Here's a comprehensive summary of the article on Accounting:
Accounting is the systematic process of recording, processing, and communicating financial information about economic entities to various stakeholders, including investors, creditors, and management. It is divided into fields like financial accounting for external reporting and management accounting for internal decision-making, with double-entry bookkeeping being the most common recording system. While its roots trace back to ancient civilizations, the modern double-entry system was refined in medieval Europe and formally described by Italian mathematician Luca Pacioli in his 1494 publication, earning him the title "Father of Accounting."
Today, accounting is a global profession where financial statements are prepared according to principles like Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) and often audited by professional firms. This essential practice has evolved from simple historical records into a sophisticated system crucial for measuring an organization's economic activities and providing vital insights for global commerce.