ASSIGNMENT 01 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 5: Accounting Principles

Submission date 30/07/2022 Date received (1st Submission)

Re-submission date Date received (2nd Submission)

Student Name Truong Thanh Long Student ID GCH210224

Class No. GBH1101 Assessor Name Le Thi Yen Oanh

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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 Contents
1. INTRODUCTION ................................................................................................................... 2
2. Examine the purpose of the accounting function within an organization ............................ 2
Defining of accounting ............................................................................................................ 2
Purpose of accounting function ............................................................................................... 2
Defining main users of accounting information .......................................................................... 3
Interrelationships of the accounting function and other functions in order to meet
organizational, stakeholder and societal needs and expectations. ............................................... 5
Relationship between accounting and Marketing ................................................................... 5
Relationship between accounting and Finance ....................................................................... 6
Relationship between accounting and Management ............................................................... 7
Relationship between accounting and Law ............................................................................. 8
3. The context and purpose of financial and management accounting ........................................... 8
Initially identifying the roles and importance of accounting as an information system ............. 8
Distinguishing between financial accounting and management accounting in terms of purpose
and scope ..................................................................................................................................... 9
Financial accounting in terms of purpose and scope............................................................... 9
Management accounting in terms of purpose and scope......................................................... 9
Distinguishing between financial accounting and management accounting ......................... 10
Discussing the organizational constraints and threats following the concepts of accounting
regulations and principles as well as ethics in accounting ........................................................ 11
Ethics in accounting .............................................................................................................. 11
Accounting principles ........................................................................................................... 13
Constraints and threats .......................................................................................................... 14
Accounting regulations ......................................................................................................... 15
4. Provide an example to show the usefulness of accounting function ......................................... 18
5. Conclusion ................................................................................................................................. 19
REFERENCE LIST....................................................................................................................... 19

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1. INTRODUCTION

PWC has turned its focus to emerging countries, particularly Southeast

Asia, where its customer base is steadily expanding. As an Affiliated
Graduate Trainee in PwC Vietnam's SME Units, offering accountancy and
financial services to businesses. I am building a blog to market and
promote the accounting services of the firm to new and existing clients.
The working title of this blog is "The Function of Accounting in an
Organization." Using headlines, graphics, and illustrations, the blog will
be presented as an online blog that is both engaging and practical in its
presentation of significant academic theory. The blog focus on the
accounting function, the context and purpose of financial and
management accounting in an organization.

2. Examine the purpose of the accounting function within an organization

Defining of accounting

Accounting entails recording a business's financial transactions. The

accounting procedure involves summarizing, assessing, and reporting
these transactions to oversight authorities, regulators, and tax collection
organizations. Accounting's financial statements are a brief description of
a company's operations, financial condition, and cash flows for a given
accounting period (Fernando, 2022).

Purpose of accounting function

Accounting's aim is to collect and report financial information on a

business's performance, financial position, and cash flows. This
information is then utilized to make decisions on the business's

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management, investments, and loans. This information is accumulated in
accounting records through accounting transactions, which are
documented through regular business activities such as customer
invoicing and supplier invoices, or through specialized transactions
known as journal entries (Accountingtools, 2022).

Accounting consists of three fundamental activities: Identification,

recording and communication.

According to EAA (2022), a business begins the accounting process by

identifying economic transactions such as selling and purchasing things,
paying salaries and wages, providing outstanding services, paying a
dividend, and charging depreciation. Moreover, the second most crucial
function of accounting is recording. In other words, one of the most
essential functions of accounting is to permanently record the
transaction in a specific accounting book by measuring money after
recognizing economic or financial occurrences (EAA, 2022). Following the
identification and documentation of financial events, the outcome should
be communicated to those who are interested. Because the information
is useless if it is not shared with the proper parties. Consequently, the
communication function of accounting is crucial. Information
dissemination is performed mostly through the creation of multiple
accounts. An organization, for instance, prepares a financial statement at
the conclusion of a given term. Consequently, interested parties can
assess the organization's financial status (EAA, 2022).

Defining main users of accounting information

According to Javed (2022), numerous stakeholders utilize the accounting

data of a corporate enterprise. Based on their own needs, several parties

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utilize this information for various purposes. Therefore, a commercial
enterprise's accounting information system must be built to generate the
reports that satisfy the information requirements of all interested parties.
Users of accounting information can be divided in to two groups: internal
users and external users. Internal users consist of managers and business
owners, whereas external users include investors, creditors, suppliers,
government agencies, the general public, customers, and employees.

Figure 1 – Main users of accounting information (Tamplin, 2021)

In term of internal users, they are often concerned with the firm's plans,
profitability, and financial strength to help them decide whether to
continue working there or not (Mclaney, 2018). In addition to playing a
significant function in an organization, managers are accountable for the
group's performance. Consequently, managers will compare
performance to earlier plans outlined in the standards and identify the

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flexibility, capacity, and resources necessary to address new concerns.
Owners also play an important role; they assess the corporation's
investment potential and risks, and they make decisions regarding the
incentives for managers and leaders in their organization.

In term of external stakeholders are outside aspects that affect the

organization. This could be demonstrated by the fact that governments
evaluate a company's earnings, income, and financial strength in order to
compel it to pay taxes or provide financial resources to small enterprises.
In addition to playing a significant function in an organization, managers
are accountable for the group's performance. Consequently, managers
will compare performance to earlier plans outlined in the standards and
identify the flexibility, capacity, and resources necessary to address new
concerns (Mclaney, 2018). Suppliers will next evaluate the organization's
ability to pay for goods and five services by the due dates in order to
assess whether or not they will continue to provide them.

Interrelationships of the accounting function and other functions in order to meet

organizational, stakeholder and societal needs and expectations.

Relationship between accounting and Marketing

Accounting and marketing operations work together because controlling

price strategies is one of the four primary components of marketing.
Therefore, a department of accounting must collaborate closely with the
department of marketing to establish how different pricing points that
effect sales impact profit margins at various sale volumes. All firms must
maintain some type of accounting system to track their financial
performance. The financial statements assist management in
determining the profitability of a corporation over a specified time
period. Financial statement preparation and analysis are the

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responsibility of the accounting department. They are able to track sales
patterns and expense trends within the organization, which provides
management with the data necessary to plan for expansion or cost
reductions. Marketing and advertising expenses are among the most
significant a corporation can incur. A firm must be able to sell its products
and services, but it must also be able to control the expenses associated
with marketing and advertising. According to Chron (2021), every
organization has some form of accounting system that monitors its
financial health. The accounting department aids management in
determining the profitability of the business by compiling financial
accounts. Through advertising and promotions, marketing departments
develop plans and initiatives to increase sales. Marketing departments
are responsible for creating reports detailing the success or failure of
particular campaigns and sales techniques.

Relationship between accounting and Finance

Accounting is relevant to finance since financial accounting is a subfield

of accounting. Accounting is the recording of an organization's past
transactions, which leads to the preparation of its financial condition. The
financial position can be deduced from accounting records. Accounting is
tied to finance. The accounting process generates financial data, one of
the main raw materials required to make financial decisions. Accounting
is a method for managing only the monetary aspects of business
operations. It is focused toward the financial objectives of company
because these are quantifiable in terms of monetary values. The
distinction between financial management and management accounting
is a semantic one, and the distance between the two is decreasing rapidly.
However, financial management encompasses the planning and control
of all actions utilizing financial resources, whereas management
accounting originally referred to the internal management of finances.
The accountant is responsible for the collecting and presentation of

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financial information. On the basis of his analysis, the financial officer
assesses the accountant's statements, compiles additional data, and
makes choices. In reality, sound financial management is contingent upon
accurate accounting. Accounting and finance are essential functions for
both for-profit and non-profit businesses.

Relationship between accounting and Management

According to Brieflyfinance (2020), accounting consists of procedures

that enable access to crucial data that facilitates decision-making. Despite
the fact that management accounting and financial accounting adhere to
identical principles, they differ in a variety of ways. Both types of
accounting are necessary for business operations. It is necessary to
implement them concurrently at the earliest phases of establishing a
business and while making business-related choices. Management
accounting records are used exclusively by firm personnel, such as
executives and managers. The statistics and projections associated with
business activities and their impact on the organization are broken down
in management reports. They are intended for internal use only and are
not intended to be viewed by outside parties. Financial accounting
provides tax professionals and investors with accurate information
regarding a company's equity, assets, and liabilities so that they may
evaluate the company's commitments and output. This style of
accounting creates financial statements based on historical data, which
are required by outside professionals to evaluate the company's stability.
Due to their external assessment, financial statements must adhere to
particular accounting principles. Subsequently, the reports must be
generated in accordance with predetermined norms and regulations to
guarantee that they are always reliable and consistent.

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Relationship between accounting and Law

Accounting is related to law since it operates inside a legal framework and

all transactions are governed by several statutes. Business organizations
are governed by their respective statutes, which stipulate numerous
areas of account preparation. However, it is likely that law influences
accounting and that accounting effects law. In this way, accounting is tied
to law due to the numerous legal procedures and features (Linkedin,
2015).

3. The context and purpose of financial and management accounting

Initially identifying the roles and importance of accounting as an information system

Accounting Information System is software that a company employs to

collect, store, and process financial data necessary for making business
decisions. It is a computer-based technique for tracking accounting
activity using information technology resources. Accounting Information
System provides managers with precise data before they make crucial
decisions that will make or break their firm (quadrantalpha, 2022).

According to Ulric et al (2018), there are ten components to the Study of

Accounting Information Systems (AIS). The three fundamental functions
of an accounting information system are data collection and processing,
management reporting, and maintaining accuracy and security.
Collection and Processing: among other transactions, accountants or
bookkeepers collect and record data from cash purchases, cash sales,
amount receivables, and payables during the collection phase of an
accounting information system. If the system is computerized, the
software program processes all debits and credits into a comprehensive

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database for information management. Reports for Administration: After
collecting data, the Accounts department provides reports to the
decision-makers within a business, such as the sales and marketing
managers, production managers, finance managers, and department
heads. The accounting information system generates information that
enables management to analyze present operations and economic
conditions and to make decisions, plan for the future, and establish
objectives. The third primary function of the accounting information
system is to ensure that the business retains correct and secure data. The
management determines that only authorized individuals may access
such data (vedantu, 2022).

Distinguishing between financial accounting and management

accounting in terms of purpose and scope

Financial accounting in terms of purpose and scope

Financial accounting is used to illustrate a company's financial

performance to external stakeholders. This enables the board of
directors, shareholders, potential investors, creditors, and financial
institutions to comprehend the company's historical performance. Once
a year, these reports are submitted. If a corporation is publicly traded,
the reports must be made available to the general public. In a course on
financial accounting, students learn how to create, assess, and interpret
financial accounts. Therefore, it is focused with financial reporting and
commercial decision making (Mbaknol, 2022).

Management accounting in terms of purpose and scope

The primary objective of management accounting is to offer the essential

quantitative and qualitative information for planning and control to

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management. It gathers information from accounting and non-
accounting sources for this purpose. Consequently, its scope is rather
expansive, as it encompasses nearly all elements of corporate operations
(Sethy, 2022). Managerial accounting varies from traditional accounting
in that it focuses on present and future trends as opposed to past
performance. This could be demonstrated by the fact that calculating
how much a company should charge for a new product and projecting
how much revenue a future product line will earn are examples of
management accounting business difficulties. It is also difficult to
determine when to upgrade office PCs. Management accounting must
rely on anticipating future markets and trends because business leaders
are typically expected to make quick operational decisions.

Distinguishing between financial accounting and management accounting

According to Atrill and McLaney (2018), there are six distinct points
between financial accounting and management accounting. First and
foremost, financial accounting reports will be used for general reasons in
the function of the reports, and they will give financial information to help
those who care about the organization as owners or lenders make
decisions. In contrast, management accounting reports are typically
intended for managers and serve a specific function. In addition, because
financial accounting reports are utilized by corporate stakeholders, these
reports are often made public. Despite the fact that management
accounting reports are primarily intended for managers, they are
typically kept confidential due to their potential importance to
organizational strategies. Second, in terms of the level of detail, financial
accounting frequently provides summary information such as a
company's performance or market position, whereas management
accounting focuses on specific, detailed information to aid managers in
making a particular decision (Atrill and McLaney, 2018). Third, in
regulations, on the one hand, financial accounting is required for all

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publicly traded companies to disclose their financial statements. Thus,
they are governed by accounting standard boards, corporate regulations,
and the government. On the other hand, Management has discretion
over management accounting. There is no maintenance obligation,
however organizations such as CIMA, ICWAI, etc. supply frameworks and
forms (efinancemanagement, 2022). Fourth, with reporting intervals,
financial accounting is performed for external stakeholders, including
shareholders, suppliers, customers, the government, banks, etc. While
the management accounting prepared here is beneficial to internal
parties such as the CEO, directors, promoters, and higher-level managers,
etc., it is also beneficial to external parties (efinancemanagement, 2022).
After that, with time orientation, the financial information in financial
papers is virtually always historical, but management accounting reports
rely on historical data to predict the future (Atrill and McLaney, 2018).
Finally, in terms of variety and quality of information, financial accounting
reports concentrate on financial information, which is money, and always
provide unambiguous evidence. Despite the fact that management
accounting reports may incorporate non-financial data, certain
information, such as new competitor's goods, is crucial to managers and
lacks strong evidence (Atrill and McLaney, 2018).

Discussing the organizational constraints and threats following the

concepts of accounting regulations and principles as well as ethics in
accounting

Ethics in accounting

There are five important factors in term of ethics in accounting: integrity,

objectivity, professional competence and due care, confidentially,
professional behaviour. According to Albert, Spalding, and Oddo (2012),
integrity is one of the most crucial characteristics in accounting and other
professional and corporate transactions, requiring one to be honest and

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trustworthy. Integrity encompasses a large array of ethical standards,
such as honest and professionalism in all situations. A CPA must
consistently explain facts accurately and avoid accidentally skewing data.
Accountants who lack integrity are untrustworthy and lose the
confidence of their clients. The second objective is to not allow the bias,
conflicts of interest, or undue influence of others to override professional
or commercial judgment. In addition, a professional accountant is
prohibited from engaging in a professional activity if a condition or link
impairs his or her professional judgment in an unjustified manner. A
professional accountant must adhere to the principle of objectivity,
which states that an accountant's professional or commercial judgment
must not be impaired by bias, conflict of interest, or undue external
influence (Albert, Spalding, and Oddo, 2012). Thirdly, professional
competence and due care entails that members should perform their
service with due care, competence, and diligence, and have a continuing
duty to maintain their professional knowledge and skills at a level
sufficient to ensure that all relevant stakeholders, e.g. clients, employers,
credit providers, and other government departments/agencies, receive
the benefit of competent service based on the most recent developments
in the profession and in accordance with professional standards
(lawinsider, 2022). Furthermore, Respecting the confidentiality of
information obtained through professional and business connections
and, therefore, not divulging any such information to third party without
adequate and special permission from third parties unless there is a legal
or ethical reason to do so; neither a professional right nor a responsibility
to disclose use the data for your own personal gain the benefactor.
Finally, professional conduct comprises the ability to comply with all
applicable laws and regulations, as well as to avoid doing anything that
could bring disrepute to the profession (Albert, Spalding and Oddo,
2012). Professional accountants must adhere to the concept of
professional behavior, which requires them to comply with all applicable
laws and regulations and refrain from engaging in any activity that would

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or should bring disgrace to the profession. A professional accountant may
not engage in any business, occupation, or activity that jeopardizes or
may jeopardize the profession's integrity, objectivity, or good reputation
and is therefore incompatible with the core principles of the accounting
profession.

Accounting principles
Accounting principles are the rules and guidelines that businesses and
other organizations must adhere to when reporting financial information.
These standards facilitate the examination of financial data by
standardizing the terminology and procedures accountants must employ.
These principles assist companies in presenting financial statements that
are accurate and impartial. (Tuovila, 2021).

Here is a summary of fundamental accounting including six concepts that

the corporation frequently adheres to.

Money measurement principle

All company transactions are measured in accounting using money as the

standard unit of measurement. Since money is the standard unit of
measurement, accounting only permits the recording of transactions or
events that can be measured or stated in monetary terms (TallySolutions,
2022).

Business entity concept

Regarding their respective financial transactions, this accounting

fundamental notion separates the firm and its owner. Legally, your
company can exist without you, and it can sue and be sued in its own
name (TallySolutions, 2022).

Dual-aspect concept

According to this theoretical principles, for every debit, a commensurate

credit is created. This is the basis upon which the accounting system is
implemented (TallySolutions, 2022).

Accounting year concept

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According to TallySolutions (2022), this indicates that each company
selects a particular time frame for completing the accounting cycle and
financial reporting. This principle briefly addresses the periodicity of
accounting. The duration may be monthly, quarterly, or yearly.

Matching concept

The notion emphasizes the accounting principle that if a revenue is

recorded, the associated expenses must also be recognized. This provides
an accurate depiction of the profit earned throughout the accounting
period (TallySolutions, 2022).

Realization concept

The accounting principle dictates that income is recorded when it is

earned, irrespective of when payment is received. Anything paid or
received prior to the delivery of the goods or services to the buyer is not
considered profit (TallySolutions, 2022).

Constraints and threats

In term of materiality, according to Weetman (2011), information is
deemed relevant if its absence or 11 distortion has the potential to
influence the economic judgments of users based on financial
statements. Its significance is determined by the item's significance or
inaccuracy, as well as the circumstances surrounding its absence or
misrepresentation. According to the IASB Framework, materiality is a
criterion for establishing whether information is consumer-relevant. It is
possible that the description of an item will render it tangible. It is
possible for the quantity of a thing to turn it material.

In term of conservatism, Costs and liabilities must be documented as

quickly as possible when the outcome is uncertain, while income and
assets should not be reported until they are certain to be received. You
should choose the transaction that leads in a smaller profit or, at the very
least, a profit deferral when offered a choice between numerous events
with equal probability. Recognize the transaction that causes a decrease
in the asset's reported value if a selection of outcomes with equal

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probability could affect the asset's value. The lower of cost or market rule,
which asserts that inventory should be recorded at the lower of its
purchase price or its current market value, is founded on the idea of
conservatism. In addition, the concept contradicts the objectives of
taxation authorities since when it is implemented, the amount of taxable
income declared tends to decrease, resulting in less reported taxable
income and reduced tax revenues.

Accounting regulations
Good accounting enables investors, managers, and regulators to directly
compare organizations, in addition to helping managers maintain control
of their business. The Generally Accepted Accounting Principles (GAAP)
were established as the accounting standard in the United States to
ensure that all organizations' accounting procedures could be compared
directly. The Generally Accepted Accounting Principles (GAAP) are a set
of accounting rules and standards used for financial reporting. In the
United States, publicly traded corporations are governed by US GAAP.
International Financial Reporting Standards are utilized by the majority of
the globe (IFRS). Through convergence, however, the United States is
transitioning from US GAAP to IFRS standards. The goal of convergence is
for US GAAP to closely resemble IFRS standards. When preparing financial
statements, corporations and their accountants must adhere to these
fundamental guidelines (Maclay, 2022).

The abbreviation for Vietnamese Accounting Standards is VAS. The

Accounting Law mandates that both domestic and international
enterprises document financial transactions in compliance with the
Vietnamese Accounting Standards (VAS) set by the Vietnamese Ministry
of Finance. The VAS defines guidelines for accounting, financial reporting,
and financial statement compilation (Lindemann, 2020). Foreign
investors must be well-versed on the basic characteristics of VAS in order
to properly comprehend compliance requirements and make intelligent
investment decisions. The Vietnamese government now has 26 VAS
accounting standards based on IFRS. The Ministry of Finance (MoF) has

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recently issued Circulars No. 200/2014/TT-BTC and No. 202/2014/TT-BTC
to provide local and foreign businesses in Vietnam with guidance on these
standards, which improve the comparability and transparency of
corporate financial statements and bring the two systems closer together
(Lindemann, 2020). In accordance with VAS 24, the cashbook and ledger
bank deposits relating to the side account are used to generate cash flow
statements. VAS 24 explains how to prepare cash flow statements using
the indirect method, beginning with pre-tax earnings plus or minus
adjustments for payable discrepancies, excluding payables attributable to
financial investment activities (Lindemann, 2020). According to VAS 21,
the Statement of Changes in Equity is provided in the Notes rather than
as a core element of the financial statement. In addition, VAS does not
require management to provide crucial judgments, future assumptions,
or sources of estimation uncertainty.

International Financial Reporting Standards and International Accounting

Standards Board are abbreviated as IFRS and IASB, respectively.
International Financial Reporting Standards and international accounting
interpretations compose IFRS. IFRS is utilized in over 115 countries and
by foreign corporations listing on U.S. stock exchanges. IFRS will replace
VAS in the future and create international conformity in the realm of
accounting. The Ministry of Finance is responsible for IFRS
implementation in Vietnam. In March of 2019, the Ministry of Finance
released a suggested IFRS roadmap before submitting it to the Prime
Minister for approval. The proposal includes three phases for IFRS
implementation. The first phase occurs between 2019 and 2021, the
second between 2022 and 2025, and the third in 2025 (Lindemann, 2020).

Generally Accepted Accounting Principles (GAAP) is the abbreviation for

Generally Accepted Accounting Principles. In 1936, the American
Institute of Accountants first adopted GAAP language (AIA) (Fernando,

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2022). FASB-established GAAP is the collection of accounting regulations
that U.S. firms must follow while generating financial statements. The
GAAP seeks to improve the clarity, standardization, and comparability of
the transmission of financial information. The GAAP differs from pro
forma accounting, a non-GAAP financial reporting method. The goal of
GAAP is to ensure that a company's financial statements are complete,
standard, and comparable. The GAAP principles are guided by 10
fundamental concepts. These include the principles of Regularity,
Consistency, Sincerity, Permanence of Methods, Noncompensation,
Prudence, Continuity, Periodicity, Materiality, and Utmost Good Faith
(Fernando, 2022).

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4. Provide an example to show the usefulness of accounting function

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 Figure 2 – Annual report of BIDV (BIDV, 2022)

Using financial statements, firms can determine their year-to-year profit

and loss data. In addition, the financial statements offer BIDV with a
complete picture of their business's financial situation, enabling for
enhancements to be made to increase the company's earnings and
profits. BIDV’s overall profit before tax in 2020 was 9,026,243 million
VND, however, there was a significant growth of 13,547,651 million VND.
This indicates that the budget, cash flow management, and business
development are successful and should be supported.

5. Conclusion
The author's point clarifies the role of accounting within an organization,
as well as the context and purpose of financial and managerial accounting
inside the company. This report could be used to market and sell PWC's
accounting services to new and existing clients.

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