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Accounting is the measurement, processing and communication of financial information about financial entities 15 16 such as businesses and corporations The modern field was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been referred to as the “language of business”, 18 measures the outcomes of an organization’s economic activities and conveys this info to quite a lot of customers, including traders , collectors , administration , and regulators 19 Practitioners of accounting are known as accountants The phrases “accounting” and “financial reporting” are often used as synonyms.

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