ASSIGNMENT 01 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 5: Management Accounting

Submission date 13 June, 2021 Date received (1st Submission)

Re-submission date Date received (2nd Submission)

Student Name Nguyen Tuan Anh Student ID GBD201490

Class No. GBD0902 Assessor Name THAOPUP

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I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism.
I understand that making a false declaration is a form of malpractice.
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 TABLE OF CONTENT

INTRODUCTION .............................................................................................................................1
I. INTERNAL ACCOUTING ACTIVITIES ...................................................................................1
1. Definition ....................................................................................................................2
2. Main objectives and responsibilities ..........................................................................2
2.1. Financial accouting ..................................................................................................2
2.2. Management accouting ...........................................................................................3
2.2.1. Function of managent accouting ...................................................................3
2.2.2. Roles of management accouting ....................................................................4
2.2.3. Management accouting systems ...................................................................4
2.2.4. Management accouting report ......................................................................6
3. Hoa Sen Group’s report .............................................................................................8
II. FINANCIAL GOVERNANCE .................................................................................................9
1. Definition ....................................................................................................................9
2. Indentify the financial problems ................................................................................9
3. Example of the financial crisis of Hoa Sen Group ......................................................10
4. Lesson learned from the financial crisis .....................................................................10
III. Personal traits and skills of management accoutant......................................................11
1. Characteristics ............................................................................................................11
2. Skills ............................................................................................................................12

CONCLUSION ...............................................................................................................................12

REFERENCE

TABLE OF FIGURE
Figure 1: COMPARE BUSINESS RESULTS OF FISCAL YEAR 2018 - 2019 WITH THE PLAN ..............8
Figure 2: General Meeting of Shareholders the consolidated business plan for -scal year .........8
2019 – 2020 ....................................................................................................................8

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INTRODUCTION
I. INTERNAL ACCOUNTING ACTIVITIES
As an accountant, the researcher considers that management accounting is considered an
indispensable position in an enterprise. The researcher created this report to clarify the financial
information of the business, thereby influencing the operation and helping managers make the right
decisions and in line with the short-term and long-term business plan.
The report structure consists of three main parts, including Internal accounting activities, Financial
management, Personal characteristics and skills of management accountants. The researcher will
analyze the above three parts to clarify the responsibilities and roles of management accountants.

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Through the analysis, the researcher wants to clarify how important management accounting is in an
enterprise like Hoa Sen Group.
Established on 8/8/2001, after 17 years of construction and development, Hoa Sen Group has
become a famous enterprise in the field of manufacturing and trading steel sheet in Vietnam and an
exporter. leading in Southeast Asia. Hoa Sen's achievements must be mentioned as the No. 1 position
in 5 steel sheet markets in Vietnam with more than 40% market share, 22% market share of steel
pipes in the country. Equity is 7,024,597,175,098 VND, charter capital is 3,499,966,830,000 VND.
With the vision of becoming a leading economic group in Vietnam focusing on the iron and steel
sector, Hoa Sen implements a sustainable development strategy based on a chain of core competitive
advantages, contributing to bringing the highest value to the company. shareholders, employees,
consumers and society. After the financial crisis of 2015-2017 in the expansion of the distribution
system while the output remained unchanged, along with the growing bank debt, Hoa Sen fell into a
serious crisis. However, Hoa Sen Group's finances have gradually recovered and the researcher will
analyze financial issues and how Hoa Sen Group can overcome the crisis.
1. Definition
Accounting is the branch that performs the process of receiving, processing, and providing
information about all assets, the source of asset formation, and the movement of assets in
enterprises and organizations, thereby providing useful financial information for making socio-
economic decisions and evaluating the effectiveness business activities (Warren et al., 2021).
According to Drury (2021), Management accounting provides economic information that has been
measured, processed, and provided to business leaders to manage production and business
activities; in other words, management accounting helps business leaders consider and decide to
choose one of the options with the highest economic efficiency.
Financial accounting reflects the current state and movements of capital and assets of an enterprise
in a general form or, in other words, reflects cash and material flows in the relationship of the
enterprise with the economic environment. Financial accounting products are financial statements;
financial accounting information is also used to provide external objects such as investors, banks, tax
authorities, and financial agencies (Horngren et al., 2012)
2. Main objectives and responsibilities
2.1. Financial Accounting

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Keep systematic records: Accounting is done to keep a systematic record of financial transactions. In
the absence of accounting, there would have been a terrific burden on human memory which in most
cases would have been impossible to bear.
Protect business properties: Accounting provides protection to business properties from unjustified
and unwarranted use. This is possible on account of accounting supplying the amount of the
proprietor's funds invested in the business to the manager or the proprietor.
Ascertain the operational profit or loss: Accounting helps in ascertaining the net profit earned or loss
suffered on account of carrying the business. This is done by keeping a proper record of revenues and
expense of a particular period.
Ascertain the financial position of the business: The Profit and Loss Account gives the amount of
profit or loss made by the business during a particular period. This objective is served by the Balance
Sheet or Position Statement. The Balance Sheet is a statement of assets and liabilities of the business
on a particular date. It serves as barometer for ascertaining the financial health of the business.
Facilitate rational decision making: Accounting these days has taken upon itself the task of
collection, analysis and reporting of information at the required points of time to the required levels
of authority in order to facilitate rational decision-making.
(Horngren et al., 2012)
2.2. Management Accounting
2.2.1. Functions of management accouting
On the word of Sharma (2020), The management process implies the three basic functions of
Planning, Controlling, and Decision-making.
Planning is the formulation of short-term and long-term plans and actions to achieve a specific goal.
A budget is a financial plan that shows how resources will be collected and used over a specified
period of time. Management accounting is inextricably linked to planning because it informs
decision-making and because the entire budgeting process is developed around accounting-related
reports. Management accounting helps managers plan by providing reports that estimate the impact
of alternative actions on a business's ability to achieve desired goals. For example, if a business
enterprise defines a target profit for a year, it should also determine how to achieve that goal.
Controlling is the process of monitoring, measuring, evaluating, and correcting actual results to
ensure that the objectives and plans of the business enterprise are achieved. Control is done with the
use of feedback. Feedback is information that can be used to evaluate or correct steps being taken to
implement a plan. Management accounting helps to perform the control function by generating

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income statements and control reports that clearly state the difference between the expected and
actual performance. These reports form the basis for taking the necessary corrective action to control
operations. For example, in the event of a significant discrepancy between budgeted and actual
results, managers will typically investigate what is going on and possibly, which subordinates or units
may need help.
Decision-making is a process of choosing between competing alternatives. Decision-making is
inherent in each of the two management functions described above, that of planning and control. A
manager cannot plan without making a decision and has to choose between competing goals and
methods to accomplish the chosen goals. In the control function, the manager must decide if the
variances are worth investigating. Management accountants can assist management informally
structuring decision problems and putting alternatives and their consequences in a form that is easier
for management to evaluate and make decisions.
2.2.2. Roles of management accounting
According to Ward (2012), Management accounting helps managers in running and controlling the
activities of the organization. Provide information to managers for appropriate planning and decision-
making. Motivate leaders to achieve organizational goals and measure performance across
departments. In short, management accounting plays a key role and governs all business activities of
the enterprise. Based on the information provided by management accounting, managers make
appropriate business decisions in the short and long term to ensure the existence and sustainable
development of the business in the market economy.
2.2.3. Management accouting systems
An effective management accounting system covers all parts of a business: finance, IT, marketing,
human resources, operations and sales. In addition to the typical financial, management accounting
also includes non-financial information such as cash on hand, current sales reports, number of sales
calls per day, the backlog of goods, raw materials, the old status of accounts receivable and payable.
All this information is the basis for determining the key performance indicators of different parts of
the business.
a) Job-order costing & Process costing
Job-order costing is a costing method used to determine the cost of producing each product. This
costing method is often applied when a manufacturer produces many different products and needs
to calculate the cost to perform an individual job. Job costing includes direct labour, direct materials,
and production costs for that particular job. Job order costing is useful for determining if a job is

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profitable. It helps the company estimate the value of raw materials, labour and overheads that will
be spent while performing that particular job. Cost-effective job order helps companies generate
quotes that are low enough to be competitive yet still profitable for the company (Hoque, 2005).
Process costing is a method of costing used mainly in manufacturing where units are continuously
mass-produced through one or more processes. In process costing, it is the process that is costed
(unlike job costing, where each job is costed separately). The method used is to take the total cost of
the process and average it overproduction units (Hoque, 2005)

b) Inventory management
As reported by Jaber (2009), Inventory management is a systematic approach to sourcing, storing,
and selling inventory—raw materials (ingredients) and finished goods (products). In business terms,
inventory management means providing the right source, at the right level, at the right place, at the
right time, and at the right cost and price.
Perpetual inventory system is an inventory accounting method that instantly records the purchase or
sale of inventory through a point of sale computer system and enterprise asset management
software. Perpetual Inventory provides a highly detailed view of inventory changes with instant
inventory counts and accurate reflection of stock levels on hand. In this system, a company does not
attempt to keep detailed inventory records of products on hand; Instead, merchandise purchases are
debited to the inventory database. COGS includes factors such as direct material and labour costs and
direct factory overhead in terms of efficiency.
The periodic inventory system is a method of determining the value of inventory for financial
reporting purposes, in which actual inventory counts are performed at specific intervals. This
accounting method takes opening inventory, adds new inventory purchased during the period, and
deducts ending inventory to calculate the cost of goods sold (COGS).
c) Job-cost Accouting
Job costing is a costing method used to determine the cost of specific jobs performed according to
the customer’s specifications. It is a basic costing method that is applicable where work consists of
separate projects or contract jobs. Using job costing, the cost of each job is ascertained separately.
This, in turn, helps in finding out the profit or loss of each job. It enables management to detect those
jobs which are more profitable and unprofitable. Job costing provides the base for determining the

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cost of similar jobs to be undertaken as part of future planning. It helps in managing and controlling
costs by comparing the actual costs with the estimated cost. In short, the calculation of variances
(Hansen et al., 2021).
d) Price Optimisation
According to Bose (2006), Price optimization is the process of finding price attractiveness or price
maximization relative to the customer's willingness to pay. Companies inside and outside the supply
chain, both in B2B and B2C setups, spend a lot of time optimizing the right pricing to ensure that their
products sell quickly at the right price while still make a relative profit. If an item is overpriced, it may
not sell, while if the price drops too much, the business will not be profitable. Businesses use a
formula that optimizes prices based on the overall demand for their products, their level of
competition, and (in the case of manufacturers) the cost of producing their goods. Finding the perfect
balance between profit and value is essentially pricing optimization. However, because the relative
value of goods and services is constantly changing, this is a never-ending task for most businesses.
2.2.4. Management Accounting Reports
A budget report is a report that a manager uses to list previously estimated budget projections for a
certain period of time. It is often used to compare a budget estimate with a company's actual results
for a specified time period. Budget statements are essentially financial goals that management has
made based on announced financial projections. Since they are often estimates, these budget
statements almost always differ from the final financial results, sometimes significantly (Hood, 2020).
Performance reporting involves collecting and disseminating project information, communicating
project progress, utilizing resources, and forecasting future progress and status to various
stakeholders, such as decided in the communication management plan. During the implementation
of the performance report, the work results of other processes are also analyzed and aggregated into
the performance report. They are typically implemented in a tabular or graphic format that can be
text-based, image-based (such as a chart, graph, or table) or a combination of the two (Hood, 2020).
The inventory report is a summary of the retailer's inventory. It provides insights like how much
stock you have, which products are selling fastest, catalogue performance, and other information
about your inventory status and performance. There are many types of inventory reports you can
use, each serving its own purpose. Good inventory reports contain up-to-date information with a high
level of detail and use visualizations to clarify how many certain items you have in stock. In addition,
inventory reports help businesses avoid over-ordering or running out of inventory when customers
buy products online (Hood, 2020).

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Job cost reporting is the process of coding and allocating project costs to track financial performance
and profitability. This method allows accountants to track the costs of each project for tax and
financial analysis purposes. Material, labour and overhead costs are taken into account when
accounting for the job cost method (Hood, 2020).
According to Javed (2020), Financial information provided to users will be qualitative because it
ensures the following properties.
Understandability: The financial statements are published to address the shareholders of the
company. So these statements must be prepared in such a way that is easy to understand and
interpret for the shareholders. The information provided in these statements must be clear and
legible. For understandability, the management must consider the statutory data and information
and the voluntary information disclosures, which would make financial statements easier to
understand. The directors must elaborate the information provided in the statements where
necessary.
Relevance: The information provided in the financial statements should be appropriate to the needs
of the users of the financial statements. For example, although the primary statutory recipient of
these statements is the 'shareholder', there are many other stakeholders who rely on these
statements in their decision making, e.g. Fund Providers ( Banks, Insurance Companies, Property
Financing Companies, etc.), potential investors (to invest in potential companies), suppliers (to assess
credit ratings), etc. Therefore, the information provided in these financial statements should be
relevant to the information needs of all these stakeholders, which may influence their economic
decisions.
Reliability: The information provided in the financial statements must be reliable and true. The
information extracted to prepare these financial statements must be from reliable and trustworthy
sources. Financial statements must give a true and fair picture of the state of the company's
operations. This means that the information provided should be free from any material misstatement
or misstatement. The transactions displayed should be based on prudence and should represent the
true nature of the company's transactions and activities. Areas of judgment and subjectivity must be
presented with care and acumen.
Comparability: Financial statements must be prepared for comparison with the previous year's
financial statements. This feature of financial statements is necessary to maintain, as it ensures that a
company's performance can be tracked and compared. This characteristic is maintained by applying
accounting policies and standards consistently across periods and jurisdictions. This allows users of

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financial statements to identify and plot trends and patterns in the data provided, making decision-
making easier.
3. Hoa Sen group’s report
Figure 1: COMPARE BUSINESS RESULTS OF FISCAL YEAR 2018 - 2019 WITH THE PLAN

(Hoasengroup.vn, 2019)

At the end of the fiscal year 2018-2019, the consumption of finished products of the whole Group
reached 1,393,973 tons, fulfilling 73% of the plan. Net revenue reached VND 28,035 billion, fulfilling
89% of the plan. Profit after tax reached VND 361 billion, achieving 72% of the plan.

Figure 3: General Meeting of Shareholders the consolidated business plan for -scal year 2019 - 2020

(Hoasengroup.vn, 2019)

Through the data tables, management accountants have identified the data with fluctuations.
Indicators such as revenue and profit showed signs of decreasing while liabilities increased. This
makes management accountants have to re-control the business's operating processes to recover the
increase in the numbers. The Management Accounting Board adopts the Board of Directors to

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propose plans for the next year. For administrative activities - Restructure, enhance governance
efficiency, control the corporation in the spirit of streamlining the apparatus, reducing costs. For
production - supply activities, set the goal of optimizing production capacity; improve product
quality; streamlined, efficient and professional arrangement for supply activities. In business
activities, Set goals to improve profits, stabilize business situation; exist and develop in all aspects
before screening the market. The goals and plans have been set, the management accountant will
have the task of monitoring so that these plans create profits for the company.

II. FINANCIAL GOVERNANCE

1. Definition
According to Chandra (2011), Financial Management is a vital activity in any organization. It is the
process of planning, organizing, controlling, and monitoring financial resources to achieve
organizational goals and objectives. Therefore, it is an ideal practice for controlling an organisation's
financial activities such as procurement of funds, utilization of funds, accounting, payments, risk
assessment, and every other thing related to money.
Important of financial management in business
Whether they've been in business for a long time or just starting, most businesses have four financial
goals: profitability, liquidity, efficiency, and stability. Therefore, corporate financial management
plays an important role in enterprises. In today's business activities, it plays the main roles such as:
Controlling the financial flow of all activities or production and business activities of the organization,
Leverage to stimulate and regulate business activities; it also helps leaders decide on investments
and closely monitor and inspect all aspects of business and production activities of enterprises.
A financial decision that is not considered, carefully planned can cause great losses for the business.
It requires corporate financial managers to always properly assess the financial strength of the unit,
the advantages and disadvantages of finance to have appropriate, timely and effective strategies
(McMenamin, 2012).
2. Identify the financial problems
Legal problem are thorny issues that can cause a financial shock to a company when accountants
make mistakes. The economy goes through cycles, and when customers have less disposable income,
a recession impacts all sectors of the economy. A rapidly growing business without a financial plan
will fail. The financial crisis reminds us of the serious consequences that financial ills can have on

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society: recession, unemployment, bankruptcy, poverty, greater inequality, distrust, breakdown in
social cohesion, etc (Fernández, 2012).
3. Example of the financial crisis of Hoa Sen Group.
After peaking in pre-tax profit of nearly VND1,900 billion in 2016, Hoa Sen's profit dropped sharply in
the next two years. Analytical reports on Hoa Sen's HSG stock from securities companies have
continuously downgraded their outlooks to less positive due to increasingly obvious operational risks,
ranging from falling profit margins, rising costs to rising costs instability from the financial structure.
For three consecutive years from 2015 to 2017, this business expanded its distribution system to
provinces, with the number of new branches opening exponentially increasing. The number of
branches increased from 150 branches at the end of 2015 to 491 branches (more than 3 times
higher) at the end of 2018. In 2017 alone, this unit opened 121 more branches.

In parallel with the expansion process, the loan item on the financial statements also gradually
expanded. As a result, Hoa Sen's liabilities increased from VND 6,500 billion according to the financial
statements at the end of 2015 (bank loans accounted for 84%) to more than VND 16,000 billion at the
end of 2018 (bank loans accounted for 89%). Continuous investment for the system, effective money
is revenue growing as fast as the scale expansion. In the period of 2014 - 2016, this Company's
revenue was in the range of VND 15,000 - VND 18,000 billion, increased to more than VND 26,300
billion in 2017 and reached nearly VND 34,600 billion in 2018. However, contrary to revenue growth,
profit Hoa Sen's profit is dwindling day by day. Operating a large distribution system causes selling
and administrative expenses to increase continuously, and financial expenses swell due to debt.
In the opposite direction, gross profit did not increase in the same direction as revenue, making profit
insufficient to cover the increasing cost. According to securities companies, the nature of a highly
competitive industry like steel makes it impossible for businesses in the industry, such as Hoa Sen, to
pass on higher costs to customers through raising prices. The inevitable consequence is that the
increased costs eat away at the bottom line of this business (Cong Thanh, 2019).

4. Lesson learned from financial crisis of Hoa Sen Group

Through the information given by the researcher above, it can be seen that Hoa Sen was too
subjective and eager to win in the steel sheet market in Vietnam. After seeing high profits since 2015,
Hoa Sen has pushed to expand the distribution system to the provinces without considering the
market as well as the company's financial potential. Therefore, Hoa Sen took a harrowing fall when

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its liabilities gradually swelled and led to a financial crisis lasting from 2016 to 2018. Expansion of the
system with careless calculation will create problems with unpredictable consequences for the
business in the future. Therefore, leaders need to have in-depth social and financial knowledge to
make the right decisions for the company.
It may seem daunting, but there are a few ways to turn the tide and overcome the dire situation. One
of the first things many companies do is review their business plan. This should include both its
activity and performance in the market and set a target date for accomplishing all of its goals.
Another consideration is where to cut costs. This can include cutting staff or even cutting
management incentives, which can often be costly to a business's bottom line.
Some companies may consider restructuring their debts. Under this process, companies that cannot
meet their obligations can renegotiate debts and change repayment terms to improve liquidity. By
refactoring, they can continue to function.

III. Personal traits and skills of management accountant

1. Characteristics
According to Williams (2015), several following characteristics make a good accountant:
A strong sense of ethics: ethics and integrity are valued traits in an accountant. They must know right
from wrong and always show integrity in their accounting and bookkeeping activities.
Constantly learning: while accountants need to have a solid grasp of the basics, they must also show
an interest in staying up to date. With the advent of new principles, laws and taxes, the field of
accounting is ever-changing. Accountants must ensure that they have a thorough understanding of
the latest news and developments in their field.
Emphasizing accuracy: it is essential for accountants to be accurate in their work. Misplacement of
digits or even a comma might result in huge financial risks for an organization. As such, accountants
must focus on the details and place a lot of emphasis on the accuracy of the work.
Sense of accountability: a good quality of an accountant is to accept the result and any fallout of
their work. Accountants must own up to their mistakes and ensure that they are not repeated.
Trustworthiness and reliability: accountants deal with the financial health and condition of an
organization, a confidential topic. The accountant must have the integrity and reliability to ensure
confidential data remains secure.

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Creativity is one of the most valuable personal qualities of an accountant. Today, accountants need
to be creative when dealing with numbers. They must be able to develop new ideas and strategies to
solve complex and unique problems.
2. Skills

According to Maynard (2021), several following skills make a good accountant:

Organizational skills: daily accountants need to deal with a lot of paperwork, numbers and data. To
master all of these details and access the right information effectively, they must demonstrate
excellent organizational skills.

Ability to work in a team: accounting and bookkeeping requires a team effort. An accountant must
be able to work with a team in delivering the work required. They must be comfortable meeting with
clients directly and coordinating tasks with the rest of the team including senior stakeholders.

Knowledge of the field: accounting is required in a wide range of fields and professions. Therefore,
accountants must have a deep understanding of the client's industry and business sector.
Understanding the requirements, goals, and ways of the business is crucial to determining the right
way to conduct accounting.

Effective communication: just as important as gathering data and using one's skills and knowledge to
gain insights, the whole effort would be meaningless if all that insight wasn't conveyed. effectively to
the intended audience. Therefore, important data must be clearly summarized to provide
information effectively.

CONCLUSION
Through the above report, the researcher has clarified the analysis of the functions of the accounting
department and the responsibilities of management accounting in the specific context of Hoa Sen
Group. The report will help users know the financial information of a business and the importance of
management accounting. Therefore, the accounting department is an indispensable part of the
business.

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