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Accounting is the measurement, processing and communication of monetary details about financial entities 15 sixteen reminiscent of businesses and companies The trendy subject was established by the Italian mathematician Luca Pacioli in 1494. 17 Accounting, which has been called the “language of business”, 18 measures the outcomes of a company’s financial activities and conveys this info to quite a lot of customers, including traders , creditors , management , and regulators 19 Practitioners of accounting are referred to as accountants The terms “accounting” and “monetary reporting” are sometimes used as synonyms.