms practiced what is known as a Leveraged Buy Out (LBO) where they only provided a minority of their own capital to purchase Toys R Us and the majority of the purchase was funded by debt. The assets of Toys R Us were used as collateral against this debt. Ultimately, Toys R Us met its demise because of insanely high interest expense due to this large debt.

    So far, do I understand this correctly? And secondly, if the private equity firms only provided 20% of the capital to purchase Toys R Us, who provided the rest of the money to the shareholder for the purchase? As an accounting student I find this very fascinating and was hoping I could get some clarity from you guys in regards to Toys R Us and LBOs in general. Thanks!

    submitted by /u/TurnDownForLunch
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    I messed up during recruitment! Can I still break in?

    Posted: 01 Jul 2018 02:11 PM PDT

    I went to a target (think Duke, Brown, Northwestern) as an Econ major. In my junior year, I got a corporate finance summer internship at a large cable provider in NYC. A few weeks before it started, I got into an accident and couldn't go. My surgery failed, and I took two semesters off to recover.

    Last fall, I went back to school and crammed 24 credits into one semester so I could graduate by December. I was still injured and went to all my on-site interviews in NYC while on crutches. Needless to say, I was rejected by 15+ firms and received one job offer which starts in August. Also since January, I've been interning at a non-profit.

    At my interviews, I had no relevant summer internships, looked like a cripple, and had no cool club involvement to talk about (I'd been bedridden for 18 months). I'm grateful for the job offer I got (it's an IT position at an AM firm in a mid-sized city) but it's not what I want to do and the pay is below market ($48k). Honestly I know very little about coding.

    I've passed CFA L1 and 4 parts of the CPA exam. I have a GPA of 3.6. The dream is to work at a big 4 in NYC. If anyone can offer me advice on how I can achieve my dreams, that'd be great. I feel iffy about not being in NYC (80% of my college friends and my boyfriend are there).

    submitted by /u/conifersconifers
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    How hard/easy is it really to get an internship offer?

    Posted: 01 Jul 2018 07:29 PM PDT

    I always people talking about how as long as you have a good gpa and are at least somewhat personable and have the ability to hold a conversation then you're golden and will most likely get an offer. I however think that it has to be somewhat harder than that right? I mean I was looking at the job board for my school and I saw some other students who where also there and we all basically almost have the same profiles. We all work part time jobs mostly in retail. We all are part of the accounting club to what degree of participation I do not know. And the biggest thing that we have in common is that all of us do not have an internship?

    My question is how hard is it really to get an internship offer? I have been told by some people at my uni that many people simply list the accounting club on their resume but many of them then do not actually attend any of the meet the firms nor do they go to the majority of office meetings as well. What are some good ways that I could give myself an advantage to my make my process a bit easier. I am planning on becoming an officer of the club but other than that and going to meet the firms I dont really know what else to do?

    submitted by /u/forestgather50
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    Transfer Pricing Experiences

    Posted: 01 Jul 2018 05:38 PM PDT

    I will be interviewing for summer internships this fall and have recently become interested in transfer pricing. Can someone with experience in transfer pricing explain the day to day responsibilities and what you like/dislike about it?

    submitted by /u/lf8371
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    I have REG in exactly one week and haven’t finished the b law sections. Thinking of doing a mock exam tonight and hammering my weak points all week. Any tips ?

    Posted: 01 Jul 2018 05:33 PM PDT

    What is the best response to "tell me about yourself"? Can someone please provide an example?

    Posted: 01 Jul 2018 10:11 AM PDT

    This is the question I have problems with the most, don't know how much to say, or how little to share.

    Please give me an example, I already know what to cover, I just don't know how to phrase it.

    Thanks in advance to any helpful comments.

    submitted by /u/IswagIcook
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    Accountemps skills assessment test

    Posted: 01 Jul 2018 10:24 AM PDT

    Has anybody taken a skills assessment test for Accountemps?

    I have a skype interview for one branch tomorrow and an in person interview for another. I learned some basic financial modeling using the three financial statements through a course on Udemy (online) a few months ago and have recently refreshed myself on the subject. I am also going to go over VLOOKUP, SUMIF, Index-Match, and pivot tables.

    Is there anything else that I should be prepared for? Since these are general interviews for possible upcoming positions, I'm not sure how it would go about (entirely behavioral with a skills assessment test the same day?). Any advice is appreciated. Also if somebody can provide a link to best prepare for an Accounting 101 test like this that would be great, as I didn't study accounting in college (economics rather) but I do have some experience with the 3 financial statements.

    submitted by /u/pistoche7
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    Which to choose: Accounting or Supply Chain?

    Posted: 01 Jul 2018 09:31 AM PDT

    Currently have a FT offer between a national firm for audit and a f500 Supply Chain position. Would it be easier to switch from accounting to supply chain down the road or the other way around?

    submitted by /u/PervertExpert
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    Question about stock-based compensation

    Posted: 01 Jul 2018 08:36 PM PDT

    I had a couple of questions. I've been reading through PWC's Stock-based compensation guide, but it's quite lengthy.

    1. For a restricted stock grant that vests over say three years. Is the accounting different if it vests at the end of the three years vs. vests in thirds each year? Do stock price fluctuations after the grant of stock matter?
    2. For shares awarded based on performance: Say there's a three year target, with a max of 200% of the target being awarded (in shares). How are these performance shares accounted for? My primitive understanding is that the expense could vary based on what the company expects to happen - meaning, if at the end of year 1 they expect the max to be hit the expense would increase. Is this accurate? How do stock price fluctuations impact this?

    Thank you.

    submitted by /u/value100
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    Transitioning from Government Auditing to a Mid-sized firm

    Posted: 01 Jul 2018 04:49 PM PDT

    I really want to transition to a career in auditing public/private companies next year. By the time I'll be a CPA, I'll also have 12-18 months of government audit experience. Any advice for what I can do now to make myself more marketable would be appreciated.

    submitted by /u/Shitty_References
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    P6-7A part D. Can someone help me figure my sales and variable costs.

    Posted: 01 Jul 2018 04:45 PM PDT

    First year associate $2.5k bonus, this good/bad?

    Posted: 01 Jul 2018 07:04 AM PDT

    60k base, still completing first year in assurance (9 months in), mid-sized firm in a major metro. ~4.16% bonus of $2.5k. This is my first "adult job" so not sure what to expect or how good this is.

    Thanks!

    submitted by /u/koodas
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    If a business owner patronizes a restaurant to advertise his business and purchases a meal during his visit, is the meal treatable as an advertising expense and thus 100% deductible?

    Posted: 01 Jul 2018 07:37 PM PDT

    I have a hunch the answer is probably, sadly, going to be "NOPE."

    But...is it?

    submitted by /u/OctopodeCode
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    Does B4 pay for CPE, membership dues, and/or other professional certification expenses (CMA, CFA, etc.)?

    Posted: 01 Jul 2018 01:08 PM PDT

    I thought they did (many "smaller" companies do), but I do not see it listed as a benefit on any of the B4 websites...

    submitted by /u/AccessDeniedx
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    Does anyone have experience or insight on working in Fiduciary Trust and Tax Services?

    Posted: 01 Jul 2018 09:14 AM PDT

    I will be starting a job at a Big 4 firm soon in the fiduciary trust and tax services dept. This is my first full time job after graduating and I also don't have much of an idea of what this job will entail.

    So if anyone can provide any amount of info that relates to this field I would appreciate it. Things like what to expect, things to do to prepare before starting, personal experiences, etc.

    submitted by /u/heretohelpm8
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    Do you guys engage in posting or commenting on LinkedIn feeds?

    Posted: 01 Jul 2018 10:07 AM PDT

    It is sort of like Reddit in the sense that people can comment and offer more insight.

    I think it would be pretty fun and can generate more profile views.

    submitted by /u/AmbitiousAssociate
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    homework help plz

    Posted: 01 Jul 2018 06:47 PM PDT

    [Homework Help] Calculating earnings per share. Why do I only include dividends declared to preferred stock?

    Posted: 01 Jul 2018 06:36 PM PDT

    Powers Financials reported net income of $1.7 million. It declared and paid dividends of $250,000 for the year, one-half of which relate to the preferred shares. The weighted-average number of common shares outstanding during the year is 500,000 shares. Earnings per share for Powers Financials is (round your answer to the nearest cent):

    Earnings per share = (Net Income-Preferred Dividends) / Common Shares outstanding.

    Correct answer: [1,700,000 - (250,000/2)] / 500,000 = 3.15

    So, I can work the equation and get the right answer, but I think I don't understand the dividends and shares aspect of this problem. What are the other 125,000 dividends and why aren't they included in the formula?

    What I had done, incorrectly was: [1,700,000 - 250,000] / 500,000

    This is in chapter 4 of Intermediate 1, so maybe this is one of the "just learn it now and it will make sense later" things. I am looking at the table of contents of my textbook and chapter 16 deals with earnings per share, so maybe I don't need to understand the entirety of this now.

    Edit: Quick Edit on spelling.

    submitted by /u/KayfabeOnlyPlz
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    Tax question: Id like to itemize instead of taking the standard deduction.

    Posted: 01 Jul 2018 02:37 PM PDT

    I work for the state and drive about 700 miles per month, but use my personal car.

    I'm an investigator for the state and require the related materials. I've always took the standard deductions though. Making ~40k

    I've been thinking of getting a sports car recently though, and wondering if it would be worth it to itemize my taxes since most of my miles would come from work. My job reimburses ~.40 cents per mile IF I decide to submit the form.

    As I understand though, I can either claim the state itemized mileage deduction ~.55 cents per mile OR claim my oil, gas, tires, interest, etc MULTIPLIED by the amount I use my car.

    Obviously I'm not an accountant, but I'm wondering if I can do this as it would make more sense compared to my ~1k tax return.

    Thanks everyone in advanced!

    submitted by /u/Throwaway728415gsjxb
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