[quote]countingbeans wrote:
Sage makes Business Works, which is much better than quickbooks.
quickbooks is fucking shit balls stuck to the ass hair of the most veil wench of all time.[/quote]
I haven’t used quickbooks, but if it’s made by Intuit, it’s pretty much guaranteed to suck.
[quote]johnnytang24 wrote:
[quote]countingbeans wrote:
Sage makes Business Works, which is much better than quickbooks.
quickbooks is fucking shit balls stuck to the ass hair of the most veil wench of all time.[/quote]
I haven’t used quickbooks, but if it’s made by Intuit, it’s pretty much guaranteed to suck.[/quote]
lol, thing is, it is perfect for a small business, which is what I work with 60-80% of the time.
You can change ANYTHING in that program. Which in my mind makes it nearly impossible to get reasonable assurance without third party documentation, which can clutter up my workpapers and takes time I don’t have these days.
I am too skeptical probably but it is what it is.
OMG guys! Is anyone else taking the exam this year? Anyone wanna be study buddies?
I got my Becker review shit in the mail two days ago, I even splurged and got the flash cards. Actually, it’s a grad present from my family - I’m one lucky muthafuckah. I’ve been looking through the REG material, and I’m seeing shit that I have NEVER seen before - which has me worried. And these simulations are like nothing I have ever done at university. Which has me even more worried.
I’m sure I’ll be bugging the shit out of beans and lanky for the next 6 months… 
OP, if you are having trouble “getting” your debits and credits, just make flash cards and take those fuckers everywhere you go. You wont even need 10 cards really. That’s how I did it anyway.
[quote]countingbeans wrote:
Sage makes Business Works, which is much better than quickbooks.
quickbooks is fucking shit balls stuck to the ass hair of the most veil wench of all time.[/quote]
I use quickbooks for my personal budgeting. I like it.
[quote]skaz05 wrote:
OMG guys! Is anyone else taking the exam this year? Anyone wanna be study buddies?
I got my Becker review shit in the mail two days ago, I even splurged and got the flash cards. Actually, it’s a grad present from my family - I’m one lucky muthafuckah. I’ve been looking through the REG material, and I’m seeing shit that I have NEVER seen before - which has me worried. And these simulations are like nothing I have ever done at university. Which has me even more worried.
I’m sure I’ll be bugging the shit out of beans and lanky for the next 6 months…
OP, if you are having trouble “getting” your debits and credits, just make flash cards and take those fuckers everywhere you go. You wont even need 10 cards really. That’s how I did it anyway.[/quote]
LOL!
I remember how you feel. I took audit first and had nightmares the first week. It was so fucking bad dude, I would wake up sweating repeating TIP SIE ACDE
lol
You’ll be fine, and feel free to ask any questions you have. I do a lot of tax.
[quote]skaz05 wrote:
[quote]countingbeans wrote:
Sage makes Business Works, which is much better than quickbooks.
quickbooks is fucking shit balls stuck to the ass hair of the most veil wench of all time.[/quote]
I use quickbooks for my personal budgeting. I like it.[/quote]
It is great for the user, sucks for the accountant when your trying to attain assurance.
[quote]countingbeans wrote:
[quote]skaz05 wrote:
OMG guys! Is anyone else taking the exam this year? Anyone wanna be study buddies?
I got my Becker review shit in the mail two days ago, I even splurged and got the flash cards. Actually, it’s a grad present from my family - I’m one lucky muthafuckah. I’ve been looking through the REG material, and I’m seeing shit that I have NEVER seen before - which has me worried. And these simulations are like nothing I have ever done at university. Which has me even more worried.
I’m sure I’ll be bugging the shit out of beans and lanky for the next 6 months…
OP, if you are having trouble “getting” your debits and credits, just make flash cards and take those fuckers everywhere you go. You wont even need 10 cards really. That’s how I did it anyway.[/quote]
LOL!
I remember how you feel. I took audit first and had nightmares the first week. It was so fucking bad dude, I would wake up sweating repeating TIP SIE ACDE
lol
You’ll be fine, and feel free to ask any questions you have. I do a lot of tax.[/quote]
Thanks brah. I’m signed up for the live classes at my college, and we are going through REG all of June, so that’s the first testlet I’ll be taking. My weak point is auditing, and I’m taking that one last!
And yeah, this course is HEAVY on mnemonics, that made me laugh.
I’ll be sure to shoot you all the Q’s I have (I know I’ll have plenty). In the mean time, I’ve been fishing the interwebz for websites to help facilitate studying for the exam, any recommendations (Besides AICPA, NASBA, FASB, etc…)?
[quote]countingbeans wrote:
[quote]skaz05 wrote:
[quote]countingbeans wrote:
Sage makes Business Works, which is much better than quickbooks.
quickbooks is fucking shit balls stuck to the ass hair of the most veil wench of all time.[/quote]
I use quickbooks for my personal budgeting. I like it.[/quote]
It is great for the user, sucks for the accountant when your trying to attain assurance.[/quote]
It’s very user friendly, almost “cute”. My finances are very simple, so all the “advanced” shit I never even touch. I honestly don’t know why I use it when I can keep track of my expenses on a notepad.
[quote]skaz05 wrote:
[quote]countingbeans wrote:
[quote]skaz05 wrote:
OMG guys! Is anyone else taking the exam this year? Anyone wanna be study buddies?
I got my Becker review shit in the mail two days ago, I even splurged and got the flash cards. Actually, it’s a grad present from my family - I’m one lucky muthafuckah. I’ve been looking through the REG material, and I’m seeing shit that I have NEVER seen before - which has me worried. And these simulations are like nothing I have ever done at university. Which has me even more worried.
I’m sure I’ll be bugging the shit out of beans and lanky for the next 6 months…
OP, if you are having trouble “getting” your debits and credits, just make flash cards and take those fuckers everywhere you go. You wont even need 10 cards really. That’s how I did it anyway.[/quote]
LOL!
I remember how you feel. I took audit first and had nightmares the first week. It was so fucking bad dude, I would wake up sweating repeating TIP SIE ACDE
lol
You’ll be fine, and feel free to ask any questions you have. I do a lot of tax.[/quote]
Thanks brah. I’m signed up for the live classes at my college, and we are going through REG all of June, so that’s the first testlet I’ll be taking. My weak point is auditing, and I’m taking that one last!
And yeah, this course is HEAVY on mnemonics, that made me laugh.
I’ll be sure to shoot you all the Q’s I have (I know I’ll have plenty). In the mean time, I’ve been fishing the interwebz for websites to help facilitate studying for the exam, any recommendations (Besides AICPA, NASBA, FASB, etc…)?[/quote]
Becker is good. But you need to be smart to utilize it. I have read both becker and Bisk. I find Bist is the dumbass’s study guide. Becker expects you to have cognitive ability where Bisk assumes your a dumb shit.
As far as studying, just do it… buckling down during playoffs and while your buddys are day drinking is the hard part. Learn the material in the books, don’t worry about the web. A lot fo the shit on those sites will be over your head right now.
[quote]countingbeans wrote:
[quote]skaz05 wrote:
[quote]countingbeans wrote:
[quote]skaz05 wrote:
OMG guys! Is anyone else taking the exam this year? Anyone wanna be study buddies?
I got my Becker review shit in the mail two days ago, I even splurged and got the flash cards. Actually, it’s a grad present from my family - I’m one lucky muthafuckah. I’ve been looking through the REG material, and I’m seeing shit that I have NEVER seen before - which has me worried. And these simulations are like nothing I have ever done at university. Which has me even more worried.
I’m sure I’ll be bugging the shit out of beans and lanky for the next 6 months…
OP, if you are having trouble “getting” your debits and credits, just make flash cards and take those fuckers everywhere you go. You wont even need 10 cards really. That’s how I did it anyway.[/quote]
LOL!
I remember how you feel. I took audit first and had nightmares the first week. It was so fucking bad dude, I would wake up sweating repeating TIP SIE ACDE
lol
You’ll be fine, and feel free to ask any questions you have. I do a lot of tax.[/quote]
Thanks brah. I’m signed up for the live classes at my college, and we are going through REG all of June, so that’s the first testlet I’ll be taking. My weak point is auditing, and I’m taking that one last!
And yeah, this course is HEAVY on mnemonics, that made me laugh.
I’ll be sure to shoot you all the Q’s I have (I know I’ll have plenty). In the mean time, I’ve been fishing the interwebz for websites to help facilitate studying for the exam, any recommendations (Besides AICPA, NASBA, FASB, etc…)?[/quote]
Becker is good. But you need to be smart to utilize it. I have read both becker and Bisk. I find Bist is the dumbass’s study guide. Becker expects you to have cognitive ability where Bisk assumes your a dumb shit.
As far as studying, just do it… buckling down during playoffs and while your buddys are day drinking is the hard part. Learn the material in the books, don’t worry about the web. A lot fo the shit on those sites will be over your head right now.
[/quote]
Agreed, master (as best you can) the material in the Becker course and you won’t even need those websites.
[quote]LankyMofo wrote:
[quote]tmay11 wrote:
[quote]LankyMofo wrote:
Assets and expenses normally have debit balances.
Liabilities, equity and revenues normally have credit balances.
Every journal entry must balance - debits must equal credits. That sets up the most basic equation in accounting:
Assets = liabilities + Equity
So if you’re entering a simple journal entry - for example - selling a product.
You’re getting cash so you would DEBIT cash because it’s an asset (ie, increase cash).
You’re also recording revenue so you would CREDIT the revenue (ie, increase revenue) account.
Make sense?[/quote]
Yes, this makes sense. I can look at the equations and it makes sense. The confusion lies in using the same term to me opposite things. Why is a “debit” an increase in an asset or expense account and a “credit” a decrease.
Whereas in a liability or equity account a “debit” is a decrease and a “credit” and increase. Is this just the way the terms have been defined and it’s simply a matter of learning when a “debit” means increase and when it means decrease? Or is there some logic behind this that i’m missing?
Thanks.
[/quote]
I actually had an edit in there that explained this but it didn’t show up. It’s just one of those things you’re going to have to memorize and accept. Whoever invented accounting set it up as a double sided entry system and they said “all assets shall maintain debit balances, all liabilities shall maintain credit balances…etc.”
I don’t wanna go off too far into a tangent, but some people get confused because of their own bank account. When they deposit money into the account the bank “credits” the account. The cash is your asset, so why are they crediting the account? It’s because that money that you gave the bank is the bank’s liability. They owe you that money, so from their perspective they credit the account.
Once you get this stuff memorized and get your head wrapped around it, things will either get very easy or very difficult. If it gets even more difficult, don’t be an accounting major. If it gets easier, you’re in good shape.
And rajraj - we were posting all kinds of tips and shit in the other accounting thread, if you can find a link to it you might want to read it.[/quote]
TY
I have a strong accounting background the only problem is I learned almost everything in IFRS. For these exams I’ll have to unlearn things which will tricky. Under IFRS there’s no LIFO… US GAAP there is etc etc…