CA/CPA Advice needed please!
Jul 20th 2009, 6:36 am
#16
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Joined: Sep 2007
Location: Ferny Grove
Posts: 1,496
Re: CA/CPA Advice needed please!
When CPA graduates fail to:
But they do:
Are people getting my drift
I should write a book
- Understand difference between prepayments and accruals
- Understand accounting for financial leases
- Ensure basic subsidiary ledgers reconcile to main GL
- Balance the daily bank rec with adjustment journal ???? just to make it look right
- Make payments in company Z yet the entries in company Y without any thoughts of intercompany entries
But they do:
- Forget about audit trails (the auditors need to be telepathic)
- Use pencil (helps when you have to rub out all your workings
) - Keep any workings in their heads
- Make payments by EFT but use cheque reference numbers
- Amalgamate when setting up for first time in SAP the BOMS into one category ie Labour/Materials/OVerheads all into Labour - because its easy to enter
- Bypass regimental financial controls when it gets too hard
Are people getting my drift
I should write a bookWhy can't we make prior period adjustments?
Why can't I defer revenue recognised last financial year?
Why can't I transfer a prior year cost to the Balance Sheet?
But I've moved it to the Intercompany account - why do I need to let the other company know?
What do you mean a reconciliation isn't just a transaction download?
Not everyone is that bad, but I have had two people ask me all of the above in the last couple of months. And they're both one exam away from qualifying.
Jul 20th 2009, 8:18 am
#17
Forum Regular
Thread Starter
Joined: Apr 2009
Posts: 123
Re: CA/CPA Advice needed please!
Oh God Intercompany transactions.........
Why can't we make prior period adjustments?
Why can't I defer revenue recognised last financial year?
Why can't I transfer a prior year cost to the Balance Sheet?
But I've moved it to the Intercompany account - why do I need to let the other company know?
What do you mean a reconciliation isn't just a transaction download?
Not everyone is that bad, but I have had two people ask me all of the above in the last couple of months. And they're both one exam away from qualifying.
Why can't we make prior period adjustments?
Why can't I defer revenue recognised last financial year?
Why can't I transfer a prior year cost to the Balance Sheet?
But I've moved it to the Intercompany account - why do I need to let the other company know?
What do you mean a reconciliation isn't just a transaction download?
Not everyone is that bad, but I have had two people ask me all of the above in the last couple of months. And they're both one exam away from qualifying.
I am none the wiser now as to which path to follow!!!!!
In fairness though, I already have the knowledge as studied ACCA so maybe CPA is the way forward????
Jul 21st 2009, 1:50 am
#18
Forum Regular
Joined: Sep 2003
Posts: 215
Re: CA/CPA Advice needed please!
For my own stupid PQ's error (and this one really has to take the biscuit) checking over the month's asset additions I found a new entry for a dust pan and broom...........
Jul 21st 2009, 11:28 am
#19
BE Forum Addict
Joined: Sep 2007
Location: Ferny Grove
Posts: 1,496
Re: CA/CPA Advice needed please!
Don't fret AM - we can smell the panic from here! You'll be just fine which ever path you follow (in fact as you can see from these posts you will be an accounting god compared to the competition!)
Agreed, but if neither mean any greater number of exams, I'd personally sit CA, particularly if you want to have the option of practice or commerce.
For my own stupid PQ's error (and this one really has to take the biscuit) checking over the month's asset additions I found a new entry for a dust pan and broom...........
Agreed, but if neither mean any greater number of exams, I'd personally sit CA, particularly if you want to have the option of practice or commerce.
For my own stupid PQ's error (and this one really has to take the biscuit) checking over the month's asset additions I found a new entry for a dust pan and broom...........
What was the estimated life?? Oh God thats made me feel better after spending 3 hours trying to explain how the provision for your liability should be on the BS not the P&L...........
