ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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ACCOUNT GROUP Definition
ACCOUNT GROUP, in accounting, is a designation of a group of accounts of like type (for example: accounts receivable and fixed assets).
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GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) is a corporation owned by the U.S. Government within the Department of Housing and Urban Development with the authority to fully guarantee the timely payment of principal and interest on securities collateralized by FHA-insured or VA-guaranteed mortgages. GNMA is commonly called "Ginnie Mae:' GNMA I securities are single-issuer pools. GNMA II securities are collateralized by multiple-issuer pools or custom pools (one issuer but different interest rates that may vary within one percentage point). Multiple-issuer pools are known as "Jumbos:' Standard GNMAs have a stated maturity of 30 years.
PURCHASE RETURNS is a contra purchase account that records all credits from returned inventory purchases.