What is general accounting?

Question

Accepted Answer

General accounts refer to the foundational financial records that track a company's transactions and financial position.

General accounts include the general ledger, which records all financial transactions.
They provide a comprehensive view of a company's financial health, including assets, liabilities, and equity.
Examples of general accounts are cash accounts, accounts receivable, and accounts payable.
They are essential for preparing financial statements like the balance sheet and income statement.
General accounts help in budgeting, forecasting, and financial analysis.

Accepted Answer

general accounting is to record and to translate into figures, all of the operations that an entity, usually a company, has carried out during the course of a financial year
Recording transactions:
All financial transactions, like sales, purchases, payments, and investments, are recorded in the general ledger. 
Classifying transactions:
These transactions are categorized into different accounts within the general ledger, such as assets, liabilities, equity, revenues, and expenses. 
Summarizing transactions:
The general ledger is used to summarize all the transactions into financial statements. 
Reporting financial statements:
Financial statements are prepared to report the financial performance and position of the company.