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Accounting is the measurement, processing and communication of financial details about economic entities 15 16 corresponding to companies and corporations The trendy area 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 a corporation’s economic actions and conveys this info to quite a lot of users, including buyers , collectors , management , and regulators 19 Practitioners of accounting are referred to as accountants The phrases “accounting” and “monetary reporting” are often used as synonyms.

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