Fascinating Accounting Facts

  1. What is the origin of “accounting?”

Old French “acont” means “account or reckoning” and this is where the word originates.

  1. What is the origin of “accountant?”

It is believed that the word accountant is derived in English from Old French “compter.” This word is also derived from the Latin “computare.” The word accountant was originally written as “accomptant” in English, which is always pronounced without the “p.” Over time this spelling and pronunciation changed to become its current form.

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  1. An accountant etched the first name ever recorded in history

Scholars believe that an inscription on a ceramic tablet dates back to Mesopotamian Uruk (approximately 3000 BC): “29.086 Measures Barley 37 Months Kushim” meant, “A total amount of 29,086 measures of barley was received by Kushim over the span of 37 months.” Kushim was the first person to have their name written. For Stroud Accountants, visit www.randall-payne.co.uk/services/accountancy/stroud-accountants

  1. Accountants invented bubble gum

Walter Diemer, a 23-year old accountant who was testing recipes accidentally created bubble gum in 1928. The accountant who invented bubble gum said that “pink colouring” was all he had at the time.

  1. The FBI’s accountants were instrumental in the downfall of Al Capone

A financial crime always leaves a trace. Double-entry accounting will capture them almost every time.

The US Treasury Department conducted a two-year investigation into the notorious mobster Al Capone. It was led by Frank Wilson (a special agent and accountant), which resulted in Capone’s capture.

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  1. An Italian mathematician was the first to develop double-entry accounting

Luca Pacioli published the first detailed system of double-entry bookkeeping in which each debit matched with a credit.

Pacioli, a friend of Leonardo da Vinci and Italian polymath Leonardo da Vinci is famed for saying “a person shouldn’t go to bed at night until debits equal credits.” This idea will be familiar to modern accountants.

Accounting firms around the globe still use double-entry accounting to record financial transactions.

  1. Originally, income tax was introduced to fund the war in France

William Pitt the Younger, British Prime Minister, introduced income tax, a temporary tax, on 9 January 1799 to cover the costs of the war between Britain and Napoleonic France.

This temporary measure is still in effect over two hundred years after it was first introduced!

  1. Hand-counting the ballots at the Academy Awards takes approximately 1,700 man hours

Nine accountants spend up to 1,700 man-hours counting by hand the Oscar ballots in each category before Oscar night.

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