Describe the functions of Accounting and Standard Accounting principles.

The basic functions of accounting in a company may include the following:

• Keeping financial records: Accounting helps businesses maintain an accurate and up-to-date record of the day-to-day financial transactions of the company, such as supply purchases, product sales, receipts and payments.
• Monitoring financial transactions: Accountants may track multiple financial transactions related to payments due to the company to ensure it receives the revenue and remains profitable.
• Making bill payments: Accounting involves checking invoices to ensure the legitimacy of the charges, setting payment dates and paying the bills that the company owes to various vendors and suppliers.
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