Accounting is the measurement, processing, and communication of financial details about financial entities similar to companies and firms. The fashionable field was established by the Italian mathematician Luca Pacioli in 1494. The terms “accounting” and “financial reporting” are often used as synonyms.
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Having a business name does not separate the business entity from the owner, which means that the owner of the business is accountable and liable for money owed incurred by the business. If the business acquires debts, the creditors can go after the proprietor’s private possessions. A business construction doesn’t enable for company tax charges.
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