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    Accounting Since everyone else does it

    December 05, 2019

    Accounting Since everyone else does it

    Since everyone else does it

    Posted: 05 Dec 2019 06:51 AM PST

    Some things are universal

    Posted: 05 Dec 2019 07:27 PM PST

    Who’s driving this to busy season?

    Posted: 05 Dec 2019 01:30 PM PST

    Which one of you did this? Lmao

    Posted: 05 Dec 2019 11:04 AM PST

    "Failure to lodge on time may result in your client incurring penalties, general interest charges and..."

    Posted: 04 Dec 2019 10:31 PM PST

    CPA CFE News/Gossip/Updates/Predictions/General Chat [CAN]

    Posted: 05 Dec 2019 04:29 PM PST

    I, like many of you on this subreddit, wrote the CFE in September 2019.

    Does anyone have any insider knowledge / gossip about how the marking progress is going?

    Anyone have a friend of a friend of a friend who leaked info about how the BLG investigation is going?

    The closer we get to the arbitrary January 2020 date, without any updates from CPA, the more I think they're going to scrap the entire exam and order everyone to rewrite.

    CPA has been extremely tight-lipped since the last update and I am going crazy with anxiety!!!

    submitted by /u/skoopity
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    Seems like they forgot to ask us

    Posted: 05 Dec 2019 12:07 PM PST

    Myth 1 of Accountant Myths

    Posted: 05 Dec 2019 02:20 PM PST

    I have created a series of videos about Accountant Myths and what I think of them. This was as a result of attending a workshop about social media and his encouragement to get online.

    ​

    Myth 1 - Accountants are Dull, Grey and Boring.

    An Accountant who is neither Dull, Grey nor Boring (In my opinion)

    submitted by /u/MoraghH
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    Go into industry tax they said, the hours are better they said

    Posted: 05 Dec 2019 03:46 PM PST

    My whole career I have been in tax. I worked at a large accounting firm where the hours were terrible (duh), so I left to go to industry after 2 years. It's a F500 company in the west coast and the hours were also very terrible around quarter close and tax return filing. I'm talking 31 days straight in january working 12+ hours each day on provision. I hated it worse than public so I went to industry tax job number 2 (also F500) after another 2 years.

    Now I am also so working a lot of overtime every month of the whole year with the returns, provision, and various projects. I work weekends a couple times a month and log on at night twice a week. Quarters are worse.

    What's going on here? I thought industry was supposed to have good hours. I hear from tons of people that they love their industry job and the work life balance is incredible, but I've seen the opposite and found myself working a lot of overtime all year. Is it because I work at a F500 tax groups and smaller companies are better? My family is suffering because of it and I want to know if i have bad luck or if tax means you have no life wherever you go.

    TL;DR. Industry work life balance in corporate tax is similar to public accounting in my experience. Validate my hopes that some companies let you have an life and I have bad luck.

    submitted by /u/CPAburnaccount
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    Networking Discussion Advice

    Posted: 05 Dec 2019 08:15 PM PST

    I have a non-traditional background, and I need advice on whether it would be appropriate to share my story with clients that ask. I just went to a "networking" Christmas party for the firm that I have an internship with starting January, and almost everyone asked me where I went to high school

    the truth is I went to online high school so that I could work enough hours to help support family, I graduated when was fourteen. I learned about financial aid and dragged my mother down to the local community college to enroll me in school. I graduated from community college when was 17, while working about 20 hours a week during school and working 2 jobs up to 60 hours a week between semesters. I didn't even consider going to a 4-year university, I knew there was no way i could ever afford it and because I didn't go to "real" high school I never thought I was smart enough to go to a 4-year college. Fast forward 4 years later, I saved up enough money to "survive" while going to school, and then I ended up getting pregnant. I continued going to school, I had my baby during this last semester.

    My GPA is a 3.97, I am going to school full-time, I am working 15 hours a week, I am a single mother of newborn, and nothing about my life feels like it is normal when I say it outloud to others. I need advice on how to have small talk with others without them thinking "wow she is a freak". Any advice on how to keep the other person talking about them, so that they do not want to ask more questions about me? Also, people tell me what high school they went to, and I honestly do not know what they are talking about, should I be aware of the local high schools?

    submitted by /u/GoodnightMoon14
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    Thinking of a career change

    Posted: 05 Dec 2019 07:41 PM PST

    Hey all, I'm currently a primary school teacher and not feeling it at all. Have thought about a career change and thought accounting would be a great choice, as I've always been good with numbers and like to solve problems, go step by step through things etc. I was wanting to see what other people experiences have been to help me make an informed decision. Thanks in advance

    submitted by /u/Snow1192
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    Core 1 exam study tips

    Posted: 05 Dec 2019 09:28 PM PST

    Hey guys core 1 exam is coming up December 19 and I have 5 days off from work leading up to the exam. How do you recommend to study for the exam?

    I've heard from others to practice the weekly Practice Cases and re-do the weekly multiple choice quizzes.

    What else should I keep in mind while studying?

    submitted by /u/Mrblue141
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    Bill to allow penalty-free 401(k) withdrawals to pay off student debt

    Posted: 05 Dec 2019 06:41 AM PST

    So would this art appreciate or depreciate?

    Posted: 05 Dec 2019 08:58 PM PST

    Getting CPA in a government audit job

    Posted: 05 Dec 2019 05:07 PM PST

    Hello, I'm about a year into my first job out of undergrad. I work in government audit. We typically do compliance audits and nonaudit services such as risk analysis surveys, etc. we don't audit government programs but we audit private sector companies. It's a niche field, dealing with international trade compliance.

    I've wanted to become a CPA since college and part of why I took this job was because I wanted to become a CPA. My boss is a CPA and I've almost got enough hours for my state in terms of work experience.

    I would need about 8 more classes to become licensed but I'm considering becoming a CPA.

    Many of my coworkers are not CPAs and I've mentioned taking the exams once or twice and they seem to be discouraging me from taking it. They typically say if I plan on staying in government to not take the exam and forget about it. They also say are you planning on leaving or something.

    My boss has encouraged me when I've mentioned it, but I don't want to seem like I'm planning on taking a course outside of government since they have devoted a lot of time training me already.

    Would it be worth taking the exams even if I stay in government for awhile? And would it seem to my manager that I'm not planning to stick around if I pursue it? I've already bought the material and scheduled an exam. My agency offers paid leave to take the exam and I plan on asking my boss soon.

    What are your thoughts?

    submitted by /u/Mevzime1994
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    Be safe out there everyone

    Posted: 05 Dec 2019 08:12 AM PST

    Token-based Sales

    Posted: 05 Dec 2019 08:37 PM PST

    For businesses that sell tokens (arcades, car washes, etc.), when would the business recognize the revenue? Would it be unearned revenue when the token is purchased and earned when the token is redeemed? If the customer takes them home and loses them (as I do all the time), how long does the business have to carry the liability on their balance sheet? Until the customer redeems them (if ever) or are they allowed to recognize the unearned revenue eventually even if the service hasn't been performed yet?

    submitted by /u/EightBitRanger
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    Anyone Familiar with Govt Fund Accounting?

    Posted: 05 Dec 2019 08:28 PM PST

    What is the difference between a restricted fund balance and a committed fund balance.

    I get the restricted is for things like a grant received that must be used on "X" purpose. So what would an example be for things that make up committed fund balance?

    The only thing I have found to explain it is "money set aside for specific use by the highest level of government" but im not following that?

    Thanks!

    submitted by /u/boomersooner47
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    Gardner Minshew says his two-game benching 'a really good experience' and an 'opportunity to learn' - sounds like my Manager infiltrated the NFL

    Posted: 05 Dec 2019 08:23 AM PST

    How often do you carpool to audits?

    Posted: 05 Dec 2019 03:02 PM PST

    How often do you carpool with team members to client sites? Is it a normal thing or is it seen generally as a hassle?

    submitted by /u/apsdlkfjafwoeifj
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    Need help on finding the premium on bonds payable!

    Posted: 05 Dec 2019 09:29 PM PST

    Young accounting major, low GPA. How did you get into public accounting? Career advice

    Posted: 05 Dec 2019 05:34 PM PST

    Howdy y'all. I am due to graduate in accounting soon. Like next week soon. And I have applied to all the Big 4 accounting firms, and all the regional firms in my area. And I keep getting no, no no's from all. I get a rejection letter almost very other weekday. I honestly think I am running out of firms to go to. I want to be a CPA one day, but I am getting discouraged as the number of firms I can apply to is going down. I'll admit. I messed up with the whole networking and my GPA is not the best, in fact it is .03 away from 3.00. I feel like I don't belong in public accounting, but I don't wanna settle. I am so close to handing my resume to people on the Street in Downtown Los Angeles and seeing who will take me. I am determined to keep at it. But for you low GPAs, how hard was it for y'all to find your first public accounting job.

    submitted by /u/conocophillips424
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    Insane clients

    Posted: 05 Dec 2019 09:09 AM PST

    I emailed this client to ask if they had any fixed asset additions for their personal property return. She replies, no, thanks for checking. Well, in our business that implies that I should go ahead and prepare the return.

    So when she gets the return and the bill she flips out. Claims the partner offered to do her work for free due to the business relationship her fiance has with us. He wasn't responding to emails so the managing partner says fine, go ahead and credit her. Turns out it was all bullshit.

    The cherry on top is that she calls my email to her "unsolicited." Umm, since when is an email to a client unsolicited? And she claims she never implied that we should do the work. Some people...

    submitted by /u/Mike20878
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    Question about bookkeeping

    Posted: 05 Dec 2019 05:11 PM PST

    If my business is collecting donations for a 501c from my clients how do I report the money on my books. I'm thinking chalk it up to non-sales revenue and then offset it by putting a charitable giving line item on the p/l. Is this right? What's the gaap way to do this to eliminate the taxes

    submitted by /u/firl21
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