Double-entry bookkeeping was first written down in 1494, Peter the Great taxed beards, Britain taxed windows and introduced income tax in 1799 as a temporary measure, Al Capone was convicted of tax evasion, and the words bankrupt and audit come from Italian and Latin.
Accounting has a reputation for being dry. Its history is anything but.
1. Double-entry bookkeeping was written down by a friar
Luca Pacioli, a Franciscan friar, set out the method in 1494. Venetian merchants were already using it; he was the one who wrote it down.
2. Russia once taxed beards
In 1698, Peter the Great taxed beards to push the nobility towards a clean-shaven, European look. Those who paid carried a token to prove it.
3. Bankrupt means broken bench
The word comes from the Italian banca rotta. A failed moneylender’s bench was reputedly broken. It may not have been literal, but the word stuck.
4. Britain taxed windows
In the 18th century, property owners paid tax according to how many windows they had. You can still spot bricked-up window openings on older buildings.
5. Income tax was meant to be temporary
Britain introduced income tax in 1799 to pay for the Napoleonic Wars. It was supposed to end when they did.
6. Al Capone went down for tax evasion
He was convicted of tax evasion, not murder or racketeering.
7. Audits were once listened to
Audit comes from the Latin audire, to hear. Early accounts were read aloud to be checked.
General information only, not advice for your circumstances.