FACTS ABOUT ACCOUNTANCY

FACTS ABOUT ACCOUNTANCY

Accountancy can be a very difficult subject for many, but like many things in the world, they are many fascinating facts surrounding the world of accountancy before there was any need to pay for accounting homework. People who actually worked to bring the world of accountancy into the light.

The father of accounting was Luca Pacioli

Italian Mathematician Luca Pacioli as he was the first person to publish a book on double-entry bookkeeping in 1494 called the Summa de Arthmetica, Geometria, Proportioni et Proportionalita which is described as the book for keeping an account of assets, liability, capital, income, and expenses. He was also seen as a person who would not go to sleep until his debits and credits are equal.

The world’s first accountants originated in Ancient Mesopotamia

Accounting has been traced back to thousands of years as far back as the Mesopotamia civilization. The first accountants used to work in temples where they kept taxes on the sheep and agricultural produce. Historian believes that they also had the habit of keeping receipts.

Many accounting terms have Latin roots

Both the words ‘Debit’ and ‘credit’ have been originated from Latin, which means ‘he owes’ and ‘he trusts’ respectively. Also, the word ‘accountant’ is derived from the Latin ‘Computare,’ which means ‘to count’.

ICAS is the oldest professional body of chartered accountants in the world

ICAS was founded by Royal Charter in the year 1854 which can be known as the oldest form of a professional body which originated from Edinburgh society of Accountants and in 1951 Robert Gordon Simpson was named the first president of ICAS.

Mick Jagger, Janet Jackson, Eddie Izzard and John Grisham studied accountancy

These names are some among the famous people who have studied accountancy growing. Later, destiny took them to a very different route.

Oscar-winning fils featuring accountants

There are many oscar-winning films which feature accountants which include The Shawshank Redemption, Ghostbusters, The producers, The Apartment, etc.

The Romans were obsessed with accounting

The roman army kept a record of cash, commodities and transactions and computed revenue of each day. This was documented and quantified for the roman empire.

The founder of Pottery company Wedgwood was the first cost accountant

Josiah Wedgewood was considered to be the first cost accountant. In the year 1772, Josiah began to make efforts to establish profits and reduce the loss of the product he sold at that time in his factory. He recorded not just the cost but also materials and labour.

Bubblegum was invented by an accountant

A US accountant Walter Diemer shot to fame not become of his accountancy skills but because he invented the bubble gum.

A patron saint of accountants

St Matthew of Apostle was the patron saint of accountancy, tax collections and bookkeeping. As he was a tax collector before in the town of Capernaum.