Any Accounting majors/accountants on NT?

[slighted]

Managerial accounting is mad boring

My most hated class in college -- even worse than Art History

 

[sfc415]

For all you Accounting students out there, stick with it. Real life accounting is much more simple than what they teach you in school. These professors overcomplicate EVERYTHING. I honestly learned more in the community college courses I took after college along with just learning on the job. Playing around on QuickBooks Accounting software>>>>>>>>>my professor at UCSB with a CPA license and Masters in Accounting

 

[Nouss]

For all you Accounting students out there, stick with it. Real life accounting is much more simple than what they teach you in school. These professors overcomplicate EVERYTHING. I honestly learned more in the community college courses I took after college along with just learning on the job. Playing around on QuickBooks Accounting software>>>>>>>>>my professor at UCSB with a CPA license and Masters in Accounting

Real talk. Actually practicing is soo much easier than classes with confusing verbiage. Stick with it fellas.

And for the dude thats a night auditor...don´t feel discouraged. When I was a night auditor the dude who trained me was a CPA, he stayed at our hotel for 2 years before getting something better in the private sector.

 

[biggie62]

They over complicate because in the short period that they have to cover all the topics their goal is to prepare you for the CPA. So they'll cover everything for the exam. The only issue is that the CPA is very broad without too much detail and too many quirks. While the professors go into super fine detail when teaching and then creating exams. Way beyond what you'll actually need to know for the exams.

That has been my experience at least.

 

[gallopinto3]

Whats up fellas? I had a quick question, I was watching the ''The profit" on CNBC. Maybe you guys can clarify something for me, the scenario was he was helping the dudes who own flex watches out. The previous cost of the watches was 5 bucks and they sold it for 35 bucks. He then got them some licensing that cost them an additional 5 bucks raising their cost up to 10 bucks, the company then decided to raise their selling price to 55. He said the gross profit is was 15 bucks (20-5) I know gross profits= net sales-cogs. is that whats happening here? Im really trying to get into a business mindset and apply everything I learned in my business classes to the real world. I apologize if the question may sound dumb.

 

[noskey]

The overall gross profit would be $45 per unit. The new gross profit, after adding the licensing and price hike, would be $15.

So they have $45 per unit sold to work out the rest of the expenses before coming to a net operating profit/loss.

Hope that answered your question!

 

[gallopinto3]

I understand the $45 bucks profit per unit. What's confusing me is the new gross profit of $15, would that be per unit? What is really the difference between the $45 and $15 profit?

 

[noskey]

The sales price jumped from 35 to 55. So as it stands, the gross profit increases by $20.

But, there's an added expense as well. Expenses went from 5 to 10. So the new expenses add $5 to COGS, and the total expenses are $10.

Isolating the new revenue ($20) and new expenses ($5) gives you an added gross profit of $15 per unit.

There's no difference in where the money comes from or where it goes. You're just adding substantially more profit for a relatively small expense.

 

[301216baller]

I've been studying for my cpa with from 2011 Becker material..folks have been telling me I've been waiting my time since the 2017 test will be different than the current test smh

 

[King of Trash Style]

Why didn't you go Big 4?

I don't want that pressure. I quit that hotel job. Now I'm a Revenue Examiner for the state of Alabama. Life is sweet

 

[King of Trash Style]

For all you Accounting students out there, stick with it. Real life accounting is much more simple than what they teach you in school. These professors overcomplicate EVERYTHING. I honestly learned more in the community college courses I took after college along with just learning on the job. Playing around on QuickBooks Accounting software>>>>>>>>>my professor at UCSB with a CPA license and Masters in Accounting

Man I'm using less that 15% of the crap I had to learn in school BS for wasting my time

 

[King of Trash Style]

Real talk. Actually practicing is soo much easier than classes with confusing verbiage. Stick with it fellas.

And for the dude thats a night auditor...don´t feel discouraged. When I was a night auditor the dude who trained me was a CPA, he stayed at our hotel for 2 years before getting something better in the private sector.

Life is great now my boy. Everybody be encouraged school is BS. The jobs are so much easier than they portray.

 

[nrg1604]

The sales price jumped from 35 to 55. So as it stands, the gross profit increases by $20.

But, there's an added expense as well. Expenses went from 5 to 10. So the new expenses add $5 to COGS, and the total expenses are $10.

Isolating the new revenue ($20) and new expenses ($5) gives you an added gross profit of $15 per unit.

There's no difference in where the money comes from or where it goes. You're just adding substantially more profit for a relatively small expense.

From his original question, it seems that $15 is the final gross profit, not additional gross profit. Correct me if I'm wrong but you're asking why sales/unit is $55 and cost/unit is $10 but gross profit/unit is only $15/unit right?

 

[dman14]

The sales price jumped from 35 to 55. So as it stands, the gross profit increases by $20.

But, there's an added expense as well. Expenses went from 5 to 10. So the new expenses add $5 to COGS, and the total expenses are $10.

Isolating the new revenue ($20) and new expenses ($5) gives you an added gross profit of $15 per unit.

There's no difference in where the money comes from or where it goes. You're just adding substantially more profit for a relatively small expense.

From his original question, it seems that $15 is the final gross profit, not additional gross profit. Correct me if I'm wrong but you're asking why sales/unit is $55 and cost/unit is $10 but gross profit/unit is only $15/unit right?

didnt he add $15 in gross profit with the new deal?

before...35-5=30
after...55-10=45

 

[T0INE]

I've been studying for my cpa with from 2011 Becker material..folks have been telling me I've been waiting my time since the 2017 test will be different than the current test smh

Yeah man.

I could understand getting by with the 2015 or maybe even 2014 study material, but 2011?

And the AICPA is getting ready to change the format of the CPA exam come April 2017.

Supposedly make it more difficult.

 

[delete1234]

Graduated finally. ''Twas a long tough ride. But now the even more challenging ride started [emoji]128554[/emoji] Actually finding a job. **** is tough...everyone want 3-5 years experience. Was trying to get a full time J before I went back to school for my masters and CPA classes but it's lookin like imma just have to try to jump back in school first and network through school to find a job(which is what I should've done as undergrad ) Any advice? I'm in Houston

 

[ill steelo]

What's up fellas? I'm taking Financial accounting right now and we're doing debits and credits. I was wondering if you guys can share some tips or tricks that made this easier to understand and to remember.

B-I-G, P-O-P-P-A

No info for the D-E-A

Debits increase Expenses and Assets. Everything else (liabilities, revenue, common stock/equity) is a credit. Very simple.

Graduated finally. ''Twas a long tough ride. But now the even more challenging ride started [emoji]128554[/emoji] Actually finding a job. **** is tough...everyone want 3-5 years experience. Was trying to get a full time J before I went back to school for my masters and CPA classes but it's lookin like imma just have to try to jump back in school first and network through school to find a job(which is what I should've done as undergrad ) Any advice? I'm in Houston

All the big 4 (pwc, Deloitte, EY, & KPMG) hire a TON of tax and audit interns, advisory interns too depending on your school. 3.0 GPA is all you need. You missed a golden opportunity for $23/hr for 12 weeks and a full time job waiting for you after you get 150 credits.

All ain't lost though. Go back to school & apply for a full time position. They don't hire you until you have 150 credits anyway, which is enough to get the cpa certification. You probably graduated with 120 so you're good. You missed the boat on internships but line up perfectly for full time.

I suggest big 4 because, GENERALLY SPEAKING, if you take a staff accountant/internal accountant role at xyz company, after 1-2 years when I get my CPA I can leave the big 4 & take a job at your company and be making more money than you from day 1. From an accounting perspective, it's a great place to start your career.

 

[Nouss]

Life is great now my boy. Everybody be encouraged school is BS. The jobs are so much easier than they portray.

Congrats man, you worried yourself sick lol. I also didn't do big 4. Straight to commercial. Hilton to Mercedes. I work about 60-70 hrs a week year around. And we close for the holidays. I'll take it. Lol

 

[301216baller]

Yeah man.

I could understand getting by with the 2015 or maybe even 2014 study material, but 2011?

And the AICPA is getting ready to change the format of the CPA exam come April 2017.

Supposedly make it more difficult.

lmao someone gave it to me..it what they used to pass the exam...they took the test late 2014 - mid 2015

 

[301216baller]

Graduated finally. ''Twas a long tough ride. But now the even more challenging ride started [emoji]128554[/emoji] Actually finding a job. **** is tough...everyone want 3-5 years experience. Was trying to get a full time J before I went back to school for my masters and CPA classes but it's lookin like imma just have to try to jump back in school first and network through school to find a job(which is what I should've done as undergrad

) Any advice? I'm in Houston

It can be done..I graduated in 2014 first job was in AP/AR in aug 2014, left there last yr around this time to go to a CPA firm as a staff accountant..doing taxes and staff level audit work...left there earlier this month on the 5th to go to another cpa firm where im a senior auditor...just stay positive

I will say IF i had to complain it would be about hrs but its not an issue..im at a point in my life where I want to learn if there's an opportunity to better myself im all for it

Are you CPA Elgible? I have 135 credit hrs I honestly really hope to sit for this upcmoing year if not 2018, im going to definitely start preparing for it though..ive put it off long enough

 

[nrg1604]

The sales price jumped from 35 to 55. So as it stands, the gross profit increases by $20.

But, there's an added expense as well. Expenses went from 5 to 10. So the new expenses add $5 to COGS, and the total expenses are $10.

Isolating the new revenue ($20) and new expenses ($5) gives you an added gross profit of $15 per unit.

There's no difference in where the money comes from or where it goes. You're just adding substantially more profit for a relatively small expense.

From his original question, it seems that $15 is the final gross profit, not additional gross profit. Correct me if I'm wrong but you're asking why sales/unit is $55 and cost/unit is $10 but gross profit/unit is only $15/unit right?

didnt he add $15 in gross profit with the new deal?

before...35-5=30
after...55-10=45

Yea Noskey is right, I'm just unclear on the question being stated.

 

[lazyj10]

60-70 hours all year round?

 

[Nouss]

60-70 hours all year round?

Yup, fixed schedule. 8-6 weekdays. Half day Saturday.

I'm in Africa tho...lol so it's not really the same as over there.

 

[lazyj10]

Ya for sure that's more than even I work which is surprising.

 

[nrg1604]

I've been doing partnership taxes pretty much since working, so have no experience with audit. For those who are auditors, what is your day to day/general process? I did a "tour" to help with confirmations during offpeak tax season but I know that's not real auditing work.