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    Accounting Darren Rovell gets refresher on GAAP

    February 08, 2020

    Accounting Darren Rovell gets refresher on GAAP

    Darren Rovell gets refresher on GAAP

    Posted: 08 Feb 2020 01:44 PM PST

    When work meets pleasure

    Posted: 08 Feb 2020 09:50 AM PST

    What do you mean?

    Posted: 08 Feb 2020 04:50 AM PST

    In the shoes of true felons

    Posted: 08 Feb 2020 03:32 PM PST

    Accountant: “Pssssttt hey.....”

    Posted: 08 Feb 2020 09:48 AM PST

    Fancy

    Posted: 08 Feb 2020 07:23 AM PST

    Low effort B4 meme for you on this fine Saturday

    Posted: 08 Feb 2020 09:57 AM PST

    Me looking in the mirror because I took advanced corporate tax as an elective for my last semester

    Posted: 08 Feb 2020 02:22 PM PST

    Feels very relatable this time of year

    Posted: 08 Feb 2020 11:15 AM PST

    MACRS gang rise

    Posted: 08 Feb 2020 05:25 PM PST

    When you use index/match for the first time.

    Posted: 08 Feb 2020 07:32 PM PST

    Me showing up to work on my first busy season Saturday

    Posted: 08 Feb 2020 01:21 PM PST

    It's been a long week

    Posted: 08 Feb 2020 11:19 AM PST

    Pro trip #1: Work out faster ways of doing things and then keep them to yourself.

    Posted: 08 Feb 2020 06:54 PM PST

    Decided I'm going to post a genuine pro tip everyday for the remainder of this busy season because I'm a narcissist and also need somewhere to anonymously brag about how I've fucked over my firm, clients and colleagues - all of whom I loathe.

    Starting off fairly tame - Learn those shortcuts, learn to use google properly to help you find shortcuts, programs and macros that can help you complete work more quickly. It's absolutely insane how useless most people are in this industry with a computer, even with a slight bit of effort in this area you'll be miles ahead of everyone else. However, what will you get in return? Going home earlier? Good bonus? No. The reward for quick work is more work, and also a patronising pat on the back in the form of some lame award your firm gives out. Fuck all that. You will get nothing. So browse about on the web, learn a new skill, revise for exams with all the time you've just saved.

    submitted by /u/TupacTuvok
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    Managers during busy season be like

    Posted: 08 Feb 2020 08:41 PM PST

    Mid Busy Season Snapshot

    Posted: 08 Feb 2020 05:31 AM PST

    Hey Anon! It's your manager here. So glad to take this time to go over your progression as an r/Accounting, LLP Professional™. I apologize for not doing this in person but I'd really hate to waste your precious billable time with something as unprofitable as feedback and human interaction, so I hope this email suffices. As you well know, here at r/Accounting, LLP we pride ourselves on building all employees to their fullest potential, which we believe stems from the five core attributes below. We've curated the most relevant comments from our manager circlejerk roundtable discussion of your professional journey so far and included them below. As these five attributes are the only thing that gives meaning to the otherwise indistinguishable meat sacks our partners lovingly refer to as "staff", we hope you cherish this evaluation as much as we do!

    Please keep in mind, all categories are ranked 1-5, with 1 being not at level, 3 being at level, and 5 being above level.

    Global Acumen: 2 – Partially at level

    "Here at r/Accounting, LLP, we pride ourselves in serving not just our community, but communities all over the globe. Unfortunately we have absolutely no definitive way to judge one's ability in this category, and until the national office comes up with some universal metric, we're just going to keep rating Anon at a level low enough to seem like we gave two shits while filling this thing out, but high enough that Anon doesn't see reason enough to fight it. We feel Anon can best improve in this area by not arguing as we slowly outsource their job level to third world countries, as doing so will show that Anon truly cares about the globalization of the firm."

    Business Acumen: 1 – Not at level

    "The other local managers and I have noticed some key points we'd like to address. While we are in the middle of busy season, we expect everyone to do their best and keep a positive attitude throughout our flexible 16-hour workdays, while maintaining a consistent quality of work and complete disregard for those who one might consider "loved-ones". We have noticed that Anon seems to be struggling to keep the quality of his work at the r/Accounting, LLP standard, and has had multiple early nights or extended periods away from his desk without a valid reason. While we recognize that the birth of one's firstborn or death of a parent can cause a dramatic shift in one's life, we do not feel that they are reason enough for Anon to be away from his desk for longer than the time it takes to make a quick phone call to level-set expectations with those who would, for some reason, expect his presence at such events. We hope to see a significant increase in Anon's commitment to his work, and less breaks to cry in the restroom because he missed his last five therapy sessions and is in a deep spiral of mental decay."

    Relationships: 1 – Not at level

    "At r/Accounting, LLP, we value relationships above all else. However, valued relationships exist only within the walls of the audit room, and really only include those who have direct control over one's career progression. The managers of our engagement have become very concerned about the reputation Anon has built for himself with dad the partner on the engagement. The partner has pointed out several times that Anon seems less eager, almost reluctant to start sucking the partner's dick, both literally and figuratively, as soon as he walks in the room. This can be a detrimental habit to develop so early in one's career, so we think it would be best for Anon to take some time and remember his place here pretty much starts at his desk chair and ends on his knees. Keep in mind, the most important relationships are with one's loving family, and as managing members of the loving r/Accounting, LLP family we can only tolerate delinquency in this category for so long."

    Whole Leadership: 1 – Not at level

    "Internships are a wonderful starting point for the majority of r/Accounting, LLP Professionals™, and we are proud to have two interns on our engagement! We have noticed that Anon has taken the time to learn their names and some facts about their personal lives, which is fine, but we know Anon has even taken the time to honestly answer some of their questions about being a working professional. This behavior must cease immediately. As Anon is aware, the national office has worked tirelessly to craft an image that the firm can project to draw in the best and the brightest of today's college elite. This goal will be completely undermined by Anon's attempts at honesty. Studies have shown that there is a strong inverse relationship between interns who understand what being at the staff level is really like and interns who accept full-time offers, so it is in Anon's best interest that he spends more time discussing the summer volleyball league and how cool our rooftop mixer recruiting events are and less time informing them that the managing partner only knows them as "dinner-run bitch" and "coffee-run bitch"."

    Technical Capabilities: 1- Not at level

    "As we have stated above, Anon seems to struggle with our empowering new initiative, "Work well work well", which focuses on bringing a healthy work-work balance into the lives of each and every r/Accounting, LLP Professional™. One of the areas Anon seems to be struggling the most is in their ability to work through workpapers in areas they've never seen before with minimal (read: no) mistakes into the later hours of the worknight. Anon should utilize senior team members by asking lots of detailed questions to gain a strong understanding of all concepts before preparing workpapers for review, as taking more time upfront will cut down on the total amount of time spent. Anon's senior team members have also noticed a rather large amount of detailed questions about areas that any reasonable person should have an understanding of, so we suggest Anon asks less questions and focuses on tackling issues head-on to gain independence in problem-solving, as doing so can reduce the time senior members have to spend answering questions. We will be looking for improvement in both of these areas before we can improve Anon's score in this category."

    Thanks so much for taking a spin through this, I can definitely tell this high-level drill down is going to help you grow as an r/Accounting, LLP Professional™. We truly value you as a member of this family, and we're happy to continue showing you that value with a below-market salary and invaluable Public Accounting Experience™. Please feel free to reach out with any questions, and remember: #WorkWellWorkWell.

    submitted by /u/screwthecpaexam
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    Cover letter question

    Posted: 08 Feb 2020 09:30 PM PST

    Hi, everyone. I'm a sophomore accounting student at Cal Poly SLO looking to apply for summer 2021 audit internships (and summer 2020 SLPs) for Big 4 and regional public accounting firms.

    I had a few questions about cover letters.

    Not all companies I'm applying for require a cover letter. Should I lean towards attaching one or not, if it's not required?

    I've met most of the companies' campus recruiters and know their names. Is that who I would be addressing the letters to? If not, then who?

    I obviously have minimal experience. How do I add substance to my cover letter without lying about having any experience?

    Are there any good examples of cover letters you can link me to? Mostly interested in the formatting, as hopefully my above questions will be answered regarding substance.

    Thanks a lot!

    submitted by /u/AlmondBoyOfSJ
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    How I feel any day I don't stay late.

    Posted: 08 Feb 2020 05:21 PM PST

    Audit or tax?

    Posted: 08 Feb 2020 04:31 PM PST

    I'm a sophomore in college and I'm majoring in accounting and planning on getting my CPA. I am doing those leadership programs with the big 4 firms this summer and I want to try and figure out if I like tax or audit more. I'm just curious how everyone else chose/ felt about them both at my age

    submitted by /u/sammywammy32
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    Just graduated with my Masters in Accounting and can't find a single job because of lack of experience. I am extremely depressed. Please help me out!

    Posted: 08 Feb 2020 09:47 AM PST

    Guys I am back living with my parents after being away for almost 9 years. I am 26 and I have a bachelors in Business Admin. and just graduated with a masters in Accounting. I don't have any real world accounting experience as I worked in the hotel industry while getting this degree. I also have no internship experience.

    I know a lot of you are going to ask me to apply for internships or get my CPA, but right now I just want to get out my house, get out of Illinois and possibly live in Houston or Dallas. I have applied to countless positions as an accounts payable, entry level staff accountant, and even bookkeeper position all around Illinois (specifically chicago and springfield) and I have barely got any call backs.

    How is the job market in Houston or dallas for accounting or even business analyst positions? I just applied for an entry level accounts 1 position at university of houston.

    Please give me some advise as I am extremely depressed and desperate. This my first time in 9 years that I have been home on a February.

    EDIT: Posted resume

    submitted by /u/throwraxo
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    Shareholder Equity Statement question and Real life examples course?

    Posted: 08 Feb 2020 07:27 PM PST

    Shareholder Equity Statement question and Real life examples course?

    Hi there

    1. ​

    I'm not sure if APIC column belongs to Class A or Class B stocks for Nike's shareholder's equity statement?

    I found the above on you-tube, pretty nice video.

    https://www.youtube.com/watch?v=0LZ5dht0P7E

    start at 2min, 57 seconds for screenshot below. He doesn't explain it and instead goes for his own example which is different.

    ​

    https://preview.redd.it/8zboffxfgtf41.png?width=1882&format=png&auto=webp&s=ad450e2140a9bae674ffd61ddcf40e9a0c951940

    2)

    Anyone know a Udemy course or a blog or a youtube that reads "real" statements of companies?

    Thanks

    submitted by /u/aymanzone
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    A public servant ready to make the jump....or am I?

    Posted: 08 Feb 2020 05:12 PM PST

    Hi peeps,

    Sorry for the cheesy intro line (lol) but just wanted the opinion/thought of people who have been in the same shoes as me....I'm currently a fed employee working as an accountant (designated CPA) for the GoC for 7 years making 70k and while I do like my job for the most part, I don't feel challenged enough. Everything is slow...there's no reward for excelling, just a pat on the back and told to apply to the next selection process for hopes of moving up. The whole bureacratic/approval process is even slower. I feel a lack of mental stimulation and I am just tired. I refuse to be one of those ancient colleagues who slaved away 30ish years for the sake of pension and never felt fulfilled.

    I'm considering making the jump and perhaps going into public accounting or industry. I know the saying goes "the grass is greener on the other side" but how I've been feeling lately, I truly think it is greener elsewhere. I know I'll be giving up an awesome pension but the thought of sticking it out another 30 years doesn't seem right to me. I feel like with my CPA credentials I could be making quite a bit more salary wise and pursuing a career that is more rewarding and allows me to travel (yes, I'm aware my work life balance will be much more at risk!). I also would enjoy experience a more fast paced career since I've never worked industry or public accounting. Anyways, I could go on and on but basically what I want to know is.....

    Has anyone else been in a similar situation and made that switch from PS to public accounting/industry? If so, how did you like the change? Any other thoughts or opinions are welcome......

    submitted by /u/biggie1688
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    [CAN] Paths to success as an accountant

    Posted: 08 Feb 2020 05:10 PM PST

    I'm a accounting student who is looking to their first internship /co-op, and I'm wondering what are the paths I can take to not limit my career. I've seen posts like these on this sub several times already but I'm looking for advice specific to Canada or more specifically Ontario if possible.

    -Is going into a small public firm bad for future career growth (about 60 employees and limited to one region)

    -Is going into industry going to pigeon hole my role and make it more difficult to find another job?

    -How valuable is big 4 specifically? I don't think it is particularly likely I will get into one of those firms so I'm wondering what I'm missing out on and how to make up for it.

    Any extra advice is appreciated, thank you for taking your time :)

    submitted by /u/Arteken
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    Somebody please solve this...

    Posted: 08 Feb 2020 10:12 PM PST

    The December 31, Year 1 condensed balance sheet of Mason & Gross, a partnership, follows:

    Current assets 125,000

    Equipment (net) 15,000

    Total assets 140,000

    Liabilities 10,000

    Mason, Capital 80,000

    Gross, Capital 50,000

    Total liabilities and capital 140,000

    Market values on December 31, Year 1 are as follows:

    Current assets 90,000

    Equipment 30,000

    Liabilities 10,000

    On January 2, Year 2, the partnership was incorporated and 1,000 shares of $5 par value common stock were issued. What amount should be credited to additional contributed capital?

    A. $0

    B. $105,000

    C. $125,000

    D. $135,000

    submitted by /u/shashankupreti
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