Accounting Fun Facts
Content
Accounting Fun Facts
Hello friends. Please enjoy the following accounting fun facts. Be sure to check back from time to time since we'll continue to add more accounting fun facts. Think how knowledgeable you'll become! 12-2-08 A cash based company is one that reports income to the IRS based on money actually received from customers. For example, if a customer's invoice has not been paid, then this is not considered as income. 11-25-08 Peachtree 2009 prints W-2's directly onto blank paper. This is part of what they call "Print 'n Sign Tax Forms". This means there is no need to purchase W-2 forms when using the Peachtree PR Tax Update Service called Peachtree Simple Payroll. With Peachtree, you can print W-2's at any time during the year - you don't have to wait until year end. So save yourself the stress of wondering if W-2's will print ok come January, do a test printing before the end of the year! 11-16-08 Flash Drives are an easy and secure way to backup your Peachtree data. In the early part of his career, comedian Bob Newhart worked as an accountant at a Chicago firm. Jazz musician Kenny G (Gorelick) graduated in accounting from the University of Washington. Cost of deploying one U.S. soldier for one year in Iraq - $390,000.From About.com Peachtree Quantum can safely and efficiently handle file sizes of up to 1 gigabyte (1,000,000,000). Peachtree Professional, Complete, and Premium can safely and efficiently handle file sizes of up to 200 megabytes (200,000,000). Check the size of your Peachtree files using the command Help / Customer Support and Service / File Statistics. Now scroll to the bottom and add three 0's to the number you see. 9-1-06 The tax code has expanded by one million words in the past five years. The Income Statement will tell you if your advertising is 50% of sales. Peachtree can notify you of late invoices through E-mail Alerts. After converting from OWP to Peachtree, you may want to see the full detail General Ledger information for earlier in the year - prior to conversion. To see this, you'll need to switch to the One-Write Plus program and see the information there or review the OWP General Ledger that was printed at the time of conversion. Best Software will support One-Write Plus through January 31, 2006. The QuickBooks command for reconciling is BANKING/RECONCILIATION. The command to create a new field for the customer card in QuickBooks is EDIT CUSTOMER/ADDITIONAL INFORMATION/DEFINE FIELDS.
The nice thing about how QuickBooks deals with sales taxes is the fact that QuickBooks can automatically pay the sales taxes. To move fields around on the invoice, QuickBooks uses the CUSTOMIZE LAYOUT WINDOW. To setup E-mail alerts in Peachtree use TASKS/ACTION ITEMS/ALERT. To set up a Favorite in Internet Explorer use FAVORITES/ADD TO FAVORITES.
Gibby Haynes, Butthole Surfers band member, was a star accounting and economics student at Trinity University in San Antonio.
Chuck "The Iceman" Liddell graduated from Cal Poly University-San Luis Opispo with a degree in business and accounting. Chuck has since won an Ultimate Fighting Championship and was a 2009 contestant onDancing with the Stars.
D-Lo Brown legitimately worked as a CPA prior to beginning his career on WWF television as a professional wrestler. Of course, that requires some sort of accounting degree, which, in D-Lo’s case was acquired at the University of Maine.
John Grisham, famous mystery novelist, received his undergraduate degree in accounting from Mississippi State University.
Bob Newhart, comedian, started out in accounting.
Kenny G., jazz artist, was an accountant before he became famous.
Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons, is a CPA.
Kevin Kennedy, former Texas Rangers Manager and CPA, did his players’ tax returns to make extra money when he managed in the minor leagues. Marcus O’Sullivan, track sensation, passed the CPA exam. Ray Wersching, the ex-San Francisco 49er field goal kicker, was a CPA during the off-season. Walter Diemer, was an accountant for the Fleer Corporation in the 1920s. In his spare time, Diemer tinkered with gum recipes and created a chewy, rubbery substance better known as bubble gum. Phil Knight, chair of several Fortune 55 companies, including Nike, is a CPA. Tim DuBois, known as The Singing Accountant, wrote the Alabama hit Love in the First Degree, the Jerry Reed hit She Got the Goldmine, I got the Shaft and the Vince Gill hit When I Call Your Name. He is currently the president of Arista Records in Nashville. J.P. Morgan, after graduating from school, got his first Wall Street job as a junior accountant. Five years later he founded his own company. Thomas Pickard, was the #2 man at the FBI. Nearly 1,400 of the FBI’s special agents are accountants. Walter L. Morgan, founder of the Wellington Fund, was considered to be one of the pioneers of the mutual fund industry. The Wellington Fund became the flagship fund for the Vanguard Group of Investment Companies, the second largest mutual fund company in the world. Born on July 23, 1889, he was one of the oldest living CPAs. He passed away in early 2000. Don not be surprised to discover that accounting is roots dates back to the very earliest days of human civilization. Oh yes, I am talking about Ancient Egypt, and the Sumerians in Mesopotamia , the very beginning! Far back, scientists have discovered surprisingly detailed and accurate records of the values and quantities of products being bought and sold.. Even modern Christian bible mentions basic accounting (The book of Matthew, in the Parable of the Talents), and in the Islamic Quran. The book Hisba, written in the 12th century by Ibn Taymiyyah, detailed systems of accounting that were practiced by Muslims in as early as the mid seventh century A.D.. (Actually, Hisba literally translates into -calculation, or verification It is interesting to note that these practices were not invented by the Muslims, but were heavily influenced by the countries that they interacted with most particularly, the Persian and the Roman civilizations. The author provides us with a great amount of detail into the extremely complex government accounting system, the Divan of Umar. You can actually find information about the Divan of Umar that is recorded by a number of historians, it was used in the Middle East until the fall of the Ottamon Empire. Never really thought about accounting going back this far, did you? As mathematics developed during the Renaissance, so did accounting. As you may remember from high school history, mathematics had a period of rapid development in the late 15th century, and it provide to the Hindu-Arabic numerals becoming much more widely used. That, and the introduction of algebra, gave accounting a huge boost in many different ways. Birth of Accounting Have you ever heard of Luca Pacioli, who is also known as Friar Luca dal Borgo? Many people have not , but he is widely credited as the father of accounting. Why? In 1494, Pacioli wrote a text book that, very literally, took everything about then-modern accounting and put it in one place. A compilation of everything he knew, it was the very first printed description of the accounting system the Venetian merchants used, which a very similar accounting cycle as one has used today. A double-entry system, it also described different styles of ledgers, as well as
the sections of assets, liabilities, income, capital, and expenses. All this in 1494 and this entire still found on your modern accounting balance sheet. Evolution into Modern Accounting Businesses changed from something small and home owned to something larger, the capital markets grew with it. Now, success was subject to an accurate financial records and a good track record of financial responsibility. Such, the modern accounting was born. A vital part of day to day business practices, the modern accounting is a vital part of our economy. The history of accounting has shaped their role to be truly amazing.
Hello friends. Please enjoy the following accounting fun facts. Be sure to check back from time to time since we'll continue to add more accounting fun facts. Think how knowledgeable you'll become! 12-2-08 A cash based company is one that reports income to the IRS based on money actually received from customers. For example, if a customer's invoice has not been paid, then this is not considered as income. 11-25-08 Peachtree 2009 prints W-2's directly onto blank paper. This is part of what they call "Print 'n Sign Tax Forms". This means there is no need to purchase W-2 forms when using the Peachtree PR Tax Update Service called Peachtree Simple Payroll. With Peachtree, you can print W-2's at any time during the year - you don't have to wait until year end. So save yourself the stress of wondering if W-2's will print ok come January, do a test printing before the end of the year! 11-16-08 Flash Drives are an easy and secure way to backup your Peachtree data. In the early part of his career, comedian Bob Newhart worked as an accountant at a Chicago firm. Jazz musician Kenny G (Gorelick) graduated in accounting from the University of Washington. Cost of deploying one U.S. soldier for one year in Iraq - $390,000.From About.com Peachtree Quantum can safely and efficiently handle file sizes of up to 1 gigabyte (1,000,000,000). Peachtree Professional, Complete, and Premium can safely and efficiently handle file sizes of up to 200 megabytes (200,000,000). Check the size of your Peachtree files using the command Help / Customer Support and Service / File Statistics. Now scroll to the bottom and add three 0's to the number you see. 9-1-06 The tax code has expanded by one million words in the past five years. The Income Statement will tell you if your advertising is 50% of sales. Peachtree can notify you of late invoices through E-mail Alerts. After converting from OWP to Peachtree, you may want to see the full detail General Ledger information for earlier in the year - prior to conversion. To see this, you'll need to switch to the One-Write Plus program and see the information there or review the OWP General Ledger that was printed at the time of conversion. Best Software will support One-Write Plus through January 31, 2006. The QuickBooks command for reconciling is BANKING/RECONCILIATION. The command to create a new field for the customer card in QuickBooks is EDIT CUSTOMER/ADDITIONAL INFORMATION/DEFINE FIELDS.
The nice thing about how QuickBooks deals with sales taxes is the fact that QuickBooks can automatically pay the sales taxes. To move fields around on the invoice, QuickBooks uses the CUSTOMIZE LAYOUT WINDOW. To setup E-mail alerts in Peachtree use TASKS/ACTION ITEMS/ALERT. To set up a Favorite in Internet Explorer use FAVORITES/ADD TO FAVORITES.
Gibby Haynes, Butthole Surfers band member, was a star accounting and economics student at Trinity University in San Antonio.
Chuck "The Iceman" Liddell graduated from Cal Poly University-San Luis Opispo with a degree in business and accounting. Chuck has since won an Ultimate Fighting Championship and was a 2009 contestant onDancing with the Stars.
D-Lo Brown legitimately worked as a CPA prior to beginning his career on WWF television as a professional wrestler. Of course, that requires some sort of accounting degree, which, in D-Lo’s case was acquired at the University of Maine.
John Grisham, famous mystery novelist, received his undergraduate degree in accounting from Mississippi State University.
Bob Newhart, comedian, started out in accounting.
Kenny G., jazz artist, was an accountant before he became famous.
Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons, is a CPA.
Kevin Kennedy, former Texas Rangers Manager and CPA, did his players’ tax returns to make extra money when he managed in the minor leagues. Marcus O’Sullivan, track sensation, passed the CPA exam. Ray Wersching, the ex-San Francisco 49er field goal kicker, was a CPA during the off-season. Walter Diemer, was an accountant for the Fleer Corporation in the 1920s. In his spare time, Diemer tinkered with gum recipes and created a chewy, rubbery substance better known as bubble gum. Phil Knight, chair of several Fortune 55 companies, including Nike, is a CPA. Tim DuBois, known as The Singing Accountant, wrote the Alabama hit Love in the First Degree, the Jerry Reed hit She Got the Goldmine, I got the Shaft and the Vince Gill hit When I Call Your Name. He is currently the president of Arista Records in Nashville. J.P. Morgan, after graduating from school, got his first Wall Street job as a junior accountant. Five years later he founded his own company. Thomas Pickard, was the #2 man at the FBI. Nearly 1,400 of the FBI’s special agents are accountants. Walter L. Morgan, founder of the Wellington Fund, was considered to be one of the pioneers of the mutual fund industry. The Wellington Fund became the flagship fund for the Vanguard Group of Investment Companies, the second largest mutual fund company in the world. Born on July 23, 1889, he was one of the oldest living CPAs. He passed away in early 2000. Don not be surprised to discover that accounting is roots dates back to the very earliest days of human civilization. Oh yes, I am talking about Ancient Egypt, and the Sumerians in Mesopotamia , the very beginning! Far back, scientists have discovered surprisingly detailed and accurate records of the values and quantities of products being bought and sold.. Even modern Christian bible mentions basic accounting (The book of Matthew, in the Parable of the Talents), and in the Islamic Quran. The book Hisba, written in the 12th century by Ibn Taymiyyah, detailed systems of accounting that were practiced by Muslims in as early as the mid seventh century A.D.. (Actually, Hisba literally translates into -calculation, or verification It is interesting to note that these practices were not invented by the Muslims, but were heavily influenced by the countries that they interacted with most particularly, the Persian and the Roman civilizations. The author provides us with a great amount of detail into the extremely complex government accounting system, the Divan of Umar. You can actually find information about the Divan of Umar that is recorded by a number of historians, it was used in the Middle East until the fall of the Ottamon Empire. Never really thought about accounting going back this far, did you? As mathematics developed during the Renaissance, so did accounting. As you may remember from high school history, mathematics had a period of rapid development in the late 15th century, and it provide to the Hindu-Arabic numerals becoming much more widely used. That, and the introduction of algebra, gave accounting a huge boost in many different ways. Birth of Accounting Have you ever heard of Luca Pacioli, who is also known as Friar Luca dal Borgo? Many people have not , but he is widely credited as the father of accounting. Why? In 1494, Pacioli wrote a text book that, very literally, took everything about then-modern accounting and put it in one place. A compilation of everything he knew, it was the very first printed description of the accounting system the Venetian merchants used, which a very similar accounting cycle as one has used today. A double-entry system, it also described different styles of ledgers, as well as
the sections of assets, liabilities, income, capital, and expenses. All this in 1494 and this entire still found on your modern accounting balance sheet. Evolution into Modern Accounting Businesses changed from something small and home owned to something larger, the capital markets grew with it. Now, success was subject to an accurate financial records and a good track record of financial responsibility. Such, the modern accounting was born. A vital part of day to day business practices, the modern accounting is a vital part of our economy. The history of accounting has shaped their role to be truly amazing.
