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Accounting is the measurement, processing, and communication of economic information about economic entities 15 sixteen corresponding to businesses and companies The modern subject 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 economic actions and conveys this info to a wide range of customers, including buyers , creditors , administration , and regulators 19 Practitioners of accounting are often known as accountants The phrases “accounting” and “monetary reporting” are often used as synonyms.
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