Accounting
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Job Costing Question
My company just switched to a new accounting system that is designed centered on job costing. As a result, every expense needs to have a job number. I have an expense that is related to all the jobs for one of the regions. What is the best way to allocate this expense to all the jobs? I have some i…
1
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Is the erosion of auditor independence a big problem?
There seems to increasing concern about the effect on auditor independence of the steady increase in consulting activities by audit firms, especially those that audit SEC firms. No one is saying the situation is as bad as it was leading up to the Enron scandal and others uncovered subsequently, but…
8
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Book in 2014 vs 2015? Rebate to be received
We were informed by a vendor that they plan to give a "rebate" to us based on our 2014 purchase volume. This will be a one time thing that we needed to apply for, which we did in December. We have not been formally approved, and we estimate this amount we will received approx $1.6mm in credit which…
2
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We seem to be Capitalizing more and more these days...
Leases, Software, Leasehold improvements, etc. While the theory does make some sense, that's where it ends. Depreciation/Amortization years are absurd. Book value vs market value doesn't show reality. Many "assets" are discounted by creditors since they are essentially worthless collateral (leaseho…
1
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What are the best career paths for CPAs who come from public practice?
I have been working as an audit associate in a firm for over a year, and honestly, am not very happy with what I'm doing. As I am contemplating whether to resign from my job, I always find myself confused as to what career path I will take when I leave public practice. Is it more advisable if I ven…
3
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Credit Management
What services do you or your Credit Manager use to check the credit worthiness of both new and existing customers?
2
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How to record expenses & interco accts incurred by India sub on US parent's books?
I am the Controller for a start up US parent software development company that has a wholly owned India sub. The India sub incurs expenses, like consultant fees, in India, but the invoice is paid out of the US with US dollars. Do I record the entry as a debit to Interco Rec, credit to cash in the U…
1
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How to account for RMAs?
An RMA is issued and the inventory is sent to customer before they've returned the items to us. How are folks accounting for this inventory in transit? (well, RMA in transit). Our inventory was depleted, however, the expectation is that we'll be getting product back (plan is if we don't get it back…
5
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Efficiency and Billable hours
This has been a subject in a few forums I belong to. How do you encourage, promote or assure operational efficiency in the billable hours revenue model? To make things worst, I recently had a conversation with a CPA firm that uses "employee utilization" as a performance metric for one of it's divis…
7
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Bank Treatment of converting operation lease to capital lease
We just transformed $5MM of capital leases to fmv operating lease saving $400,000 of annual cash outflow. paying the revolver down by $2MM and transferring the end of lease risk on the equipment to the lessor. We requested bank approved which was given, but they also took the opportunity to chan…
2
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SaaS Revenue Recognition for Distributors
The company I work for distributes software licenses (perpetual) and is starting to also offer cloud-based offerings as more and more software "manufacturers" are switching to that model. So to clarify, we sell a cloud-based SaaS subscriptions for software applications customers access to the appli…
2
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Please weigh in on this web-based info provider software accounting question
I have expensed software development and maintenance costs of a web-based information provider start-up LLC (sole owner) throughout its first three years of operation. The sole-owner LLC doesn't sell or license software per se. Its IT expenditures are primarily for the purpose of housing and ref…
5
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SAS 70 for my company: is it worth it?
My company provides some services to our customers which they rely on to get their work done as a company. We recently had a customer ask us whether we had a SAS 70 audit and could they see it. In short, we do not and this is the first request we have received. I would like to hear what others have…
12
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Can a Night Auditor opportunity open the door to an Internal Auditor position?
I have a long-term desire to work as a IT Auditor but I want to get some experience on the financial side of auditing first but since the job market for an Internal Audit opportunity requires a lot of industry experience it's been a challenge because the experience that is required for this role is…
5
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Management Override
Anyone had experience with an outside accounting firm trying to push financial statements through, due to pressure from upper management, despite objections of accounting staff that financial statement prep is not complete?
7
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Revenue Recognition Accounting; Multi-Element Arrangement
I have a multiple element question where our customers buy our products and we additionally provide equipment at no additional cost. We retain ownership and have full control. We can take the equipment back if customer doesn’t buy contractual number of products. I am thinking the equipment proba…
4
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How do you account for bartering transactions?
Do you even have to track these kinds of transactions? If so, how do you go about recording them? And how will they affect our bottom line?
2
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Do you know any performance goals for accounting/accounts payable
the goals should not be task based.
2
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How do i allocate intercompany expenses between two sister companies
I am managing two sister companies.At the moment one company bills the other for monthly Administration expenses. For example: One company manages the accounting department of the sister company. The accounting department expenses are then apportioned in the expenses of the two companies and an inv…
11
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Recognition of revenue
I just want to find out, what is the reasonable time for processing revenue transaction. For example the Municipality has identified the illegal connection for water and they have quantified the amount of the illegally used water and they intend to charge that against the customer. The memorandum i…
2
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Write down of Inventory Value - Does this go to COGS?
Hi, I need an answer this morning. I was writing off inventory to COGS (part of book to physical adjustment), however, in my old intermediate accounting book it shows it going to a loss account? Is the loss in COGS? Wasn't clear. Thank you.
4
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Accounting For Owner's Equity
How should Owner's equity be calculated on Balance sheet, income statement and cash-flow....at par or same as private placement value? We issued equity at par value, but was told we should re-issue at Private Placement Value.
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