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Accounting is the measurement, processing and communication of financial information about economic entities 15 16 reminiscent of companies and companies The fashionable area 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 corporation’s economic activities and conveys this information to a variety of customers, including traders , creditors , management , and regulators 19 Practitioners of accounting are referred to as accountants The terms “accounting” and “financial reporting” are sometimes used as synonyms.