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Accounting is the measurement, processing and communication of financial details about financial entities 15 16 equivalent to businesses and companies The fashionable discipline was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been called the “language of business”, 18 measures the outcomes of an organization’s economic activities and conveys this info to quite a lot of users, together with investors , collectors , management , and regulators 19 Practitioners of accounting are generally known as accountants The phrases “accounting” and “financial reporting” are sometimes used as synonyms.
