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A company might describe its business by speaking the industry wherein it operates. For example, the actual property business , promoting business or mattress production business are industries during which a business can exist. Because the time period businessâ€ may be interchanged with day-to-day operations as well as the general formation of an organization, the term is often used to indicate transactions relating to an underlying services or products. For example, Exxon Mobil transacts business in providing oil.
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Accounting is the measurement, processing and communication of economic details about financial entities 15 16 corresponding to businesses and companies The trendy field was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been known as the “language of business”, 18 measures the results of a corporation’s economic activities and conveys this info to a variety of users, together with investors , creditors , management , and regulators 19 Practitioners of accounting are generally known as accountants The phrases “accounting” and “monetary reporting” are often used as synonyms.