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Accounting is the measurement, processing and communication of economic details about economic entities 15 sixteen comparable to companies and companies The trendy field was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been known as the “language of business”, 18 measures the outcomes of a company’s economic activities and conveys this info to a variety of customers, together with buyers , collectors , management , and regulators 19 Practitioners of accounting are known as accountants The phrases “accounting” and “monetary reporting” are sometimes used as synonyms.
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