ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

Unit number and title Unit 5: Accounting Principles (5038)

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Student name Do Ngoc Dat Student ID BH00495

Class MA06201 Assessor name Hoang My Linh

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 I. Introduction:

A large accounting firm undertakes extensive business consulting work for its clients. With its headquarters in the
heart of London, it is the second-largest professional services network in the world. Last year, the group turnover
was £200 m with 25% deriving from non-UK markets, principally in Southeast Asia. They have a small regional
office in Vietnam. As an Intern, working with the company's SME Units, in this blog, my mission is to provide
accounting and financial services to businesses.

This is the "Role of Accountants in Organization" blog. This blog is split into two sections: The organization's
accounting function is explained in further detail in the first section, along with the organization's definition, goals,
and key users of the accounting data, for instance, determining how accounting relates to other organizational
activities. The second section covers the functions and significance of accounting as an information system, as well
as a comparison of financial accounting and management accounting, accounting principles, accounting limitations
and ethical issues, and accounting rules. analyzing accounting's contribution to decision-making critically.

As you are aware, accounting tasks are necessary for all businesses, regardless of size, sector, or design.
Depending on how they manage their costs, they can either engage their own accountants or hire outside help.
Accounting aids the manager/CFO in terms of cash flow, assets, and hazards in addition to allocating costs and
calculating revenues. Therefore, the goal of the blog is to share and help you better understand the role of
accountants in an organization in general and in particular.

II. The role of accounting in an organisation

III. PricewaterhouseCoopers (PwC) is a multinational corporation that serves as a partner in the
IV. provision of extensive business consulting services.
1. Definition of accounting and general role of accounting in an organization
1.1.Definition

What is the meaning of accounting? There have been many creative definitions of accounting over the decades.
Accounting is the process of accumulating, analyzing, and communicating accounting transactions.This data is
useful for people who need to make business decisions and strategies, as well as those who need to manage such
firms (Atrill and McLaney, 2018). Users who are interested in the business and make decisions based on the
accountant's report include customers, employees, the government, and owners.
According to Leadgle (2023), The accountant is divided into 02 categories as follows:

 Corporate accounting: is an accountant in enterprises operating with the main goal of profitable business.
 Government accounting: is an accountant at non -business operating units, such as social charity
organizations,

State organizations, ...

1.2.General role

Additionally, accounting aids in the development of future projections, which have the ability to make or break
your company. It will assist you in assessing the business trends and forecasts that will enable you to maintain the
profitability of your operations. Thud, having a well-organized accounting process is essential. Keep financial
records up to date

Financial statements are maintained with the aid of accounting. For tax filing purposes, every business must file its
financial statements. It will be simple to resolve every situation and achieve your goals if you keep an accurate
record of your company's finances. Ensure that all laws are followed.

Companies need statutory compliance in order for their accounting system to be recognized by various laws and
regulations. With a structured accounting system, all liabilities—including those related to income tax, sales tax,
pensions, employee funds, etc,can be easily addressed.

There are 3 accounting functions, they are Identifying, Recording and Communication:

 First, Identifying financial information, it entails determining which financial transactions relating to the
company should be recorded. The purpose of this function is to help the accountantproviding the
company manager accurate financial statements.
  The second function is Recording the information collected. This function’s purpose is to documenting all
financial transactions in the proper records or databases in a systematic and chronological order (Roberts,
2021).
 Finally, Communication. This function is to reporting the information in the way that meets the need of
users.(Mc Laney,2018). There are 2 kinds of users those are Internal users are the people that inside and
work directly with the organization (manager, worker, etc.) and External users, the people outside the
organization and have a relationship between the organization (Bank, Supplier, etc.).

Therefore, it can be said that the role of accounting in an organization is extremely important in contributing to
building the brand, name and success of the business.

2. Different types of accounting and the main users of accounting information.

2.1.Different types of accounting

In order to meet the needs of organizations and businesses that are constantly changing, new types of accounting
are likely to emerge as the accounting field continues to develop. To satisfy the needs of various organizations,
there are numerous different types of accounting. According to Laurinavicius, 8 Types Of Accounting: Tax
Accounting, Financial Accounting, Management Accounting, Cost Accounting, Forensic Accounting, Governmental
Accounting, International Accounting, Auditing.

 Tax accounting is the most popular type of accounting. Tax accountants help individuals, businesses and
nonprofit organizations comply with the Internal Revenue Code. They also help their clients develop tax
strategies to reduce their taxes as much as legally possible (Laurinavicius,2023). After all, errors in your tax
accounting could cost you a lot of money and land you in legal trouble with the IRS. It is therefore best to
leave the handling of your taxes to professionals.
 Financial Accounting help businesses track, record and categorize financial transactions
(Laurinavicius,2023). There are three main types of financial statements:
Income statement: Summarizes the company’s revenue and expenses over the accounting period.
Cash flow statement: Summarizes the company’s cash inflows and outflows over the accounting period.
Balance sheet: Summarizes what the company owns and what it owes at the end of the accounting period.
Along with the head accountant,the financial accounting department will perform the work of corporate
accounting. In particular, the financial accountant will directly advise the director with the chief
accountant on the company's financial policies, helping the business have favorable financial operations.
 Management Accounting, also known as management accountants, collect financial data, analyze it,
compile it into reports and then present it to the company’s management. Unlike the previously
mentioned financial statements, these reports are intended for internal use only and aren’t governed by
external regulations (Laurinavicius,2023). The objective is to support these people in making decisions
about how to manage the business to maximize profitability. Financial reports created by management
accountants are used by managers to make operational decisions. They offer insights into capital, margin
and constraint analysis, inventory levels, and costs using their expertise in accounting, finance, and
economics. Management accountants may also be involved in risk management, decision analysis,
planning, budgeting, and performance evaluation.
  Cost Accounting is a form of managerial accounting that aims to capture a company's total cost of
production by assessing the variable costs of each step of production as well as fixed costs, such as a lease
expense (Tuovila, 2023). While a decrease in cost efficiency is probably unavoidable as your business
grows, cost accounting can help you counteract it. Hiring a good cost accountant might prove to be a
significant investment!
 Forensic Accounting is a type of accounting that “follows the money” and analyzes financial information
to look for evidence of potential financial misconduct. Forensic accountants investigate companies’ and
people’s financial records and use accounting and legal skills to interpret and communicate their findings
to others (Kaplan,2023). If you believe that there may be illegal activity taking place in your business, it
may be a good idea for you to speak with a forensic accountant. Additionally, even if you don't have these
suspicions, hiring a forensic accountant to examine the business' finances might still be a smart move
because it's always beneficial to regularly get an outside, impartial viewpoint on your financial situation.
 Government accountants are responsible for budgeting, managing and tracking the government’s
finances. They need to follow the standards set by the Governmental Accounting Standards Board
(Laurinavicius,2023). Because the needs of the government are different from those of businesses in the
private sector, it necessitates a skill set that is distinct from those of all other types of accounting.
 International accountants help companies navigate regional, national and local laws and regulations. They
must adhere to the International Financial Reporting Standards (IFRS), developed by the International
Accounting Standards Board (IASB) (Laurinavicius,2023). International accounting is essential for
businesses that want to grow internationally but is irrelevant for those that only operate in one nation. If
you want to enter a foreign market, it's a good idea to hire an international accountant because breaking
its laws could land you in hot water.
 Auditing, Whether auditing belongs among the different categories of accounting is up for debate. Why?
because auditing can be done in relation to forensic, international, financial, management, and tax
accounting. However, it plays such an important role in the accounting world that we decided it would be
unfair not to include it in this list. Audit is an important term used in accounting that describes the
examination and verification of a company’s financial records. It is to ensure that financial information is
represented fairly and accurately ( CLI, 2023). To make sure that businesses are not inflating their taxable
income, audit choices are made. Tax fraud is the intentional or unintentional understatement of taxable
income. The IRS and CRA now find taxpayers who are highly likely to commit tax fraud by using statistical
formulas and machine learning.
2.2.The main users of accounting information

Users of accounting information are internal and external. External users are Lenders, Customers, Suppliers,
Government and its Organizations, Investment analysts, Competitors, Community representatives and internal
users are Owners, Managers, and Employees of the company (iEduNote,2023).
 2.2.1. Internal

Owners: Need accounting data to evaluate the performance of their businesses. The owner will specifically assess
the company's consistency over time using accounting data and take changing levels of economic factors into
consideration. Financial statements contain data on profits and cash flow. Furthermore, owners use this
information to evaluate risk and choose whether to invest in new projects.

Managers: Accounting data is required to plan, monitor, and make business decisions. For example, when making
investment decisions, managers would require the return on investment calculation of a proposed project to be
supported by precise estimates of the costs and revenues.

Employees: The job descriptions for staff members working in the finance division frequently include using
accounting data. This includes, for instance, the creation and analysis of various financial reports, like financial
statements. Employees are interested in a company's performance because it may have an impact on their pay
and job security. Many employees read the accounting information in the annual report to better understand the
organization's operations. Prospective employees are also interested in the financial health of the organization
they intend to work for in the future. Additional examples include sales representatives, budget officers,
controllers, and internal auditors.

2.2.2. External

Lenders: enquiring about the financial situation of a company. The lender also wants to know the full economic
picture of the business. They want to know about cash flows and repayment plans, among other things, to lower
the risk of default or default. Lenders desire proof that the company can pay back the debt when it matures.
Customers: Customers interested in the future of an organization, particularly if they depend on it or have a long-
standing relationship with it. A company's reputation among its clients can be enhanced or diminished by
accounting information.

Suppliers: Just like lenders, suppliers require accounting data to determine the creditworthiness of their clients
before extending credit for the purchase of goods and services. Only a small number of customers use certain
suppliers. These clients may be very sizable corporations themselves. In order to determine whether their business
is in good health and achieve sustainable business growth, suppliers need accounting data from their most
important clients.

Government and its Organizations: The government and its agencies are interested in resource allocation and,
consequently, business activities. In order to control business activity, set tax policy, and calculate various
indicators, including GDP and National Income, they also require the information.

Investment analysts: They use accounting information if they want to invest in a company. Based on financial
statements from the years the business has been operating, they require accurate information about the financial
status report of the company. in order to decide whether or not to invest

Competitors: Effectively gathering and examining accounting data from competitors can lead to a competitive
advantage. Competitors can make decisions that help them succeed in the market by understanding their rivals
better.

Community representatives: Community representatives can use accounting information to assess the impact of
companies on the community. For example, a community development organization might use accounting
information to track the company's job creation or its charitable giving.

3. Interrelationships of the accounting function and other functions

3.1.Relationship between Accounting and Marketing

Accounting and marketing functions work hand-in-hand because one of the four main components of marketing is
managing pricing strategies (Redsteer, 2016). Therefore, to ascertain how different price points that affect sales
change profit margins at various sale volumes, an accounting department must collaborate closely with the
marketing department.

A business's financial health is determined by the accounting department, which in turn provides a marketing
department with a budget to work within. This is how accounting departments and marketing departments are
related. Accounting departments provide senior management with information about whether the company can
devote more resources to marketing by monitoring sales trends.

For instance, marketing may be limiting a company's ability to succeed if it saw higher than usual sales but spent
more than half of that sum on a marketing campaign. Accountants are useful in this situation. In terms of analyzing
the right kind of data, accountants perform significantly better than marketing experts. At the same time,
marketing professionals are better at identifying the kinds of endeavors that produce the best outcomes. They can
keep an eye on the company's expenses and sales trends, giving management the data it needs to decide whether
to expand or cut costs. Marketing and advertising expenses rank among the most significant ones a company can
incur. A company needs to be able to advertise its products and services, but they also need to be able to control
the costs associated with doing so.

Marketing and advertising expenses rank among the most crucial ones a company can incur. A company needs to
be able to advertise its products and services, but they also need to be able to control the costs associated with
doing so. For instance, based on projected levels of marketing activity, financial projections and business planning
are frequently made.

Marketing departments can give accounting departments business forecasts, which assist accounting in allocating
resources effectively (Redsteer, 2016). Accounting may receive information from marketing about the best-selling
goods or services. Together, the two divisions must develop a budget for upcoming marketing initiatives.
Management is kept up to date on the results of particular marketing campaigns by the accounting and marketing
departments, which aids management in developing new strategies.

3.2.Relationship between Accounting and Human Resources

Accounting and HR are two very different corporate components that they represent and collaborate with. They
actually combine in a variety of ways, though. They do this, for instance, when creative hiring techniques are
necessary to entice top talent. Together, they choose the benefits that should be provided as well as a competitive
salary package for potential hires. HR specialists are adept at spotting organizational problems that may be
affecting employee retention. Additionally, they will be able to develop plans to raise employee satisfaction. This
can involve, among other things, putting an emphasis on wellness, enhancing benefits, and considering work-life
balance.

One blatant illustration of how human resource practices can affect a company's finances and profitability is
employee retention. Low employee retention will cost any business money, due to having to advertise new staff,
the cost of training, and the time it takes for them to become a truly useful member of the team
(Choice,2023).Low morale and dissatisfaction may also be the cause of poor performance. Goals for profitability
and customer satisfaction may be impacted by this.

If human resources are kept completely separate from accounting, it may be difficult for this important
information about employee turnover to be shared, which can negatively impact both departments (Choice,2023).
Human resources may not be aware of problems with employee satisfaction, and accounting may be blind to the
effects of high employee turnover on the business as a whole.

Overall, paying attention to how accounting and HR interact can help businesses support their most valuable
resource—their workforce—while also running as efficiently as possible.

3.3.Relationship between Accounting and Business Finance

Business finance and accounting are two closely related activities in a company. Business finance includes activities
that help a company fund its activities and operations. Accounting is the process of recording and reporting
financial figures from business transactions. The relationship between business finance and accounting exists
because the former activity often uses figures from the latter. In other cases, business finance analysts review
accounting information to determine the efficiency and effectiveness of operations (Vitez,2023)

Companies often divide their finance and accounting functions among multiple employees. This ensures that the
company has appropriate segregation of duties to prevent employees from manipulating information. Companies
also need to develop specific job responsibilities to further clarify roles. Large companies may also need two
separate departments to handle their financial data. In many cases, the finance department employs fewer people
than the accounting department.

Finance and accounting related. The accounting process generates one of the important raw materials needed for
financial decisions: financial data. Accounting is a tool specifically designed to handle the financial aspects of
business operations. It focuses solely on the financial goals of the business because these goals can be measured
in monetary terms. The difference between financial management and management accounting is semantic, but
the gap between the two is closing rapidly. But in a broader sense, financial management refers to the planning
and control of all activities involving financial resources, while management accounting originally refers to the
internal management of finance. Accountants work to collect and present financial data. The financial officer
evaluates the accountant's statements, compiles additional data and makes decisions based on his analysis. In
fact, good financial management depends on good accounting (Fracis,2023).

Accounting and finance are interconnected. Without proper financial management, it is difficult for a business to
run smoothly. Steps to help companies manage their finances and drive growth and development. Accounting is a
complex subject and students studying accounting must deal with complex concepts and calculations. Even when
students can understand complex concepts and calculations, they have difficulty completing tasks. In this case,
accepting finance assignments helps in writing a perfect assignment which helps them get good marks.

3.4.Relationship between Accounting and Management

The relationship between accounting and management is crucial for the effective operation and decision-making
within an organization. Let's delve into how accounting and management are interconnected and their specific
examples.

Planning and Budgeting: Accounting provides financial data and analysis that are essential for the planning and
budgeting process. By analyzing past financial performance and forecasting future trends, managers can make
informed decisions about resource allocation, setting goals, and developing strategies. For instance, management
relies on accounting reports such as cash flow projections and cost analysis to create realistic budgets.

Performance Evaluation: Accounting plays a vital role in evaluating the performance of different departments,
projects, or individuals within an organization. Management uses accounting information to assess key
performance indicators, such as profitability, return on investment, and cost efficiency. By comparing actual
results with budgeted figures or industry benchmarks, managers can identify areas of improvement and take
corrective actions. For example, managers may review financial statements and variance reports to determine if
sales targets were met and to identify cost overruns.

Decision Making: Accounting information is essential for managerial decision-making. Managers rely on financial
reports, such as income statements, balance sheets, and cash flow statements, to assess the financial health of the
organization and evaluate the impact of potential decisions. For instance, managers may use cost-benefit analysis,
break-even analysis, or return on investment calculations to decide whether to invest in new projects, expand
operations, or make changes to product pricing.

Monitoring and Control: Accounting provides managers with tools to monitor and control the financial activities
of the organization. Through financial reports and internal controls, management can track revenues, expenses,
assets, and liabilities to ensure compliance with regulations and organizational policies. For example, managers
may review monthly financial statements and conduct internal audits to identify irregularities, risks, or
inefficiencies that require corrective actions.
Strategic Planning: Accounting information is crucial for long-term strategic planning. Managers use accounting
data to analyze market trends, assess the financial viability of potential investments or acquisitions, and evaluate
the impact of strategic decisions on the organization's future performance. For instance, managers may use
financial ratios, such as return on investment and debt-to-equity ratio, to evaluate the financial stability and
growth potential of the organization.

In summary, accounting and management are closely intertwined. Accounting provides managers with financial
data, analysis, and reports that are essential for planning, budgeting, performance evaluation, decision-making,
monitoring, control, and strategic planning. By effectively utilizing accounting information, managers can make
informed decisions, improve organizational performance, and achieve their goals.

4. the role of accounting in providing the information to help the Manager in decision- making to meet
organisational, stakeholder and societal needs within complex operating environments (such as during
the Covid-19)

Accounting plays a critical role in providing information to help managers make informed decisions to meet
organizational, stakeholder, and societal needs, particularly in complex operating environments like the ongoing
Covid-19 pandemic. Let's critically evaluate this role:

Timely and Accurate Financial Information: Accounting provides managers with timely and accurate financial
information, enabling them to assess the financial health of the organization. During the Covid-19 crisis, this
information is essential for making decisions regarding cost-cutting measures, cash flow management, and
resource allocation. It helps managers identify areas of financial strain and take necessary actions to ensure the
organization's sustainability.

Scenario Planning and Forecasting: Accounting data assists managers in conducting scenario planning and
forecasting. During uncertain times like the Covid-19 pandemic, managers need to anticipate potential outcomes
and develop strategies accordingly. Accounting information, such as historical financial data and cost projections,
helps in analyzing different scenarios and evaluating the potential impact on the organization's financial
performance.

Cost Management and Control: Accounting provides insights into cost structures and helps managers identify
cost-saving opportunities. In challenging operating environments, managers must carefully manage costs to
ensure the organization's survival. Accounting information, such as cost analysis and budgeting, enables managers
to identify areas of inefficiencies, eliminate unnecessary expenses, and optimize resource allocation.

Risk Assessment and Mitigation: Accounting helps managers assess and mitigate risks by providing information on
the financial impact of various risks. During the Covid-19 pandemic, managers must analyze potential risks, such as
supply chain disruptions, reduced demand, and liquidity constraints. Accounting information assists in evaluating
the financial consequences of these risks and developing risk mitigation strategies.

Stakeholder Communication and Transparency: Accounting information facilitates effective communication with
stakeholders, including investors, creditors, employees, and regulators. During times of crisis, stakeholders need
transparent and reliable financial information to make informed decisions and assess the organization's ability to
navigate through challenges. Accounting enables managers to provide accurate financial reports and disclosures,
thereby maintaining stakeholder confidence and trust.

Ethical and Social Responsibility: Accounting plays a crucial role in promoting ethical and socially responsible
practices within organizations. During the Covid-19 crisis, organizations are expected to act responsibly towards
employees, customers, and the wider society. Accounting provides information on the financial impact of ethical
and social responsibility initiatives, enabling managers to make informed decisions that align with organizational
values and societal expectations.

In conclusion, accounting's role in providing information to help managers make decisions in complex operating
environments like the Covid-19 pandemic is of utmost importance. By providing timely and accurate financial
information, assisting in scenario planning, supporting cost management and control, facilitating risk assessment
and mitigation, enabling stakeholder communication, and promoting ethical and social responsibility, accounting
empowers managers to navigate through challenges and meet the diverse needs of organizations, stakeholders,
and society.

5. Career opportunities in accounting

When learning about this viable and lucrative topic of study, the majority of students want to know, "What are the
career opportunities in Accounting?" Understanding these issues is not difficult because knowing the sector and
the opportunities thoroughly is crucial for everyone who wants to learn well and thrive at work. How does the
career go?

To succeed in accounting, you must have a genuine enthusiasm for numbers and be able to work with them
consistently day in and day out while feeling content when "arranging" them so that they take on meaning.

Any business or organization needs accounting to function effectively. As a result, there are more available
positions in the Accounting profession for recent graduates thanks to the industry's growing demand for recruits.
The accounting sector will have additional prospects for future growth, particularly during the current phase of
digital transformation in education. Evidence from previous data up to 2019, the employment rate of the
Accounting industry grew by about 22% per year (Yersin,2022). And currently in our country there are thousands
of businesses established, with on average each business needs 2 - 6 accountants. From there, it can be seen that
the job opportunities in the Accounting industry are extremely large and diverse.

An accountant can work in practically any specialized sector and deals with financial records. Jobs in accounting
are plentiful, well-paying, and provide stability in both work and pay. A job in accounting might be suitable for you
if you're seeking a change of career or if you've always been interested in math and bookkeeping.

Here are just a few of the intriguing employment possibilities in accounting:

 Auditor: An auditor inspects a company’s financial records and checks for accuracy and reliability
(Ottawa,2022). The role of an auditor can vary depending on the company or the type of auditor –
internal, external, government, or forensic. An auditor’s responsibilities can include organizing and
examining financial statements to comply with laws, making best-practice recommendations to
management, and ensuring taxes are filed properly and on time.
 Accountant for Information and Technology: There is an increased need for employment in technology
and accounting. The system a business chooses to organize and report financial data is under the control
of information and technology accountants. This position calls for expertise in both accounting and
information technology, making it ideal for a problem-solver with a passion for finding technological
solutions (Ottawa, 2022).
 Prepares taxes: There is never a lack of folks who require assistance with tax preparation. Not everyone
also requires a CPA. At that point, they consult a licensed, qualified tax preparer. To give everyone
involved peace of mind, you will calculate, file, and sign income tax returns for both individuals and
businesses as a tax preparer (Monroe, 2022).
 Assistant in Accounting: The tasks performed by an accounting assistant may differ from one firm to
another, but they are always crucial. You'll monitor budgets, keep financial records, create balance sheets,
and more as an accounting assistant. Your skill set will continue to expand as you work, further preparing
you for a profession with outstanding growth potential (Monroe,2023).
 Accounting Clerk: When you perform a task, you prefer to be paid on schedule. Everyone else in an
organization shares this sentiment, which is where payroll clerks are useful. As a payroll clerk, you'll gather
timesheets from workers, sort them into categories, perform a final check, and ensure that everyone is
paid at the end of each pay period. If an employee chooses to use direct deposits, you will process them.
Additionally, with in-depth understanding of tax laws, you'll ensure that the proper amount of tax is
deducted from each paycheck, ensuring that no one receives unpleasant tax shocks (Monroe, 2022).

6. Required skills and competences for accounting roles

Due to the increased competition in the accounting and finance sectors, employers only consider highly qualified
accountants. To be selected for an interview and to be hired, you must be really excellent. Even while businesses
still value excellent transcripts and qualifications, you need to possess certain abilities if you want to succeed in
the accounting industry. So, whether you already have a degree in accountancy, you’re currently an accounting
major, or you’re actively exploring careers in accounting, it’s important to know the best skills employers are
looking for in their accounting employees.

Below are the skills needed:

 Research skills:

Accountants often conduct research to understand economic conditions that may affect a company, such as
supply and demand (Indeed Editorial Team, 2023). This study aids accountants in gathering data and effectively
presenting it to business executives to aid in their decision-making processes. Additionally, research might be
helpful for accountants to comprehend complicated business operations or pick up new skills as technology
develops.

 Knowledge of Accounting Practices:

Generally Accepted Accounting Principles, or GAAP, will undoubtedly become recognizable to accounting majors.
To make sure that criteria for financial reporting are met and integrity in the organization's accounting practices is
maintained, it is also crucial to be aware of the regulatory standards relating to corporate and public finances.

 Forecasting and planning:

Accountants are frequently given responsibilities that include assisting the leadership team of a company with
budgeting and forecasting work. Budgeting is the process of predicting a company's financial expectations for a
limited time period. Managers may ask accountants to estimate key financial benchmarks like costs and revenue
so they can compare the numbers at the beginning and end of the fiscal year.

With the aid of forecasting models developed by accountants, businesses can use historical data to estimate their
financial indicators, assisting in both short- and long-term financial decision-making. Accounting professionals may
effectively direct firms by using budgeting and forecasting as essential tools for planning for future growth. For
them to succeed, it is essential to comprehend both ideas.

 Proficiency in Accounting Software:

The accountant's job include using account reconciliation and popular spreadsheet software to a large extent. The
general accountant should also be proficient in software for managing projects, database reporting, financial
reporting and analysis, financial statements, and compliance. You must be well-versed in tax software if you plan
to prepare taxes. Even if you aren't doing it yourself, you'll probably be gathering financial data and creating
paperwork for people who are. Therefore, being able to use tax software effectively can make you stand out to
potential employers. Common spreadsheet skills that accountants often possess include:

Pivot tables: This is a data processing technique that groups similar values together. Accountants can use pivot
tables to analyze a set of data from different perspectives (Indeed Editorial Team, 2023).

Formulas: Accountants can use spreadsheets to create formulas, which help professionals conduct equations using
data in the cells on a spreadsheet. This can assist accountants in performing complex mathematical calculations
quickly and effectively (Indeed Editorial Team, 2023).
Charts: Accountants can also use spreadsheets to create charts, which represent numerical information
graphically. They can use these charts to communicate key financial information in a simple and concise way
(Indeed Editorial Team, 2023).

 Ability to Prepare Financial Statements:

The process of financial reporting comprises creating summaries of a company's financial performance. These
reports are created by accountants to assist business executives with crucial financial choices. The three primary
statements you should be able to prepare going into a new job are income statements (profit and loss), cash flow
statements (movement of cash assets), and balance sheets (a real-time look at assets, liabilities and equity)
(Ottawa, 2023). These statements provide a regular view of the financial health of your firm.

 Business savvy:

Understanding how a business runs is referred to as having business acumen. Accounting is just one part of having
a well-rounded understanding of company, but accountants can also gain by being familiar with topics like
marketing, operations, and human resources. Accounting professionals can work with managers or business
executives to uncover chances for growth and maximize earnings by having a general knowledge of subjects
outside of accounting.

 Time management:

Skills for managing time are essential to effectively exert control over one's life. Prioritizing tasks and organizing
one's schedule in accordance is crucial for productivity. It helps to allocate the appropriate amount of time to each
activity that is necessary to complete in a given day. Practicing these skills will foster the ability to manage time
effectively, ultimately leading to better time utilization for personal growth and achievement.

To become a valuable asset to your company, it's crucial to have a clear understanding of the various tasks you
must complete, when they must be finished, and how to manage your time effectively. When you are successful in
meeting your client's needs by delivering work on schedule, your employers will trust you more, and you'll feel
more confident. One great approach is to use a comprehensive planner or hold yourself accountable by setting
regular phone alerts or following a daily checklist. It's essential to be in charge of your schedule, no matter what
method you choose. Stay quick on your toes and ready to adapt to sudden demands. Keep your schedule
malleable for immediate needs that come up, but be sure to reorganize things accordingly to stay productive.

 Accuracy:

Accounting professionals must appropriately complete financial papers because they serve as a record of a
business's financial performance. Businesses can use this information to efficiently manage cash flow, pay taxes on
time, and comply with other legal obligations. Accountants adhere to deadlines, exercise caution while assessing
data, and routinely examine mathematical computations to show the correctness of their work.

 Teamword:

Are you a good teammate? Most of the time, accounting requires working on a team that may include members
from different departments. To succeed in a team environment, you must be cooperative, assertive, caring, and
effective. Accountants may collaborate with their team to ensure accurate data, enhance operational procedures,
and support company decision-making. Successful accountants support their team members in problem-solving
and provide constructive criticism to honor their colleagues for their hard work.

 Critical Thinking Skills

Accountants must be able to assess data, identify issues with the data or the supporting paperwork, and provide
solutions that effectively address any issues that may develop. As an accountant, you must not only have a
thorough awareness of current tax laws but also be able to utilize analytical thinking and critical thinking to reduce
your customers' tax liabilities while ensuring that all applicable regulations are followed. As you will apply them on
a daily basis in this profession, it will be a challenge for you to develop and polish your critical thinking abilities.

Businesses' financial accounting staff should possess the following four fundamental competencies: Expertise,
Insight, Collaboration và Drive.

 Expertise:

Tasks can only be completed effectively when the financial accounting team is competent. This is because it makes
it possible to process financial data accurately, consistently, and with the ability to offer reliable suggestions for
company decisions. As a result, one can protect their financial situation and reduce any hazards.
Financial accountants' professional competence is demonstrated by their accounting expertise, analytical abilities
for managing financial risk, knowledge of legal requirements and rules, and capacity for providing guidance and
help. Financial accountants that possess these skills are better able to do their duties and advance the company
(SAPP,2023).

 Insight:

An essential ability for success in the accounting field is a thorough awareness of the accounting sector. Your
chances of succeeding in an accounting job can be improved by putting in the time and effort necessary to build
your grasp of the sector.

Here are a few instances of in-depth knowledge of the accounting sector:

- Accounting tasks can be accurately carried out by an accountant if they are familiar with fundamental
accounting principles.
- Accounting rules and standards may be adhered to and the accuracy and dependability of financial reports
can be guaranteed by an accountant who is familiar with them.
- An accountant who is familiar with accounting systems can efficiently capture and report financial data
using software and procedures.
- An accountant who is aware of market trends can make wise financial choices and create winning business
plans.

 Collaboration:

Collaboration tools make it easier for Financial Accounting professionals to communicate efficiently with other
organizational departments. teamwork, information sharing, and effective problem-solving are all aided by
effective communication and teamwork. The success of financial accounting job is greatly influenced by effective
teamwork (SAPP,2023).

The cooperative ability of Financial Accounting staff is expressed in 5 aspects: Communication skill; Interaction and
engagement with stakeholders; Integration; Influential; Understanding (SAPP,2023).

- The following are some instances of how collaborative skills are applied in the accounting sector:
- Managers and accountants collaborate to assess financial data and make company decisions.
- To ensure adherence to accounting rules and standards, accountants collaborate with attorneys.
- Accounting responsibilities are handled by accountants in collaboration with other service providers.

Collaboration is a crucial skill for success in any profession, including accounting. You can improve your chances
of success in an accounting job by honing your collaboration skills.

 Drive

An industry that develops based on incentive is the accounting sector. People must be encouraged to retain
correct and full knowledge of the financial system in this sector, as well as to keep up with the most recent laws
and regulations. This calls for a commitment to quality in all facets of the job as well as an enthusiasm for the task.
Success in the accounting field is tough to attain without strong motivation.The Financial Accounting team needs
inspiration and motivation to execute duties, look for professional development opportunities, resolve issues, and
contribute to organizational growth.

The following characteristics of financial accounting professionals are evaluated to ensure working motivation: the
capacity for lifelong learning, tenacity, the ability to suggest new directions, professionalism and moral character,
and leadership (SAPP,2023).

These are a few instances of how being motivated might aid in your success in accounting:

- An accountant that is highly motivated will be able to pick up new abilities fast.
- An accountant that is highly motivated will be able to overcome obstacles and accomplish their objectives.
- An accountant that is driven to succeed will have a beneficial effect on their company.

Think about your reasons for wanting to work in accounting if you're thinking about doing so. You'll have a
better chance of succeeding in this field if you can pinpoint what inspires you.

III. The context and purpose of financial and management accounting

1. the roles and importance of accounting as an information system

As a system of information in organizations, accounting is essential. It is a method for gathering, processing,

analyzing, and distributing financial data to a variety of stakeholders, such as management, investors, creditors,
and regulatory bodies. Let's examine accounting's functions and significance as an information system:

 Gathering and arranging financial data: Accounting gathers and documents financial transactions to make
sure all pertinent information is accurately recorded. The information is then arranged in a methodical
way to make retrieval and analysis simple.
 Providing financial data: Accounting converts unprocessed data into useful financial data. Stakeholders
can use this information to make well-informed decisions about investments, financial planning, pricing
schemes, and resource distribution.
 Supporting decision-making: Accounting supports decision-making processes by delivering precise and
timely financial information. It gives management the ability to assess performance, pinpoint areas for
development, and make tactical decisions to realize organizational goals.
 Ensuring regulation adherence: Accounting as an information system aids businesses in adhering to
statutory and regulatory standards. Transparency and accountability are provided by ensuring that
financial statements are prepared in compliance with pertinent accounting standards.
 Evaluating financial performance: Accounting produces financial statements including income
statements, balance sheets, and cash flow statements that can be used to assess an organization's
financial performance. Insights into profitability, liquidity, solvency, and efficiency are provided by these
statements, which help with performance evaluation and benchmarking.
 Increasing financial transparency: Accounting encourages transparency by providing stakeholders with
accurate financial information. Investors, creditors, employees, and other stakeholders can make wise
decisions because of the trust and confidence that this transparency fosters among all of the parties
involved.
The recording and organization of financial data, the provision of financial information for decision-making, the
assurance of regulatory compliance, the assessment of financial performance, the support of resource allocation,
the enhancement of transparency and accountability, and the facilitation of performance evaluation are all
important functions of accounting as an information system. Its significance stems from its capacity to deliver
precise, trustworthy, and pertinent financial data that promotes efficient management and decision-making.

2. Distinguishing between financial accounting and management accounting in terms of purpose and scope

There has been a lot of misunderstanding regarding the differences between financial accounting and
management accounting. Financial accounting data is used by outsiders with many goals since it is overview and
published annually or half-yearly, whereas management accounting data is used by insiders with a clear aim
because it is highly detailed and available at any time. Financial data comprises of financial and historical data,
whereas management accounting data consists of both non-financial and financial information that predicts the
future as well as the past and the present (Atrill and McLaney, 2018).

Financial accounting and management accounting serve different purposes and have distinct scopes within an
organization. Let's differentiate between the two in terms of purpose and scope:

Financial Accounting:

 Purpose: Giving accurate and trustworthy financial information about a firm to external stakeholders
including investors, creditors, regulatory bodies, and the general public is the main goal of financial
accounting. The emphasis is on providing financial statements, such as the income statement, balance
sheet, and cash flow statement, that present historical financial data. External parties utilize the data
produced by financial accounting to make decisions and to comply with legal and regulatory requirements.
 Scope: Financial accounting encompasses the recording, summarizing, and reporting of financial
transactions and events that occur within an organization. It follows generally accepted accounting
principles (GAAP) or International Financial Reporting Standards (IFRS) to ensure consistency and
 comparability of financial statements ( Thảo Vân, 2023). Financial accounting focuses on providing an
objective and standardized view of an organization's financial position, performance, and cash flows.

Management Accounting:

 Purpose: The primary purpose of management accounting is to provide internal stakeholders, such as
management, executives, and employees, with relevant financial and non-financial information to support
decision-making, planning, controlling, and performance evaluation. It focuses on providing timely and
accurate information for internal use to help managers make informed decisions that drive the
organization's success.
 Scope: Management accounting goes beyond financial data and includes both financial and non-financial
information. It involves the collection, analysis, interpretation, and presentation of data related to various
aspects of an organization's operations, such as costs, budgets, forecasts, product profitability,
performance measurement, and strategic planning. Management accounting is flexible and customizable
to meet the specific needs of internal stakeholders.

In conclusion, management accounting serves the purpose of providing internal stakeholders with pertinent
financial and non-financial information to support internal decision-making, planning, and performance
evaluation, as opposed to financial accounting, which serves the purpose of providing external stakeholders with
reliable financial information for decision-making and compliance. While management accounting includes a wider
variety of information and is tailored to satisfy the demands of internal stakeholders, financial accounting
concentrates on historical financial data and adheres to defined reporting criteria.

3. The organisational constraints and threats following the concepts of accounting regulations (GAAP, IFRS
from FASB) and principles as well as ethics in accounting
3.1.The organisational constraints and threats following the concepts of accounting regulations (GAAP, IFRS
from FASB)

The professional ethics of the accountant are also taken into consideration as a key evaluation component.
Accountants are required to operate in accordance with specific accounting rules and regimes like GAAP or IFRS. It
keeps comparisons between the financial accounts of various businesses and the financial markets confident. How
can readers believe and comprehend the nature of the transactions if each corporation accounts in its own
manner? Let's find out more about IFRS and GAAP.

Generally Accepted Accounting Principles( GAAP) is a collection of generally followed account rules and norms for
fiscal reporting and relate to a common set of counting principles, norms, and procedures issued by the Financial
Accounting norms Board( FASB). Public companies in theU.S. must follow GAAP when their accountants collect
their fiscal statements( Fernando, 2023). GAAP specifications include delineations of generalities and principles, as
well as assiduity-specific rules. The purpose of GAAP is to insure that fiscal reporting is transparent and
harmonious from one public association to another, and from one account period to another( Begelow, 2022).

International Financial Reporting norms( IFRS) are a set of account rules for the fiscal statements of public
companies that are intended to make them harmonious, transparent, and fluently similar around the world. IFRS
is used primarily by businesses reporting their fiscal results anywhere in the world except the United States.
Generally Accepted Accounting Principles( GAAP) is the account frame used in the United States. GAAP is much
further rules- grounded than IFRS. IFRS focuses more on general principles than GAAP, which makes the IFRS body
of work much lower, cleaner, and easier to understand than GAAP( Palmer, 2021).

While these regulations provide guidance for financial reporting, they can also impose certain limitations and
challenges on organizations.

 One constraint is the requirement for organizations to adhere to specific accounting methods and
principles outlined in GAAP or IFRS. These standards aim to ensure consistency, comparability, and
transparency in financial reporting. However, they can restrict organizations from adopting alternative
accounting approaches that may better reflect their unique circumstances. This constraint can limit
flexibility and innovation in financial reporting practices.
 Another constraint is the complexity of accounting regulations. GAAP and IFRS are comprehensive
frameworks that encompass a wide range of rules and guidelines. Complying with these regulations can be
challenging, especially for smaller organizations with limited resources or expertise. The complexity of the
standards can lead to increased costs associated with training, hiring specialized personnel, and
implementing sophisticated accounting systems.

In addition to constraints, organizations also face threats related to accounting regulations. Non-compliance with
GAAP or IFRS can have serious consequences, including legal penalties, fines, and reputational damage.
Organizations must ensure that their financial statements accurately reflect the financial position and
performance of the company. Failure to do so can result in regulatory investigations, lawsuits, and loss of investor
trust.

Moreover, accounting regulations are subject to change and updates. Keeping up with evolving accounting
standards can be a challenge for organizations. Changes in regulations may require significant adjustments to
financial reporting processes, systems, and internal controls. Failure to adapt to these changes in a timely and
accurate manner can result in non-compliance and potential financial and reputational risks.

Because of the difference between IFRS and GAAP, they face limitations and troubles:

IFRS:

 IFRS is less detailed than GAAP

 Perpetration costs for small businesses The transition to IFRS for these businesses far overweighs the
benefits
 Capital requests and the norms aren't the same in different countries

GAAP:

 Not used internationally

 GAAP frequently adopts a "one-size-fits-all" philosophy rather than taking into account the vast
differences that are frequently observed between organizations.
 Long wait times for new standards: GAAP policy boards go through rigorous deliberation and an extensive
process to set new standards for the generally accepted accounting principles.
To mitigate these constraints and threats, organizations should prioritize staying informed about accounting
regulations.Businesses need to carefully evaluate the benefits and costs of following both standards and may
choose a single reporting framework to streamline financial reporting. This can involve regularly monitoring
updates from standard-setting bodies such as the FASB and the International Accounting Standards Board (IASB).
Organizations should also invest in training and development programs to ensure employees have the necessary
knowledge and skills to comply with accounting regulations.

Additionally, organizations can engage external experts, such as auditors and consultants, to provide guidance and
assistance in navigating complex accounting standards. Implementing robust internal controls and conducting
regular audits can help identify and address potential non-compliance issues before they become significant
problems.

In conclusion, accounting regulations such as GAAP and IFRS provide important guidelines for financial reporting.
However, they can impose constraints and pose threats to organizations in terms of limited flexibility, complexity,
compliance, and costs. By staying informed, investing in resources, and implementing effective internal controls,
organizations can navigate these challenges and ensure compliance with accounting regulations.

3.2.Principles as well as ethics in accounting

Principles and ethics are fundamental aspects of accounting that guide professionals in their decision-making and
ensure the integrity and reliability of financial information. Let's explore how principles and ethics play a crucial
role in accounting.

Principles in accounting refer to the fundamental concepts and guidelines that provide a framework for recording,
summarizing, and reporting financial transactions. These principles, such as:

 Accrual principle:This is the concept that accounting transactions should be recorded in the accounting
periods when they actually occur, rather than in the periods when there are cash flows associated with
them (Bragg,2023). The accrual basis of accounting is built on this. It is crucial for the creation of financial
statements that accurately reflect what took place during an accounting period without being
unnecessarily delayed or accelerated by the related cash flows. If you disregarded the accrual principle, for
instance, you would only record an expense when you paid for it, which could include a significant delay
brought on by the terms of payment for the related supplier invoice.

 Materiality principle: This idea states that a transaction should be included into the accounting records if
doing so would have influenced how someone reading the company's financial statements would have
made a decision. Some of the more modest controllers have been known to keep track of even the tiniest
transactions because this is a really nebulous concept that is challenging to measure. Materiality depends
not only on the number of items, but also on the size of the business, the extent and nature of the
information, and the level of the person/department making the assessment of materiality.
 Matching principle : According to this rule, if a company recognizes and records revenue, it must also
report all related costs and expenses. For example, if items are sold during a particular time, the costs
related to those sales must likewise be recorded within that same period (Nikitha,2023).
 Prudence Principle: The conservatism principle, sometimes referred to as the prudence principle of
accounting, argues that a company should proceed with caution while recording incomes and expenses.
Particularly, it is thought prudent to record income only after it is actually realized. Additionally, as soon as
 there is a plausible chance that an expense will become payable, it should be scheduled (Tamplin,2023).
When in doubt, accountants should use a method that is less likely to overstate assets and income or
overstate liabilities and losses. Accountants can use their judgment when recording transactions
involving estimates. In other words, the prudential constraint helps accountants choose between
equally reasonable alternatives and forces them to choose the less optimistic option.

Ethics, on the other hand, deal with the moral and professional standards that govern the behavior of
accountants. Ethical considerations in accounting involve honesty, objectivity, confidentiality, and professional
competence. Accountants are expected to act in the best interest of their clients or employers, maintain
confidentiality of sensitive financial information, and avoid conflicts of interest. A professional accountant is
required to act diligently and in accordance with applicable technical and professional standards (ICAEW,
2013). Ethical behavior in accounting builds trust and credibility, both within the profession and with stakeholders
such as investors, creditors, and the public.

Adhering to ethical principles in accounting is not only a legal and professional obligation but also essential for
maintaining the reputation and integrity of the profession. Violations of ethical standards can result in legal
consequences, loss of trust, and damage to one's professional standing. By practicing ethical behavior,
accountants contribute to the overall stability and trustworthiness of the financial reporting system.

It is worth noting that accounting principles and ethics are closely intertwined. While principles provide the
framework for accurate financial reporting, ethics ensure that accountants apply these principles diligently and in
an ethical manner. Accountants must exercise professional judgment and integrity when applying accounting
principles to real-world scenarios, taking into account the specific circumstances and ethical considerations
involved.

In conclusion, principles and ethics are integral to the field of accounting. Adhering to accounting principles
ensures consistency and comparability in financial reporting, while ethical behavior fosters trust and integrity in
the profession. By upholding these principles and ethics, accountants contribute to the reliability and credibility of
financial information, benefiting both the organizations they serve and the stakeholders who rely on accurate
financial reporting.

4. The role of accounting in informing decision- making (increased regulation and accountability, risk
management, reputation, sustainability, governance) to meet organisational, stakeholder and societal
needs within complex and fast-changing operating environments

Accounting plays a critical role in informing decision-making within complex and fast-changing operating
environments. It provides valuable information that helps organizations meet their internal, external, and societal
needs. Let's evaluate the role of accounting in various areas such as increased regulation and accountability, risk
management, reputation, sustainability, and governance.

Increased regulation and accountability: Accounting regulations, such as GAAP and IFRS, have been implemented
to ensure consistency, comparability, and transparency in financial reporting. These regulations enhance
accountability by requiring companies to accurately record and disclose financial information. By adhering to these
standards, organizations can demonstrate their commitment to transparency, which in turn builds trust among
stakeholders.
Risk management: Accounting provides crucial information for identifying, assessing, and managing risks within an
organization. Financial statements, budgets, and forecasts enable decision-makers to evaluate the financial health
of the company, assess potential risks, and develop strategies to mitigate them. Additionally, accounting systems
can provide early warning signs of financial distress or fraud, enabling timely action to be taken to address these
risks.

Reputation: Accounting plays a significant role in shaping an organization's reputation. Accurate and transparent
financial reporting enhances credibility and trust among stakeholders, including investors, customers, and
employees. By providing reliable financial information, accounting helps organizations build a positive reputation,
which can lead to increased investor confidence, customer loyalty, and talent attraction.

Sustainability: Accounting also contributes to the evaluation of an organization's sustainability practices.

Environmental, social, and governance (ESG) reporting frameworks, such as the Global Reporting Initiative (GRI)
and the Sustainability Accounting Standards Board (SASB), enable organizations to measure and report their
impact on the environment and society. By incorporating sustainability metrics into financial reporting, accounting
helps organizations make informed decisions that balance financial performance with environmental and social
considerations.

Governance: Accounting plays a crucial role in supporting effective corporate governance. Financial reporting
provides a mechanism for monitoring and evaluating an organization's performance, ensuring accountability to
shareholders and other stakeholders. Robust internal control systems, including proper accounting practices, help
ensure that resources are managed effectively and in compliance with laws and regulations. Accounting also
assists in evaluating executive compensation, identifying potential conflicts of interest, and detecting fraudulent
activities.

In conclusion, accounting is instrumental in informing decision-making within complex and fast-changing

operating environments. It helps organizations meet their organizational, stakeholder, and societal needs by
providing accurate and transparent financial information. Through increased regulation and accountability, risk
management, reputation building, sustainability reporting, and governance support, accounting enhances
decision-making processes, contributing to the long-term success and sustainability of organizations.

IV. Conclusion

In conclusion, the blog provides a detailed description of the definition and goals of the accounting function as
well as the primary users of accounting information. Additionally, the interrelationships between the accounting
department and other departments within a company are explained to show how they are linked to meet the
needs and expectations of the organization, stakeholders, and society. A thorough comparison of financial and
management accounting is offered in the blog's last section to highlight the functions and significance of
accounting and the contrasts between the two in terms of its goals and purview. By evaluating accounting's
concepts, presumptions, and ethical standards, this blog also provides information on organizational restrictions.
The function of accounting in guiding decision-making to meet organizational, stakeholder, and societal needs in
complex and rapidly evolving operating settings is the last section.

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