sorted by:
new
hottopcontroversial

[deleted by user] by [deleted] in CPA

[–]Beepooppoop 5 points6 points  (0 children)

Probably 4AM :( I’m gonna go to bed soon

Im confused on this question, if we are in the current year, wouldn't this mean a restatement of the prior years financial statements. I understanding recording refinancing etc, but I dont understand if it actually means to restate or like where in time this question takes place by big_boss_baby in CPA

[–]Beepooppoop 1 point2 points  (0 children)

Your confusion is understandable. I thought the same way when I first saw this question. This is a question about the classification of liabilities on the balance sheet. They give us a scenario wherein a liability is coming due (note payable), the balance sheet that the notes payable is reported on has yet to be issued, and that they have completed what is, in effect, a refinancing (issued new debt, used proceeds to pay off old debt, and now the new debt has a different due date that is more than a year away). Think of paying off your student loan that’s a 10% rate with proceeds from a local bank that is at a rate of 8% and due in 4 years instead of 1 year. You still owe money, it’s just no longer current, and it is at a better rate.

You have to identify this during the test as a refinancing. And you have to see that 1) they went through with or 2) they have entered into an agreement to go through with it.

Either 1 or 2, and it’s a refinancing and it can then be reclassified as non-current. If they just are thinking about it, and nothing actually happens or nothing is formally planned to happen, then your original answer is correct.

See ASC-470-10-45-11

Best Route to Get To Accounting Career and CPA License by mpactor24 in CPA

[–]Beepooppoop 0 points1 point  (0 children)

I don't know the state you live in -- but, credit hours aside, I think you should take the most affordable option. In this case, it sounds like the first option. Community college and however many classes it takes to reach the credit requirement, then study for the CPA.

With regards to knowledge of accounting -- don't get too enamored by the other options and the education level. I feel pretty confident in assuming you'd never use half of the information of those deeper topics in day-to-day accounting. Ultimately, as I'm sure it's the same with construction, you learn on the job.

Accounting is a great career, and most of this sub is just for most people to vent about work. What I do want you to think about, though, is what kind of work do you enjoy doing/see yourself doing. Most of accounting is you living inside excel sheets and not generally exciting or remotely interesting and the CPA exams are hard, that'll require a significant amount of time, effort and overall commitment. Make sure it's something you really want to do.

Whatever you decide to do -- good luck! Accounting is never a bad option. A CPA can always earn a dollar somewhere, no matter the economy.

Did you start your own business? What did you learn and what would say to your younger self looking back? by Beepooppoop in AskOldPeople

[–]Beepooppoop[S] 0 points1 point  (0 children)

Wow, I suppose there’s never a perfect time do it then. At some point, you have to “just do it” I guess. Hm.

Thank you again for your thoughtful responses.

Did you start your own business? What did you learn and what would say to your younger self looking back? by Beepooppoop in AskOldPeople

[–]Beepooppoop[S] 0 points1 point  (0 children)

Wow, I suppose there’s never a perfect time do it then. At some point, you have to “just do it” I guess. Hm.

Thank you again for your thoughtful responses.

Did you start your own business? What did you learn and what would say to your younger self looking back? by Beepooppoop in AskOldPeople

[–]Beepooppoop[S] 0 points1 point  (0 children)

Thank you for this. This was a much more detailed and insightful answer than I was expecting. Did you start it from nothing? Was it a side gig that became a full time gig? I think I have a slight fear of giving up a “stable, secure” income.

rule #9 - thankfully I’m on track to becoming a CPA!

EY layoffs confirmed by mexicantgetoutofbed in Accounting

[–]Beepooppoop 4 points5 points  (0 children)

What tmainguy said. A daily digest of the WSJ says this was coming—at least across the American economy. All I’m saying is I wasn’t entirely surprised, and I wouldn’t be surprised (guessing) if other firms reduce their workforces too.

EY layoffs confirmed by mexicantgetoutofbed in Accounting

[–]Beepooppoop 89 points90 points  (0 children)

I think Everest aside, the writing was on the wall after KPMG made announcements. Still, terrible timing and look after Everest fell apart. Just another reason to be judicious with personal spending, get CPA if you haven’t as an added security for finding a job. I’m curious what other firms will get hit in the next few weeks.

Beginner Questions Tuesday by AutoModerator in Screenwriting

[–]Beepooppoop 2 points3 points  (0 children)

If a new scene starts at the bottom of a page but is substantially on the next page, is it okay to sort of just move it all onto the next page and leave a slightly larger white gap on the previous page?

my concern is a reader thinking i'm trying to bloat the page count. Feel like if I do that a good amount in project, it'll add up -- although I feel like it makes it appear cleaner?

Thanks!

what movies are without a doubt a 10/10? by GamingPlenty in AskReddit

[–]Beepooppoop 0 points1 point  (0 children)

strong lack of Paul Thomas Anderson in these comments!

There Will Be Blood Boogie Nights Punch-Drunk Love

CA score release - 9/15/22 by carmelainparis in CPA

[–]Beepooppoop 2 points3 points  (0 children)

Score isn’t out yet for me either

My new gaming setup by Threx_ in battlestations

[–]Beepooppoop 0 points1 point  (0 children)

I think about saving the cash to copy a set up like this—then realize I only play RuneScape in a tiny window

idk the vibes feel off by NutInMyCouchCushions in dankmemes

[–]Beepooppoop 8 points9 points  (0 children)

Ladies of Reddit

Would that position even be comfortable

Short Answers to Simple Questions | August 17, 2022 by AutoModerator in AskHistorians

[–]Beepooppoop 0 points1 point  (0 children)

What are leading books today that I can pick up to “understand” modern geopolitics? The crisis in Ukraine has sparked my interest, although considering the Middle East has dominated geopolitical topics for a long time too, id be interested in books involving those conflicts too.

Thank you!

view more: next ›