3 Unknown and amazing facts you need to know about accounting

Every year, we celebrate International Accounting Day on the 10th of November. For the past couple of years, the accounting industry has evolved immensely. Various Accounting firms in London provide accountancy and taxation services to businesses. But do you know in detail about the Accounting industry and its history? Though, accounting might not be an exciting industry for all. However, people who love numbers love accounting and its history. Here, we have listed three amazing and unknown facts about accounting that will amaze you. Let us dive right into it: 

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#1 Luca Pacioli – The father of accounting

Italian Mathematician Luca Pacioli is the founder of the accounting field and is known as the father of accounting. In 1494, Pacioli published the first book on detailed double-entry accounting entitled Summa de Arithmetica, Geometria, Proportioni et Proportionalita. In this book, he quotes, A person should not go to sleep at night until the debits equal the credits. Top accounting firmsLondon follow this quote earnestly. Also, Leonardo da Vinci was one of Pacioli's students. 

#2 Accounting Hall of Fame

In 1950, The Institute of Certified Management Accountants established the Accounting Hall of Fame at the Ohio State University. It is an award made in honor of the accountants who have made and are making significant contributions to the advancement in the accounting field. It recognizes the global accounting practitioners and appreciates their contribution. 

#3 The Ancient Accountants

Before the standard accounting system introduction, the ancient accountants used geometrically shaped clay tokens to keep track of the animals and grains. Different shaped tokens represented units of various commodities. For example, a cone represents a small measure of barley, and a disc represents a sheep. 

These are the top 3 facts that many accountants do not know. An accountant should keep exploring his field and gain as much knowledge as possible. 

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