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International Accounting
 

Grouping of accounts by purpose: substance and phenomenon

Vol. 18, Iss. 18, MAY 2015

Available online: 23 June 2015

Subject Heading: PRINCIPLES OF ACCOUNTING

JEL Classification: 

Pages: 2-14

Lebedev K.N. Financial University under Government of Russian Federation, Moscow, Russian Federation
KNLebedev@fa.ru

Importance This research focuses on grouping of accounts by purpose.
     Objectives The objective of the research is to fundamentally improve the grouping of accounts by purpose. To meet the objective, the following tasks should be solved: to provide clear description of 'the account purpose' in the grouping and point out the main groups and sub-groups in line with this indicator; to display the inadequacy of the conventional grouping approach by the purpose as described in accounting literature; to investigate reasons for significant weaknesses in the conventional grouping of accounts by purpose.
     Methods This research relies upon the methods of scientific abstraction, deduction, and logic and historical unity.
     Results I find out the substance of the purpose-based grouping of accounts, describe the main accounts, identify key technical reasons that raise the need in additional accounts to carry the same types of property, and trace the relevant groups and sub-groups of additional accounts.
     Conclusions and Relevance The proposed purpose-based grouping of accounts will considerably facilitate studying the accountancy for students, and make accounts, as prescribed in the Chart of Accounts, more understandable for users. It will also help better understand various accounting options for the same operational facts in developing accounting policies. This grouping may be used in the educational process and training in accounting, outlining items of the Chart of Accounts, and formulating specific Charts of Accounts for entities.

Keywords: classification, accounts, purpose, key accounts, additional accounts, regulatory accounts

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