5 Interesting things you probably didn’t know about accounting
If you happen to think that accounting is an absolute snooze fest, you are certainly not alone – there are plenty of accounting memes out there that infer as much. However, at Experity, we happen to disagree. In fact, we believe that if people really took the time to understand the intricacies of our rather complicated industry, they’d be rather impressed at what they found…
So, to get you a little more excited about accounting this tax season, we thought we’d share a few interesting facts about the industry you probably didn’t know:
We decide who gets the Oscars!
That’s right – multinational accountancy firm PricewaterhouseCoopers is responsible for counting and tallying the votes (and keeping the results a secret) for the Academy Awards each year. You’re welcome.
Leonardo da Vinci was taught by the OG accountant
Italian accountant and mathematician is often referred to as the father of modern accounting. He also happens to be one of the teachers who taught the most famous Italian polymath of the High Renaissance who is widely considered one of the greatest painters of all time – Leonardo da Vinci.
Bubble gum was invented by an accountant
Walter E Diemer was working as an accountant for American company Fleer Chewing Gum Co. in 1928 when the upper echelons decided they wanted to trim costs to boost their bottom-line. Diemer started to experiment with a new chewing gum base in his free time in order to find a way to produce this raw product in house. This is how he accidentally invented bubble gum!
Accountants brought down Al Capone
Alphonse Gabriel Capone, also known as ‘Scarface’, was an American gangster and businessman who attained notoriety during the Prohibition era as the co-founder and boss of the Chicago Outfit. Authorities found it impossible to pin his crimes on him in a way that would allow them to take him into custody, until forensic accountant Frank J. Wilson reviewed 2 000 000 documents in 1920 and found a way to get Al Capone for tax evasion.
Clay tokens paved the way for modern currency
Ancient accountants would use clay tokens to keep track of animals and food stuffs long before modern coins and currency came into play.
There you have it – 5 interesting things you probably didn’t know about accounting. Feel free to reach out to a member of the Experity team to find out more about our financial services; we’re here to help you make sense of all the accounting mumbo-jumbo.