Accounting: Did You Know…

Some interesting stuff from the Journal of Accountancy about the early days of the field. My favorites:

It took nearly 40 years for the concept of earnings per share to go from idea to an APB Opinion. In 1930, the JofA published an article mentioning EPS. For nearly 40 years thereafter, CPAs had no official literature on how to account for it—until the AICPA Accounting Principles Board issued Opinion no. 15 in 1969 to settle the matter.

The profession was clearly accepted into popular culture when, for the first time during the 1970s, an answer in a New York Times crossword puzzle was "CPA."

Who was the most amusing accountant in the country? At the Comic Strip Live in New York, where stand-up comedy reigns, 13 finalists went head-to-head in 1988 to gain the distinctive title of Funniest Accountant in America. Winner Gary Press, 26, of the small Manhattan firm Siegel, Sacks & Co., had a one-liner that brought down the house: "An accountant trying to be a comedian makes as much sense as the Mormon Tabernacle Choir performing at Woodstock."

I like to pick on Mrs. Businesspundit by telling her accounting jokes. My favorite? "Why did the accountant cross the road?" – Because he looked in the file and that is what he did last year. If you don't get it, it's because you have never been an accountant.