What is Accounting and Core-Accounting?
Accounting is the accountability whereas “Core-Accounting” covers additional measures to minimize the corruption, manipulation, and inflation. Basic accounting is used to record a business activity, whereas the core-accounting is applied to analyze the authenticity of the recorded activity.
In fact, the inflation is caused by corruption which is a result of poor accounting implementation. We will discuss later good and bad accounting systems to stop corruption, melt manipulation and fight with inflation.
Accounting in business is established:
- To record business activities.
- To see current business trend.
- To fit the entire business just in one frame.
- To calculate taxes to pay to the taxing authorities a fair share.
- And, to establish clients’ database to expand business.
What does accounting entail?
Basic application of accounting is counting and accounting goods in books. Like the other subjects, accounting also has a protocol to follow the accounting algorithm. We will discuss later about many existing algorithms and add on algorithms of accounting to formulate different reports for number presentation.
Accounting is not just a calculation rather the accounting figures, corruption, and reduction in inflation.
What is currently covered in accounting?
- Count number of buying items.
- Count number of selling items.
- Confirm by calculation number of remaining items.
What is currently missing in accounting to avoid corruption, manipulation, and inflation?
- Networking from a manufacturer to an end user.
- Networking from an end-user to the tax collector.
- Networking of spending bills from tax collection to re-production.
- Networking of the money trail from earning to spending.
- Networking for a taxpayer status from the inception to date.
- We will later cover in accounting the measures and procedures to account items from manufacturing to end-users to maintain a balanced economy.
