Any Accounting majors/accountants on NT?

[biggie62]

For those of you that did public audit, how long did it take till you felt like you actually understood accounting/technical stuff? When did you felt you could confidently say u knew how to audit a company and actually understood what is going on?

I'm at a big regional and started in auditing 5 months ago. Got a 3.9 GPA in my Masters program and 90's on all exams except REG. Yet, simple concepts evade me like crazy. I see people 1.8 years and they seem like they are speaking a different language and comprehension level. Yet, some of them have failed FAR 2+ times, or still are only done with 1 or 2 exams.

For example, I'm doing control testing for the 2nd time and a lot lot lot of stuff makes just the most superficial sense to me. Mostly, it feels like I don't get anything because I've never done any journal entries, reconciliations, etc in a bookkeeper/private company so when I'm discussing that sort of stuff with my team/client I feel pretty confused a lot of the times. Also, I'm used to looking at stuff in book format or written down. It is hard for me to follow people speaking about debits and credits using words.

Honestly, my biggest fear is they will promote me to senior way way way before I'm ready. They already view me as the "go to staff" and have had me on first year clients, doing the entire testing section myself, etc. I know it all sounds good but I genuinely want to learn...not in a rush at all to get ahead. I'm in this career for the long haul and think there is a certain base knowledge and "grind" that is necessary to drill in that solid base of technical accounting proficiency.

It takes times. I mean I work on the tax side so it's a little different but it seems general consensus from partners, SMs, and Managers, is that your first year you just do what you are told and do as much SALY as possible. After that year where you know how to do SALY flawlessly you sort of should start realizing why you are doing this and how it affects certain things. So just be patient, once you start running through some testing where it's more boring than anything else you should start understanding what affects it and where that might flow into affecting other areas. Again tax side things sort of different because everything affects income somehow so it's all interconnected. But audit should be similar to some extent. Just do your job and open your eyes more to get an understanding of just why you are doing what you are doing and you'll be fine.

 

[nrg1604]

Lol. Funny story, reviewed some tax returns from new hires and left review comments as SALY and they actually put in that verbatim.

 

[pinoy732]

Any accountants that never went the public route on here?

 

[bostoiah]

Taking the AUD section of the CPA next month. Gonna be my first time taking any section of the exam.

What's the most effective way to study? I'm using Wiley/CPAexcel. So far I've been doing a lot of practice questions. Obviously I should go through the text but are practice questions normally pretty close to what I should expect on the actual exam?

 

[Blake P]

Taking the AUD section of the CPA next month. Gonna be my first time taking any section of the exam.

What's the most effective way to study? I'm using Wiley/CPAexcel. So far I've been doing a lot of practice questions. Obviously I should go through the text but are practice questions normally pretty close to what I should expect on the actual exam?

The way I passed was I bought the self-study program from one of the major companies (been a while, can't remember which) and I crammed every night after work for 3-4 weeks leading up to each part of the exam.  Knocked them all down one after another.  Just takes being consistent and not making excuses.  Good luck!

 

[T0INE]

Taking the AUD section of the CPA next month. Gonna be my first time taking any section of the exam.

What's the most effective way to study? I'm using Wiley/CPAexcel. So far I've been doing a lot of practice questions. Obviously I should go through the text but are practice questions normally pretty close to what I should expect on the actual exam?

Honestly the most effective way to study is whatever method your most comfortable with.

Someone's study methods may work for them but not really suit you and vice versa.

Whatever your study method, just make sure you're consistent with it.

And the practice questions usually give you a framework for the types of questions you might see on the exam.

 

[king milaac]

Taking the AUD section of the CPA next month. Gonna be my first time taking any section of the exam.

What's the most effective way to study? I'm using Wiley/CPAexcel. So far I've been doing a lot of practice questions. Obviously I should go through the text but are practice questions normally pretty close to what I should expect on the actual exam?

Used Becker. Personally found doing the practice questions was more effective. Not really a "study" / highlight/ read / memorize kind of guy. But for AUD, it's probably that one section that is most "memorized" orientated. 

 

[rare]

Passed financial accounting last semester with a B, now I'm taking managerial this fall semester. I looked at the accounting program at the university I'll be transferring to, and they require an admittance exam. You have to score a C (not C-) or better. Luckily found a Reddit post that is assisting all of those trying to get into the program with study sessions.

 

[bostoiah]

Are the Task Basked sims easy on the exam? I'm doing some now as practice and they seem easy af. No way it's this simple on the exam right?

I've had no life for the past month. I work at my internship until 5. Study from 6-11. On Saturdays I put in a good 8 hours. Wake up at 9 and study until 6. I try to give myself Saturday nights and all of Sunday to relax.

 

[zechs mer keyss]

I remember when I did accounting. I did a financial and cost accounting class and realized this **** ain't for me. Did a programming class and switched my major with the quickness.

 

[rare]

I remember when I did accounting. I did a financial and cost accounting class and realized this **** ain't for me. Did a programming class and switched my major with the quickness.

My boy had a rude awakening with financial accounting. I told him it was mad easy and the concepts were all right there but he wasn't having it He passed with a C but since it was an online class, I'd help him with the quizzes and tests so I just took it as a way for me to practice twice on the material.

 

[zechs mer keyss]

My boy had a rude awakening with financial accounting. I told him it was mad easy and the concepts were all right there but he wasn't having it He passed with a C but since it was an online class, I'd help him with the quizzes and tests so I just took it as a way for me to practice twice on the material.

It was horrible for me. I got through it with B's but I just realized accounting wasn't for me. Funny story I got carried through a mandatory business policy class everyone is forced to take in my school. You had to do this nonsense called "Glo-bus" where you make certain business and economic decisions for your company.

 

[skip2mylou23]

Hey NT,

so it's recruitment season and I'm starting to see how screwed I am in terms for working in a national or Big 4 firm

Here's the facts:
-I'm working for a city government
-I have a 3.30 overall
-3.11 business GPA
-But my accounting GPA is 2.48

I have a plan of applying to the small firms or companies, but is there anything else I should take into account?

You're looking pretty screwed, but I'd say apply to Big Four and work you way down. Maybe join Beta. The thing is in the accounting world there's basically two tiers: Big 4/Ex-Big 4 and everyone else. The Big 4 dudes usually have an easier time finding accounting-related jobs than anyone else and will have their pick of the accounting-related jobs.

 

[skip2mylou23]

I graduated with a degree in accounting and am currently working as a Night Auditor for a hilton property. I need excitement in my life.

Why didn't you go Big 4?

 

[antidope]

Any accountants that never went the public route on here?

Idk if I count but I was an accounting major, had my first internship junior year and I HATED it. Hated every single thing about it, so I decided to pivot out of accounting.


No ragrets

 

[gallopinto3]

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.

 

[Blake P]

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.

That's a really broad question.  Debit = left, credit = right. It's also important to remember that an expense account is normally a debit balance and a revenue account is normally a credit balance.  A hint would be to remember that when someone says "we are going to CREDIT your account", it means they are giving you money aka revenue/income.

 

[slighted]

I hated accounting so much in college, but see it everyday in my current job (finance). 

Kudos to anyone who's in the field.

 

[gallopinto3]

 
That's a really broad question.  Debit = left, credit = right. It's also important to remember that an expense account is normally a debit balance and a revenue account is normally a credit balance.  A hint would be to remember that when someone says "we are going to CREDIT your account", it means they are giving you money aka revenue/income.

Thats whats throwing me off. I tried to think of it as when someone says debit its like putting money into the account and when someone says credit it means they're taking money out the account. The tutor at school told me to scratch that mentality and not use it cuz it was going to confuse me. I was watching videos on youtube and the guy said assets are on the left side therefore its debits, which increase the account and credits decrease the account. He also said liabilities and equity is on the left hand so it equals credits which increase the accounts and debit decreases them. I read you post and you said that an expense account is normally a debit but isn't expense accounts under equity which means it'll be a credit account along with revenue? 

 

[ahat]

.

 

[Blake P]

 
Thats whats throwing me off. I tried to think of it as when someone says debit its like putting money into the account and when someone says credit it means they're taking money out the account. The tutor at school told me to scratch that mentality and not use it cuz it was going to confuse me. I was watching videos on youtube and the guy said assets are on the left side therefore its debits, which increase the account and credits decrease the account. He also said liabilities and equity is on the left hand so it equals credits which increase the accounts and debit decreases them. I read you post and you said that an expense account is normally a debit but isn't expense accounts under equity which means it'll be a credit account along with revenue? 

No.

Asset = debit balance

Liability and equity = credit balance

Assets = liabilities + equity

You can't think of assets and income as being the same thing because they are not.  Instead, think of it as though income buys assets, so they are on opposite sides.  A certain amount of income (credits) buys that amount of assets (debits).  Hope that helps.

 

[rare]

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.

That's a really broad question.  Debit = left, credit = right. It's also important to remember that an expense account is normally a debit balance and a revenue account is normally a credit balance.  A hint would be to remember that when someone says "we are going to CREDIT your account", it means they are giving you money aka revenue/income.

This right here. Listen to this, I had a hard time figuring out how the expense and revenue accounts were balanced. Suddenly it just clicked.

 

[hurley34]

I was taught this as a simple trick to help remember:
AED = LRC
Assets + Expenses + Dividends (debits) = Liabilities + Revenues + Common Stock (credits)

 

[EddieDoyers]

So I was went to a meeting tonight to get CPE credits and the speaker didn't even show up. Dude who was supposed to speak on estates and trusts works for KPMG. Smh

 

[rare]

Managerial accounting is mad boring :x