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Accounting is the measurement, processing, and communication of financial information about economic entities 15 sixteen akin to businesses and firms The fashionable area was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been called the “language of business”, 18 measures the results of an organization’s financial actions and conveys this information to a variety of customers, including traders , collectors , administration , and regulators 19 Practitioners of accounting are known as accountants The phrases “accounting” and “financial reporting” are often used as synonyms.