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#219 AUD - Oct/Nov 2013 Exam Window

Posted by Dimple on 17 September 2012 - 02:52 AM

Hi My name is Dimple, and I am preparing to take Auidt on october 9th . So far I have FAR under the belt , Auditing and Attestation is very dry and challenging to me. Hope to get more help through this forum .
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#75515 Is it usual that a regular staff position in a CPA firm is at-will?

Posted by Zeratul on 11 June 2014 - 04:21 PM

Substantially all employment in the US is at-will (the main exceptions tend to be union, public sector and some executive level positions). You should assume that any position you're applying for/considering is at-will unless you are told otherwise.

 

The answer to your question is yes.


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#75449 Career change: nursing to accounting

Posted by Virgil-redux on 27 May 2014 - 06:34 AM

"I want to believe that accountants work at desks or in cubicles for a large portion of their time, generally alone and uninterrupted. I am an introvert and this would be paradise for me, but there's no such thing."

 

Well there is such a thing. Except it pays crap. $35k-40k is typical for that type of role. It's basically a Staff Accountant. Most of the time their day is spent performing data entry, making entries, and reconciling accounts. Not very complex or high skilled. One of the main reasons their pay is low.

 

"How much do I make? $30/hour 12 hour night shift 7PM-7AM, which is actually more like 13 hours, more often than not without a break, and every third weekend."

 

Per hour, you make more than me my first year ($25/hour).

 

 

"In any case I have excellent communication skills"

 

That's good. It means you can make some money if you decide to ever do something beyond being a cubicle hermit. Most of the good paying jobs pay well because 1.) You have excellent communication skills, 2.) Desirable experience in accounting and/or the specific industry, 3.) Experience and/or ability to manage a team of accountants, and 4.) Interact/Communicate effectively over a wide range of departments to resolve simple to complex accounting issues.

 

 

"If I were to go back to school for this it would be a full-time program"

 

 

Good. 90% of good to great accounting jobs are secured while you are in school. Usually, the most competitive students get internships at companies. So I'd recommend you beginning that process from day one. Again, that means that if you wait until graduation you're competing for 10% of the good jobs and 90% of the crappy (i.e. low salary low opportunities) jobs out there.

 

 

"Misc stuff about tax and other random stuff"

 

So just as an FYI, there are a few main categories of accounting jobs:

 

 

1. Public Accounting  - Mostly your tax and audit jobs. Note that audit does not mean tax. People in Audit...well they audit the financial statements of other companies. Those statements are not tax based. Tax people prepare tax returns. Those are tax based. different forms of accounting. One is financial accounting and the other is (shock) tax accounting. Regardless, these jobs are mainly client serving which means talking and interacting with people. These jobs are pretty intense, fast paced, longish hours, and high stress. Finally, and this shouldn't be underestimated, you are the main revenue generating source of your business.

 

2. Private/Industry - This is where public accountants go for greener pastures. Usually less hours and more pay (at the higher levels) than public accounting). You are a support function for your company. Generally, the structure is Staff Accountant (entry level), Senior (Supervisor), Manager/Assistant Controller (middle management), Controller (senior management), and CFO (executive/VP  level). This is your typical "work for one company" role. Jobs can include:

 

a. Financial accounting (financial reporting of day to day activities)

b. Tax ( they do taxes for the company)

c. Financial Analysts (using accounting numbers to help forecast, budget, or create ad hoc reports for use by management)

d. Internal Audit (hey, you did this wrong)

e. Technical Accounting (no one knows how to record these transactions off the top of their heads, so please do some research on how to record them)

f. External reporting (high level preparation of the financial statements).

 

These roles vary, and some may not exist depending on the size of the company.

 

 

3.) Government/Non Profit - This can be all kinds of government agencies. Non profits usually pay less, but their hours are very reasonable. Government can be extremely frustrating for smart and ambitious people, but can be heaven for those looking for an easy 9 to 5 to spend time with their families and have a life. These are typically state, federal, or quasi-military/Department of Defense agencies. This can also include the IRS, FBI, CIA, etc. The downside are typically bureaucracy, lower pay than industry, longer promotion time, subject to budget cuts, and non-ambitious culture. Pros are low stress and easy jobs (mostly), great benefits (vacation, 9 to 5 hours, Pensions, healthcare, and "historically" good job security.), and lower barriers to entry (albeit long hiring process). Again, these are generalities. Some non profits (i.e hospitals) operate like regular for profit companies in their execution and quality of people.. Or at least come pretty close.

 

4.) Regulators & Standard Setters - Your typical "Ivory Tower" guys who draft new regulations or enforce them. Technically they fall in the Government section, but not always. I separated them because they're usually a bit more highbrow in nature, and have little interaction besides amongst each other at the lower and mid-levels. Go high enough (very high), and you'll have to invariably deal with politics. However, there's no reason you can't have a great career here without dealing with anyone besides your colleagues.

 

5.) Consultants and Sole Proprietorships - These are the business owners. Some go from a career in public to work as consultants to help companies in various ways. This can be management consulting, accounting system integration, accounting practices consulting (i.e. please teach our idiot accountants how to account), fraud examiners (fraud? where?), tax planning, business valuation, tax practices, and good ole bookkeeping. I separated these from Public Accounting because it's not all public accounting, and it's a very different dynamic (i.e. higher risk) to own your own business.

 

6.)  Academia - Want to make 100k-140k entry level? Great! You just need to get a PhD in Accounting which typically takes 4-5 years. Pros are that this job is ideal if you're fairly academic/bookish/analytic, like to teach, and in high demand (due to gluts of retiring accounting Profs with very little available replacements). In addition, many schools will pay stipends in your first or second year (my school was $20k), and you're able to get your CPA if you teach. Cons are typical for the world of Academe: School politics, pressure to publish (an assistant Prof has 3-4 years to impress the tenure committee with her/his research. Otherwise, he/she needs to find work at another school), crap classes your first few years (i.e. you get to teach uninterested freshmen), less flexibilty in where you can work (job opening in St. Cloud, MN? I'm there!), and giving up a salary for 5+ years (did someone say ramen?).

 

so...basically the field is pretty diverse. And while I'm sure your personality fits in one of these, research might be needed to determine what is worth the effort to leave your current career (pro tip: Staff Accountant is not).

 

Also, as an FYI: I tested as an INTJ on the Meyers-Briggs, and am now working in Big 4 audit. Basically, the opposite of a cube hermit. I love my job, but the stress, hours, and BS can be hard sometimes. But like I already explained....there's greener pastures in Industry.

 

 

"Out of curiosity what is your job like?"

 

 

Check this out as some info on the different careers. I'm in Big 4 audit.

 

 

Big 4 Audit:

 

http://www.big4guide...ical-day-audit/

 

http://big4bound.com...on-big-4-audit/

 

http://goingconcern....nce-work-starts

 

 

http://www.narrowing...-for-the-big-4/

 

 

 

Private Industry:

 

http://www.accountin...areer-potential

 

 

https://wetfeet.com/...view-accounting

 

 

http://goingconcern....-really-greener

 

 

http://lifeofanaudit...experience.html

 

 

Academia:

 

http://goingconcern....blish-or-perish

 

 

Fraud Accounting:

 

http://www.reddit.co..._travelled_the/

 

 

 

 

 

Accounting Salaries:

 

http://www.roberthal...                (do a search for jobs in your area...pay attention to preferred experience educations)

 

http://www.google.com/cse?cx=partner-pub-9957438159924060:2527624570&ie=UTF-8&q=salary&sa=Search&ref= /cpa-exam-forum/#gsc.tab=0&gsc.q=salary&gsc.page=1

 

 

 

 

 

Let me know if you have any more questions. I applaud you for doing your research. Not enough people do it seems.


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#75266 Acquisition Method and Dividends

Posted by bella.dreamer on 18 April 2014 - 09:22 PM

Intercompany transactions are eliminated in consolidations. Think about it, it makes no sense to record dividends paid to yourself.


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#75104 Does CPA Beyond helps in CPA study ?

Posted by northwoodgarage on 17 February 2014 - 04:11 AM

Not sure but may be.


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#75082 Is CPA Beyond provide accounting services?

Posted by cpabeyond on 11 February 2014 - 04:27 AM

While searching on web about accounting i found CPA Beyond. Who are they and what services they provide i got confused with that please help me.


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#75081 Does CPA Beyond helps in CPA study ?

Posted by cpabeyond on 11 February 2014 - 04:19 AM

I heard that CPA Beyond provide study material for students, Is it true ? Or any anyone have any other option please tell me. Thanks in advance. 


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#75027 Will getting a MAcc add much value if already have a CPA?

Posted by Virgil-redux on 20 January 2014 - 05:35 PM

I'd say in your situation it's not really all that valuable. A MAcc's main value derives from having an easy way to get 150 hrs, acces to Campus Recruiting for a job, and the ability to say you have a Master's.

Since you already have 150 hrs and a good position, the first two are not applicable. And for the third, I'd say an MBA is more valuable. It's not something that will pay off right away, especially if it's not from a highly or mid ranked school. However, as you move up there will be more and more of a demand for someone with an MBA. Honestly, I think it's stupid, but it is what it is. So I'd suggest talking about your company down the line about having them pay for your MBA and attend one locally. Then you can take part time classes over time, get your CPA, and set yourself up for the future.
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#74969 Masters in taxation vs MACC with tax concentration

Posted by amandilee on 01 January 2014 - 03:58 AM

I obviously can't speak for every employer, but as a senior accountant often involved in the hiring process at a small CPA firm I prefer to see applicants with a M.Acc rather than a specialized Master's as it allows for a broader understanding of advanced accounting topics. I'm fairly certain that for government jobs, state or federal, the presence of an accounting degree, regardless of its specific content, is enough for employment.

 

However, you also mentioned your interest in a small/medium CPA firm. Speaking from my own experience, I would be wary of seeking strictly tax employment at a truly small CPA firm as your duties tend to extend above and beyond your initial position of hire as time goes on. It's just in the nature of a small firm, unfortunately (or fortunately, depending on whether or not you become open to taking on more duties). Tax preparation in either a small- or medium-sized CPA firm also means that you're going to be dealing with facets of public accounting whether you wish to or not. From what you wrote, it sounds like your best fit would likely be a government job. I would also recommend pursuing the M.Acc as the less expensive degree as that CPA certification is what's going to be of greatest importance once you begin applying. Why incur more debt if you don't have to? Either degree, though, would certainly give your employment prospects a boost.

 

As for recruiting, I can only speak from personal experience on that, as well. My undergrad university in Virginia routinely hosted recruiters for the Big 4, the Federal Reserve, the FBI, the CIA, state and regional companies seeking in-house accountants, and CPA firms of varying sizes. A lot of the recruiting at your university will probably depend on which companies in the area are seeking applicants at the time you're hoping to be recruited.

 

I hope this helps and good luck!


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#73722 study material

Posted by asievers8 on 09 July 2013 - 07:36 PM

I highly recomment RogerCPA. He has high energy and passion that makes it seem like you arent even studying (if thats even possible!)

 

I have found him to be most beneficial when studying all of the sections. He has a lot of knowledge about all topics within each section and projects that into his lessons.


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#42757 Sales-Type Lease (please help:Test TMMRW!!!)

Posted by astone on 02 February 2013 - 08:12 PM

Year            Payment    Interest      Principal  Balance (Principal)

YR 0                             600,000                        2,920,000

YR 1 2010 600,000     292,000     308,000     2,612,000

YR 2 2011 600,000     261,200     338,800     2,273,200

YR 3 2012 600,000     227,320     372,680     1,900,520

YR 4 2013 600,000     190,052     409,948     1,490,572

YR 5 2014 600,000     149,057     450,943     1,039,629

YR 6 2015 600,000     103,963     496,037     543,592

YR 7 2016 600,000     54,359       545,641     (2,049)

 

Journal Entries:

 

To record equipment purchase 12.29.09                          

DR: Inventory - Equipment     3,200,000                    

CR: Cash                                           3,200,000

                                       

To record sale of equipment 01.01.10                              

DR: Cost of Sales - Equipment      3,200,000                    

CR: Inventory - Equipment                        3,200,000

                                       

DR: Lease Receivable 3,520,000                    

CR: Sale of Equipment           3,520,000

                                       

To record payment 1 - 01.01.10                     

DR: Cash                       600,000   

CR: Lease Receivable                      600,000

                                       

To accrue interest income - Year one                                

DR: Interest Receivable     292,000   

CR: Interest Income                        292,000

                                       

To record payment 2 - 01.01.11                     

DR: Cash                         600,000   

CR: Interest Receivable                    292,000

CR: Lease Receivable                      308,000

                                       

To accrue interest income - Year two                                

DR: Interest Receivable     261,200   

CR: Interest Income                        261,200


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#41742 Commercial papers

Posted by CPA-EXAM-TUTORING on 04 December 2012 - 01:40 AM

Hi everyone,

I have a general question regarding commercial papers. So what's the purpose of negotiating the instrument to someone else? Based on the reading I know the transferee has given value (cash or some other things), so is it like if the transferee has done the service for the transferor in exchange for the instrument ? Why does the transferee may use cash to purchase the instrument? What's the reason for it?
Would be appreciated if anyone can help.

Think of Commercial Paper as a substitute for money. On the exam, When a debtor finances the purchase of a new car, debtor has to sign the note, promising to make payments for 60 months. The car dealership might not want to wait 60 months to get all their money so they are likely to discount the note at a bank. The bank pays cash to the dealership and the debtor must make the payments to the bank now rather than to the dealership. Thats the basics of it, if you want more info, send me an email at cpa-exam-tutoring at gmail dot com.
Darius
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#41699 AUD - Oct/Nov 2013 Exam Window

Posted by HereWeGoCpa on 28 November 2012 - 04:38 PM

First of all, Good Luck to Everyone taking the exam


Hello everyone,

I'm taking AUD first week in Dec. Can anyone give me an insight on what materials to use to better prepare me for the simulation section?

thanks


I used a Roger CPA along with Wiley(given by Roger) and Gliem to pass this. I took the questions atleast 2-3 times over and over. The sims were in the wiley and I just studied them. As always, you do not know what topic or how the sim would be, but study each section and hope for the best. Atleast there is partial credit. Good Luck!
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#41696 REG - Oct/Nov 2013 Exam Window

Posted by HereWeGoCpa on 28 November 2012 - 04:29 PM

I know this is a topic for anyone taking the exam, but just wishing everyone taking the exam Good Luck!!,
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#41538 QUESTION OF THE DAY - MCQ’S ALL SECTIONS

Posted by AndrewCPA on 21 November 2012 - 02:20 PM

Today's question: AUD

In order to efficiently establish the correctness of the accounts payable cutoff, an auditor will be most likely to:

A) Coordinate cutoff tests with physical inventory observation

B ) Compare cutoff reports with purchase orders

C) Compare vendors' invoices with vendors' statements

D) Coordinate mailing of confirmations with cutoff tests
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#41537 QUESTION OF THE DAY - MCQ’S ALL SECTIONS

Posted by AndrewCPA on 21 November 2012 - 02:20 PM

Correct Answer: B

Explanation:
Liability for negligence requires proof of four elements: duty of care, breach (lack of due care), damages and causality. Thus Sun must prove Frank failed to exercise due care.

The remaining answer choices are incorrect for the following reasons:

• Knowledge is not an element of negligence.
• Gross negligence is constructive fraud. Fraud requires an element of intent and negligence does not.
• Scienter is the intent element of fraud and negligence does not require proof of intent.
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#41531 QUESTION OF THE DAY - MCQ’S ALL SECTIONS

Posted by AndrewCPA on 20 November 2012 - 02:26 PM

Today's question: REG

Sun Corp. approved a merger plan with Cord Corp. One of the determining factors in approving the merger was the financial statements of Cord that were audited by Frank & Co., CPAs. Sun had engaged Frank to audit Cord's financial statements. While performing the audit, Frank failed to discover certain irregularities that later caused Sun to suffer substantial losses. For Frank to be liable under common law negligence, Sun at a minimum must prove that Frank _________________

A) knew of the irregularities.
B ) failed to exercise due care.
C) was grossly negligent.
D) acted with scienter.
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#41530 QUESTION OF THE DAY - MCQ’S ALL SECTIONS

Posted by AndrewCPA on 20 November 2012 - 02:25 PM

Correct Answer: C

Explanation:
Assuming that average current cost was used, the average current cost of the machine is $120,000 for 2012, which would generate depreciation expense of $24,000 (5 year life).
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#41485 CPAexcel Course Giveaway!

Posted by cpagrinder on 13 November 2012 - 04:30 AM

CPAexcel Contest & Giveaway Rules

Posted Image
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CPAexcel helped me to study and pass all 4 sections of the CPA exam my very first time through so I can personally tell you that this is an absolutely great program!

In order to enter all you have to do is share with me Why you think CPAexcel can help you pass the CPA Exam?

Please post your responses in the comments section near the bottom of the CPAexcel Review page.


If I’ve Never Used CPAexcel, Then How Do I Know What To Write?

The CPAexcel Review page includes a detailed description of all the features and benefits that CPAexcel offers. All you need to do to enter the giveaway is explain to me how you plan on using these features to pass the CPA exam.

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I will close the comment section on Tuesday, November 20th, and the winner will be announced on Friday November 23rd. (You might just have one more thing to be grateful for this Thanksgiving Weekend!)

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Simply add you comment Here on my CPAexcel comments section.
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#40859 Location question

Posted by Virgil-redux on 29 October 2012 - 07:19 PM

1. Not sure how they do it in your area, but my firm started the entire sub area with the same compensation. However, my office (large) just got a cost of living increase. It's not much, so I wouldn't base my decision solely on that.

2. Umm it depends. I've heard several different things about smaller offices: (1) Hours are less during busy season on a per client basis, but.. (2) Because there is less staff/seniors to go aorund, there will be times of high turnover and you'll be stuck doing maybe 2 or 3 busy seasons (different Year Ends), (3) If it's really small, then you might have to travel here and there to clients that are a city/town away, and (4) some small offices don't have much diversity of clients.

Also take into account that a smaller office offers a better chanc eof getting to know your fellow coworkers. Yah, it sounds odd, but big offices tend to make it easy for someone to stay/become anonymous pretty easily.

3. Huh? I thought all Big 4 firms promote their staff to Seniors on the third year. Are you saying Seniors get promoted on the 4th year in PWC?

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