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Interesting facts about accountants no 2

Wednesday, 17 May 2017

The founder of pottery company Wedgwood was the first cost accountant

Though better known for his pottery and ceramics business, Josiah Wedgwood is also considered the first cost accountant.

During a slump in business in 1772, Josiah began to make a concentrated effort to establish the profit or loss realised each time a particular product was sold from his factory. He recognised the sense in recording not just the cost of materials and labour but calculations for coal, storage and transport.

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