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Accounting is the measurement, processing and communication of economic details about economic entities 15 sixteen similar to companies and firms The fashionable 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 results of a company’s economic activities and conveys this data to a variety of customers, including traders , collectors , management , and regulators 19 Practitioners of accounting are generally known as accountants The terms “accounting” and “financial reporting” are sometimes used as synonyms.
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