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    Accounting Must have skipped over this volume of the Harry Potter series

    November 10, 2018

    Accounting Must have skipped over this volume of the Harry Potter series

    Must have skipped over this volume of the Harry Potter series

    Posted: 10 Nov 2018 07:22 PM PST

    When you're tryna explain accounting to a friend and you mention all the intricacies

    Posted: 10 Nov 2018 07:37 AM PST

    Is this retained earnings?

    Posted: 10 Nov 2018 07:58 PM PST

    What happens after you get bad performance review?

    Posted: 10 Nov 2018 02:15 PM PST

    Hello friends, what would happen when you get poor performance review in big 4? -Can you fix it by doing better next time? -What if you tried really hard but still struggle? -How do management judge your performance when you are a new hire? I assume not much tolerance, correct?

    Thank you for sharing with me your experience and opinions! I appreciate it!

    submitted by /u/monkeyjojo
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    TIL Public Accountants Have No Rights

    Posted: 10 Nov 2018 09:41 PM PST

    Legal advice on a canadian who owns a freelance art business wanting to hire an american worker?

    Posted: 10 Nov 2018 10:05 PM PST

    Im working as a fulltime costume maker, but im still learning the ropes when it comes to being self employed. And i needed advice on how to go about hiring someone to assist me in my work. I wouldn't take them on as an official employee, but just someone id contract to get shit done for me. He runs patterns through a machine. I pay him for my time. Simple as that. Except hes a US citizen and im a canadian citizen.

    From what ive researched it seems pretty a-ok that he can work for me even if we're from different countries, the problem arises over the fact that we'd need to be in the same location in order to effectively get work done. E.I. hed need to be here for a couple months, then id need to be there, we could work it out so neither of us go over the 6 month - 1 day limit of being in a different country. Would he just be able to invoice me for the cost of work he did in his home country? I just wont include the hours worked in my country? When hes crossing the border can he just claim a friendly visit? Its not illegal to visit a friend. Or is this way to risky of a move to make? Is there any safe loophole for us to get around us needing work visas? Do you guys have any sources or contacts we can contact to figure this out? Is it likely we'll get in shit for doing something like this?

    ​

    Im sorry if i posted this is the wrong subreddit, i just wansnt 100% sure where to go for such advice as ts been incredibly difficult to find the legalities around our exact situation.

    ​

    submitted by /u/Jessefrosst
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    Is accounting a decent job in Canada?

    Posted: 10 Nov 2018 03:49 PM PST

    How do I leave public? This is taking longer than I thought....

    Posted: 10 Nov 2018 10:30 AM PST

    I've been in public (regional, top 15) for 4 years (Tax) and want out, I would like a financial accounting position. I know, not tax, but there are plenty of more available jobs I would have thought in financial accounting.

    I have my CPA.

    I've been responding to recruiters but they mostly send jobs I'm not interested in, am I being picky?

    I browse LinkedIn jobs but no luck.

    What else should I be doing?

    I've only done one interview (started looking in the summer), but wasn't satisfied with the company/position

    I need to get out before January.

    My salary is currently 68K (Midwest) which I feel like is average for (almost) 4 years. But most jobs I'm seeing are roughly 70-75K, I guess I was thinking I'd be getting 80K when leaving public with 4 years of experience.

    Any suggestions?

    submitted by /u/Accountanting123
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    B4 & Mid Tier Government & NFP Audit

    Posted: 10 Nov 2018 07:40 PM PST

    I have a few Internship opportunities that could very well lead to a career, so I want to make the most informed position possible.

    I can't find a thread solely dedicated to Public/External government audit. Posts relating to Government audit in this sub so far are pertinent to internal side audit.

    Anyone here at a Big 4 or top 10 firm or knows someone that audits for state government, local governments, or NFP I have a few questions for you?:

    1. Are the engagements more laid back than the other service groups? And what are your busy season hours?

    2. Which firm(s) is the leader in government audit in your city/county and for your state government, and whicb firms is the NFP leader in your area?

    3. What are the exit opps ?

    Los Angeles and California specific replies are extremely appreciated!

    submitted by /u/Abacus_Beans
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    Should I work on my penmanship?

    Posted: 10 Nov 2018 05:10 PM PST

    I have terrible hand writing. Somewhere between a doctor and a toddler level bad. But will fixing that improve the way my work is received in larger companies when I get there? In the case of small references or short notes written down that the higher ups would see I make a point to make it the known English language.

    I suppose the real question is, how often will I be hand writing more than 3 sentences that other people are supposed to be able to read?

    submitted by /u/the-darth-dude
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    Becker REG Score vs Actual CPA Score

    Posted: 10 Nov 2018 10:08 PM PST

    I took my first Becker REG Mock Exam and got a 53%. :(

    I'm scheduled to take the test in a couple weeks. How screwed am I?

    ​

    submitted by /u/sadworrywart
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    Resume Critique - Looking to move from a local accounting firm to large regional firm. Thoughts?

    Posted: 10 Nov 2018 11:53 AM PST

    Homework Help please!

    Posted: 10 Nov 2018 09:23 PM PST

    If anyone can give me some guidance on where to even start that would be greatly appreciated!

    Trampoline Zone Inc. started business on August 1st, 2018. You have been hired to be the accounting controller for the company. Since the company is new they don't know when to recognize revenue. The company is a private company that is owned equally by Sarah, Kam, Tim and Jasdeep.

    Trampoline Zone Inc. is open Tuesdays to Sundays from 10am to 7pm. Customers come in and use the trampolines on a first come first serve basis and pay $20 per hour. Customers pay cash, or use their debit or their credit cards and they have to sign a waiver that protects the company from being sued in case anyone hurts themselves on the trampolines.

    On September 4th the company signed an agreement with Orange Inc which allows the company's 20 employees to come and use the trampolines once a month over the next 6 months. On September 15th the Orange company paid $2,100 to Trampoline Zone Inc. The employees will start using the trampolines during the month of October.

    1) For the two different revenue situations above determine when the revenue should be recognized, list the 3 criteria required to be able to recognize the revenue and a fact from the case that supports that the criteria has been met. Provide your recommendation of when the revenue should be recognized.

    2) On September 15th the company sold a $100 gift certificate to a customer and she used her debit card to pay. Explain when the revenue should be recognized and why.

    submitted by /u/corner-store
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    Calculator recommendations

    Posted: 10 Nov 2018 01:06 PM PST

    I can't find a decent calculator on amazon. I'm looking for something that mimics a mechanical keyboard. I don't want a receipt printer, though.

    submitted by /u/longGERN
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    Cash Flow versus EBT

    Posted: 10 Nov 2018 02:30 PM PST

    Hi all.

    I'm having trouble understanding the differences between Cash Flow and Earning Before Taxes, how they differ and how they affect one another. In an example I was given, by end of year I have an EBT of 17,500.00 USD but I have a Cash Flow of 129,000.00 USD. Does this mean my bank account would have grown 129K but after taxes I'll be left with 17,5K? I can't understand it. If anyone could give me the "dumbed down" version, I'd appreciate it. Accounting is anything but my strong suite.

    submitted by /u/Pitbull_Raven
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    Stockholder’s Equity section of the Balance Sheet.

    Posted: 10 Nov 2018 08:24 PM PST

    ($ In Thousands) Stockholders Equity: Preferred Stock, $50 par value $0 Common Stock, $5 par value 20.000 Additional Paid in Capital 100,000

    Total Paid in-capital 120,000 Retained Earnings 53,000 Treasury Stock (3,700)

    Total Stockholders Equity $169,300

    So I'm having trouble with these questions I already used my attempts of checking it but I haven't quite got the right answer yet, any help would be appreciated.

    11.) Total paid-in Capital is $120 million. At what average price per share were the common shares issued?

    12.) if retained earnings at the beginning of the period was $45 million and net income during the year was $9,907,500, how much was paint in dividends for the year?

    13.) If treasury stock was reacquired at $20 per share, how many shares were reacquired?

    14,) how much was the dividend per share? (Dividends are not paid on treasury stocks.)

    submitted by /u/ILikeWastingTime
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    Double Entry Practice Environment

    Posted: 10 Nov 2018 09:00 AM PST

    Hi folk

    I used to work for the assurance department of PwC but left to follow a career in software development.

    To fill my evenings I made a simple web app to allow any aspiring accountants practice their understanding of DEBK. It can be found in the link below:

    www.debkonline.com

    Its entirety free to use. Any issues or questions feel free to email through the website.

    All the best and good luck 👍

    submitted by /u/AnAchillesHeel
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    In the real world, are taxpayers actually dinged by these types of mistakes?

    Posted: 10 Nov 2018 04:28 PM PST

    https://i.imgur.com/GYb7UH0.png

    ​

    Really? How the hell is the IRS going to know you wanted your wife to put an apple orchard on the property? What if you said it in a playful tone and honestly didn't give a damn what she did. Are you still going to be hit with gift taxes on that ?

    submitted by /u/ThisHappenedBro
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    CPA US and working in Canada

    Posted: 10 Nov 2018 02:04 PM PST

    Im looking into doing my CPA US and working in Canada (I may want to live and work in the States eventually just not now) and I did not want to write the CFE and study for 2.5 years for the program in Canada. Has anyone done this before? Did the u.s. cpa still open doors within Canada?

    Thanks!

    submitted by /u/Deadliftsquatbenchh
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    Should I switch majors from business management to accounting?

    Posted: 10 Nov 2018 10:08 AM PST

    Hey guys, I'm a late start college student (spent 3 years as a mechanic before deciding it wasn't right for me and I wanted a suit and tie job) so I enrolled in the business program at a State College. I'm currently in my first semester, and intro to business class has been interesting, but I really enjoy my financial Accounting class and it's come very easy to me. I honestly don't even mind doing the homework. My mother is a corporate accountant and taught accounting at the school I went too. I feel like I wouldn't mind doing what she does, and that school could progress a lot easier as accounting has always made a lot of sense to me. Is there going to be a point where accounting becomes incredibly difficult? Will I be able to get into a similar spot financially 10 years down the road with a bachelor's in accounting? It seems like I'm the only one at my school that doesn't find accounting to be a drag. It's one of the only classes I look forward too, I'm just nervous about picking a stereotypically "boring" job field.

    Sorry for the wall of text, TLDR: first year business major likes accounting and wants to switch majors but is afraid of being boring or not having career opportunities

    submitted by /u/butthowling
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    New to public/Automation

    Posted: 10 Nov 2018 12:53 PM PST

    Do any of you that do tax automate any of your tasks? I was in public once like 15 years ago and I wasn't responsible for sorting the paperwork or any of that. Now I do everything top to bottom and we don't have a standard procedure. Most of the time it's shuffle through the papers, put them in any order you choose, shove everything into QuickBooks (I have no idea why we use QuickBooks, I guess because it's easy), then put all that into Proseries.

    This seems seriously...wrong. I do end up putting most of my info into excel and copy/pasting into QuickBooks because the data entry is loads easier. I have a simple spreadsheet that can automatically class and select the account for standard/common vendors. But that's it. I'm confident that there's a better way and at least some sort of standardization.

    submitted by /u/thetruckerdave
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