Myth-busting facts of Accounting beyond books

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Myth-busting facts of Accounting beyond books/perceptions

1.       No Growth in Accounting Profession.
Truth: Job of an accountant is difficult but it is most promising profession in India. According to the Bureau of Labor Statistics (BLS) employment in the accounting field will be in double digits. This growth rate is comparatively faster than the national average rate of 7% of growth in all professions.  You have more opportunities in Accounting. Grab them!

2.       No Accounting Day.
Truth: There is Water Day, Mother Day or Earth Day for their gratitude sign. In the same line, there is also The Accounting Day, which is celebrated on November 10th of every year. Note it!                                 Eyeglasses on Open Book

3.       Luca Pacioli wrote the first ever book on Accounting.
Truth: The first manual manuscript on double-entry system was Della mercatura e del mercante perfetto, (Which focuses on perfect merchandise and perfect merchant) written in 1458 by Benko Kotruljic (1416-1469), 36 years before the father of accountancy Luca Pacioli. So, Kotruljic's priority is indisputable. It is the earliest known manuscript on double-entry bookkeeping system. However, his work is not much recognized perhaps lack of wide circulation. The original manuscript is kept at the National Library of Malta. [a & b]

4.       I read about first PM, President, IPS etc. but never heard about first certified accountant.
Answer: The first Indian to be issued a membership certificate by ICAI was C.A. Gopaldas Padamsey Kapadia. The membership certificate was issued to him on 9th June, 1950. He was one of the founding members and the first President of ICAI. He was also the longest serving President in the history of ICAI (1949–1952).

a.       http://www.croatianhistory.net/etf/siesc2.html
b.      http://www.accountsman.com/history-double-entry-book-keeping.html



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