There are three major classes of accounts that can be broken down into individual accounts: transactional banking accounts, credit accounts, and investment accounts. Note that not all banks have all three, but those are the main classes.
The main class of accounts banks offer are transactional accounts, usually just called banking accounts. These include savings accounts and checking accounts. Money usually flows between these accounts and other accounts outside the bank, and can either be interest-bearing or non-bearing depending on your banks terms. This last bit refers to whether the account pays interest or not- typically, savings accounts do pay interest while many checking accounts pay no interest.
The second class of accounts are the credit accounts, which include loans, mortgages, and credit cards. When applying for a Mortgage or other loan you work with a bank's loan officer who looks up your credit score, while a centralized credit department handles decisions regarding credit cards.
The third class are investment accounts, which include retirement accounts, brokerage accounts, and Certificates of Deposit. Certificates of Deposit, or CDs, are similar to savings accounts, yet the customer cannot take money out without paying penalty fees. therefore, this should be seen as an investment. The other types, retirement accounts (typically IRA's) and brokerage accounts act similar to each other: you put money into the account, choose some stock or let an agent pick for you, and let it sit there. An IRA is usually a "set and forget" style account with occasional tweaks, while those that hold brokerage accounts tend to want more control over their money and assets...
Financial: Used to report on the company to outside people (investors, potential buyers, etc)
Managerial: Used to report to the managers of the company to help make better decisions. (These reports are not provided to investors, potential buyers, etc).
Accountants may be certified or non-certified. They can also be an employee of the company or an outside firm. One can be considered a Certified Public Accountant if some qualifications like a certain education or experience is met and has passed the CPA examination.
The Governmental Accounting Standards Board (GASB) was organized in 1984 under the auspices of the Financial Accounting Foundation.
The Financial Accounting Standards Board (FASB) assumed responsibility for accounting standards and principles in 1973. It is authorized to amend existing rules and establish new ones.
The AICPA's Accounting Standards Executive Committee (AcSEC), which works closely with the FASB and its staff, is the senior technical committee of the AICPA authorized to set accounting standards and to speak for the AICPA
The first two standard-setting organizations in the United States were the Committee on Accounting Procedure (CAP), which was established in 1938, and the Accounting Principles Board (APB), which replaced the CAP in 1959
Overseas (Cost Of) Living Allowance On-Line Accounting/Advertizing etc
Types of accounting package what are they? Types of accounting package what are they?
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There are so many different types of accounting information systems. Some of the common ones include project accounting, forensic accounting, tax accounting, management accounting and so much more.
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An accounting system is a program or a system that is used in management and processing of accounts. Some of the types of accounting systems include management accounting, cost accounting, manual systems, double entry and so many others.
Peachetee accounting software doing for maintaining all types of accounting records.
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Some specialized accounting fields include: tax accounting, corporate accounting and forensic accounting. Studying for these types of accounting position requires extra classes in college.
There are Three Type of accounting1. Public accounting2. Management accounting3. Governmental accounting