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Accounting is the measurement, processing, and communication of financial details about financial entities 15 sixteen akin to businesses and firms The fashionable discipline 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 corporation’s economic activities and conveys this information to a variety of users, including buyers , collectors , management , and regulators 19 Practitioners of accounting are often known as accountants The terms “accounting” and “financial reporting” are often used as synonyms.
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