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/biz/ - Business & Finance

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669556 No.669556 [Reply] [Original]

Is Accounting hard?

>> No.669567

>>669556
no but its boring as fuck

>> No.669569

>>669556

No but it sucks dicks.

>> No.669572

>>669567
My nigga

>> No.669573

>>669556
No, but expect the kind of job satisfaction portrayed in the movie Office Space. A computer does your job while you stare into the void of your cubicle

>> No.669578

>pays above average
check
>good job security
check
>isnt too difficult
check
>isnt manual labor
check

Sounds pretty great to me.

>> No.669580

The hardest part will be swallowing the ashes of your dreams as you achieve nothing but a paycheck and an eventual retirement.

>> No.669582

>>669556
I got a degree in account and work as a book keeper. Looked for work 5 months after college finally got the job. Pays 34K in california.

>> No.669586

>>669556
Intermediate accounting 2 was very hard.
Advanced accounting was challenging.
It depends on the teacher.

>> No.669603

>>669556
Buy wards

>> No.669604

>>669556
No. I literally spend all my time shitposting and sleeping and get 98s on everything, and I'm a retard.

>> No.669606
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669606

Accounting is tedious, requires a lot of memorization, involves long hours, and is hollowing out as an industry between lots of low-end clerks and high level operatives.

In NY, they harass you with having to take ethics and refresher courses to keep your certification. So you have to waste money to keep making money.

A lot of small shops run their books like shit and you will kill yourself trying to put shit in order while HR dumps their work on you. Big shops have huge dependency chains where you have to expect a lot of people to get everything right.

The field doesn't get any respect despite the fact that most businesses want to know whether or not they are making money.

>> No.669628

>>669582

a 2 year degree pays that

a 4 year degree pays 55k+

>> No.669662

>>669604
I'm at UCSB and the whole economics department (includes accounting) has curves for days just so it's extra hard, and more people will fail.

>> No.669671
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669671

>>669567
>>669569
>>669573
>>669604
Ok genuises in that case try to solve this problem: "Intermediate Accounting"
Delhi Electronics and Lighting, Ltd., [DELL] issued $6,000,000 par value, 16-year 8% bonds on July 1, 2011 at 103. To help the sale succeed, detachable stock warrants were issued with the bonds at the rate of eight warrants for each $1,000 bond. Each warrant entitles its owner to acquire one common share at $70 cash. Similar bonds without the warrants were being traded in the market at 95. The warrants are estimated to have a market value of $420,000. The convertible bonds with the warrants were issued at 103. The bonds were also convertible and each $1000 bond could be converted into 15 shares.
The company uses private enterprise GAAP to record both the liability and equity components. It amortizes the bond discount on a straight line basis.
On January 1, 2012, after the payment of interest due, the company converted 40% of the bonds into equivalent shares. On that date, these shares were being traded at $65 each.
On March 1, 25% of the warrants were exercised.
Required: Prepare appropriate journal entries, in proper format, to record
1. The issue of the bonds on July 1, 2011.
2. The conversion of the bonds on January 1, 2012.
3. The exercise of the warrants on March 1.

>> No.669674

>>669567
>>669569
>>669573

Why does everyone say accounting is easy? I find that intermediate is pretty challenging. Or am I dumber than average?

>> No.669678

>>669674
no they just "say its easy" because in their finance degree they had to take Accounting 101, aced it and therefore theorize that the rest must be just as easy

>> No.669701

>>669662
>Tfw too stupid to be in UC

>> No.669710

>>669567

fuck but is boring as no.

>> No.669713

>>669567

This.

>>669674

I would assume that you are dumber than average if you think accounting is hard. Basically, accounting requires no working memory / IQ.

>>669678

>not double majoring and getting your CFA

Shiggy diggy.

>> No.669723

>>669713
then solve the problem >>669671

>> No.669727

>>669713
Whats up with /biz/ tripfags? How come all of them are such douchebags?

>> No.669733

>>669727

Telling the truth isn't being a douchebag.

>>669723

What are you going to timestamp when I do?

>> No.669735

>>669671
i fell asleep before i got halfway

>> No.669736

>>669733
>implying that telling the truth is what makes you a douchebag

>> No.669752

>>669733
Timestamp? No Im not going to request a timestamp.
stop coming up with excuses and just solve the thing if its piss easy

>> No.669756

>>669671
>Delhi Electronics and Lighting, Ltd.,
Sorry, don't know India GAAP.

>> No.669757

>>669735
So you failed to solve a "piss easy" question then

>> No.669758

>>669752

>forgetting there are IDs on biz

Anyway, I am not actually going to do it. Pulled out my CFA books. 30 dense pages on this. Probably a good half hour of work remembering all these details.

>> No.669759

>>669756
Canadian GAAP, in this case there is no differece between IFRS and ASPE. Its just a trap to fool you into thinking there is a difference in the first place.
its to mislead students

>> No.669761

>>669757

It is piss easy. You just have to memorize a bunch of boring stuff.

>> No.669763

>>669758
Then you failed to solve a "piss easy" question

>> No.669766

>>669763

As much as you would fail in solving a physics 101 cannonball question. Time to look shit up =/= difficulty.

>> No.669767

>>669628
Thus the 5 months. This was the only job I could get. I'm charismatic decent grades did a summer internship with a CPA firm. Job market is rough and employers can leverage that in the salary. Given some time and skills learned on the job I'll be able to leverage more.

>> No.669769

>>669766
Then do it if its that easy

>> No.669770

>>669769

You are confusing "hard" and "time consuming."

>> No.669777

>>669770
Its supposed to take 30mins.
you know all you finance/marketing majors all put out so much steam on how smart you are, and brag about it, but when the time comes you can't solve a 30 min "intermediate" level accounting problem. Go figure

>> No.669781

>>669777

I don't think finance major are smart. But I don't think accounting majors are smart either. Marketing is a joke.

>> No.669806
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669806

>>669662
>was thinking to transfer into UCSB
>didn't get in after high school despite being top 5%
>niggers got in though
>see this

i think i will pass up econ and accounting at any UC.

>> No.669810

>>669781
Wasnt it you that said
>accounting required no working memory/IQ
and the later said
>id have to look back in my books to refreshen my memory
And
>you would fail a physics 101 cannonball question
considering these, id say you're not even a bisness major and you have therefore no say into what is easy and what isnt because you would have never gotten deep enough in accounting/finance/marketing/supply chain to actually know what you're talking about.
>my CFA books
how old are you? CFA exams dont exist anymore (at least in Canada)

>> No.669822

>>669810

Do you know the difference between working memory and memory? Because at the moment, you are acting like you don't.

>how old are you? CFA exams dont exist anymore (at least in Canada)

lol what. I am in the US. I know a guy in Toronto taking level III in June. You just shot your argument in the foot.

>> No.670100

>>669578

CPA here. Its not. All this shit can be easily automated but you will still be required to sit there all day and pretend to work overtime.

>> No.670109

>>670100
That's a symptom of a broken company structure and culture :( http://howshouldweaccountforme.tumblr.com/

>> No.670128

>>670109

until the boomers die with muh office, muh meetings, muh 9-5 we are stuck with it

>> No.670137

Does anyone really work 9-5 with salary? I always take like 45-1hr lunch breaks I can't stand being at my desk 8 hours straight. I usually work 8-5 or 9-6 :(

>> No.670148

>>670137

It depends on the company. I worked in a small property management company and I was the last one out at 5:15 PM. Now I work in some corporate hellhole and the slaves stay til 8 pm to try and get attention.

I work maybe an hour or two in the morning and then sit here all day. Everything happening in an office can be done instantly with a 90s level understanding of computer science.

>> No.670921

>>670100
CPA here also, youre not a CPA unless youre some fuckup still working in accounts payable and doing bookkeeping for your micro brew employer.

What CPAs do, can never be automated. Its like basically saying corporate law will become automated or private investigation will become automated.

>> No.670924

>>670148
Big 4?

Maybe look into the something government related, IRS, CIA, FBI.
They all need CPAs and they cant keep you like the private sector does.

>> No.670942

>>669678
This

Every retarded business major in my school had to take Accounting 101 and 102, most found them impossible and unbearable (but then again were talking about HR, General Business, and Marketing majors), I'm sure there were a few arrogant Finance majors who found it easy though

I personally cruised through 101 and 102 and got an A in both, that changed drastically once I started my first intermediate class

>> No.671061

>>670942
That's why they call intermediate the weed out class. I aced it and still regret not majoring in accounting. Going back to get my ms and cpa now. Would have saved me a lot of time and trouble going that route in the first place. Everyone wants to be the next big shot on wallstreet..very few actually are

>> No.671154
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671154

>>669556
Financial Accounting took me awhile to grasp the concepts, but its definitely intermediate.

Management accounting (cost) is a pain in the ass. Its judgement based and involves in more math and concepts that I still find difficult to conceptualize.

Have to do a report on a firm's ABC cost system :(

Normally I wouldn't mind, but my professor's can't explain for shit, and he's a CPA so he's a hard ass.

>mfw

>> No.671156
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671156

>>670921
>yfw when singularity is going to leap mankind 10,000 years ahead and something like this will become trivial.
>yfw underestimated technology.

Look at we accomplished in only 100 yrs, new innovations are popping up every 6 months now.

>> No.671404

Accounting is still a very young profession — FASB was formed in only 1973 — it predecessors, CAP and APB, were a joke.

Be savvy & decern between:
Booking — boring, tedious, easily automated aggregation of data
from
Tax — optimizing data to pay the least amount to gov
from
Accounting — interpretation of recorded data to get a representational faithful and relevant picture of what is going on.


>because it was brought up >>671154

Cost accounting — finding indicators of where to optimize processes and encouraging change
from within the organization

>> No.671456

>>669671
there is a difference between being hard, and requiring no knowledge of terms and concepts, accounting level math is not hard end of story

>> No.671474

>>669556
>have friend in masters in accounting program
>constantly asking me for help
>able to help him because it's retard-tier stuff
>lands him a 40k starting job
>meanwhile my biochem degree nets me $12/hr no benefits

>> No.671498
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671498

I'm getting BTFO in accounting. I think I have a math learning disability because I'm so bad at it. I think I'm going to switch my major and try to get into dental school or maybe research. Perhaps law school if the field wasn't flooded

>> No.671962

>>671404
accounting isn't a "young" profession. it's been around forever...

the only "young" part about is it the expansion of regulatory institutions.

>> No.671971

>>669556
If you put the same effort into any other business major or any engineering major you would be way more successful

>> No.672027

>>671962
Ok, recording money transactions have been around forever, however, federal standards have only existed for a limited time.

Even the 90s basically renewed the whole industry with sarbanes oxley.

>> No.672029

>>671498
>I think I'm going to switch my major and try to get into dental school or maybe research.

>has trouble with accounting
>wants to go to dental school or be a lawyer

m8...

>> No.672054

>>672029
>implying tedious numbers job has anything to do with diagnostic skills and critical thinking.

>> No.672066

>>672054
>thinking a good chunk of those degrees isn't tedious
lol

>> No.672089

>>669556

CFA Level II Candidate here.

Accountant for a large publicly traded company.

45,000 annual.

Do about 5 hours of actual work per 40 hour week.

No stress, cool with not moving up.

Slacker.

>> No.672092

>>672089
>Do about 5 hours of actual work per 40 hour week.
kek

what the fuck do you do the rest of the time?

>> No.672100

>>672092

Honestly-

I"ll play on my phone and when I hear someone walk by my office I'll quickly sit up with my hand on the mouse and eyes staring at the computer.

When my managers ask me what I'm doing I usually say I'm going over policies or looking over our excel models.

Sometimes I'll do homework for my MBA classes.

I have a good relationship with my co-workers so they never check my browser history. IT guys are awesome, drank with them a few times.

I dunno man, I guess I got hired because I was qualified and could contribute, but there's just not much to do in accounting. I really think everyone just pretends to work and then tell everyone how hard they're working.

>> No.672105

>>669662
im gonna xfer to UCSB next fall and major in econ and accounting if i can pass microeconomic theory there. how hard is that class and how hard is the major in general?

>> No.672114

>>669671
>Hi [tax attorney]
>We're converting 40% of our bonds into >equivalent shares. Please give me the entry >that needs to be done.

>> No.672141

>>669556

i'm a big 4 auditor. accounting isn't hard if you can think critically. the hours blow in public accounting. really blow. the only consolation is that once I get my 4-5 years down with my big 4 firm (and finally pass my CPA) I will have tons of job prospects.

i don't even want to be a book accountant. want to do forensic accounting, particularly for law enforcement. the critical thinkign skills associated with accounting are useful just about anywhere

from my time in school, i learned one thing about getting a degree in accounting: if you take financial accounting 101 or whatever your school calls it and it clicks, you'll be fine in accounting. if it doesn't click, you might be able to make it but you'll need to work harder.

>> No.672163

CPA checking in. It's not that hard in college but professors make it difficult by asking tricky questions. In the real world, it's pretty easy. You just look at what you did in the prior year and replicate it but with new numbers. The only "hard" thing about accounting is the ridiculous long hours you work without getting paid OT. Being salaried is such a scam. I can't believe it's legal.

>> No.672223

>>672163
when you were studying for your CPA did you have to really cut down on your social life and study like crazy or are the exams not as difficult as people say

>> No.672280

history major here. I study accounting/financial modeling in my free time plus CFA.

Why is everyone getting so bent out of shape over this? Accounting is just like solving a puzzle. Its not totally simple, but not exactly impossible.

>> No.672347

>>672114
>Tax attorney
>Doing Journal entries

You dun goofed.

>> No.672352

>>669556
>>669567
And it's also a dead-end job. If you like a stagnant wage doing the same bullshit for the rest of your life, then go for it.

The chances of you making it big at any top audit firm is near 0.

>> No.672357

>>669671
not your personal army

>> No.672385

>>672141
Forensic accountant here.

If you've got the skills, join us. It's quite a lot of fun - project based with a lot of travel. Bonus points if you're bi-lingual

>> No.672442

>>671971
and the worst post of the thread goes to this guy. Accounting = little work with decent reward but as stated before, soulcrushing and boring.

>> No.672446

>>672100
sounds awesome but I could imagine a job like that is boring as fuck in the long run?

>> No.672524

>>672054

>accounting
>critical thinking

ok kid

>> No.672567

>>669671
I could absolutely do that problem but I dont want to do your homework for yourself

>> No.672583

It is all relative compared to other business majors accounting is hard but it will not be as hard as most STEM degrees.

>> No.673018

>>672567
I have the sollution already, past midterm problem for "financial reporting 2"

>> No.673025

>>672114
>implying no one has to do it

>> No.673031

you asked the worst board on 4chan. Nothing but edgy teens who fap to wolf of wallstreet fan fictions that are posted on here.

Tip: never take anything here as fact

>> No.673032

>>672163
accountant here, accounting in college is difficult but in the real world it is much easier.

>> No.673034

>>669713
>accounting requires no working memory

that sounds like the job for me!

>> No.673049

>>669727
trip fags on /biz/ are like tripfags on /v/, pretty much everyone hates them and they provide no benefit to the community

>> No.673509

>>672223
Nope, mainly because I didn't have a social life to begin with. You'll probably have to cut down on going out and having fun though. The exams are hard and they take a ton of time to study for. Except BEC. I spent like 12 hours studying for BEC and got my highest score.

>> No.673925

>>669606
>A lot of small shops run their books like shit and you will kill yourself trying to put shit in order

Call me retarded, but I like cleaning/tidying up, whether physical or data. That sounds like fun. You get to "clean" their books.

>The field doesn't get any respect

Everyone I tell that I'm accounting major, they compliment me and say that's a great career.

>>669628

Doesn't matter what degree you have, it matters what job you get.

>> No.673930

>>669671

If stock-related problems make me want to kill myself, but I want to work at a small/midsize firm anyway, I might not have to deal with stock if it's not a huge company?

>>671061
>That's why they call intermediate the weed out class.

>tfw in intermed 1 now
>huge exam tomorrow

Alright, let me study for this.

>>671154
>ABC cost system

ABC and variable costing are understandable, but god, shoot me when it comes to absorption, which is GAAP so it's the most important.

>> No.673937

How does an accounting job that pays 50k compare to a programming job that pays 50k?

>> No.674039

>>673937
if you have a programming job in a first world country that pays 50k you fucked up. same is not true for accounting

>> No.674729

>>672352
>The chances of you making it big at any top audit firm is near 0.

You people are honestly retarded, getting into big 4 is not even that competitive. Honestly fucking look it up they take in sooo many people, they have a quantity>quality approach. Not to say you can be complete shit but the bar isnt that high

>go to good state school (not hard)
>get above a 3.5
>get involved in a couple clubs (atleast one leadership position)
> get one semi decent internship
>dont be socially retarded
>you are in to atleast one of the big 4

Honestly you can have a slightly lower gpa and have only worked as a bank teller or interned at a tiny no name company any still make it if you try hard enough


All the things I listed are basic shit that anyone who aspires to have a half decent life after college are things they should already be doing.

>> No.674771

>>674729
Depends on which big 4 you're trying to get into.

Everyone and his/her mom is trying to get into Deloitte. A firm like KPMG isn't nearly as competitive.

>> No.674778

>>669556
The accounting classes are hard (in before retards who've only taken intro to financial/managerial accounting chime in).

I'm currently just starting my 5th year, so here is my ranking of the accounting classes (from hardest to easiest) based on my personal experience:
>Federal Taxation of Business Entities

>Intermediate II
>Intermediate III
>Auditing I
>Federal Taxation of Individuals

>AIS

>Intermediate I
>Cost I
>Intro to Managerial Accounting.
>Intro to Financial Accounting.

I like seeing a few posts complaining about how hard intermediate I is. You have no idea what you're in for.

>> No.674791

>>672352
This guy has no fucking idea what he is talking about.

An Accounting background can lead into any career, I would recommend it to anybody who is unsure of what they want to do. It will teach you some idea of how to handle personal finance and taxes and it can be invaluable if you want to start your own company.

Also the Big 4 spends immense amounts of recruiting. Nobody wants to work there for long.


DO NOT LISTEN TO THIS RETARD

>>674771
It doesnt matter when it comes down to it, its like joining the military, yea the marines may be hardest to join but it will get you heading in the same direction.

>> No.674793

>>674778
Honestly I thought intermediate was hardest. It covered the most material and quickly.

After intermediate everything is just very obscure fun little topics like pension accounting and bringing income back from overseas.

>> No.674804

>>674771
True but I said atleast one, Deloitte recruits from my school so a good amount of people get in. KPMG is going to be relatively easy, EY seems kind of easy if you fit in, PWC is probably right behind Deloitte, they seem the most professional but not the best. (All personal opinion so some might say EY is harder that PWC but the other 2s spots are widely agreed upon)

But still with the stats I listed at a school they recruit, and they do recruit from good state schools anyone shouldnt have that hard of a time getting interviews and offers with at least 2-3 of the Big 4 if they prepare for the interviews and recruiting events.

Getting them to like and remember you is the most important part if you pass their base requirements for applicants.

Btw, If you go to a non target school or just a lower priority target (they use your school to fill up last minute or late recruiting spots) your GPA should be slightly higher, should have good leadership like president of business related club (ex. BAP or Accounting Society) and a decent internship. Oh and social skills are a must since unless you have a connection within, you really need them to remember and like you.

>> No.674952

>>669556
CPA or GTFO

>> No.674954

>>674793
Agreed, I took mine over the summer to align my double major.

btw: never used the accounting side of my degree.