What Is General Accounting?

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General accounting handles the bills, invoices, accounts payable, customer receipts, accounts receivable and payroll functions of a business or organization. Learn how accounting allows an organization to analyze its financial performance with information from an accounting professor in this free video on accounting.

Part of the Video Series: Accounting Careers & Information
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Video Transcript

Hi, my name is Shawn Jones, adjunct professor here at Argosy University. Today, we're discussing the topic of general accounting, or basically, what is the accounting process within a given company or organization? To be able to help a business or an organization within its accounting functions, there are some basic steps and processes that need to take place. This includes the handling of bills and invoices, or basically accounts payable, also, the receipts of money from customers or other businesses, accounts receivable, and also being able to pay your employees, which, of course, would be your payroll function. All of these roll up in being able to report the financial data for a company, which also includes inventories and fixed assets. All of these are basic general accounting functions that help a business or organization understand its financial data and where it is at a given point in time or how it's performed over the last year. For more information about this topic, please visit our website at argosy.edu. There you can find our phone number or an address to come and visit our Salt Lake City campus.

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