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    Accounting How true is this?

    July 31, 2021

    Accounting How true is this?

    How true is this?

    Posted: 31 Jul 2021 10:14 AM PDT

    Accurate lol

    Posted: 31 Jul 2021 01:39 PM PDT

    I am burnt out from life

    Posted: 31 Jul 2021 06:04 PM PDT

    What a world

    submitted by /u/NBNC2
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    I'm not sure how I feel about this job posting saying I will occasionally need to "finger, handle, or feel"

    Posted: 31 Jul 2021 07:55 PM PDT

    The senior [man ] walking the associate [sloth] through the workpaper

    Posted: 31 Jul 2021 05:17 PM PDT

    tAx iS thEfT

    Posted: 31 Jul 2021 10:15 AM PDT

    I’m happy with my career choice and I can’t imagine not being a CPA

    Posted: 31 Jul 2021 09:00 AM PDT

    Saw several people in another thread post that they chose not to go into accounting because of this sub.

    I think it's important for people to understand people come here for the memes and to vent about work, but also receive real guidance. Even if it's not the best avenue, not everyone has professional avenues available to them.

    If any of you non accountants want to talk about going into accounting or not, DM me. I'm happy to discuss.

    I've always thought accounting is a really good choice because

    1: Accountants are in a unique position to see all the transactions of a company. Everything going on we have insight to as we have to take activity and translate it into a financial language. That puts you in a unique position to see A LOT about how a business operates. Accounting inherently enables you to gain skill sets beyond accounting specific skill sets due to the opportunity that exists by seeing all of this.

    1. There's options for everyone - public, industry, contract work, government. Accounting spans across all locations as they're needed everywhere and all types of work.

    2. Accountants make good money. Many in PA for the first few years of their careers are not making good money. They're being trained to make good money.

    3. Public accounting is a training ground- it's well paid grad school. It's residency. Without belaboring the point - Id recommend to every professional looking to boost their career, especially early, to do public accounting. I'd also never go back.

    4. I simply enjoy the work at various levels. The skills I've built overtime have allowed me to step into managerial roles and do things outside specifically from accounting, particularly information processing and process improvement,, financial planning/analysis, etc.

    These are the things I've come to appreciate about accounting over the last 7-8 years of my career thus far.

    Happy to chat with anyone who's considering themselves lost or has questions. Accounting may not be right for you - but it certainly may be more than you see in the memes and people who are just venting.

    submitted by /u/Acoconutting
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    "You're actually not even close to being the only one; this is KPMG's entire business model"

    Posted: 31 Jul 2021 08:41 AM PDT

    For those in Public Accounting if you want to depress yourself do the following:

    Posted: 31 Jul 2021 07:38 PM PDT

    -Look at the salaries of the controller at your worst client.

    submitted by /u/Practical_Design8299
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    Why does a decrease in Accounts Payable lower net income in a cash flow statement? Really struggling with intermediate accounting rn and am overwhelmed for exams

    Posted: 31 Jul 2021 05:47 PM PDT

    How much debt did you graduate with? Bachelors? Masters?

    Posted: 31 Jul 2021 10:30 AM PDT

    Honestly just curious.

    submitted by /u/muhammed-jordan
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    When you start B4 vs when you leave

    Posted: 31 Jul 2021 06:20 PM PDT

    How do you get better at communicating properly in a professional setting?

    Posted: 31 Jul 2021 04:59 PM PDT

    I'm a big 4 audit associate and struggle hard with communication. I feel like it must hinder what my co-workers think of me. I'm never sure of what's too much/too little communication with my team, how to ask for feedback, how to try to be more involved with things, etc. Also overthink everything I say/do. I feel like the answer is there, but I'm pretty awkward in general tbh so it's not obvious to me. Any advice?

    submitted by /u/Crumpehh
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    One Man Accounting Firms

    Posted: 31 Jul 2021 11:49 AM PDT

    Is it possible to have a one man accounting firm and be successful? Ideally I would like to have a career where I can working in my office or remote whenever I want.

    Current about to enter my junior year as an undergrad. My plan is to work for a big 4 for a couple years, move to a small company for experience, then start my own practice.

    submitted by /u/International-Rip-59
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    Intragroup transactions help

    Posted: 31 Jul 2021 07:35 PM PDT

    On 1 July 2018, XXX Ltd sold one piece of its existing equipment to AAA Ltd for $120 000. XXX Ltd purchased the equipment for $160 000 on 1 July 2015 and depreciated it over the original useful life of 10 years at zero residual value. AAA Ltd plans to depreciate the equipment over its remaining useful life at zero residual value

    I need to do the consolidated transactions for June 2020, XXX Ltd acquired AAA Ltd on 01 July 2018

    ​

    Dr Proceeds of Sale XXX

    CR Carrying amount xxxx

    CR Equip(PPE) xx

    Dr Deferred Tax Asset A/C XXX

    CR Income Tax Exp A/C xxxx

    Dr Acc Dep A/C $ XXX

    Cr Dep Exp XXX

    Dr Income Tax Exp A/C XXX

    CR Deferred Tax Asset A/C XX

    ​

    I'm confident about my answer up to that point, should I do any retained Earning adjustments? If so what?

    submitted by /u/yrawesome
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    My boss is giving me new tasks without raising my budgeted hours for a client. I think she’s trying to get me fired. If I get in trouble over this is this something that can be easily verified?

    Posted: 31 Jul 2021 03:02 PM PDT

    We work for this client in quickbooks desktop. I'm going to try to talk to her Monday or Tuesday about it

    submitted by /u/MotownMondays5
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    What is the best first career move after leaving public accounting:

    Posted: 31 Jul 2021 04:23 PM PDT

    I've made the choice to leave public. What are some pros and cons of the various paths I can go? Specifically in terms of: - what industry (I've not really specialised in any industry during my career so far) - salary - work / life balance - progression - interesting work

    Also, is there pros and cons of going to a big vs small company?

    I'd love to hear personal experiences to.

    View Poll

    submitted by /u/TheLynchKing882
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    Coasting into FIRE

    Posted: 31 Jul 2021 02:23 PM PDT

    I've been working in industry for a long while now and I am finally coming up on my FIRE goal. I don't want to completely stop working but would like to at least work part time or take the summers off and travel with my family.

    What kind of options are there for an experienced accountant/manager out there?

    submitted by /u/Vordin
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    Income tax problem

    Posted: 31 Jul 2021 03:33 PM PDT

    "A company has a balance of £3,200 (debit) on its income tax payable account at 31 December 20X7 relating to the income tax payable on the 20X6 profits. The company's estimated income tax liability for the year to 31 December 20X7 is £24,500. What is the income tax charge in the statement of profit or loss for the year ended 31 December 20X7?"

    A) £21,300 or C) £27,700

    The "correct" answer is C. It seems to me that the answer should be A, because a debit on income tax payable represents an overpayment of tax that is owed back to the business. This would reduce the the tax expense for the next year by £3,200, not increase it right? Pls help thanks

    submitted by /u/botchedmicnwifi
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    What happens when the company keeps using an asset once it is fully depreciated?

    Posted: 31 Jul 2021 01:45 PM PDT

    Title sums it up. If an asset is worth 500K and is depreciated for that amount, its fair value is zero, but what is the treatment if it is used for more than its intended useful life (for sake of clarity, 100K depreciation each year over 5 years).

    submitted by /u/ADK-KND
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    Windows app called "Step Recorder" who else is going to re-do the entire procedure book by the end of August?!?!?!

    Posted: 31 Jul 2021 06:43 PM PDT

    Move from government to FP&A

    Posted: 31 Jul 2021 06:11 PM PDT

    Has anyone switched from mid-level government accounting to FP&A? I applied for an FP&A job at an international company that sounds really awesome, but I'm curious if it is a completely different world or if I'll be fine. Let me know what your experiences have been.

    submitted by /u/silvermyst915
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