Time Management

Hi SAP Experts,

Can any one let me know what are time types and how it plays major role in Schema and PCR

Now i am going to do some R& D with Time types. before i proceed. i would like know what is time types. i have seen in standard types in table V_T555A

Balances

Save as day balance               1   Balance formation

Cumulate in period balance  1   Balance formation

Transfer prev. period     1   Transfer

Transfer prev. year         1   Transfer

What does this mean? Why are they maintaining 1 and 0, what does mean by day balance and cumulate in period balance.?

can anyone explain me with an example please where i am able to understand this

Thanks

Sriram