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Accounting is the measurement, processing, and communication of financial information about economic entities 15 16 similar to companies and corporations The fashionable 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 a corporation’s financial actions and conveys this information to a variety of customers, including traders , creditors , management , and regulators 19 Practitioners of accounting are generally known as accountants The terms “accounting” and “monetary reporting” are sometimes used as synonyms.
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Calculable loss: There are two components that should be at the least estimable, if not formally calculable: the probability of loss, and the attendant price. Probability of loss is usually an empirical train, whereas cost has more to do with the power of an inexpensive individual in possession of a copy of the insurance policy and a proof of loss associated with a claim presented underneath that policy to make a reasonably definite and objective evaluation of the quantity of the loss recoverable as a result of the claim.