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There are three different classes of accounting which are Financial Accounting, Cost Accounting, and Management Accounting. All three have their own characteristics and use. Further, they have different results as well as recording and maintenance. Let us understand elaborately the classification of accounting.
What are the four major accounting fields? There are actually many different fields of accounting. Four of the most common are financial accounting, managerial accounting, tax accounting, and government accounting.
There are three different classes of accounting which are Financial Accounting, Cost Accounting, and Management Accounting. All three have their own characteristics and use.
Accounting Classification Code (ACC) A nine-digit character code defined in the Financial Management System (FMS) and established for each budget fiscal year. FMS contains information on standard ACCs used by more than one station and non-standard codes that are used by a single station.
5 Types of accounts in accounting Assets. Expenses. Liabilities. Equity. Revenue (or income)
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The 5 primary account categories are assets, liabilities, equity, expenses, and income (revenue) Once you understand how debits and credits affect the above accounts, its easier to determine where to place your sub-accounts.

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