Fun Facts About Chartered Accountants

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Accounting may not seem exciting at first glance, but its depths can be full of surprises and joyous experiences. Chartered accountants offer some exciting career possibilities.

Many notable people have been associated with accounting. Mick Jagger and Robert Plant of Led Zeppelin studied accounting and finance prior to embarking on musical careers.

1. The word “accounting” comes from the Latin word “computare.”

“Chartered Accountant” refers to highly qualified accountancy professionals in certain countries, such as the United Kingdom, Ireland, Australia, New Zealand, South Africa, India, and Pakistan – among others in Commonwealth nations. A person holding this qualification can perform certain accountancy activities that other accountants cannot.

Accounting dates back millennia, with tokens found in Mesopotamia thought to be among the earliest accounts ever kept. Luca Pacioli, known as the “Father of Accounting,” first published his double-entry accounting book in 1494.

Accounting today is an exciting and intriguing field, offering numerous specialization options such as tax, financial auditing, corporate finance, and forensic accounting.

Qualifications to become a chartered accountant vary depending on your country of residence; most require at least a bachelor’s degree in accounting or a related field with additional study to attain professional certification. Furthermore, chartered accountants must possess considerable relevant experience as well as adhere to their profession’s code of ethics.

Even with its long hours and rigorous qualifications, becoming a chartered accountant can be rewarding. Not only will it provide secure income, but also work in various industries while traveling the globe. Furthermore, being a chartered accountant may open doors into other fields of business, like management consulting.

2. The FBI has accountants.

The FBI employs various accounting-related professionals, such as accounting auditors. They are charged with monitoring the flow of funds entering and leaving multiple departments within the FBI to ensure all funds are used appropriately while adhering to all internal and external financial policies of the agency.

The FBI employs accountants with expertise in areas like tax evasion and money laundering, serving as part of their criminal investigation division to investigate complex financial crimes such as Al Capone. Their forensic accountants helped secure his conviction for tax evasion by carefully analyzing his financial records.

These facts demonstrate the complexity and breadth of accounting. From its ancient roots to modern innovations, chartered accountants boast a fascinating past and present that makes their profession genuinely invaluable. Starting their journey towards becoming chartered accountants involves earning a bachelor’s degree in accounting or finance, participating in an internship, and completing training programs required to get licensed. Once they receive their license, accountants can embark on an exciting career that provides a steady income and endless advancement opportunities. On July 1, Chartered Accountants’ Day commemorates the 1949 passage of an act that led to the formation of India’s Institute of Chartered Accountants.

3. The Rolling Stones’ Mick Jagger started his career as a Chartered Accountant.

As well as leading one of the world’s biggest rock bands, Mick Jagger also knows a little something about accounting. After studying accounting and finance with government grants at the London School of Economics for three years prior to deciding to devote full-time attention to his band, The Rolling Stones’ massive tours as opposed to retirement funds, Jagger realized his studies might prove more useful.

Jagger remains active at age 76. Since 1989, he and the Stones have not stopped touring, with Jagger even releasing a solo album called Wandering Spirit in 1993. Voodo Lounge marked an early shift towards commercialism for them and became their first charted album.

Due to their success as live music draws, The Stones are currently among the world’s premier live entertainment draws, averaging over 80,000 fans per show and grossing billions in ticket sales. Their financial expertise may come in handy when calculating how much their next album can make or when searching for tax write-offs; many notable individuals such as professional singers, athletes, and authors (John Grisham being one) studied accounting before entering public life (for instance).

4. an accountant invented Bubblegum.

Philadelphia’s Fleer Chewing Gum Company was in trouble in 1928. Its president feared having to let employees go before Christmas and was searching for ways to cut costs. Walter Diemer, 23, who served as an accountant, helped find solutions by experimenting with different gum recipes during lunch hours and after work hours, ultimately looking for something he could blow into bubbles with ease.

Diemer’s experiments initially weren’t particularly fruitful, but he persevered. One day, he came up with a formula that was less sticky and more flexible than traditional gum, making it easier to blow bubbles with. Additionally, he added some pink food dye because that was all that was available, thus creating Dubble Bubble, an instant success that became an overnight phenomenon.

Diemer may not have become rich off his discovery (he never received royalties), but his efforts saved his company from bankruptcy while providing billions of people worldwide with something special to look forward to – not forgetting countless children with their first experience blowing bubbles!

5. St. Matthew the Evangelist is the patron saint of accountants.

St. Matthew the Evangelist may come as a surprise to some, but he is actually considered the patron saint of accountants and finance professionals. Widely revered throughout Christianity, St. Matthew is widely seen as authoring the Gospel of Matthew and has great respect from accountants who work in financial services. Prior to becoming an apostle, he worked as a tax collector, hence making him a fitting symbol as the patron saint for accountants and those working within financial markets.

Tax collecting was seen as a dirty profession during Biblical times; Jesus recognized its potential in Matthew and invited him to become one of his first disciples despite his background as a tax collector. Because of this, Matthew has come to symbolize bankers and those working in financial services because he understands their difficulty making good financial decisions.

Late 19th century accountant societies began to form in the UK, which later coalesced into The Institute of Chartered Accountants in England and Wales (ICAEW) by Royal Charter in 1880. Over its long history, ICAEW has contributed greatly to shaping accounting and finance practice while upholding professional standards at every turn.

Today is St. Matthew the Evangelist Day, commemorated by Catholicism. To mark this eventful occasion, here are three facts you should know about this beloved patron saint of New York City.

6. The first registered name in history belonged to an accountant.

Accountants don’t only juggle numbers; there’s also an entertaining aspect to their profession. Chartered accountants are known for their severe expertise and the many industries in which they serve. Their skills have even assisted law enforcement authorities with prosecuting Al Capone due to double-entry bookkeeping, which allows crimes to be tracked and recorded.

Accounting has existed for millennia, with evidence of early auditing systems dating back to ancient Egypt and double-entry bookkeeping practices appearing in medieval Europe. Dr. Yuval Noah Harari’s best-selling Sapiens: A Brief History of Humankind speculates that accounting was established early in human history when Kushim was noted on an ancient tablet found in what is now Iraq that recorded barley storage between 5100-4900BC containing records for tracking supplies – some historians consider him likely an accountant responsible for monitoring barley storage supplies at this point in history.

In 1854, when the Royal Charter first established the Institute of Chartered Accountants of England and Wales (ICAEW), accountants first used the term ‘chartered accountant.’ Their logo and coat of arms, Economia, symbolizes all that accountants value: wisdom, truthfulness, accuracy, guidance, measurement, etc. You’ll see Economia on all learning materials provided by ICAEW, including exam papers, as well as their newsletters and learning material emailed out by us.