what is the meaning of general accounting?

Question

areas or branches

Answer 1

The office of general accounting maintains the general ledger. In addition to maintaining the general ledger, the General Accounting unit is usually responsible for the daily input of financial data and handling of departmental financial reports and for submitting a complete set of "GL" trial balance reports. Other duties may include: balancing of cash accounts with the General Ledger; distributing monthly financial reports; preparing journal entries and interdepartmental transfers; balancing the subsidiary ledgers with the general ledger accounts; reconciling of bank statements; explaining and interpreting accounting reports; assisting the Controller with preparation of annual financial reports; reviewing and analyzing of accounting data and maintaining the chart of accounts.

Branches of accounting:
- Financial accounting refers to accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording,
classifying, and summarizing transactions.
- Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs.
- Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for the purpose of
enhancing controls.
- Tax accounting is the branch of accounting relating to the preparation and filing of tax forms with the government agencies. Tax planning to minimize tax payments is a
significant part of the tax accountant’s work.
- Auditing is the branch of accounting involved in reviewing and evaluating documents, records, and control systems. Auditing may be external or internal.

Answer 2

general accounting means, a accounting of a firm or a office, It does not mean special acccounting like in banks and financial intitutions.