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Accounting is the measurement, processing and communication of monetary details about economic entities 15 16 reminiscent of businesses and firms The fashionable subject 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 results of an organization’s financial activities and conveys this data to a variety of users, including traders , creditors , management , and regulators 19 Practitioners of accounting are often known as accountants The phrases “accounting” and “monetary reporting” are sometimes used as synonyms.
