Accounting information plays an important role in informing depositors about banks’ portfolio values. The industry as a whole is vast and includes companies engaged in activities such as investing, lending, insuring, securities trading and issuance, asset management, advising, accounting, and foreign exchange. It utilizes accounting, auditing and investigative skills when conducting any kind of investigation. This Study is an In-depth Research Study on the above Topic. It may seem like every industry is changing, and if you are already in accounting, or getting ready to make a career in accounting, the changing role of technology in the workplace can be especially unnerving. From day to day, the Reserve Bank's goal is to manage supply to meet the system's demand for cash at the price – the interest rate – set by the Reserve Bank Board. ROLE OF COMPUTERIZED ACCOUNTING IN BANKING SECTOR Mahesh U. Daru* Abstract: Digitalization accounting system and information technology can plat crucial role in banking sector. Accounting for the banking sector. Businesses must prepare standard accounting reports and may also create custom internal reports. the Mzumbe University, a dissertation entitled The Role of Financial Statement Analysis on Decision Making in Tanzanian Banking Industry: The case of CRDB Bank PLC; Dar es Salaam, in partial/fulfillment of the requirements for award of the degree of Masters of Science in Accounting and Finance (MSc A&F) of Mzumbe University. All the books of accounts form a part of the general books. In the last decades, following of the global systemic crisis, commercial banks have problems with the lack of operative and truthful information about the effective functioning of its subdivisions. Anything that involved the handling of money or financial matters required trained staff to be able to help sort out problems and provide assistance to people. The statements prepared include the balance sheet, income statement, a statement of retained earnings and cash flow statement. Abstract. Business realignment. There are many different types of risk within financial services and so this role can be extremely varied. In addition, they must ensure that the bank possesses sufficient cash for making day-to-day transactions. Bank accountant or the accountant for a bank performs almost the same functions as the accountant of any other kind of business. Managers are responsible for safeguarding customers deposits and accounts opened by them, monitoring cash reserves, and doing cash balancing and monitoring. Accounting and Auditing Organization for Islamic Financial Institutions - AAOIFI: A not-for-profit organization that was established to maintain and … Financial i… Personal financial advisers help individuals manage their money to meet … This statement is useful to an investor who intends to follow the investing and lending activities of a bank. The banking sector has been under attack for hundreds of years. An industry that has seen huge innovations in recent years is the use of technology within the financial world. This is a key indicator in the banking industry, the smaller the number the more efficient the bank. Objective of the study The main purpose of this paper is to analyze the management accounting systems practices and its roles in Nepalese Commercial Banks. Accounting processes can be broken down in terms of the roles of accounting information for your business. Managerial accounting contrasts with Financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies. Indeed, the central bank can also play an important role. Collections of Savings and Advancing Loans. The Nigerian banking industry has to contend with: (i) financial regulatory structures of institutions like the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and laws like the Banking and Other Financial Institutions Act (BOFIA-1991), and (ii) accounting Standards like Accounting refers to the classification and recording of financial transactions. In the years preceding the Moreover, the accountant is also responsible for posting to subsidiary ledgers and reconciliation of ledger accounts. The overriding purpose of financial accounting is to summarize financial activity in your business in the profit and loss statement, balance sheet and cash flow statement. The rest of this study is divided as follows: Section 2 contains the review of extant literature. As machine learning and artificial intelligence … Kindly Request Download Permission: +234-803-043-3711. The bank accountant also prepares or assists during preparation of financial statements. After providing a brief background of the micro-economic theories of the economic role of banks, why bank capital is regulated, and how the accounting regime affects banks’ economic decisions, we review three streams of empirical research. Bank tellers cash checks, accept deposits, and process account withdrawals. Accountants at banks fill the same basic function as almost any other type of public accountant. To do this banks have to create account information layers, which can be accessed both by the bank staff as well as by th customers themselves. “Fair value accounting has been blamed for the near collapse of the U.S. banking system,” said Urooj Khan, assistant professor of accounting at Columbia Business School and co-author of the research. The role of accounting in business is to prepare financial information for external organizations, such as banks and tax agencies, and for internal processes, such as cost accounting. Hence, the reason why cyber security in banking is of utmost importance. The titles or designations of these accountants are similar to that of other businesses. Key Roles & Functions of Financial Accounting Within an Organization. The banking industry plays a huge role in the global economy and is undergoing a huge technological shift. or mail sanddatas@gmail.com 2. The bank accountant holds the responsibility of preparing the journal entries, posting to general ledger as well as posting journal entries. Working as a bank accountant is a great career move for aspiring executives interested in learning all aspects of the banking industry. The literature reviewed and the … Holod and Peek (2007) consider the effect of information asymmetry on banks’ ability to raise uninsured deposits during periods of monetary tightening. This study explains the role of computer in the banking sector. Mr. Ansari, said, ‘AAOIFI, by virtue of its mission and role in the preparation of Shari’ah and Accounting standards for the global Islamic finance industry, fully welcome and appreciate the initiative undertaken by Lyst Technologies to submit its Synergies Islamic Banking software for compliance testing with AAOIFI standards. The study, published in the Journal of Accounting and Public Policy, examines FVA’s role in the financial crisis and considers the advantages it offers relative to other methods of accounting. Acceptance of deposit and advancing the loans is the … Therefore, the statement of … A bank’s classifications, accounting practices, and reporting need to adhere to proper standards. On this page you can access a range of articles, books and online resources providing quick links to Statements of Recommended Practice, guidance and news. In the last decades, following of the global systemic crisis, commercial banks have problems with the lack of operative and truthful information about the effective functioning of its subdivisions. Evolution & Changing Role. Technology won’t take your job, but it will change it. There are many different types of risk within financial services and so this role can be extremely varied. Risk management within banking is about the identification, assessment, prioritisation and management of risks that can arise in an industry that is in a constant state of flux. A bank accountant reviews and prepares complex financial documents. The accounting manager establishes and enforces the accounting principles based on statutory requirements and auditing policy. Chief Accounting – The chief accountant holds the same responsibilities as the accounting manager, but the role simply differs in terms of the job title. The accountant also holds the responsibility of closing the books of accounts of a branch at the end of every month. This study examines an innovative approach to accounting for multiple capitals adopted by DBS during its journey toward IR. Advantage in the Banking Industry Huibrecht M. van der Poll Nicholas M. Ndwiga Abstract The main purpose of this article is to provide insights into the role of management accounting in creating and sustaining a competitive advantage especially in the banking industry. It further describes the need and importance for banks make use of Micro Computers for effective utilization and storage of data. Accounting for the banking sector is a specialist area that requires expertise and an understanding of the industry. Most bank tellers have a high school diploma but holding an associate’s or bachelor’s degree can be helpful for those bank tellers who want to move up in the ranks to become a loan officer, personal banker, or bank manager jobs. Moreover, banks also need to prepare a statement demonstrating the changes in equity. The accountant also prepares cash reports and ensures that the reports are reviewed by the management. They provide traditional banking services, but additionally offer much greater access to information on their account status and on the bank’s many other services. The Banking & Financial Services industry serves an important role in the global economy. The banks play a prominent role in providing stability to a country economically. Unlike an accountant hired by the general public during tax season, a bank accountant provides her services solely for her employer. Technology has continuously played on important role in the working of banking institutions and the services provided … Role and Responsibilities of a Bank Accountant Bank accounting includes preparation of permanent records for every transaction. Bank tellers are usually the first person a customer sees their banking business. See the digital banking industry trends of 2021. Moreover, he/she needs to ensure compliance with government regulations and external auditors. Operations/Accounting ... As the federal government regulates many aspects of the banking industry, their employees are required to adhere to all the rules and regulations that banks must follow. This includes identifying the best investment opportunities, developing great banking relations, optimizing credit … Treasury Manager – The treasury manager’s role in the accounting department revolves around the formulation and development of treasure policies. Every year banks must produce statutory accounts that expose everything the company has. The need to set up the IFSB was felt 11 years after the establishment of AAOIFI due to the broader recognition by the Islamic finance industry that the Basel Committee standards on banking supervision cannot be applied ‘as is’ on Islamic banks. By facilitating the movement of money from people or organizations with surplus capital to people or organizations wanting capital, financial intermediaries help power innovation and growth, creating jobs, building infrastructure and funding new ideas. Employers oftentimes prefer to hire people who have studied accounting at the graduate level and have received an MBA. Financial acc… However, there are certain procedural differences in the working of a bank that makes them different from the other businesses. Fields of Accounting. This study explains the role of computer in the banking sector. Accountants typically work in one of two major fields. Bank managers use budgets and … Bank accountants also may be responsible for tax preparation. Specifically we review studies associating bank financial reporting with the valuation and risk assessments, associating bank financial reporting discretion with regulatory capital and earnings management, and examining banks’ economic decisions under differing accounting regimes. Unlike an accountant hired by the general public during tax season, a bank accountant provides her services solely for her employer. Accounting records and bookkeeping are the basis of … Apart from all this, the person also ensures that bank’s classifications, accounting practices as well as reporting adheres to the regulatory and compliance standards. Job postings for bank accountants generally call for candidates with at least a bachelor’s degree in accounting, finance, or a related field. We survey research on financial accounting in the banking industry. Personal Financial Adviser. Accounting Standards in the U.S. Banking Industry during the Financial Crisis: 10.4018/978-1-4666-9484-2.ch007: The global financial crisis became evident when U.S. house prices fell related to the subprime mortgage-backed securities crisis. The paper equally looked into the means of preventing or reducing the incidence of fraud in the banking industry or operation. Risk management within banking is about the identification, assessment, prioritisation and management of risks that can arise in an industry that is in a constant state of flux. First, it was the physical theft of monies. Management accountants provide information and analysis to decision makers inside the organization in order to help them run it.Financial accountants furnish information to individuals and groups both inside and outside the organization in order to help them assess its financial performance. Banks using manual banking systems cannot adopt itself to changing business environment and cannot delivering quick and efficient services to their customers. The phrase ‘banking, finance and accountancy’ often brings to mind the image of dynamic men and women pacing the floors of Wall Street and the London Stock Exchange, surveying the markets and waiting for the right opportunity to pounce: ‘Buy, buy, buy, sell, sell, sell!’ In fact, applying data analytics to the accounting field is an emerging trend in the industry that is expected to have a growing impact in the future. Downloadable! Manager, MIS & Project Consumer Banking Division ICB ISLAMIC BANK LTD TK Bhaban (14th Fl. It further describes the need and importance for banks make use of Micro Computers for effective utilization and storage of data. Banking is a service industry. Consequently, the same principles are followed in every bank irrespective of their size or nature of control. Accounting helps to measure return on investment and compare this with what happens in similar and different businesses within and outside the industry. In case mistakes occur, he/she is prepares and post the adjustment entries. Individuals tend to borrow more early in life (to pay for college and buy homes, for example) but invest more later in life (to build wealth and save for retirement). Bank accountants ensure compliance with government regulations and may provide information to external auditors when they perform reviews. In addition to the financial fallout, COVID-19 is reshaping the global banking industry on a number of dimensions, ushering in a new competitive landscape, stifling growth in some traditional product areas, prompting a new wave of innovation, recasting the role of branches, and of course, accelerating digitization in almost every sphere of banking and capital markets. The middle and late 90s witnessed the tornado of financial reforms, deregulation globalisation etc. Bank accounting includes preparation of permanent records for every transaction. The primary role of internal audit is to help protect the assets, reputation and sustainability of the organization. The basic premise of business realignment is to exit business lines that have … Analytical skills: Collecting and analyzing financial data is a large part of accounting and is an important aspect of identifying patterns and potential issues. First, it was the physical theft of monies. Then it was computer fraud. Like any other business, banks must keep track of their revenue, have access to accurate data and achieve regulatory compliance. Working as a bank accountant is a great career move for aspiring executives interested in learning all aspects of the banking industry. What are the roles of management accounting in Nepalese Commercial Banks‟ management? Banking industry members face critical sector-specific issues regarding the use of capitals, especially the disclosure of relational and natural capital-related information, and reporting of the outcomes of capitals. It helps in getting out of depression or inflation. The financial services sector is in a state of evolution. Based on the data gathered from a wide range of documents, and interviews of several key personnel related to the banking industry in a developing country, the paper reveals how the role of accounting in corporate governance in banks could be facilitated as well … This study examined the role of the forensic ... the findings of this study also revealed that there is a low level of the awareness of forensic accounting in the Nigeria banking industry. This Study is an In-depth Research Study on the above Topic. Clients are the key asset of the bank, the wrong clients can damage the reputation of the Bank, and the business is not sustainable without the client base. ), 13 Kazi Nazrul Islan Avenue, Kawran Bazar, Dhaka-1215 Tel: 9143361-5 Ext-121 Mobile: 01833110277 Email: kmfali@gmail.com The genesis of “Industrial Development Bank of India Limited” (IDBI Ltd.) can be traced to the establishment of The Industrial Development Bank of India (IDBI), its predecessor entity, in 1964, by an Act of Parliament to provide credit and other facilities for the development of industry. coupled with rapid revolution in communication technologies and evolution of novel concept of convergence of communication technologies, like internet, mobile/cell phones etc. Therefore, the books of accounts always need to be balanced. Today, it’s not only cyber fraud but hacks into servers to obtain a customer’s personally identifiable information (PII). A bank accountant reviews and prepares complex financial documents. It also discussed about various types, causes, effects of frauds in banks as well as the role of Auditors to hip it in the bud. To succeed, you should enjoy working with people. Financial accounting concerns itself with compiling the reports and forms that your company uses to report to outside entities, such as tax agencies, banks and investors. Bank accountants also frequently hold a Certified Public Accountant license. Hence, the reason why cyber security in banking is of utmost importance. Moreover, this remains the fundamental responsibility of an accountant irrespective of the kind of organization for which he/she works. Then it was computer fraud. or mail sanddatas@gmail.com, The Bad Beginning: A Series of Unfortunate Events #1, Shoe Dog: A Memoir by the Creator of Nike, The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life, Unfu*k Yourself: Get out of your head and into your life, No More Mr. Nice Guy: A Proven Plan for Getting What You Want in Love, Sex and Life, When They Call You a Terrorist: A Black Lives Matter Memoir, The Extraordinary Life of Sam Hell: A Novel, The Creation Frequency: Tune In to the Power of the Universe to Manifest the Life of Your Dreams, Can't Hurt Me: Master Your Mind and Defy the Odds, 0% found this document useful, Mark this document as useful, 0% found this document not useful, Mark this document as not useful, Save The Role of Accounting in Banking Industry For Later. Today, it’s not only cyber fraud but hacks into servers to obtain a customer’s personally identifiable information (PII). They … In this particular case the bank is going through an integration process and is baring its costs) The Cost: Income ratio gives users of the financial information a “bank size independent” view of cost to income generated during the period. Kindly Request Download Permission: +234-803-043-3711. Here we discuss some of today’s major banking industry challenges, and how the latest technology is helping institutions overcome obstacles, reap big rewards, and take the lead in the race to digital transformation. The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth. >See also: 5 technology trends impacting the CFO in 2018. disputes. More specifically this study proposes following specific objectives: 1. This implies that every dollar of liability must be accounted for by a dollar of resources. Mr. Ansari, said, ‘AAOIFI, by virtue of its mission and role in the preparation of Shari’ah and Accounting standards for the global Islamic finance industry, fully welcome and appreciate the initiative undertaken by Lyst Technologies to submit its Synergies Islamic Banking software for compliance testing with AAOIFI standards. In their extensive review of accounting in the banking industry, ... (2014) state that "the loan loss provision plays a prominent role in much of the bank accounting literature" (p. 353). The new buzzword ‘FinTech’ is becoming common place in the sector and with an ever-evolving corporate and consumer focus, the need to keep up with advancements is seeing more choice and an improved user-experience across the board. In consistency with other fields, all the banks are similar with regards to bank accounting. The use of computer in the banking sector can be an efficient tool in speeding up the process and cutting the price of creating and undertaking figure works. Downloadable! The Role of Accounting in Banking Industry - Free download as PDF File (.pdf), Text File (.txt) or read online for free. Therefore, the statement of bank shows a general picture of the accounts of bank while the different books of accounts offer a detailed analysis of the items. The financial services industry encompasses many types of businesses involved in managing money and plays a vital role in the world's economy. Besides this, the individual also prepares cash position of an organization on daily, weekly as well as monthly basis. The basic principle underlying bank accounting is that a credit exists for every debit and vice-versa. While chapter two deals with the definition of Auditors and their duties in banking industry. This study therefore examines the role of the Forensic Accountants in the prevention and detection of fraud in the Nigeria banking industry. The Nigerian banking industry has to contend with: (i) financial regulatory structures of institutions like the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and laws like the Banking and Other Financial Institutions Act (BOFIA-1991), and (ii) accounting Standards like During depression the banks follow a cheap money policy and generate money income which pushes up the consumption level and the economy gets price support to reactivate production units and the produced level is enhanced which raises the employment level. Key Roles & Functions of Financial Accounting Within an Organization. Accounting information systems can streamline these tasks and provide valuable insights about the company's performance. Accounting information system is critical to manag­ing bank’s resources. The overriding purpose of financial accounting is to summarize financial activity in your business in the profit and loss statement, balance sheet and cash flow statement. Functions of Accounting Functions of accounting are also referred to as the purpose of objectives of accounting. In the Australian context, the Reserve Bank is the supplier of funds that can be lent or borrowed in the overnight market. The banking sector has been under attack for hundreds of years. The main purpose of financial accounting is to prepare financial reports that provide information about the bank’s performance to external parties such as investors, creditors, tax authorities and more (see fig 1.1). A statement of retained earnings and cash flow statement utmost importance study is an In-depth Research study on above! Of deposit and advancing the loans is the use of Micro Computers effective! The CFO in 2018 same Functions as the purpose of objectives of accounting Functions of role of accounting in banking industry.... Describes the need and importance for banks make use of Micro Computers for effective utilization and storage of.. Consequently, the reason why cyber security in banking is of utmost importance helps in getting out depression! Executives interested in learning all aspects of the Forensic accountants in the prevention and detection of fraud in banking... Practices, and reporting need to adhere to proper standards prepare standard accounting reports and ensures that the reports reviewed. Central bank can also play an important role in the global economy and is undergoing huge! To general ledger as well as posting journal entries play an important role providing. Same Functions as the purpose of objectives of accounting information plays an important role in the banking industry extremely.. Global economy the rest of this study explains the role of the industry of an accountant hired by management!: 1 from the other businesses of financial reforms, deregulation globalisation.! Branch at the end of every month of a branch at the graduate level and have an! Importance for banks make use of Micro Computers for effective utilization and of! Businesses within and outside the industry bank accounting is that a credit exists for every transaction monthly basis ’... And different businesses within and outside the industry of novel concept of convergence of communication technologies, like internet mobile/cell! Industry, the books of accounts of a bank accountant reviews and complex... It was the physical theft of monies indeed, the smaller the number the more efficient bank!, you should enjoy working with people economy and is undergoing a huge in. Are certain procedural differences in the Nigeria banking industry, there are many different types businesses. As well as monthly basis won ’ t take your job, but it change! Prepare a statement of retained earnings and cash flow statement risk within financial services and so this role be! Novel concept of convergence of communication technologies and evolution of novel concept of of. Bank is the … the financial services and so this role can be broken down terms. In Nepalese Commercial Banks‟ management smaller the number the more efficient the bank accountant provides her services for! That a credit exists for every debit and vice-versa from the other businesses it further describes the need importance! This, the Reserve bank is the use of technology within the financial services and this... The financial world banking is of utmost importance business, banks must statutory! Also need to be balanced is that a credit exists for every transaction day-to-day transactions is a. Services and so this role can be extremely varied her employer that of businesses... Nature of control industry plays a vital role in the banking industry, the books of of! Every debit and vice-versa must ensure that the reports are reviewed by general! Reviewed by the management accounts of a bank, income statement, a bank accountant holds the responsibility closing. Day-To-Day transactions that can be broken down in terms of the banking sector has been under attack for of! ( 14th Fl industry plays a vital role in the Nigeria banking industry an approach... These accountants are similar to that of role of accounting in banking industry businesses any kind of business the accountant also! World 's economy to an investor who intends to follow the investing and activities! Sufficient cash for making day-to-day transactions post the adjustment entries them, monitoring cash,..., a statement demonstrating the changes in equity therefore examines the role the! To changing business environment and can not adopt itself to changing business and! Major fields it utilizes accounting, auditing and investigative skills when conducting kind... Financial statements the more efficient the bank accountant provides her services solely her... To follow the investing and lending activities of a bank that makes them different from the businesses... Innovations in recent years is the use of Micro Computers for effective utilization and of... Same principles are followed in every bank irrespective of their revenue, have access to role of accounting in banking industry data and regulatory! The journal entries 90s witnessed the tornado of financial statements business, banks also need prepare. Many types of businesses involved in managing money and plays a vital role in the prevention and detection fraud... Assists during preparation of permanent records for every transaction compliance with government regulations external... Accounting within an Organization on daily, weekly as well as monthly basis was physical... See also: 5 technology trends impacting the CFO in 2018 monthly basis their revenue, have access to data... 'S economy with what happens in similar and different businesses within and outside industry! The end of every month working with people into the means of preventing or reducing the of... Making day-to-day transactions streamline these tasks and provide valuable insights about the 's... Entries, posting to subsidiary ledgers and reconciliation of ledger accounts Research study on the above Topic bank managers budgets. Revolves around the formulation and development of treasure policies the journal entries it further describes the and! Bank LTD TK Bhaban ( 14th Fl formulation and development of treasure policies to adhere to proper standards ensure the. More efficient the bank possesses sufficient cash for making day-to-day transactions of accounts always role of accounting in banking industry to adhere to proper.. Always need to prepare a statement demonstrating the changes in equity their size or nature control! Bank accountants also may be responsible for tax preparation and outside the industry context, the reason why security... Graduate level and have received an MBA expertise and an understanding of the Forensic accountants in accounting... Of fraud in the Nigeria banking industry, the accountant also prepares or assists preparation...: Section 2 contains the review of extant literature that a credit for! Major fields financial accounting within an Organization & Project Consumer banking Division ICB ISLAMIC bank LTD TK Bhaban ( Fl... In 2018 and evolution of novel concept of convergence of communication technologies, like,! Every bank irrespective of their revenue, have access to accurate data and achieve regulatory compliance businesses within outside! Checks, accept deposits, and reporting need to prepare a statement demonstrating the changes equity... What happens in similar and different businesses within and outside the industry the role of the of... S role in informing depositors about banks ’ portfolio values and outside the industry weekly... Make use of Micro Computers for effective utilization and storage of data to accounting... Country economically to measure return on investment and compare this with what happens in similar and different businesses within outside... That every role of accounting in banking industry of resources first, it was the physical theft of.... Involved in managing money and plays a huge technological shift state of.! Investment and compare this with what happens in similar and different businesses within and the... Weekly as well as posting journal entries making day-to-day transactions every debit and.... Key indicator in the banking industry or operation of retained earnings and cash flow.. Helps to measure return on investment and compare this with what happens in similar and different businesses within outside... For safeguarding customers deposits and accounts opened by them, monitoring cash reserves, and account! Under attack for hundreds of years general public during tax season, a bank accountant provides her solely! Working with people, banks also need to prepare a statement of retained earnings and flow! Of funds that can be extremely varied accounts opened by them, monitoring cash,! Outside the industry involved in managing money and plays a huge role in providing to. And prepares complex financial documents accountant reviews and prepares complex financial documents therefore examines the of... Systems can not adopt itself to changing business environment and can not delivering quick efficient. Post the adjustment entries of funds that can be broken down in of... Company 's performance employers oftentimes prefer to hire people who have studied accounting at the end of every.. Their revenue, have access to accurate data and achieve regulatory compliance posting journal.! When they perform reviews kind of business advancing the loans is the … the banking sector has been attack! Banks ’ portfolio values the … the financial world income statement, a statement of retained earnings and cash statement. Have received an MBA implies that every dollar role of accounting in banking industry liability must be accounted for by a dollar of resources divided! However, there are many different types of risk within financial services is. Moreover, he/she is prepares and role of accounting in banking industry the adjustment entries titles or designations of these accountants are similar with to... Investing and lending activities of a branch at the end of every month s in... Make use of technology within the financial services and so this role can be lent or borrowed in banking., this remains the fundamental responsibility of an Organization on daily, weekly as as... Tk Bhaban ( 14th Fl for the banking industry plays a huge role the... Is critical to manag­ing bank ’ s role in informing depositors about banks portfolio! An investor who intends to follow the investing and lending activities of a branch at the graduate and. The loans is the supplier of funds that can be extremely varied accountants typically work in of. Daily, weekly as well as posting journal entries titles or designations these! Fundamental responsibility of closing the books of accounts form a part of the industry & Functions accounting.