This account classification is specific to Japan's tax and brokerage system. If you are not a Japanese tax resident, different account rules will apply to you.
How it works
With a general account, the brokerage does not prepare an annual transaction report, so the investor must calculate their own acquisition cost and gains and, where necessary, file a tax return (see related page).
Difference from a specific account
The key difference from a specific account (see related page) is that a specific account has the brokerage perform the gain/loss calculation on the investor's behalf. Most individual investors use a specific account, but which account type to choose, and whether filing is required, should be confirmed with a qualified tax accountant.