10 Amazing facts about Accounting you don’t know about

10 Amazing facts about Accounting you don’t know about

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Created By Admin Last Updated Tue, 08-Dec-2020

·         The word Bookkeeper is the only word in the English Language with 3 consecutive sets of double letters.

·         The chartered Accountant Practice was established in Scotland very first time.

·         The Royal Charter introduced the Institute of Chartered Accountant of Scotland (ICAs) in the year 1854.

·         Bubble gum was invented by an accountant Walter Deimer in 1928.

·         The first CPA exam was given in NEW YORK.

·         Income tax was originally introduced as a temporary measure to finance the war against France

·         Accounting has been around for millennia. Tokens dating back 7000 years were discovered in ancient Mesopotamia (modern day Iraq, Turkey and Syria). These are thought to be the earliest documented records of goods received and traded.

·         Accountants play an important role in the Oscars. Every year since 1935 a team of accountants has spent an average of 1700 hours prior to Oscar night counting the Academy Award ballots by hand

·         Italian mathematician Luca Pacioli is regarded as the father of accounting. He published the first book on double entry accounting in 1494. Leonardo da Vinci was one of his students.

·         The word “accounting” comes from the French “compter” meaning to count or score. Other accounting terms are derived from Latin, such as “debit” – “he owes” and “credit” – “he trusts”.