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Accounting is the measurement, processing and communication of financial details about financial entities 15 sixteen such as businesses and companies The modern discipline was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been referred to as the “language of enterprise”, 18 measures the results of an organization’s financial actions and conveys this data to quite a lot of customers, including buyers , creditors , administration , and regulators 19 Practitioners of accounting are often known as accountants The terms “accounting” and “financial reporting” are sometimes used as synonyms.
