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Accounting is the measurement, processing and communication of economic details about economic entities 15 16 resembling companies and companies The modern 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 company’s economic actions and conveys this info to a wide range of users, including traders , collectors , administration , and regulators 19 Practitioners of accounting are often called accountants The terms “accounting” and “monetary reporting” are sometimes used as synonyms.