General Accounting

what is General Accounting ?

general accounting⇒ One function of the accountant in commerce and industry is to oversee the recording of transactions undertaken by the business entity and to prepare reports specially tailored for use by management in their planning, control and decision‐making activities.

The transaction data must be classifed and summarised appropriately for the preparation of fnancial statements for external distribution. It is diffcult to draw a clear line of distinction between general accounting and the other phases of commercial accounting because the accounting data recorded from transactions form the basic database from which other phases draw relevant information for planning, controlling, decision‐making and reporting purposes.