Read, read, and read

Read the books carefully
Watch the videos actively
Do the excises efficiently

back to cpa review

It's been for a while without study, now it's time to beat it.
keep in mind
If it's important, you will find a way... if not, you will find an excuse. LET 2016 be the year!!!!

屠呦呦获得诺贝尔奖

Tu Youyou  won this year's Nobel Prizes
for her discoveries concerning a novel therapy against Malaria

http://www.nytimes.com/2015/10/06/science/william-c-campbell-satoshi-omura-youyou-tu-nobel-prize-physiology-medicine.html?_r=0

做学问当如屠呦呦
《詩經・小雅・鹿鳴》：「呦呦鹿鳴，食野之萍」，「呦（音同優）呦」就是鹿鳴的聲音。

26 U.S. Code § 6695 - Other assessable penalties with respect to the preparation of tax returns for other persons

https://www.law.cornell.edu/uscode/text/26/6695

(a) Failure to furnish copy to taxpayer

Any person who is a tax return preparer with respect to any return or claim for refund who fails to comply with section 6107(a) with respect to such return or claim shall pay a penalty of $50 for such failure, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection on any person with respect to documents filed during any calendar year shall not exceed $25,000.

(b) Failure to sign return

Any person who is a tax return preparer with respect to any return or claim for refund, who is required by regulations prescribed by the Secretary to sign such return or claim, and who fails to comply with such regulations with respect to such return or claim shall pay a penalty of $50 for such failure, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection on any person with respect to documents filed during any calendar year shall not exceed $25,000.

(c) Failure to furnish identifying number

Any person who is a tax return preparer with respect to any return or claim for refund and who fails to comply with section 6109(a)(4) with respect to such return or claim shall pay a penalty of $50 for such failure, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection on any person with respect to documents filed during any calendar year shall not exceed $25,000.

(d) Failure to retain copy or list

Any person who is a tax return preparer with respect to any return or claim for refund who fails to comply with section 6107(b) with respect to such return or claim shall pay a penalty of $50 for each such failure, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection on any person with respect to any return period shall not exceed $25,000.

(e) Failure to file correct information returns

Any person required to make a return under section 6060 who fails to comply with the requirements of such section shall pay a penalty of $50 for—

(1)each failure to file a return as required under such section, and

(2)each failure to set forth an item in the return as required under section,

unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The maximum penalty imposed under this subsection on any person with respect to any return period shall not exceed $25,000.

(f) Negotiation of check

Any person who is a tax return preparer who endorses or otherwise negotiates (directly or through an agent) any check made in respect of the taxes imposed by this title which is issued to a taxpayer (other than the tax return preparer) shall pay a penalty of $500 with respect to each such check. The preceding sentence shall not apply with respect to the deposit by a bank (within the meaning of section 581) of the full amount of the check in the taxpayer’s account in such bank for the benefit of the taxpayer.

(g) Failure to be diligent in determining eligibility for earned income credit

Any person who is a tax return preparer with respect to any return or claim for refund who fails to comply with due diligence requirements imposed by the Secretary by regulations with respect to determining eligibility for, or the amount of, the credit allowable by section 32 shall pay a penalty of $500 for each such failure.

Job interview

Had an interview last Wednesday, still waiting for the result.
If no update till tomorrow, I will call them to ask the decision
If I failed on this job interview, I will go back and review my CPA examination
That's the only correct thing I better to do

Encumbrance

In accounting, an encumbrance is a transaction that occurs when someone needs to put money away (to hold it) for a specific purpose. In municipal accounting, an encumbrance is created when a Purchase Order is issued to buy goods or services. The money has not yet been spent, but is "earmarked" for that purchase and no one else can use it.

In real life, if you put money into an envelope to hold it to pay a bill, you have encumbered that money. You probably don’t use budget codes, but if you have an envelope in your dresser drawer marked “ELECTRIC BILL”, the money you stash away for the next bill is your encumbrance. How much should be encumbered? How much do you THINK your bill is going to be? That’s the encumbrance.

In accounting, encumbrances are the recognition of commitments that will subsequently become expenditures when goods and services are received. Encumbrances are posted for documents such as purchase estimates, purchase orders, and contracts

Encumbrances help manage available appropriation, allotment, and budget balances more effectively. When an encumbrance is posted to an agency's financial records, the amount of money available for spending by the agency is reduced by the amount of the encumbrance. By recording the estimated cost of purchase orders and contracts as encumbrances, managers are aware of the future impact of previous financial decisions.

S, G and A expenses

Sales, General, and Administrative Expenses

Overhead costs to a company. Sales, general, and administrative expenses are usually recurring; they include things like rent, salaries, and money spent on office supplies. They do not generally include one-time costs. They form one of the single largest expenses a company can incur in its operations. These expenses are included in one category on financial statements and are subtracted from revenue when calculating operating income.

 

sales, general, and administrative expenses (SG&A)

Corporate overhead costs for a period including expenses such as advertising, salaries, and rent. SG&A is found on a corporate income statement as a deduction from revenues in calculating operating income.