General Accounting concept is very simple. It covers all the process from recording business transactions to preparation of financial statements, including daily routines which need to be done by accountants to analyze, summarize, record and report data about the business.

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As a result we get simple information about business operations in the form of Balance Sheet and Income Statement. Other areas of accounting not covered by general accounting deal with more sophisticated accounting data, reports and analysis.

Despite simple assignments to be done, general accountants should be familiar with Generally Accepted Accounting Principles, fundamental accounting assumptions and conventions in order to be able to analyze, summarize, record and report data properly.

Usually general accounting deals with prime entry books, ledgers and journals, like:

and others. Sometimes general accounting is called bookkeeping.