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Accounting is the measurement, processing and communication of financial information about economic entities 15 sixteen resembling businesses and companies The modern area 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 financial activities and conveys this information to a variety of customers, together with buyers , collectors , administration , and regulators 19 Practitioners of accounting are generally known as accountants The phrases “accounting” and “monetary reporting” are often used as synonyms.