/biz/ - Business & Finance

/acc/ - Air Conditioner Control

Since we already have a board about doing things with/getting money...

>tfw when no standing desk at work (cpa firm)

I got a question on some homework I'm doing. Where does the merchandise inventory balance appear? It says the answer is only in the COGS section of the income statement. Does it not show up on the balance sheet?

>tfw you didn't network in college and are trapped in AP/AR hell barely making above minimum wage

H-how do I escape and get into a CPA firm? Is my career really over one year out of college?

I'm thinking worst case I go back and get my masters and actually network this time, but I don't want to waste another year and a half of my life 15k, with no gurantee I will even land in a firm.

>>46997
Pass the cpa exam. Start applying to cpa firms. Go in person during lunch (take a suit in your car) and drop off a resume.

>>46963
Inventory is a BS account (asset). IS has sales/revenue, etc.

>>47017
Do you work with a CPA firm? Do they put value on people who pass the CPA exam even if they don't have auditing experience with another CPA firm?

I have the 150 hours to sit for it, but I don't want to spend months in literal hell studying for it and the 3k or 4k it would cost to take the test, only to find out it still isn't enough to break into the field and have to spend a a year and a half and even more money on a masters to get into some networking situations.

>>47064
I do. I think it's helpful. Long-term it's great. Hadn't worked in 10 years, took a month to find a job. Once you get 1-2 years experience & licensed, you're golden.

Check ioffer for cheap study materials. Go with becker and wiley if you need more explanation. Will only cost you ~$200 per part to take. Or $800 if you pass them all in first try. 80% pass that retake it.

>>47141
Oh, I know getting a CPA is absolutely essential if you ever want to make any money in accounting. I'm just trapped in a really shitty position right now and don't know if it would be enough to claw my way out. I'm afraid firms will just look at me like "hey, we will have to pay this guy more because he has a CPA and will have to train him like a new hire".

I don't think you understand what a death sentence A/P and A/R is in the accounting world. If only I would have networked more. To be honest I was even fortunate to get this job.

>>47197
Join your local cpa society. Never too late to network.

Not a lot of people have passed the cpa. Firms like it. And you have accounting experience.

guys i have a test in managerial accounting on tuesday over chapters 1-4 pls help

Why is accounting the most boring thing ever? I keep hearing this

>>47261
People probably associate it with paying their taxes and the shit they have to do. Most people keep shit records, etc. It's actually pretty fun and you never have trouble with clients paying you (unlike lawyers).

>>46997
I found out the hard way just how critical networking was. I spent a year out of university, with an A average in all my CA credit courses (Canadian equivalent of CPA, but now it's going to be called the same thing) just migrating between shitty temp positions. Once I finally started to get to know some people, I was able to land an articling position as a staff accountant at a CA firm.

I think I may have been in the wrong program at university, because I found most of my colleagues in accounting to be detestable, shallow people, and the recruiters even more so. I hated spending time with them and thus never got to network much.

Accruals.

discuss.

>>47465
How did you get to know people?

>>47465
You're from quebec?
What was your university? Uqam here?

How do you faggots feel about knowing the best you'll ever get is working back office?

>>47503
Through one of my temp jobs and at Church. Pure serendipity.

>>47553
Originally from a town called Woodstock, in Ontario. Went to UWO in London (Ontario), now working in Kitchener. Western's accounting program actually hurt me more than it helped, since I had to spend the summers picking up extra accounting credits instead of getting work experience. I hear they've fixed that now but I'm still pissed about it. I should have gone to Ivey, had the marks, but I fucking hated the people there so much that I steered clear of the place. Should have just held my nose.

>>47761
Church is a good way to network and get a well paying job. But then you have to sacrifice any shred of integrity you might have.

>>47478
Yes.

>>47761
Like a Jesus church?
Anyone ever tryed business community service?
Anyone have guide to networking?
I plan to go to graduate school mainly for the networking.

>>48133
try "Never Eat Alone". Basically schmooze/kiss ass to the top.

>>47737
pretty good

>>47737
Wow, if only I could get a job in back office...

So... why is the CA changing to CPA?

>>46963

As >>47017 said, inventory is a real account and (as such) shows up on the balance sheet.

The only accounts on the income statement are nominal (i.e. 'temporary') accounts like expenses and revenues.

>>47197
If you don't mind me asking, what do you actually do? Just bookkeeping? Or more like payroll?

>>48213
Yes temporary as in they close to RE at YE. COGS (a cost) and expenses, etc. go on the IS.

75 HOUR WEEK

FUCK

>2nd year accounting major
>going to close this year at a 70% average

Am I fucked? The chances of getting my average up to a 80+ by graduation is highly unlikely. I've been left with the impression that I will be useless because of this. wat do.

Should I just drop out of my Philosophy degree and try to get qualified as an accountant instead? I like what I'm doing sometimes but it's all too esoteric and I'm fearing 30 years working in retail or worse when I come out of it

>>48346
Flip burgers.

>>48230
Not much honestly.

Just coding AR/AP invoices to their proper accounts, and making sure they get paid. Some basic accruals and bank rec, but a lot of secretarial work.

>>48346
Find a new major. Do you expect yourself do to better than just above failing in the real world if you can't do it in college?

>>48346
but 70% is a First, m8

>>48364
>Going for a philosophy degree

Do you want a low paying job?

>>48346
If you are a 70s student when you're taking the easy classes, just wait until you hit the intermediate classes, tax, auditing, and the rest of the real accounting classes (or the Canadian equivalents). Not trying to knock you when you're down, but just saying. It's going to get much harder from the second year out.

>>48346
Kiss ass. I graduated with a 3.6 but had trouble finding a job. If you can get a recruiter or professor to like you they will overlook your GPA. Internships and who you know are all that matter in accounting for the most part.

>>48370
not in this life.
>>48373
going to see a doctor this friday for an ADD diagnosis. I hope I'll get something out of it (aka Adderall).
>>48378
what?
>>48394
I get what you mean, I pretty much heard the same from my academic adviser last week.

>>48388
I'm at a good enough uni it doesn't matter, to be honest. I could take any course here and still be fairly employable by the end.

>>48402
First of all, this isn't entirely true. Most firms require a 3.0 overall GPA to even look at you, and the good ones want a 3.0 overall and a 3.0 accounting GPA.

Second, you're assuming he can even handle the real accounting classes. As a second year student, he's probably in introduction to financial accounting or introduction to managerial accounting. Those classes are babies compared to the real accounting classes. If he can barely pass those classes, I doubt he's going to be able to handle the real classes.

>>48388
follow your passion bro. Philosophy major here. It's almost just as good as dropping out.

Depending on my coding skills to get me somewhere.

>>48425
can you clarify what GPA calculator you use?

it's different for every university in Canada so I'm fucking lost as soon as americlaps and britbongs bring that shit up.

>>48445
A = 4
B = 3
C = 2
D = 1
F = 0

I've been sick for most of the semester and haven't been able to study, I don't suppose you can answer these homework questions for me?

1. The accounting supervisor of Herfurth & Sons believes the company will have to record a loss for the write-down of inventory to the lower of cost or market based on the cost/market values of individual inventory items. The controller asks the supervisor to research the issue as he believes the lower of cost or market rule may be applied on another basis. Is the controller correct? Give applicable support for your answer.

2. In December 2012 Herfurth & Sons records a loss for the write-down of inventory to the lower of cost or market. Management wants to know if a subsequent change in facts and circumstances allows for restoration of inventory value, not to exceed original historical cost? Give applicable support for your answer.

3. Are losses recognized related to purchase commitments? If so, when are the losses recognized?

exactly why have you guys not been replaced by computers and software, is it because they can't cook books?

>>48466
Computers can only be programmed to follow rules, they can't stretch the truth and get creative like an actual CPA.

>>48416
>what?
In UK, 70% gets you the best class of degree. 40 is a pass.

>>48466
Get the fuck out, NEET.

>>48483
Not to mention that auditors have to issue opinions on both the financial statements and the internal controls of businesses. Even if programmers can program computers to check the validity of financial statements, it would be pretty hard for a computer to look a the internal controls of a business's daily operations.

>>48505
>40 is a pass.
yeah, that's sounds like fucking backwards marking.

>>48346
>pass cpa
>get licensed
>get 1-2 yrs experience (preferably public)
>shit gold eggs
>implying gpa matters long-term

>>48596
What's backwards is 70% being a low mark. Having to get 100% on every test just means they're too easy.

>>48675
yeah, but 80s are expected, and 90s are seen as achievable.

when everybody is a try hard and half your business faculty is made up of chinamen, the averages for your program are shot up therefore a 70 looks fucking awful.

>>48133
Yeah, Jesus church.

>>48346
2nd year was honestly my worst year so far. I tried my hardest and had like a 72% average across my accounting courses. I stopped caring in 3rd year and somehow managed to get an 85% average, same sort of deal in 4th year, but a bit higher. I'm not suggesting you stay, just saying it worked out for me in the end.

>>48516
This. A lot of the grunt work in auditing is being replaced by computers (which poses a huge problem for students looking to get experience, apparently) but at the end of the day you need a human to assess things on the ground. There are lots of grey areas in auditing, and a lot of professional judgement is needed.

>>48211
Because they are merging the CA's, CMA's, and CGA's. Long story short it doesn't make much sense to have 3 different orgs, when all of them for the last few years could do public audits, and it was making it hard to market Canadian accounting outside the country.

>>48425
>2014
>not lying about your GPA

Accountant here. Worked at Big 4 for a year. Still studying for CPA because I'm fucking busy all the time and don't want to study.

My advice: take the CPA exams before you start working.

Also, switch majors or double major in finance. Everyone shits on you in accounting and calls you the bean counters and whatnot.

>>45905

So I'm currently an assistant accountant (still studying) and there's a clear decrease in the amount of jobs available for the lower echelon of accountants (i.e. me), since more and more customers do the bookkeeping themselves. The only thing we need to do is check if the customer did everything correctly and advice the customer (which is obviously still a good business).

Still, it's very obvious a lot of us are going to be fired sooner or later; it'll be even worse for the new junior accountants.

How do you people feel about this? Or are all of you auditors already?

>>54170

Some background info: I'm european and work at a medium sized company (1500-1600 employees). 4-5 years ago we had over 2000 employees.

It's downright disasterous. You either move up or get kicked out.

>>54170
Any decent accounting student goes big 4 audit, or audit at a smaller firm. It's really fucking easy. I go to a shitty state school but because we are near a large city there are always like 12 accounting firms here recruiting.

>>54285

I purposely didn't go for a big4, but we need practical experience and usually start somewhere at the bottom.

However, the issue here isn't me since I'm going to be moving up relatively soon (Or be fired, I suppose that depends on my ability to study fast enough)

But there doesn't seem to be any work for the new junior accountants anymore, it's as if part of the accountant profession is slowly dying out leaving only auditing and advisory. I can remember most of us were promised a golden future half a dozen years ago. Yet I wouldn't be surprised if many of the students at that time end up working somewhere entirely different (not an accounting firm). I mean, we would need only 10% of the current accountants for advisory only and I suspect auditors will shrink in size as well due to more and more automatization.

Only the goddamn EDP audits will get more work in return.

Yeah accounting is pretty terrible in the job market right now. I can't find work almost a year out of college I'm kind of giving up hope.

I mean it's not as bad as general studies and most things still but it isn't easy and you will struggle to find a job like I am unless you have connections.

I'm considering going back to school for computer science.

>>54466

I know a couple of people who are working at the (government) tax department with an accountanting degree. It's downright depressing since I don't think a lot of people who like accounting want to do taxes 24/7, especially so since the customer relationship between state tax authorities and the customer is almost the opposite of the relationship between an auditing/accounting firm and a customer.

Obviously I'm still somewhat fearful of my job, since the higher ups want to cut another 500 people within the next few years. I doubt I'd be ranting like this if I felt secure.

Also, I hear people with IT degrees have trouble getting a job as well (due to oversaturation), so I doubt that'd be a good solution.

>>47465
I have a similar experience although I'm still in my fourth year. Agreed on the whole colleagues part, I found many peers to be shallow and fake. It showed during the networking I went to where we were supposed to "get to know" people. The whole thing felt like a sham from both students and recruiters.

Did you network in any other locations other than what you've already mentioned? Such as joining some accounting related stuff

>>45905
>Accounting
is for people with no talent, in other words, for empty people.

>>54587

>The whole thing felt like a sham from both students and recruiters.

Not the person you're responding to but a thousand times this. I went to (almost) every single of these meetings and it seems like the recruiters only put in the minimal amount of work required, just going through the motions like usual completely without attention or passion. I remember asking a Deloitte. recruiter what set them apart from the other big3 and just seeing the recruiter stumbling through the words trying to shift the topic.

In addition to that half of the students never even showed up, I suppose that tells you how seriously those networking meetings are taken.

>>54658
For us not all the students showed up too. Some may not care or value the networking, but some that I have talked to who attended found it to be a waste of time.

My honest opinion from my experience is that, you're unlikely to even get an interview unless you're on the ball with asskissing at every networking event.

The state I'm in right now trying to look for a job just makes the industry feel bad if this is what it takes to even get an interview. Let's not get into the political aspects of external auditing at the big4. But perhaps that might be why they really want asskissers.

Hello! So I'm In second year of accounting studies, and my family has about 5 different businesses that I can work for. They're all pretty small, 4 are restaurants and 1 is an a/c company. My question is, how can I be of service for them? Is finacal or managerial accounting a better field? My aunt recently have me a laptop with quick books which has her accounts for 2012, what can I do to show that I can help somehow? I think the accountant they have right now is screwing them over, she never set it up assets and liabilities right, everything is all scrambled and is kinda hard to read.

Halp plz

>>54738

An additional problem is that usually you can't afford to continue your study without atleast a minimum wage job, and without continuing your studies your degree will slowly become worthless. Most accounting firms will reimburse 30-50% of your study, and give you like half a day off as well.

But you'll need to get in first. And that's the big issue currently

>>54803

License a bookkeeping program from an auditing/accountant firm and do the bookkeeping yourself. Cheapest method in my opinion.

>>54842

You could learn a monkey to bookkeep. As long as you have the basic framework. I recommend accountview but that's because I've been working with accountview myself for years now.

Also, skipping accounting/auditing firms completely and licensing directly is possible but probably a bad idea at the start.

>>54842

Book keeping program? Like going to h&r block or something?

>>54903
>h&r

I'm not English and not particularly good at languages. I don't know what h&r is, sorry.

>>54903
>>54921

I think he meant to license the program (i.e. Quickbooks) for use so that you can perform accounting.

H&R block is one of the smaller firms that provide accounting services for people

So I'm in Canada, doing some shit 2 year accounting program at a college. Currently in my last semester. What are my options after I'm done? Transfer to an uni to get a degree to be able to actually do something?

>>55184

That seems like a good idea. If you can get some shitty accounting job go for it, though. Great for experience while you study on fridays or in the evening.

>>46963
NY CPA here.

The people that responded are partially correct. It is a balance sheet item however it does appear on the COGS statement as "Less: Ending inventory"

COGS:
Beginning Inventory XX
Purchases XX
Other XX
Less: Ending Inventory (XX)
= COGS

>>48394
NY CPA here,

Absolutely, intermediate accounting will make or break you.

Accounting never trumps sales. Sales is where a man shakes a person's hand to enable a transaction. This is after the analysts, accountants and lawyers do their calculations and work

Not too sound nerdy but holy shit this thread excites me.

>>55336
I don't shake hands at walmart.

>>55396

Good! And to all interested individuals, pass the CPA exam!!

B school grad here. Man I hated accounting in college but glad you understand when you go into business.

Youd be amazed how man accountants attempt to screw you as a business owner thinking you don't understand line items on a balance sheet.

Had to sue the guy so use your powers for good.

>>55449
My accounting mentor always mentions "our brothers at Enron" when we discussed SOX.

>>55449

I think you are trolling. If not, then that is unfortunate that you have only bad experiences with that professional relationship.

By the way, when you sued him, did you contact his states' board of Ed?

>>55487

He was being sarcastic.

But you knew that...

>>55519
Yep yep he had a very dry humor, nobody got it but me. It was a principals class though with a lot of non business majors.

I'm in the same boat as a lot of you guys. I'm terrible at networking. M.S in public accounting with 3.81GPA. Been unemployed since August 2012. Feel pretty unmotivated to do anything, i signed up for FAR but lack motivation to study.

>>55310
No, cost accounting and auditing will.

>>55776
No, Intermediate accounting was harder than cost. Auditing was just very dry.

>>55776
>cost accounting

Good one! You're a funny man.

>and auditing will.

Perhaps, but like >>56144 said intermediate accounting is without a doubt harder. Cost accounting is a joke and auditing can be quite difficult to study, mostly because of the sheer size.

Hey /acc/, question for anyone who might have some insight.

My father recently graduated with a 4.0 and an accounting degree. He's in his 60s, but can't afford to retire anytime soon, thus the late-life degree. It's his passion.

He is an incredibly hard worker, but keeps being let go from jobs for not "having enough Excel knowledge" and things similar. Do any of you know of a good online source he might be able to learn more high-end Excel work that he didn't get with his shitty community college degree? Just something to help catch him up. I feel bad and he's too old to keep dealing with this shit if possible.

>>56183
Intermediate accounting and advanced accounting is a joke for me. Cost accounting woke me up and auditing is difficult for me to remember already.

>>56283
what piece of shit school do you go to?

>>56238
Ouf that's a though one.

I don't know any guides, but tell him to apply at places for internships.

Hell, he could offer his time freely for 2 weeks and if they like him, they hire him. He should also do a process.

I feel bad for your father. Start saving young so you don't end up in the same situation.

>>56238
http://excelexposure.com/

>>56238
Age discrimination runs rampant in the accounting profession. Employers will treat him like he is toxic. His 4.0 in a community college doesn't mean shit. He knows nothing and has no experience.

>>56312
Not a top school but why are you so defensive for? I just find it that way and most people I met do not like cost accounting either.

>>56391
Trust me, I know. I don't want to be the one to break it to him. It's a really sad, sad situation and it breaks my heart.

Thanks for your honesty.

>>56376
>Reddit University
hum

>>56375
We've always been very good about money and have always saved. Unfortunately, times are just tough right now. I'll recommend that to him, thank you.

>>56391
It is pretty bad...

Not just on the old end, but it's really bad for new highers now too. If you don't have experience you're fucked no matter what your age is. Your dad was lucky to even get hired at that age graduating college.

How important is school? I'm attending a shitty university in BC. I mean we have an active Accounting club and co-op but it seems like Big 4 doesn't even recruit students here...

>>56403
I was kidding

>>56463

If I'm not mistaken, to be certified as a CPA you have to have a certain minimum number of hours in accounting under your belt. If your goal is just to get into accounting with the bare minimum effort just find a community college and get an associate's.

>>56748

I don't think a diploma is worth anything here

How hard is to pick up accounting on the job?

I might have an opportunity coming up to get in with a family friend in his company's accounting department. My understanding is that I would be setting up payroll(he owns a temp agency) and using Oracle.

I have a B.S in chemical engineering. I did well in the math and data analysis side of things, enjoyed the science/engineering classes, but have no interest working on a drilling rig in the middle of nowhere.

>>56748

Well in NY you have to pass the exam, have proper amount of schooling and once employed with a public accounting firm, a certain amount of hours in audit, etc.

>>56907

I learned a lot easier on the job then in accounting courses, as they are very dry.

>>56907
You'd be surprised how quick you could pick it up.

I really want this to become a constant thread here.
Fuck. I'll make sure we have one constantly running.

As for my question:I keep hearing accountants make terrible business owners....why? besides people skills.

>>48466
Because accounting is a lot more qualitative than you think and valuation relies on interpretation rather than hard facts or rules

who /studying/ here?

I'm on some F5 questions

Enjoy getting replaced by computers, faggots

>>56982
NY CPA and managing partner here.

I know I'm a good business owner (i think).

>>57009
[citation needed]

that's what they said about quickbooks ages ago.

Technology will only change the field.

why do people get so angry over accountants?

>>57009
I'm not entirely certain you understand how the economy and taxes work

>>57081
Jealousy :)

Why the fuck is depreciation calculated along with expenses like wages and heating in Final accounts? It's bullshit. Depreciation isn't necessarily taking something out of your buisness.

Any ACCA here?

I'm at b school thinking of pursuing this when I finish. But I heard good things about CIMA too

>>57112
cost allocation sweetheart.

the life of the asset is realized over many periods. So if you buy a building you think you are going to get one big write off in one year?

>>57129

as a follow up, there are some assets that you are able to Section 179 (write off in year one) but there are some restrictions.

It's cool that moot started /biz/

I've always wanted to study accounting and become an auditor or something, but I'm afraid I'll land a boring and unexciting job that very soon will be replaced.

What is /acc/'s advice?

By the way i enjoy sharing my CPA knowledge with anyone who asks, but it's just an excuse to post images.

>>57129
But how is depreciation of let's just a generic "building" calculated on a yearly basis? I mean do they base it off the selling price of similar buildings? What if they estimate the building has depreciated over several years, but when they sell it it turns out it makes a bigger profit than expected and the depreciation wasn't applicable despite the fact it's been deducted on the same grounds as wages, heat etc.?

>>57160

Accounting is not necessarily one particular job, go into public accounting and see what you like.

Do you like taxes / auditing / writeups etc..

>>56907

shit nigger, those roughnecks make 100 grand a year. i'd do it if i was offered

>>57178
Commercial buildings are written off over a 39 year period residential 27.5 year. It has nothing to do with what the building is worth today.

Don't think of it in the same category as annual expenses. There's straight line depreciation and accelerated depreciation depending on the type of asset.

>>57230
With no free time to enjoy that money. One rig hand I talked to bragged about doing 12-16 hour days for months at a time. No thanks. I will take my 40k 9-5 job and enjoy what money I have left over than watching numbers on a bank account go up by 100k every year

>>56945
>>56964
This is good to hear. I know you don't want to hear STEM master race, but you do get a good skillset that can be applied in other areas. I just wish people would understand that not every engineer works in engineering or wants to work in engineering.

>>57035
hire me! lel

>>57373
that's resume enough, you're hired!

>>57009
heh, I always smile when I hear this. This phrase is a dead giveaway that you don't anything about accounting.

>>57354
>9-5 as an accountant
top kek

>>47197
>>47197

This is just utterly wrong. CPAs and the work they do is only one facet of accounting.

You can do CFA stuff, audit, control, payroll, academic accounting (PhD research), get into a company and do cash-flows and daily treasury stuff...
there is much, much more than CPA style audit and tax.

>>57420
What's academic accounting?

>>57429
I think he means you would go for a PhD and study accounting in a theoretical sense. A few more years of school and lots of research. It's not a bad idea considering there's apparently a shortage of accounting PhD's in America.

>>57429

Research (or teaching if you are at a pleb school). Get your PhD in accounting and teach/research in a business school.

There are also accounting based research positions at most large financial institutions- banks and i-banks.

Should I take internships even if it's not accounting related like Admin assistant or it's worthless?

What gives you pleasure in accounting?

I'm taking classes on it and I find it really enjoyable yet I can't really identify why.

>>57568
communicating business information that people pay you for, that's euphoric :)

Canadian here, can I take the CGA exam right out of college or do I have to do university first?

Also one of my teachers mentioned some of the certifications might merge together soon, any news on that?

>>47261

It just is, funny story, a lot of people in my program fail one accounting class per semester, not because it's hard, but because it's just so boring that they would rather study engineering.

>>48466

There's to much stuff in the middle that requires a human and most importantly, someone to blame if the books get cooked.

Some CPA's I know still laugh when people bring it up as they've heard this for the last decade.

>>57837
CA, CMA, and CGA are merging. It worries me that you're only hearing about this now, this news is years old. Go look up the new designation, CPA, and see what the requirements are.

Hey. Recent graduate here. Just started at a new firm a month ago. My boss is a bit of an old, professorial type who likes to teach me lessons by giving me shit that's over my head, seeing how I do with it, and explaining what I did wrong. This firm is small, but competitive, and Im trying to impress to get ahead. I have a couple of questions about a return I was assigned today. I would appreciate it if the more experienced accountants here could help me out, but if it's against your principles to give out accountancy advice for free, I'd totally understand.

Anyways, it's an individual return for a client who was recently widowed. Soon after her husband's death, she moved to Switzerland. Her husband had Swiss citizenship and worked there for two years in the 50s. As it turns out, she was entitled to Swiss social security payments upon her arrival there because of this. What do you think the tax treatment would be for this item in the US?

Secondly, she had an apartment in NYC that she had been renting since the 70s that was rent controlled. After she left, she wanted to sublet it, but her landlord wouldn't let her do that. It went to court and she ended up getting bought out by the landlord to leave. What would this payment be treated as for tax purposes? She received a 1099-Misc (box 7) for this item if that's any help. Thanks for any advice.

>>59605
>My boss is a bit of an old, professorial type who likes to teach me lessons by giving me shit that's over my head

This is a horrible way to teach, by the way.

For your technical questions, you should use your research tools.

Tell that boomer client of yours to get fucked and pay the IRS their dues. Some widowed rich bitch married to a Swiss dude doesn't need fucking rent control.

>>57837
>>58379
Also yes, 3 years BAA and 1 year DESS
so, 4 years.

>>61103
Quebec fag, where do you study?

who /big4/ here?

Any UT students up in this studying for the CPA like I am?

>>61282
MFA at uqam

What's a minority balance and what does it mean when the b/d balance is on the credit side of the sales ledger control?

Bump

>>61282
And you?
My instinct tell me life shouldn't be this awful.

Final year Australian accounting student here.

Is there much alternative to Big4 on graduation?
Working AP until then.

>>48621
What's the difference between passing your CPA and obtaining a license?

I don't get it. How do some non accounting majors enter the big4 doing accounting work and not die? Isn't CPA related stuff as hard as hell?

>>64395
The CPA exam is one part of the license. You need to work in a public accounting firm with x amount of hours in auditing, tax, etc.

Accounting student here (Junior soon to be Senior).

How do I shake the feeling that every thing I'm doing is a massive mistake and that I'm spiraling towards a life of grueling punishment and eternal unhappiness?

Public accounting sounds like an artistic interpretation of hell.

>>64869
What class are you in? Did you do intermediate accounting yet?

>>62930
Help?

>>64904
I'm in intermediate Financial accounting II.

>>64869
I agree with you. I was planning to go into accounting, but the more I hear about it, the more miserable its confirmed to be. I'm probably going to switch to Business Admin or something hardware based in IT. Its not as 'respectable', but at least I won't regret getting into accounting.

Hey, how many hours a day or a week do you guys study during uni and leading up to CPA exam? I want to judge how lazy I am.

In general, should I pirate my books, or is having them in print worthwhile? I'm under the impression they need to be updated every few years.

>>65503
If you can use digital copies, I'd recommend it. Particularly if they're OCR'd and you can search the text for when you need to dig up an obscure term or something. Also, you can highlight your notes AND output only your highlighted notes into a separate "review" document. I would imagine that would cut down on a lot of CPA study time (of which there is naturally tons).

>>62559
>>47553

I am >>61282

Can't believe I found someone from UQAM here... If you want to meet IRL, send me an e-mail, and please indicate "4chan" in the title so I know who it is.

>>64869
Keep in mind that at least in Canada most people who get a CPA in a public accounting firm do not end up being accounts in the long run.

Most people End up leaving after their CPA and entering the rest of the private sector, into shit like junior management.

Any other UBC students here?

>Tfw taking 15 hours of ridiculous classes and my GPA will be fucked
Econometrics, intermediate accounting, capital budgeting, Capsim, and Money and banking (piss easy one) was just not a good choice.

I just HAD to graduate in 2.5 years. Fuck me.

So I already turned in the project so whether I got the answer right or not doesn't really matter

But if a lease has an implicit interest rate of roughly -2%, and the firm has an normal borrowing rate of ~3%, do I use the -2% interest rate to calculate the present value of the lease in regards to determining if it is a capital lease vs operating lease (FASB)? From what I read on the website I have to use the -2%, but this annoying girl in class kept saying that the lease was an operating lease for sure

>>65691
Depends on the party in question. If you are the lessor, then you always use implisit. If you are the lesse, then it depends. If you know the implisit you have to use the implicit. If you don't know the implicit rate then you use your internal rate.

>>65726

Sweet, thanks man, but wouldn't the lessee pretty much always calculate the implicit rate? I can't imagine it being a good business practice to not

>>65624

From what I've read, it seems like working for the Big 4 is hell. How does the private sector compare, in terms of work conditions, and in terms of salary?

>>65762
Oh ya definitely. To paraphrase my prof, you would have to be retarded to not be able to find the implicit rate. But the option is still there, if for some reason you can't find the implicit rate.

>>65782
Although in my experience, any question where that is relevant, the question will explicitly say the lessee does not know the implicit rate.

>>65782
>>65793

Oh ok, thanks man! Is it weird that I'm actually really enjoying Accounting? Haha

So, I just got a call from a small firm asking me if I'd be available for an interview.

It's a Japanese/English firm with 25 people and 5 Japanese speakers. I've got a JLPT N1 and the person outright told me "I'm very impressed with your resume," but my GPA is a low 3.X.

I've never interviewed at a small firm before, only regional and big 4. Is there anything I need to be careful about? Also any general warnings/info about smaller firms?

>>66040

What's your GPA? I mean as long as you're 3 something, you shouldn't be worry, right?

>>66094
Change in majors and some bad luck got me a 3.1 so far.

I'm just wondering if there's anything in particular that I should have in mind for smaller firms. (Type of experience, advancement, compensation, Atmosphere, etc...)

>>66122

Have you asked them what's their ideal GPA is? I'm sorry for asking I always thought anything above 3.0 is good for most firms unless it's Big 4 D:

>>66159
3 is a minimum

>tfw you wear lifts whenever you talk to recruiters on campus

>>65549

Thank you, I didn't even know you could output highlighted text.

>>65623
sent ;)

Anyone know the required permit to start a financing business?
Like sell used car and lend money.

>>70930
ur mum

>>71763

#rekt

>>71763
#ShotFired

>tfw final a board and thread to call home

Thanks moot

>>48213
When you get into intermediate accounting you also have to factor in gains and losses as well.

test

bump

>>72089
It's been a long time coming. It was shameful that these kind of threads were on /r9k/ all this time.

Could somebody explain what Partners are?
Are they part of Big 4?
I'm kind of confused. I understand the typical corporate employee employer model.

Thank you.

>>45905

So is everyone in agreement that double entry accounting basically proves that economics is a zero sum game and that our beliefs about economic theory are just to keep us in line while wealth is redistributed from the poor to the rich?

>>84207
Um that statement is so nonsensical as to not even constitute trolling.

Like what you said is the equivalent of saying that manned flight proves evolution; while they are both based on science they have absolutely nothing to do with each other.

So ya, did you mean to say something else, or are you actually that dumb?

>>84308

Everytime you book an entry, you book an asset and a claim against that asset (a liability). The economic position has not changed. You are just creating more debt to finance acquisitions. This debt is what is passed down to consumers through employment

>>84345
Um the problem with that statement is you assume that revenue and expenses don't exist. So new value can be created, and value can be destroyed through expenses and revenues, either when an asset is sold, or revalued.

>>84468

Are you dense? Those are balance sheet items (retained earings).

Retained earnings is another debt (it is a claim on the assets by the owner). No wealth has been created. You are just making more debt and selling products to poorer people redistributes their wealth upwards towards this owner's debt.

So when is a firm considered "small?" 50 staff? 25 staff? 10 staff? 5 staff?

>>47242
lol exact same boat here

>>86190
Everything is relative. In comparison to Mercedes-Benz? They're all small.

>>86296
What about medium vs small, though?

>>86332
That's still pretty relative. You can't judge this without context.

Can someone explain to me whether a "fixed rate open loan" at 5.9% is good/bad?

It's for a car loan (car is $4000).

>>88392
Well I got a fixed rate of 1.5% on a 25,000 new car purchase. I'm not sure if your rate is normal for used cars.