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Accounting or accountancy is the measurement , processing, and communication of financial and non financial information about economic entities   such as businesses and corporations. The modern field was established by the Benedikt Kotruljevic in [ citation needed ] , Italian: Benedetto Cotrugli ; — merchant, economist, scientist, diplomat and humanist from Dubrovnik Croatia , and Italian mathematician Luca Pacioli in The terms "accounting" and " financial reporting " are often used as synonyms. Accounting can be divided into several fields including financial accounting , management accounting , external auditing , tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements , to the external users of the information, such as investors , regulators and suppliers ;  and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies.