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Accounting is the measurement, processing and communication of monetary details about economic entities 15 sixteen similar to companies and firms The fashionable subject was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been referred to as 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 investors , creditors , administration , and regulators 19 Practitioners of accounting are known as accountants The terms “accounting” and “financial reporting” are sometimes used as synonyms.