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Accounting is the measurement, processing and communication of financial details about financial entities 15 16 similar to businesses and corporations The fashionable discipline 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 company’s financial activities and conveys this information to a variety of users, together with investors , creditors , management , and regulators 19 Practitioners of accounting are known as accountants The phrases “accounting” and “monetary reporting” are often used as synonyms.
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