General accounting serves as the backbone of any accounting system, holding both financial and non-financial data essential for an organization. It involves managing the general ledger, which records all financial transactions through credits and debits. This process includes documenting financial statements for various periods, such as quarterly, calendar, or fiscal years. Additionally, general accounting ensures compliance with regulatory standards, maintaining accurate and transparent financial reporting. This comprehensive approach is vital for understanding an organization’s financial health and supporting strategic decision-making.