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Accounting is the measurement, processing and communication of financial details about economic entities 15 sixteen corresponding to businesses and corporations The modern 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 outcomes of a corporation’s economic actions and conveys this info to a wide range of customers, including investors , creditors , management , and regulators 19 Practitioners of accounting are often known as accountants The terms “accounting” and “financial reporting” are often used as synonyms.
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