FACTS ABOUT ACCOUNTING

• Saint Matthew the Evangelist, also known as Levi the son of Alphaeus, was one of the twelve apostles of Jesus. The church declared him to be the patron saint of public servants and all those who serve the government due to his background as a tax collector
• A prayer is often dedicated to Saint Matthew in times when financial blessings are needed
• The first bank in Southeast Asia, El Banco Español Filipino de Isabel II, now called Bank of the Philippine Islands (BPI), was founded on August 1, 1851
• The Bank of the Philippine Islands (BPI) was founded on July 9, 1851
• The Bangko Sentral ng Pilipinas (BSP) was founded on July 9, 1993
• The first recorded taxation originated in Ancient Egypt 5000 years ago. The Pharaoh collected 20% of all grain harvests, using grains as a tangible store of value
• Credit cards were first conceptually accepted in 1950
• In the United States, credit cards were introduced in the 1920s, but were limited to specific establishments like hotel chains. In 1950, Diners Club issued a credit card that could be used in various establishments, marking the beginning of widespread credit card usage
• The British Pound is the oldest currency still in use
• American Express was founded

  1858
• The pound is still in circulation and is the fourth most traded currency in the foreign exchange that is only within the currencies dollar, euro, and Japanese yen
• The oldest stock exchange is the Amsterdam Stock Exchange
• Ayala Corporation, founded in 1834 by Domingo Roxas and Antonio de Ayala, is considered the country's first corporation
• Josef Wedgwood is credited for being the first cost accountant
• The world’s first female chartered accountant was Mary Harris Smith
• The Amsterdam Stock Exchange, also known as Euronext Amsterdam, was founded in 1602 by the Verenigde Oost-Indische Compagnie (VOC) and is considered the oldest “modern” securities market in the world
• James Wedgwood: '“Father of Cost Accounting”'
• The Amsterdam Stock Exchange: 'Euronext Amsterdam'
• Mary Harris Smith: 'First female chartered accountant'
• Mary Smith had to re-apply to the Institute of Chartered Accountants in England and Wales (ICAEW) many times because of gender inequality
• Mary Smith was finally recognized as a chartered accountant owing to the Sex Disqualification (Removal) Act 1919
• The Sex Disqualification (Removal) Act 1919 allowed women to join professions and professional bodies
• Mary Smith's tenacity was consistent with her belief that she ought to fight her claim since she was standing for all women; furthermore, on the grounds of 'admission equal, and status equal with male members'
• November 10 is International Accounting Day
• International Accounting Day commemorates the publication date of Summa de arithmetica, geometria, proportioni et proportionalita in 1494, the first book ever published to have included the analysis and documentation of bookkeeping practices
• Luca Pacioli is known as the father of accounting
• Accounting is more than 7,000 years old
• Remnants of accounting records dating back to more than 7,000 years ago are believed to have flourished together with writing, counting, and money
• Mesopotamians used primitive accounting as a method to monitor their crop and livestock transactions, while early Egyptians and Babylonians created auditing systems
• Vicente F. Fabella was the first Filipino CPA
• Vicente F. Fabella received a Bachelor's Degree in Philosophy at the University of the Philippines in 1912 and became a Certified Public Accountant in 1915
• Vicente F. Fabella elevated the status of the profession, trained CPAs, taught accountancy and auditing at the University of the Philippines, and founded his own accounting firm - the 'Vicente Fabella and Company'
• In 1919, Vicente F. Fabella founded the Far Eastern College, now known as Jose Rizal University
• He became a Certified Public Accountant

  1915
• He elevated the status of the profession and trained CPAs
• 1916


  He taught accountancy and auditing at the University of the Philippines
• 1916


  He founded his own accounting firm - the 'Vicente Fabella and Company'
• 1919


  He founded the Far Eastern College, now known as Jose Rizal University
• Notable accomplishments

  • 1920 – his office is the basis of ACT 3105, the CPA Law of the Philippines
  • 1932, he became a founding member of the Philippine Association of Colleges and Universities (PACU)
  • 1937, he helped establish the National Collegiate Athletic Association (NCAA) and ROTC
  • 1955, he joined the Central Bank Survey Commission as per President Ramon Magsaysay's request
• The Security Exchange Act of 1934 (SEA) granted the Security Exchange Commission (SEC) authority to regulate all aspects of the securities industry and serve the purpose of ensuring an environment of fairness and investor confidence