9 Amazing Facts about Accountancy

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My friend’s mom was currently working as a Filipino accountant in Dubai UAE at Embassy - Fs. A recent conversation of them was very interesting. They talked about some facts about accounting and luckily my friend share it to me. Here is the list!

1. The term “accountant” comes from the older English word “accomptant”, which came from the French word “compter”, which comes from the Latin word “computare”. It means to reckon, score, number or count. A word full of history!

2. The ancient Romans are really obsessed with record keeping. For a fact, their military bases kept detailed accounts on everything, from how much grain was in stock to how many nails are in their workshops. Many said that these accounting skills that the Romans have in the earlies were the reason why they were the great nation at that time.

3. In 1494, the first book on double-entry accounting was written by Italian mathematician and Franciscan friar Luca Bartolomeo de Paciolo, called Summa de arithmetica, proportioni, et proportionalita. He is said to be the “father of accountancy”. The textbook was used in the abbaco schools in northern Italy. Double-entry means there is a debit and credit entry for every transaction.

4. The first certified public accountant (CPA) exam was first held in 1896 in the state of New York, USA.

5. Accounting plays not just a major role in business but also in law enforcement. The Federal Bureau of Investigation has more than 1400 accountants among its special agents

6. Chicago crime boss Al Capone was finally brought down in 1931 by FBI accountants. Yes, you read it right! By accountants and not just by police or SWAT. It is believed that he is responsible for crimes ranging from bootlegging to murder, but Capone was ultimately arrested and convicted for income tax evasion.

7. Since 1935, a team of Certified Public Accountants has spent an average of 1700 hours prior to Oscar night counting the Academy Awards ballots by hand! That’s huge counting hours!

8. A lot of people think and believe that the term “bean counter” was used to describe an overzealous or detail obsessed accountant, dates back centuries. But the fact is it’s only around since the 1970s.

9. Not all celebrities are just good actors, singers, dancers or on any of their choice field. For a fact, there are celebrities who began their careers as accountants. Who are they? Ultimate Fighting Champion and Dancing with the Stars contestant Chuck “The Iceman” Liddell, WWE wrestler D-Lo Brown, jazz artist Kenny G., comedian Bob Newhart, Rolling Stones Mick Jagger and singer Janet Jackson top the list!

Intrigued by these facts? Shared this to your friends too! Just like what my friend does to me!