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    Accounting Gameday

    October 06, 2018

    Accounting Gameday

    Gameday

    Posted: 06 Oct 2018 11:16 AM PDT

    The IRS

    Posted: 06 Oct 2018 10:05 AM PDT

    Thank you r/accounting

    Posted: 06 Oct 2018 11:58 AM PDT

    After finishing my freshman year with a 1.8gpa and not even knowing what I wanted to do with my life, I got my shit together sophomore year and retook a lot of the gen ed classes I failed and brought my gpa up to a 3.4. All summer I read /r/accounting to prepare for recruiting season because I was going into my junior year and with the help of all of you, I just landed my first internship at big four for this winter!! Im so excited and owe a lot of what I learned about professional development to this community. There's always light at the end of the tunnel so don't give up!!

    submitted by /u/darnimised50
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    Career progression example

    Posted: 06 Oct 2018 06:31 AM PDT

    See a lot of questions about people's paths. Here's mine, AMA.

    Started public, small firm, no SEC filers; 50k 1/2015 (COL index 1.03), raised to 54k before leaving

    1/2017- moved to FP&A @ F200 for 68k; CPA exams passed, but not 150 yet, raised to 72k before leaving (license acquired)

    11/2018- external promotion @ another F200 for 90k in a FP&A

    50-> 90k in 4 years! Woot woot!

    edit: glad this blew up! Hearing about other professional journeys is awesome

    submitted by /u/MT_GAAPs_buddy_Zach
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    MS Information System?

    Posted: 06 Oct 2018 04:17 PM PDT

    For those of who who have a MS in Information Systems pair with an undergraduate degree in accounting, do you think it was beneficial? How has it helped you land a job? Do you think it gives more exit / career opportunities? Would you recommend it? Any advice would be appreciated!

    submitted by /u/inner_blue
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    Just took FAR after not studying

    Posted: 06 Oct 2018 02:58 PM PDT

    Yeah so I planned on studying but life got in the way and I couldn't push back my test window because my NTS was about to expire. Super glad I took it though. I feel way less intimidated and feel like passing this test seems way more possible now. Motivated to get back on the horse and get this done.

    submitted by /u/Bigham1745
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    Am doing ACCOUNTING work

    Posted: 06 Oct 2018 11:44 AM PDT

    How to deal with nervousness interviewing at Big 4

    Posted: 06 Oct 2018 04:18 PM PDT

    Hey Guys,

    ​

    Going through the recruiting process and have an office interview with one of the big 4. I'm extremely nervous and I keep telling myself that I'm not going to get an offer because I go to a non-target school. This is my only opportunity to work at a big 4 because my school doesn't have any other big 4 that recruit here.

    ​

    During my other interviews I managed to stay cool and collected and I've gotten a few offers from national firms but I can't shake this nervousness and I'm worried it's going to hurt me in the interview.

    submitted by /u/OrganicPurchase921
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    Currently work as a staff at a public accounting firm. Can I get a weekend job in a restaurant?

    Posted: 06 Oct 2018 01:09 PM PDT

    I'm just wondering if this is frowned upon or against my firms policy to get a server job at a restaurant?

    submitted by /u/Endura_GW2
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    Question about filing form 990 for a 501c3

    Posted: 06 Oct 2018 06:22 PM PDT

    Sorry that this is an obscure and specific question. A client has a 501c3 and they want to say that the managing director is a volunteer even though he isn't. So what they've done is said that he volunteers 35 hrs a week but then bill the entity for contracted services that he performs. So his compensation is recorded as an expense for contracted services while the form says his compensation is 0. I find this obviously unethical but my question is, is it legal? He doesn't actually volunteer 35 hrs a week, he is paid in the neighborhood of $120k. Thanks for the help and please ask if you need anymore details or clarification. And happy 9/30 YE.

    submitted by /u/Skidvish
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    Did anyone here work through the 2008 recession, if so, how was it?

    Posted: 06 Oct 2018 02:19 PM PDT

    Did new hires get laid off, were audit teams cut smaller, etc.

    submitted by /u/illegal_mango
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    Remember this shit storm last year?

    Posted: 06 Oct 2018 12:49 AM PDT

    Homework Help Regarding Closing Entries.

    Posted: 06 Oct 2018 03:55 PM PDT

    In my first accounting course and for the first project we have to go through the entire accounting cycle for a period of a sole proprietorship. I am having trouble with closing entries, however; specifically closing the income summary account.

    The way I have the closing entries process written in my notes is to:

    1. Debit each income account and credit the Income Summary Account
    2. Debit the Income Summary account for total expenses and credit each expense account for its balance.
    3. Debit Income Summary for its balance and credit Retained Earnings for the amount of net income
    4. Debit Retained Earnings for the balance in the Drawing Account and credit the Drawing account for the same amount.

    However, in the sheets provided to me, there is no ledger account for retained earnings to post the entries that have to do with Retained Earnings. My google-fu isn't enough to find an answer to this issue.

    Pages I assume pertain to this issue: https://imgur.com/a/I05r36p

    submitted by /u/KairuGuddoIn
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    Will they revoke my interview?

    Posted: 06 Oct 2018 02:20 PM PDT

    I'm currently interning on an industry client and got offered a 2nd round office visit at a firm. When i filled out the application it said "Do you work or have you ever worked for a X firms client? I said no because at the time of the application the answer was no, but recently my company (private) is leveraging them (accounting firm) for internal audit advisory work. Am I going to get my office visit revoked?

    submitted by /u/unniuhaflu
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    Masters of Accountancy school/job prospects?

    Posted: 06 Oct 2018 08:51 PM PDT

    Some background: -BA Political Science (3.7GPA) -work experience in law mainly -I know I want to live and work somewhere in Orange County, CA. I know that most schools, when they help find a job, it's almost always in the immediate area around or near to the school -CSUN is the closest to me with the least amount of pre requisite courses and I get to waive the GMAT because of GPA..., UCI allows me to waive the GMAT but requires more pre requisite courses.

    ***Also, not sure if it matters, but I'm not tying to work in the "big law" equivalent of accounting.

    tl;dr: If I want to get a job after the grad program in Orange County must I attend a school in the area (UCI, chapman, CSUF) or can I attend CSUN in Los Angeles and have no problem expecting getting a job immediately after in OC? Thanks in advance!

    submitted by /u/Maester_Jedi
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    Wanting to change careers to accounting. What's my first step?

    Posted: 06 Oct 2018 10:10 AM PDT

    Hey everyone!

    I received my degree in electrical engineering a couple years ago and I'm currently employed as a Data Analyst in my company's finance department (large tech firm). I work closely with accountants on reconciling our financial data in Oracle with the general ledger, investigating discrepancies/anomalies, and assisting with our month-close process.

    Most of the analysts I work with dislike our role in accounting, as they find it tedious and boring, but it's by far my favorite part of the job. As far as what type of accounting I'm interested in, I really don't know at this point as my experience is limited. I'm good with math and problem-solving, and willing to go back to school if required.

    I have no other experience or education related to accounting, so what should my first move be in shifting towards this career? Do I need to get another bachelors? Any and all help is appreciated.

    Thanks!

    submitted by /u/Joskilatrix
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    Meet the Firms and Interview attire

    Posted: 06 Oct 2018 11:15 AM PDT

    Female, 3rd year uni student shopping for business professional clothing. I have a pant suit (approved by a manager from one of the Big 4), but I'm not sure of what blouse to get. Would something like this (the green blouse) be good? I'm not sure of the rules of blouse colors, so any recommendations or help would be great. Thank you in advance!

    submitted by /u/mseveg
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    Why do people fail the exams

    Posted: 06 Oct 2018 07:48 PM PDT

    I know the exams are hard. Is it simply people just don't study and put in the time?

    submitted by /u/KL040590
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    Selling brand new Roger books

    Posted: 06 Oct 2018 07:24 PM PDT

    Hi all,

    I recently passed all my exams- yay!! My firm offered Becker for free so that is what I used. However, I also had won a free subscription to Roger at a raffle so I ordered those books as well.

    I only ever used the online subscription, didn't touch the books so they are all brand new. I ordered the books in April of 2018 so they should be the newest versions.

    I'm not sure how long the online subscription will work for but I'm willing to share my login. I have an email saying it will expire 6 months after I got access which was about 6 months ago. That being said, my login is still working as of today. I used the online subscription for some practice problems in Reg and Aud but didn't do much there either.

    If you're interested, PM me. I can ship the books to you. Also willing to sell individual books if you want specific ones. Thanks!

    submitted by /u/and-i-am-me
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    Exams

    Posted: 06 Oct 2018 07:21 PM PDT

    Just got the email that I'm approved to sit, but there's a problem. I work at a small firm that doesn't pay for anything, so review materials and exam fees all come out of my pocket.

    All I have right now is Ninja and I'm trying to decide whether I should start trying for the exams or wait to get into a bigger firm first. What do you guys think?

    submitted by /u/Aejones124
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    What to talk about at a happy hour social?

    Posted: 06 Oct 2018 03:24 PM PDT

    I was invited to a happy hour social with my firm. I signed an internship with them but have not started yet so I don't know too many people there yet. There will also be a few partners there and I want to really be on their good side as I requested certain industries to be put on and hope to get 1-2 big-name clients to expose myself to that type of work. I never recruited with this big4 firm really before at meet the firms before the internship so I don't really have an impression on them right now, how can I approach this social or anything in the future to try and not get bad clients?

    submitted by /u/dforce30
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    FAR mock exam

    Posted: 06 Oct 2018 02:59 PM PDT

    Just made a 72 on Becker's third mock exam. I take the exam in 2 days, should I still study all day or should I take it easy and just relax? I'm nervous but I don't want to over study and go into the exam over thinking everything

    submitted by /u/GoldenGreaser
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    Tipped Workers: Pre-Tax Tip Offset Question

    Posted: 06 Oct 2018 12:31 PM PDT

    A little background: I work as a night auditor at a major family brand hotel. The hotel has recently changed owners. One of the co-owners is a CPA, and handles payroll.

    The bartenders, and servers noticed their checks were considerably smaller - the first payday after the co-owner took over. The old ownership allowed them to cash out tips credit/debit cards, at a pre-tax rate. I know that's definitely way outside of GAAP, on a fundamental level, and that's since been remedied.

    Fair play, there. So don't get hung up on that. They've also mandated full reporting on cash tips, which is also definitely kosher. But as we all know, fat chance getting an actual figure there. For clarity, they're supposed to deposit all cash tips. Tips are applied to their bi-weekly check.

    Main issue is: It looks like they deduct pre-tax tips as a 'tip offset' line item, from post-tax (net) tips, and wages combined. So if they were tipped $2000 (not likely to happen, but for the sake of argument...), they could end up owing the company money after they've worked. The new co-owner thinks this is a fine system.

    I'm definitely not an accountant, but I've had a few accounting courses throughout my business administration degree track. This doesn't seem right. And I want to make sure I'm not acting like a matchbook accountant (which I am, to a degree... but pre-tax from post tax!?!?!).

    I've pretty well reached the end of what little expertise I can offer. These are single mothers, (some should be retired - not because of incompetence, but because they need the money) elderly, and other women. Any bit of insight here would be highly appreciated.

    In fact, if you have a website, I can offer some advice. My background is web development/SEO. I'm good at it, but I want to avoid a conflict of interests with what I'm trying to do.

    Just a bit of barter, if you would like. :D I'm not trying to drum up business. I'm done with client work. (SERIOUSLY!!!! :D )

    I've removed all personally identifiable information. All you really need to do is focus on the line items. An image of one check stub is attached, via Imgur link.

    I did a wee bit of diligence, and searched "Tip Offset", and came up a bit wanting - with this:

    https://www.reddit.com/r/Accounting/comments/575sso/question_on_proper_bookkeeping_for_gratuities/

    Anyway, here is an anonymized photo of a bartender stub. It's a little blurry, but I think I can get another one - if that doesn't work at all. My main concern is that the tip offset is a pre-tax figure.

    https://imgur.com/a/i6lE0eh

    They also work with the Aloha POS, for anyone that has experience there.

    Thanks much, everyone. Your input means more to a lot of people than you can possible know. Go get them warm fuzzies, please!!! ;) - Direct from the state of Michigan.

    submitted by /u/almostoy
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