The Tax Preparation Blog

Question: CPA or CPA candidates help! Advanced accounting? or Auditing (Financial)?

Hi. I have a bachelor’s degree (not accounting or business-related major). Although I don’t have accounting major degree I took lots of accounting and business-related classes at Junior College and University after transfer.
I did look at my college transcripts and found out that I only have 3 units left to meet educational requirements (accounting 24 units, business-related 24 units). And I’m thinking about to take “Advanced accounting” or “Auditing (Financial)” class at an accredited education institute.

I took “Principle of accounting 1 and 2″, “Intermediate accounting”, “Federal Income tax”, “Cost Accounting”. And I’m eligible to take both Advanced accounting and Auditing class.
But I only want to take one of them due to money issue.

And then from next year I want to start review courses either Becker or Wiley.

Which class do you recommend me to take? Advanced accounting or Auditing?

Thanks

Answer: Auditing. It would help you in your CPA board exam. Take note that it involves both theory and practice. Also you need to have extensive knowledge in Financial Accounting. Auditing is purely analytical whereas Advance Accouting is more procedural.
I took both since I finished BS Accountancy. Auditing is one of the most difficult subject areas in my undergraduate years and also during board exam. But it’s worth it because I get to work in an Accounting firm years ago. Now I’m into Forensic Accounting. Much more interesting.

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Question: Is it really time for change??? CALIFORNIA, about time marijuana gets legal YAY!?

its about time, california has new bill to legalize marijuana, they said NO MATTER WHAT, if its not legalized it will be decriminalized! HAHAHHAA… 95% said yes 5% said no to legalization to marijuana. Isnt it pothic that the goverment tells you what you can and cant do with your free time even though we pay taxes and shit????? i can go to a bar and get so drunk falling over, people staring fights and getting killed, BUT I CANT SMOKE A BLUNT OR EVEN A LITLE JOINT???? every year more n more states are legalizing marijuana JUST GET IT OVER WITH ALREADY, LEGALIZE IT!!!! WHY ISNT IT LEGAL ALREADY??? WHO KEEPS DENIEING THE LEGALIZATION?? the people want it legal its clear of that with the votes…. but its still illegal, pothic.

YOUTUBE – CALIFORNIA MARIJUANA LEGALIZATION

Answer: Small amounts of marijuana haven’t been a criminal offense in California since 1976. If caught with less than an ounce you get a citation for which the fine is 100 dollars. Also busts for small amounts don’t even show up on your criminal history.

I look at the current marijuana laws in much the same way as prohibition was back in the early 20th century. At one time the federal government thought alcohol was responsible for so much damage to society they tried to ban it.

Prohibition was a disaster remember? Despite stiff penalties for possession, sales and consumption of alcoholic beverages the vast majority of the American public continued to drink.

The major difference between now and then is instead of Chicago based mobsters like Al Capone raking in millions of dollars per year from producing and distributing illegal liquor you’ve got Mexican drug cartels calling the shots.

I would like to see weed legalized, taxed and regulated in the same manner as alcohol. If the pending California legislation passes it’s expected to bring in BILLIONS per year.

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Question: Alright, so if I claim RRSP’s ($5000), tuition ($1400) and my personal deduction, ($9600) in Canada….?

is it the same percent that I get back from all of them? 15%. I made around $40000 this year, so $1138 of that is taxed at 22%, the rest 15%. Also do these deductions just apply to my federal income tax or my provincial as well?

Answer: There is a separate provincial non-refundable tax credit. The easiest way to figure this out is to look at the actual Schedule 1 and provincial tax calculation.

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