Account Types

[Ken]

Hi. I am new to GnuCash (recently switched over as Quicken has
withdrawn their product from the UK) and it looks like a great program
(although I do have a couple of GUI issues in Windows).

The question I have which I can't seem to find an answer to is: Why
does GnuCash have so many different account types?  What are the
fundamental differences between cash, bank, stock, mutual fund,
account receivable, credit card, liability, etc.  Why not simply 4:
Asset, Liability, Income, Expense. And then let the user create
sub-accounts depending on the nature/liquidity of the account?

I may not have been using GnuCash long enough to appreciate the
differences, but it would enhance my understanding of the product if I
had a better idea as to why these distinctions are made.

Thanks,
Ken