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GUIDELINES FOR OPENING AND CLASSIFICATION OF ACCOUNTS

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The document outlines the guidelines established by the Central Bank of The Bahamas for authorized dealers regarding the opening and classification of Bahamian dollar and foreign currency accounts. It specifies the types of accounts allowed based on the account holder's immigration and residency status, detailing requirements for various categories such as temporary residents, permanent residents, and non-residents. The guidelines also clarify when Central Bank permission is required for account openings.

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What are the concept and classification of accounts?

Personal accounts, real accounts, nominal accounts, and valuation accounts are the four types of accounts described by the traditional approach. Below is a quick explanation of each. Personal accounts are accounts that are linked to real people and organizations.

What are the requirements for opening a current account?

Proof of identity of the proprietor/trader/professional/institution/association, etc. such as the PAN card. Additional documents for individuals include voter ID, passport, driving licence. Proof of address for an individual: Telephone bill, electric bill.

What are the classification of accounts?

The accounts are classified as asset accounts, liability accounts, capital or owners equity accounts, withdrawal accounts, revenue/income accounts, and expense accounts, ing to the modern approach.

What are the concepts of accounting?

There are ten main accounting concepts, or principles of accounting that we will discuss in this article: the going concern concept, accrual basis of accounting, revenue recognition principle, matching principle, full disclosure principle, conservatism principle, materiality principle, income measurement objective and

What are the three account classifications?

Accounts in Accounting The categories into which transactions are classified are called accounts, and, as you have seen, there are three broad categories: assets, liabilities, and equity.

What are the 4 requirements of CIP?

Obtained from each customer, before opening the account, the identifying information required by the CIP: name, date of birth (for an individual), address, and identification number.

What is the 7 concept of accounting?

: Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Duality Aspect concept, Realisation Concept, Accrual Concept and Matching Concept.

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