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Accounting is the measurement, processing and communication of monetary details about financial entities 15 sixteen similar to businesses and corporations 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 an organization’s economic actions and conveys this information to a wide range of customers, including investors , collectors , administration , and regulators 19 Practitioners of accounting are referred to as accountants The phrases “accounting” and “monetary reporting” are sometimes used as synonyms.
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