Accounting Happy 4th!

As the title says, how important is your industry when starting out? I'm looking to leave B4 audit and just wonder if I should be limiting myself only to industries that I feel I would work the rest of my life in... or if industries don't really matter and you can pivot between industries (such as mining, banking etc.)

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For all those people working on 6/30 YE audits.

Posted: 04 Jul 2018 10:00 PM PDT

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[CAN] [CPA PEP] Core 2 exam thoughts/reflection? 07/04/2018

Posted: 04 Jul 2018 12:20 PM PDT

Similar to our C1 thread, let's document and discuss our C2 process for future C2'rs.

Considering I got mainly competent in C1 with a decent effort, as well as there being a 6% higher pass rate for C2, I wanted to consciously minimize the time spent on this module while attempting to still achieve a pass. Some implementations to my C2 module work;

week 1 I did all of the MC's for all weeks so I didn't have to worry about them
always submitted AP/PC's Thursday night regardless of completion to alleviate Friday stress
consciously tracked time spent on a PC/AP AO; listing an assumption and completing the PC/AP as quickly as possible

These definitely helped in creating time during the module, especially because it was busy at work. However, I will say a week out from the exam I had learnt next to nothing.

My study plan was to complete the Densmore Core Competency map readings for Management Accounting, Finance, and Strategy & Governance.

To help my technical, I debriefed all AP's MW problems and did 2009 - 2012 of the old CMA exams. These CMA exams are crucial to the management accounting multiple choice questions and I really wish I had spent more time re-going through them. I also dabbled with a few finance questions on the old CMA exams which I found to be helpful as well; just remember which finance competencies can be tested on C2 so you aren't wasting your time.

So overall, I completed the module without touching D2L after week 1.

The case portion of the exam was as expected; comparatively easier to the majority of the weekly PC's. I was pleasantly surprised with how little and relatively simple the calculations were for the case (Profit variance analysis, transfer pricing, NPV of new product line); but the recommendations for performance management as well qualitative factors definitely felt open ended and dragged on; I had a tough time organizing my thoughts. I spent about 1.5hr on the case. Going into the exam, I never re-read entire cases as advised (usually just re-read technical areas), but in hindsight re-reading a full C2 case can really help you understand the overall direction they want you to take the company. Different from C1, numbers are going to be everywhere so it was tough for me to resist the urge of grabbing random numbers and doing random calculations; have somewhat of a plan.

I felt the MC for strategy and governance were relatively easy, and looking back I think there is opportunity here to blast through these questions and save time for the management accounting MC's. The finance questions were also relatively easy but time became a factor.

The management accounting MC's were both very tough and very time consuming. My recommendation here is that if you don't know the exact required calculation right away; mark the Q# down and immediately move on; there is zero point in trying to plug numbers and as mentioned on this sub, time will 100% be your enemy.

Overall, I felt like I only actually successfully calculated maybe ~5 of the 25 or so management accounting MC's (it felt like more than 25). So I mainly used educated guesses to get through through all of these.

My educated guessing came from understanding an overall concept mentioned in the MC question, for example; absorption costing including FC's. Then I would look at the possible answers and try to guess the impact of the difference for correctly including the FC in the calculation.

The CMA exam MC's were laid out very similarly to the MC's, so I found it helpful to try and think back to the CMA exam solution process and what amount was picked relevant to the other answers.

We'll see how these strategies played out, with some luck I'm hoping I will be alright; again I wish I had spent more time re-doing these CMA exams.

Overall, I walked in with very little knowledge on managerial accounting and I walked out feeling like I had none.

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Lost Touch with the Accounting World After I Graduated and It has been Years Since. How do I go Back?

Posted: 04 Jul 2018 08:43 PM PDT

I did very well in University. I consistently scored well in all my accounting-related courses and was a favorite among instructors. I was not able to get in to the big 4 because of the passport I carry and the country I was in at the time. They simply wouldn't issue me a work permit. I had already signed a contract with one of the big 4 at that point and as you can imagine, it was soul crushing..

I have since taken on a career path in PR but I feel like my brain is slowly decaying away. I do not feel fulfilled nor do I feel like I am doing something important. I want to go back in to Accounting. I want to earn my CPA.

I've been looking at job postings from the big 4 but entry level jobs all seem to be targeted towards fresh grads. I have graduated 7 years ago and that's a no go for me. I really am not sure how to go on about this and in all honesty, I am intimidated. In addition to that, I pretty much forgot almost everything I learned back in school save for some very basic things. Please guide me r/Accounting..

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Career advice for a 20 year old aspiring accountant? (Toronto CA)

Posted: 04 Jul 2018 04:51 PM PDT

Hi /r/Accounting, I've been a lurker for a few months now as I just started my first accounting related job as a student accountant at a small regional accounting firm (15-20 people, 10 CPA's) for the summer while Uni is out and wanted to see what some of you guys think my chances of getting into B4 as well as the career path I should take.

The rough breakdown of what I do is:

-40% bookkeeping (including bank reconciliations, HST filing)

-20% compilations + corporate tax returns (notice to reader engagements, mainly pretty simple ones)

-20% Personal tax return preparation (T1)

-10% Audit work for NFP's (expense testing, revenue testing, JE testing)

-10% Admin work

I work closely with a CPA who acts as my supervisor (who I feel I annoy with my endless questions), and think that both the partner and manager who hired me would give me a solid reference.

As for schooling I am going into my third year next year and taking Intermediate I & II, as well as intro to tax and other required accounting courses (on track to be CPA eligible in terms of credits by graduation, 3.5 GPA, 80% avg) I go to a target school so as you may have guessed they push the "kool aid" on us heavily and I was wondering what my chances with either getting a summer position next year or landing a position upon finishing fourth year at big four and what career path suggestions you may have in terms of where to start and if I should start in an audit or tax position.

I'm not too too concerned with work/life balance for the first few years out of university so long as it pays off. I want to be able to move into industry (as seems to be talked about a lot on this subreddit) and set myself up to make a relatively high income as well as not work crazy hours as I get older.

I appreciate any responses and suggestions!

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What are, if any, the highest levels of accounting skill and intelligence one can reach?

Posted: 04 Jul 2018 03:55 PM PDT

It's kind of hard for me to be motivated about studying accounting and being ambitious with my career, because there are no heroes in this profession. It really helps me to have a kick ass, awesome role model for me to look up to when I'm trying to get good at something. I have never heard of the Michael Jordan, the Albert Einstein, the Da Vinci, the Elon Musk, etc. of accounting. This also hurts me because there are no awesome movies with cool accountant protaganists, and I have seen basically every occupation look badass on screen, or at least the nature of the work can make the story seem appealing. There is nothing like this for accounting, even the movie "Smartest guys in the room" damn near made me fall asleep, it had people being interviewed for 2 hours talking about how cool the Enron accountants were because they rode dirtbikes and went to strip clubs (OOOOHHH so edgy, I thought you guys were a buncha pencil pushin lames, now you guys are straight up gangstas!) (not srs). And when the Accountant with Ben Affleck was made, they had to make half the movie about him being some kind of trained assassin to make the movie have a plot. Because nobody in the world gives a sht about a story about accounting. I've seen stories about janitors more interesting than anything that has to do with accounting, that isn't finance.

But anyway, enough rant, my actual question. In order to motivate myself to study, it might help for me to know of people who are absolute wizards at accounting. Like in the real world. Legends in their industry (I know accounting has no "legends", please just play along and bear with me). What are some of the highest levels that you can be, in terms of mastery of all things accounting? Like, complete memorization of the tax code or of the authoritative literature used on the CPA exam? Someone who can look at a balance sheet, and income statement, and within seconds determine where the mistake is? If the company is on track to profitability or if there is a massive, but not so obvious problem in its business model? Someone who knows accounting so well, inside and out, that he knows clever ways to find loopholes in the rules so he can move account balances around to reach certain goals, without breaking any rules? (so good, he charges millions for his services, his reputation is so well known in the corporate America, companies BEG for his consulting?) Someone who is so good at auditing, every company publicly listed in America straightens out their act when they find out he is in town, because he can sniff out any little over/understatement you try to hide? Someone who can calculate complex depreciation methods inside their head to 100% accuracy and have just an innate "feel" for how the company's finances are going to shift by any one journal entry, like an expert electrician understands house wiring so well, that he can knowingly cut a cable during a job knowing EXACTLY with rooms and which areas are going to lose power, and which he can reconnect with the next soldering. He is 100% in control and aware of what he is doing.

Is there a level like that, which is reachable for the average person? Like a black belt for martial arts? Are there inherent "talents" which exist for accounting? Kinda like when you look at phelps and you just know he was born to swim? People who's brains are just wired in such a way that they understand the structure of accounting better than the normal person, and they can never be defeated in an "accounting face-off" (if such a thing existed), because to try to out-accounting them is like training to try to beat Usain Bolt in a footrace. That man was built to sprint. Sorry buddy, you never had a chance.

I know accounting is not that epic, but please someone give me something. It's so hard to give such effort to something which has such little return. Even if upon passing all 4 parts, I would get a nice big balloon pop and confetti flying everywhere for a couple seconds, that would make accounting 1000x more interesting and exciting than it currently is. Someone tell me about the smartest guy at their job, who everyone goes to when they have problems. Graduated 4.0 in 3 years. Passed all 4 on the first try, four 99s, in less than 3 months. Used to work with the FBI to uncover military espionage operations executed through secretive accounting transactions that only he could decode. Or even tell me of a level you can reach where accounting feels like the back of your hand, and you have less to worry about at work because the odds of your boss chewing you up for a mistake are slim to none, since not making all accounts balance, rounded, and adjusted to the penny is like forgetting to wipe. It just does not happen, you have reached the level where you are impervious to mistakes. Please, I need motivation to study this stuff, I need some kind of hero or folklore, please indulge me. Thanks r/accounting

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Looking for help on part B

Posted: 04 Jul 2018 08:25 PM PDT

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Dumb Accounting Question

Posted: 04 Jul 2018 08:06 PM PDT

Hey y'all I'm an accounting student and I know basic stuff like the accounting equation must be Asset = Liability + Equity but why do I find a company have something like Equity = Asset - Liability in their financial reporting? What makes it different? Sorry for this dumb question

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Study 2 Parts at Once?

Posted: 04 Jul 2018 08:02 PM PDT

Still waiting on my application to be approved for my first NTS. Applied during the last week of May after graduation. Judging by the post last night, NASBA might take longer than 6 weeks. Planning to take FAR first and have been studying since May. Wanting to get at least 2 exams done in Q3, would starting to study for my next section be a good idea? Was initially going to try REG second, but am leaning toward AUD now since it overlaps some of FAR. Appreciate the advice in advance!

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PLEASE HELP ME? Accounting life choices (ONTARIO)

Posted: 04 Jul 2018 11:11 AM PDT

Hello,

I am currently 23 years old. Right now I doing my undergrad in accounting. I am about to go to third year and I have no clue what to do. After I get out university I will most likely do my CPA. However I am not to sure what real accountants do, I only took have finished few courses which is Financial accounting 1 & 2, and Intro to managerial accounting . I was thinking about going into forensics accounting however I have been told i need to get auditing experience first before I can move into that career. So now I am not sure what I have to do. I have no work experience that will be relevant or could help me land an accounting job. The only job I have worked is as a security guard. I probably need to get accounting experience first to work at the Big 4. What do position would I start off as? I am also socially awkward and I am not to sure how "small talk" or "office equitique works at workplace? I have no clue about this degree i am so screwed

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FBI forensic accountant

Posted: 04 Jul 2018 08:30 AM PDT

Anybody know or have any experience on what its like to be a FBI forensic accountant? are you issued a gun and badge? Do you participate in raids to get financial evidence? what qualities does the best candidate have? i imagine CPA + big4 audit experience must be their preferred candidate. would someone who has FP&A experience have a shot (assuming they get their CPA license)?

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Need help with studying for FAR w Becker!

Posted: 04 Jul 2018 01:02 PM PDT

So I've been just focusing on doing the MCQ off the Becker modules over and over again and for the most part it's ok. HOWEVER, there's just a handful of modules (income taxes, payables and accrued liabilities) where I feel like the MCQ have NOTHING to do with what was taught in the lectures, so I get like 50-60%...I sit for hours trying to figure out the why and the concepts but I just can't seem to make the connection. I get more and more stressed and frustrated and I'm wondering if I should just say fuck it and move on to focus on the other areas. Please help!!!

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What happens if I now show for my exam? Currently battling a kidney stone.

Posted: 04 Jul 2018 03:02 PM PDT

Unless things change quickly, I'm not going to make it for my exam in 14 hours from now. What happens when you no show? Just I can't take it again in this window or is there a bigger punishment?

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Bond Question Amortization

Posted: 04 Jul 2018 02:47 PM PDT

I get explanation all the way to $14,922 how is that calculated? also, what would be journal entries? Happy 4th!

On June 30, 20X14, Ariadne, Inc. issued 2,500 of its 6%, ten-year, $1,000 face value bonds with detachable stock warrants at par. Each bond carried a detachable warrant for one share of Ariadne's common stock at a specified option price of $24 per share. Immediately after issuance, the market value of the bonds without the warrants was $2,250,000 and the market value of the warrants was $305,000. In its December 31, 20X14 balance sheet, what amount should Ariadne report as bonds payable, net of discount or premium? Assume straight-line amortization.

Explanation :

The proceeds of bonds issued with detachable warrants are allocated between the bonds and the warrants based upon their relative FMV at the time of issuance. Since the bonds had a fair value of $2,250,000 and the warrants a fair value of $305,000, the total of the fair values is $2,555,000. The bonds account for 2,250,000 / 2,555,000 or 88.0626\% of the proceeds of $2,500,000 or $2,201,565 and will be recorded, at issuance, at face of $2,500,000 minus a discount of $298,435 for a net amount of $2,201,565. The warrants account for 305,000 / 2,555,000 or 11.9374\% of the proceeds of $2,500,000 or $298,435. On the balance sheet date straight-line bond discount amortization of $14,922 would be recorded, for a resulting bond payable, net of unamortized discount, of $2,216,487.

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How to get an accounting job

Posted: 04 Jul 2018 12:15 PM PDT

Hello,

I am currently 23s year old, entering 3rd year and my undergrad is in accounting. The only work experience I have as of now is only working as a security guard. I am trying to enter in the industry however I don't know how. I also do not get to a reputable university. Can someone please tell me how I can get my foot in the door.

submitted by /u/theaccountant95
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B4 Culture Differences

Posted: 04 Jul 2018 03:05 AM PDT

Throwaway account because of course.

I am a rising Senior in the Federal Advisory Risk practice at EY and I was contacted by a recruiter for the Federal Advisory Risk practice at Deloitte - I'm wondering if anyone could give me insight into the culture of Deloitte, specifically in the DC area?

I've been with EY for almost four years (had a BD role before switching) and I've felt that each of the B4 has a sort of "personality" to it. For instance, EY has this sort of touchy-freely, inclusivity-focused culture, while PWC has a more technical accounting focused culture, and Deloitte has a reputation of being more hard-ass, chew you up and spit you out culture. KPMG has... golf? Dunno.

Any truth to these reputations? And can anyone give me some insight into the Deloitte DC/Federal Risk practice?

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Why are you working today?

Posted: 04 Jul 2018 09:22 AM PDT

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Just got offered and accepted a graduate trainee accountant job. What can I expect?

Posted: 04 Jul 2018 05:34 PM PDT

From the UK, just graduated with a languages degree and have now been offered/accepted a graduate trainee accountant position. It's a 3 and a half year contract with a reputable firm who has a branch in my hometown. By the end of it, I'll (hopefully) be a qualified chartered accountant. I'm really excited about it and I'm extremely lucky to have got the job but... Basically, what have I got myself in for?

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