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Accounting is the measurement, processing and communication of monetary information about financial entities 15 sixteen reminiscent of businesses and companies The modern discipline was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been called the “language of business”, 18 measures the results of an organization’s economic actions and conveys this information to quite a lot of users, including buyers , creditors , management , and regulators 19 Practitioners of accounting are referred to as accountants The terms “accounting” and “financial reporting” are often used as synonyms.
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