• Breaking News

    Monday, December 3, 2018

    Accounting My professor wanted to make class fun with a game. Yes...this exists. 😂

    Accounting My professor wanted to make class fun with a game. Yes...this exists. ��


    My professor wanted to make class fun with a game. Yes...this exists. ��

    Posted: 03 Dec 2018 03:08 PM PST

    Where do accountants shop for clothing?

    Posted: 03 Dec 2018 06:55 PM PST

    B4 and after: the duality of man

    Posted: 03 Dec 2018 07:37 AM PST

    Me trying to study with no motivation

    Posted: 03 Dec 2018 08:13 PM PST

    Optimal Meeting Density

    Posted: 03 Dec 2018 04:18 AM PST

    MRW I get problem a on a topic I just spent 2 hours studying

    Posted: 03 Dec 2018 09:17 AM PST

    What are some very prevalent problems you see in employees that led to them being let go from public accounting?

    Posted: 03 Dec 2018 03:53 PM PST

    I have read countless time on this subreddit that it is pretty much really hard to get fired from a big 4. However, I know this is a heavily exaggerated statement since top firms are very demanding when it comes to the work performance of their employees.

    What are some problems you noticed that led to an employee being let go?

    submitted by /u/articulateassociate
    [link] [comments]

    Mark Weinberger to step down as EY Global Chairman and CEO effective June 30, 2019

    Posted: 03 Dec 2018 08:02 PM PST

    Roger trying to sneak one past us.

    Posted: 03 Dec 2018 07:01 PM PST

    Alright people, we’ve gotta pump these numbers up!! These are rookie numbers.

    Posted: 03 Dec 2018 12:34 PM PST

    Should I go back to Public?

    Posted: 03 Dec 2018 06:12 PM PST

    Hi, I left Public as a staff because of bad teams/jobs. Now I'm in industry and got an offer to come back to my old firm. I'm pretty bored with my current job but expected to get promoted as part of our year end promotions. However, this doesn't add much besides reviewing a little bit (basically redoing what I was already doing) and a pay bump. I enjoyed the work I did in public and like to be challenged. Is it worth it to go back?

    submitted by /u/tonksmurdock11
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    Enough with all these corny joke posts...

    Posted: 03 Dec 2018 08:38 PM PST

    They're sucking the LIFO right out of this sub.

    submitted by /u/peakyfookinblinderz
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    So what is the typical career path for someone who messed up in their career development, but completed their degree?

    Posted: 03 Dec 2018 06:48 PM PST

    I read about how everyone had an internship opportunity, went to a good school, got good grade, networked properly, went to B4, started making $50k off the bat, and all that good stuff.

    What if you are someone who didn't get an internship(despite trying), went to career fairs that led nowhere, and are graduating soon? What is the typical career path for someone like that? Would they start off as an A/P or A/R specialist or bookkeeper making $30,000? Or is that person screwed?

    And that someone may or may not be me.

    submitted by /u/medunjanin
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    What’s an accountants favorite sport during busy season?

    Posted: 03 Dec 2018 06:35 PM PST

    Ultimate FASB.

    submitted by /u/Gnomewah
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    CFE 2018 : UNSUCCESSFUL WRITERS

    Posted: 03 Dec 2018 01:41 AM PST

    If you haven't been back to the office since results came out today will likely feel like the hardest day of your entire life. I want to let you know you are going to be alright. You are not less of a person or less deserving of the CPA title because you didn't cross the line on your first attempt. Between Friday and Monday I promise your coworkers/management haven't gone from thinking "this guy is brilliant" to "what an idiot". If they thought you were one or the other that will likely stay constant. The CPA is a necessary obstacle highlighting your achievements as a professional but it doesn't define who you are and failing it doesn't take away from all your accomplishments to date.

    I failed Day 2/3 at a Big 4 firm after getting 3 months to study and all the additional materials and resources the larger firm writers receive. I was so embarrassed the Monday I walked back into the audit room seeing all my junior staff who obviously at this point knew I had failed. My first thought was how is anyone going to take me seriously. I felt like actual shit all through December until I got some real downtime over the holidays to reflect.

    Life throws us curve balls and perseverance shows character. So unlike all the writers who passed first time your success in the 2019 CFE will be both a testament to your abilities as well as a HUGE HUGE indicator of your strength of character and I can't explain how much sweeter passing will feel.

    Keep strong!💪🏼

    submitted by /u/CPA_done
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    Quitting Public - need advice

    Posted: 03 Dec 2018 04:40 PM PST

    I am quitting my public firm to go to another public firm because the office vibe is less than ideal.

    How do I transition out smoothly? What is the best reason to give for leaving? What do I tell nosy co-workers about where I am going next when they ask about it (because yeah, they want to be the first to tell everyone else)? I want to be professional and maintain connections...Advice please.

    submitted by /u/thooorww
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    Why did you pick accounting?

    Posted: 03 Dec 2018 09:12 PM PST

    Disclaimer I do not work in accounting (picked finance). I find this sub hilarious and I can relate to a lot of the long hours/shitty work/feelings of despair memes, but was curious you picked accounting over other areas of business?

    Edit: also if you have any questions about finance I'd be happy to answer, I work at an investment bank in nyc

    submitted by /u/gobirds69
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    REG Q4 18: All Becker Mnemonics

    Posted: 03 Dec 2018 04:45 PM PST

    Posted other day with my excel sheet open for edit my summary of entity taxation and some rules on Individual, Estates/Gifts. Scored 78 on my first Mock Exam, studying while working FT at B4 in Financial Advisory. Sitting 12/7.
    Now posting copy pasta all Becker Mnemonics from https://www.another71.com/cpa-exam-forum/topic/becker-reg-mnemonics-1/ just cause resources. Hope it helps you too!

    For above the line, I prefer I.M. DOPE ASS SHIT sourced from earlier Reddit post.

    MOTHIISSSDEAA Above the line
    Moving expenses
    One half SE FICA
    Tuition fees
    HSA’s
    IRA contributions
    Interest withdrawal penalty
    SE retirement
    SE health insurance
    Student loan interest expense
    Domestic production activity deduction
    Educator expenses
    Alimony paid
    Attorney fees
    HIDE IT Not taxable:
    Homeowner exclusion (500,000 MFJ)
    Involuntary exchange (no gain recog)
    Divorce property settlement
    Exchange of like-kind
    Installment sale
    Treasury & capital stock

    CELL GRAF Nonrefundable Credits:
    Child & dependent care credit
    Elderly or disabled credit
    Lifetime Learning Credit
    Long-term unused minimum tax credit
    General business credit
    Retirement plan contribution credit
    Adoption credit
    Foreign tax credit

    WE ACE Refundable Credits:
    Withholding taxes
    Earned income credit
    American Opportunity Credit
    Child tax credit
    Excess social security paid

    BEBE U BEST Misc – 2%
    Business gifts
    Educational expenses
    Business use of home
    Employment agency fees
    Uniforms
    Business expense – unreimbursed
    Expenses of investors
    Subscriptions to professional journals
    Tax prep fee

    LID PPP MOLDD Corp AMT
    Adjustments:
    Long Term Contracts
    Installment Sale Dealer
    Depreciation Adjustments
    Preferences:
    Percentage depletion
    Private activity issued post 86’ tax exempt interest income
    Pre 87’ ACRES excess depreciation
    ACE:
    Municipal bond interest income
    Organizational expense amort.
    Life ins. Proceeds on key employees
    Difference between AMT and ACE depreciation
    Dividends received deduction (only 70%, under 20% ownership )

    NIRD 60% of personal holding corp. income from:
    Net rent
    Interest that is taxable
    Royalties
    Dividends

    HIMDEaD Exceptions to IRA early withdrawal penalty
    Homebuyer (first time)
    Insurance
    Medical in excess of 10% AGI
    Disability (perm. or indefinite, not temp.)
    Education
    and
    Death

    COMMIT Itemized deductions
    Charity
    Other – misc.
    Misc. 2%
    Medical
    Interest & taxes
    Theft & casualty

    WRaP Non-deductible losses
    Wash sale losses
    Related party transactions
    And
    Personal losses

    CARES qualifying child rules
    Close relative
    Age limit (19, 24 if in college)
    Residency (more than half the year)
    Eliminate gross income (must claim exemption for child)
    Support test (child did not contribute more than ½)

    SUPORT qualifying relative
    Support test (must provide more than ½)
    Under exemption (relative’s income must be under $4,000)
    Precludes dependent filing joint return
    Only citizens of the U.S.
    Relative or
    Taxpayer lives w/ non-relative for WHOLE year

    MAIDS Elements of Fraud
    Misrepresentation of material fact
    Actual and justifiable reliance by plaintiff
    Induce plaintiff’s reliance
    Damages
    Scienter

    MYLEGS Contracts Req. Writing
    Marriage â€" consideration
    Year â€" terms cannot be completed in one year (from contract date)
    Land â€" except leases less than a year
    Executors â€" pay estate debts from personal funds
    Goods â€" $500 or more
    Surety â€" to pay debt of another

    SWAP Exception to “G” in MYLEGS
    Specially manufactured goods “(custom)
    Written confirmation binds the seller, buyer binded if they don’t reject within 10 days
    Admitted to court
    Performed

    FAIDS real defenses HDC is subject to
    Fraud in execution
    Forgery
    Adjudicated insanity – void
    Alteration (material)
    Infancy (minor)
    Illegality – void
    Duress – void
    Discharged in bankruptcy
    Suretyship defenses
    Statute of limitations

    WAFTED Not discharged under Chapters 7 or 11
    Willful or malicious injury
    Alimony
    Fraud debts incurred
    Taxes due within 3 years
    Educational loans
    Debts undisclosed in the bankruptcy petition

    SAGWEGCTI Prioritize debts
    Support obligations to family
    Admin expenses of bankruptcy proceeding
    Gap creditors
    Wages up to $12,475
    Employee benefit plan contributions
    Grain farmers/fisherman’s claim up to $6,150
    Consumer deposits – undelivered goods paid for up to $2,775
    Taxes
    Injury claims involving intoxicated driving

    MOTHIISSSDEAA Above the line
    Moving expenses
    One half SE FICA
    Tuition fees
    HSA’s
    IRA contributions
    Interest withdrawal penalty
    SE retirement
    SE health insurance
    Student loan interest expense
    Domestic production activity deduction
    Educator expenses
    Alimony paid
    Attorney fees
    HIDE IT Not taxable:
    Homeowner exclusion (500,000 MFJ)
    Involuntary exchange (no gain recog)
    Divorce property settlement
    Exchange of like-kind
    Installment sale
    Treasury & capital stock

    CELL GRAF Nonrefundable Credits:
    Child & dependent care credit
    Elderly or disabled credit
    Lifetime Learning Credit
    Long-term unused minimum tax credit
    General business credit
    Retirement plan contribution credit
    Adoption credit
    Foreign tax credit

    WE ACE Refundable Credits:
    Withholding taxes
    Earned income credit
    American Opportunity Credit
    Child tax credit
    Excess social security paid

    BEBE U BEST Misc – 2%
    Business gifts
    Educational expenses
    Business use of home
    Employment agency fees
    Uniforms
    Business expense – unreimbursed
    Expenses of investors
    Subscriptions to professional journals
    Tax prep fee

    LID PPP MOLDD Corp AMT
    Adjustments:
    Long Term Contracts
    Installment Sale Dealer
    Depreciation Adjustments
    Preferences:
    Percentage depletion
    Private activity issued post 86’ tax exempt interest income
    Pre 87’ ACRES excess depreciation
    ACE:
    Municipal bond interest income
    Organizational expense amort.
    Life ins. Proceeds on key employees
    Difference between AMT and ACE depreciation
    Dividends received deduction (only 70%, under 20% ownership )

    NIRD 60% of personal holding corp. income from:
    Net rent
    Interest that is taxable
    Royalties
    Dividends

    HIMDEaD Exceptions to IRA early withdrawal penalty
    Homebuyer (first time)
    Insurance
    Medical in excess of 10% AGI
    Disability (perm. or indefinite, not temp.)
    Education
    and
    Death

    COMMIT Itemized deductions
    Charity
    Other – misc.
    Misc. 2%
    Medical
    Interest & taxes
    Theft & casualty

    WRaP Non-deductible losses
    Wash sale losses
    Related party transactions
    And
    Personal losses

    CARES qualifying child rules
    Close relative
    Age limit (19, 24 if in college)
    Residency (more than half the year)
    Eliminate gross income (must claim exemption for child)
    Support test (child did not contribute more than ½)

    SUPORT qualifying relative
    Support test (must provide more than ½)
    Under exemption (relative’s income must be under $4,000)
    Precludes dependent filing joint return
    Only citizens of the U.S.
    Relative or
    Taxpayer lives w/ non-relative for WHOLE year

    MAIDS Elements of Fraud
    Misrepresentation of material fact
    Actual and justifiable reliance by plaintiff
    Induce plaintiff’s reliance
    Damages
    Scienter

    MYLEGS Contracts Req. Writing
    Marriage â€" consideration
    Year â€" terms cannot be completed in one year (from contract date)
    Land â€" except leases less than a year
    Executors â€" pay estate debts from personal funds
    Goods â€" $500 or more
    Surety â€" to pay debt of another

    SWAP Exception to “G” in MYLEGS
    Specially manufactured goods “(custom)
    Written confirmation binds the seller, buyer binded if they don’t reject within 10 days
    Admitted to court
    Performed

    FAIDS real defenses HDC is subject to
    Fraud in execution
    Forgery
    Adjudicated insanity – void
    Alteration (material)
    Infancy (minor)
    Illegality – void
    Duress – void
    Discharged in bankruptcy
    Suretyship defenses
    Statute of limitations

    WAFTED Not discharged under Chapters 7 or 11
    Willful or malicious injury
    Alimony
    Fraud debts incurred
    Taxes due within 3 years
    Educational loans
    Debts undisclosed in the bankruptcy petition

    SAGWEGCTI Prioritize debts
    Support obligations to family
    Admin expenses of bankruptcy proceeding
    Gap creditors
    Wages up to $12,475
    Employee benefit plan contributions
    Grain farmers/fisherman’s claim up to $6,150
    Consumer deposits – undelivered goods paid for up to $2,775
    Taxes
    Injury claims involving intoxicated driving

    submitted by /u/missmka
    [link] [comments]

    Hi does anyone work for MGO? I got an interview with them for a assurance position

    Posted: 03 Dec 2018 04:14 PM PST

    So I got a interview with MGO and was wondering how it's like to work there? What type of interview questions do they ask you?

    submitted by /u/suzzybean
    [link] [comments]

    Throwing in the towel mid busy season. Need some advice.

    Posted: 03 Dec 2018 07:23 PM PST

    Am I supposed to feel like shit? This new opportunity is awesome and kind of fell into my lap, no way it would've been here in a month. I'm just worried I'm burning every bridge on my way out.

    submitted by /u/obstinatelobsters
    [link] [comments]

    Anyone else doing these ethics trainings for KPMG today?

    Posted: 03 Dec 2018 08:45 AM PST

    A bunch of people "collaborated" on certain frim-wide trainings earlier this year, so they're making us re-do a bunch of them, as well as doing an ethics course.

    The lone bright side..........TIM GEARTY IS THE TRAINER LET'S GOOOOOOOO

    submitted by /u/dukiduke
    [link] [comments]

    What are your white elephant gift ideas under $10 for the office?

    Posted: 03 Dec 2018 07:19 PM PST

    Coffee chat with PwC partner, what do I do?

    Posted: 03 Dec 2018 07:07 PM PST

    Right now I have no idea what I should do or how I should prepare, but I have a quick chat with a partner on Wednesday. I'm a 3rd year uni student who is really interested in working for the B4, and I basically want to show him that I know the hours and the stress, and I am capable of handling it, but that I'm also a good candidate.

    I don't really have a good answer to "Why accounting" or "Why PwC" and I was wondering how I should prepare for those questions, or what to even expect

    submitted by /u/Kappadar
    [link] [comments]

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