ASSIGNMENT FINAL REPORT

Qualification Pearson BTEC Level 5 Higher National Diploma in Business

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

Submission date 19/10/2924 Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name TANG VAN GIANG Student ID giangtvbh01794

Class MA07203 Assessor name TRAN MINH GIANG

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Table of Contents
I. Introduction.........................................................................................................................................................6
II. Main content........................................................................................................................................................6
1. The role of accounting.....................................................................................................................................6
1.1. What is accounting?.................................................................................................................................6
1.2. Role and function of accounting..............................................................................................................7
1.3. Different types of accounting.......................................................................................................................8
2.1. compare management accounting and financial accounting....................................................................9
3. Five skills and Competencies of Accountant.................................................................................................10
3.1. Competencies required for accounting roles.........................................................................................12
4. Career opportunities in accounting................................................................................................................14
5. Five basic ethical rules of the accounting profession.....................................................................................15
6. Accounting information system.....................................................................................................................15
6.1. Definition...............................................................................................................................................15
6.2. Functions of accounting information system..........................................................................................16
7. Importance of accounting information system...............................................................................................17
7.1. Data storage and processing...................................................................................................................17
7.2. Bridge between the management system and the operational system....................................................17
7.3. Reduce costs and save time....................................................................................................................17
8. Quality of accounting information.................................................................................................................17
9. Users of accounting information...................................................................................................................20
9.1. Board of Directors.................................................................................................................................20
9.2. Owners...................................................................................................................................................21
9.3. Department Head...................................................................................................................................21
9.4. Shareholders..........................................................................................................................................21
9.5. Financial management agencies.............................................................................................................21
9.6. Management..........................................................................................................................................22
9.7. Employees.............................................................................................................................................22
9.8. Customers..............................................................................................................................................22
9.9. Creditors................................................................................................................................................22
10. Relationship of accounting department with other departments.................................................................23

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 11. The Critical Role of Accounting in Managerial Decision-Making within Complex and Rapidly Changing
Environments.........................................................................................................................................................25
11.1. The most important function of accounting is to provide information to managers...........................25
12. Task 1.........................................................................................................................................................28
12.1. Adjusting Accounts and Working on the Trial Balance.......................................................................28
12.2. Prepare Income Statement and Balance Sheet After Adjustments....................................................29
12.3. Differences in Financial Statements Among Sole Proprietorship, Partnership, and Non-Profit
Organizations.....................................................................................................................................................32
13. Task 2........................................................................................................................................................34
13.1. General introduction about the company...............................................................................................36
13.2. Company Introduction.......................................................................................................................36
13.3. Overview of Assets of Vinamilk........................................................................................................37
13.4. Financial Performance Analysis of Vinamilk: 2022-2023.................................................................38
14. Task 3.........................................................................................................................................................44
14.1. Calculate the interest payments, calculate the net income and calculate the cash budget...............44
14.2. The Benefits and Limitations of Budgeting.......................................................................................44
14.2.1. Benefits of Budgeting........................................................................................................................44
14.2.2. Limitations of Budgeting...................................................................................................................45
III. Conclusion.....................................................................................................................................................46
References.................................................................................................................................................................48

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 I. Introduction

In the context of an increasingly complex and dynamic business environment, effective financial
management is crucial for the sustainable development of any organization. Accounting plays a
fundamental role in every organization, not only as a tool for recording financial transactions but also as
an essential information system that supports decision-making and resource management. This report will
explore the diverse roles of accounting, from the distinctions between financial accounting and
management accounting to the ethical principles and skills required in the profession. Additionally, it will
emphasize accounting as an information system, highlighting its importance in providing accurate and
reliable data for managerial decisions. In fast-changing and complex environments, such as economic
crises or natural disasters, accounting plays a vital role in meeting the needs of organizations,
stakeholders, and society. The report will focus on three key tasks: first, preparing and adjusting financial
statements for ABC company; second, analyzing and evaluating the financial statements of a listed
company in Vietnam; and third, preparing a cash budget for XYZ company. Each task will clarify the
importance of applying financial and budgeting tools to enhance organizational performance, support
decision-making, and ensure stability and sustainability in any situation.

II. Main content

1. The role of accounting

1.1. What is accounting?

Accounting is the practice of keeping track of a company's financial transactions. Summarizing,

evaluating, and reporting these transactions to regulatory bodies, tax collection organizations, and
oversight agencies are all part of the accounting process. The financial statements that are used in
accounting provide a succinct overview of the cash flows, financial status, and operations of a business
over the course of an accounting period. (Fernando, 2024)

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1.2. Role and function of accounting

Accounting is the process of identifying, measuring, and communicating economic information about an
entity to support decision-making. It involves four steps: identifying relevant transactions, measuring them
in monetary terms, and communicating the results through financial reports to stakeholders.

Identifying

Accounting involves identifying business transactions that affect the financial position of an entity and can
be reliably measured and recorded. These transactions include a wide range of events such as withdrawals
of cash by the owner, payment of wages and salaries, earning of fees revenue, purchase of office
equipment or stationery, capital contributions by owners, and incurring interest on a bank loan. By
carefully identifying these accounting events, businesses can ensure that all relevant financial activities are
captured for further analysis. This step is crucial as it lays the foundation for accurate financial reporting.
(pressbooks, 2023)

Measuring

Accounting involves measuring, which refers to analyzing, recording, and classifying the identified
business transactions. This step determines how each transaction affects the entity’s financial position and
groups similar items together for clarity and organization. For example, expenses and income are
categorized separately, while assets such as land, buildings, machinery, and vehicles are grouped under
the subheading “property, plant and equipment.” Throughout the accounting period, individual
components like assets, liabilities, income, and expenses are measured and classified to summarize the
entity's financial activities. This process ensures consistency and accuracy in financial reporting.
(pressbooks, 2023)

Communicating

Accounting involves communicating, which means presenting relevant financial information through
accounting reports, such as the income statement and the balance sheet, to assist stakeholders in decision-
making. This step requires significant training, experience, and judgment to ensure that the financial data
is not only accurate but also meaningful for its intended users. Through clear and comprehensive reports,

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such as summarizing the profitability and financial position of the entity, this function ensures that
managers, investors, and other stakeholders can make informed decisions based on reliable data.
(pressbooks, 2023)

1.3. Different types of accounting

Within an organization, various accounting roles are crucial for ensuring the smooth operation and
financial integrity of the business. Each role, from payment accountant to financial accountant, carries
specific responsibilities that contribute to effective financial management and decision-making.

Bank Accounting: Bank accounting is responsible for recording, processing and analyzing banking
transactions that occur through banking operations. (dichvugiayphepkinhdoanh, 2023)

Bank accountants are responsible for recording, processing, and classifying banking transactions through
banking operations. They also provide information related to banking transactions to support the
management process. (dichvugiayphepkinhdoanh, 2023)

Management Accounting: Management accounting is a specialized field of accounting that aims to grasp
the issues of the financial status of the enterprise. Through that, it helps business managers make the most
effective management decisions. Management accounting information is especially important for the
operation, control and evaluation of the enterprise. (meinvoice, 2023)

Management accounting plays an important role in providing information to the executive board for
decision making. In general, the role of management accounting is associated with four tasks of the
administrator: planning; organizing implementation; controlling, evaluating and making decisions.
(meinvoice, 2023)

Financial Accounting: Financial accounting is an accounting position that performs tasks related to
collecting, analyzing, evaluating and providing economic information data to prepare financial reports for
users. (meinvoice, 2022)

Financial accounting plays an important role in a business, providing accurate information about financial
activities to support leaders in making business decisions. Tasks include preparing financial reports,
managing costs, handling risks, insurance, and supporting in borrowing and investment issues. As a result,
businesses can better control their financial situation and cut unnecessary costs. (meinvoice, 2022)

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2.1. compare management accounting and financial accounting

Features Management Accounting Financial Accounting

Purpose Make predictions about the For financial accounting, it is
future, provide information to necessary to provide historical
support the management and information to information users,
operation of the enterprise's provide information to prepare
production and business financial reports to provide a
activities. (sapp.edu.vn, 2024) comprehensive view of the
financial situation of the
enterprise to outsiders, such as
shareholders, banks and
management agencies.
(sapp.edu.vn, 2024)
Scope Management accounting focuses Financial accounting aggregates
on managing each department or data from various departments to
division, providing information produce financial statements that
to individuals responsible for reflect the overall financial
specific business activities. It position and performance of the
offers both financial and non- business. It focuses on historical
financial data to support financial data, presented in
decision-making, budgeting, and standardized reports like income
performance evaluation, helping statements and balance sheets,
optimize business operations and for use by external stakeholders
strategy. (sapp.edu.vn, 2024) such as investors and regulators.
Financial accounting provides
information in financial terms.
(sapp.edu.vn, 2024)
Mission Forecasting and Budgeting Financial Recording and
Reporting
Performance Analysis
Regulatory and Standards

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 Cost Management Compliance

Inventory Valuation Financial Analysis

Resource Allocation Financial Risk Management

Process Optimization Decision Support

Reporting and Communication Stakeholder Liaison

(sapp.edu.vn, 2024) (sapp.edu.vn, 2024)
Information Features Management Accounting Financial Accounting
information is often compiled information is often historical
and analyzed from many and is recorded in financial
different perspectives, focusing statements over a specified
on reflecting fluctuating trends period of time. Investors and
and being predictive. creditors often use financial
(sapp.edu.vn, 2024) statements to make their own
forecasts. In this sense, Financial
Accounting is not completely
outdated. However, specific
forecasts about the future are not
allowed in financial accounting
reports. (sapp.edu.vn, 2024)

3. Five skills and Competencies of Accountant

Industries use digital technology to manage sales, store and analyze consumer data, and communicate
important information. As businesses continue to expand their use of online tools and digital technology to
complete critical workflows, employees can benefit from understanding how to use these tools to
communicate, manipulate, and analyze important data:

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Technical skills: Technical accounting skills include any skills or qualities you gain from professional
training, courses, and work or volunteer experiences in accounting. At school or in the workplace, some
people refer to technical skills as hard skills. Many accounting organizations require employees to have
some level of technical skills to succeed in the workplace and perform their responsibilities on behalf of
clients. Having diverse or highly specialized technical skills can help you perform your job better and can
distinguish you from other candidates when applying for jobs. (indeed editorial team, 2024)

Business skills: Business skills are the attributes accountants need when working in a business or
accounting environment. These skills include dealing with coworkers, managing time at work, attending
meetings, presenting accounting information to managers or supervisors and corresponding with
individuals outside the business. These skills are important because the accounting environment is usually
time sensitive and may be highly demanding at certain times of the year. Accountants must be able to
create a proper workflow in their job and manage the amount of time spent on each project. The month-
end or year-end closing process is usually when individuals must exert strong fundamental skills and
complete accounting functions in a timely manner. (Osmond Vitez, 2024)

People skills: People skills are verbal and written competencies that help you share or exchange
information with others. When working as an accountant, you may communicate with clients and
colleagues, including answering emails and calling people. Communicating well ensures you convey
information clearly, understand others' needs and gather information to complete tasks or deliver projects
according to the recipient's expectations. For example, when going through a client's account, you may
notice you're missing their quarterly financial report that's crucial for completing your work. (indeed
editorial team, 2024)

Leadership skills: Leadership is an essential accounting skill that can make you a valuable asset to a team
and allow employers to trust you to think and plan strategically. You can be available to support other
departments when possible, especially if colleagues reach out to you when they need financial advice. You
can also demonstrate your leadership qualities when you confidently offer new ideas or suggestions. For
example, you may notice that your marketing department is consistently overspending on its monthly
budget. You can schedule meetings with your department head and manager to explain your findings and
come up with possible solutions. Identifying this challenge and overcoming it can demonstrate your
leadership qualities. (indeed editorial team, 2024)

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Digital skills: Digital skills encompass various abilities that relate to technology, including computer
software and applications, digital devices and other computer hardware. These skills involve a range of
tasks using digital literacy and computing methods to completely necessary responsibilities for both
internal and customer-facing activities. (Preston, 2024)

Industries uses digital technology to manage sales, store and analyze consumer data and communicate
important information. As businesses continue to expand their use of online tools and digital technology to
complete important work processes, employees can benefit from understanding how to use these tools to
communicate, manipulate and analyze important data. (Preston, 2024)

3.1. Competencies required for accounting roles

Having high professional competence

The Vietnamese Accounting Law stipulates that individuals who want to practice accounting must have a
degree or certificate of accounting practice issued by the state or competent authority. To become a
professional accountant, one must first ensure the basic requirement of having high professional
qualifications and skills. Professional competence will be demonstrated during the working process: the
ability to prepare and present accounting reports, the ability to make statistics and analyze finances, the
ability to prepare and analyze accounting reports as well as manage corporate finance, etc. (sme.misa.vn,
2016)

Proficiency in office software

This is a necessary condition for all intellectual professions, not just accounting. For accountants, there are
software that must be used proficiently to serve the job: calculation in Excel, specialized accounting
software. (sme.misa.vn, 2016)

Foreign language skills

For joint venture companies or private companies cooperating with foreign countries, accountants are
required to be fluent in foreign languages, the most common being English. Because the accounting
profession is related to domestic and economic economic and financial laws. Accountants must then have
a detailed understanding of the laws and standards of the partner side to facilitate the negotiation and
cooperation process. (sme.misa.vn, 2016)

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Careful and honest

In addition to the basic requirements of ethical and professional standards, accountants must be careful,
orderly and scientific because this is a profession that is associated with documents, books, papers, and
financial figures all year round. The accounting profession is decisive to the survival of a company.
Therefore, a professional accountant must know how to arrange documents in the most scientific and
convenient way for searching. The most important quality of an accountant is honesty. This profession is
closely related to the revenue of the business. To survive in the profession for a long time, it is necessary
to build trust with the boss. (sme.misa.vn, 2016)

Sensitivity

Don't think that the work of an accountant is simply sitting at a desk. With professional accountants, they
always have the ability to be sensitive in observing and promptly grasping the development trends of the
economy as well as the strategies of competitors. From there, they can come up with appropriate and
timely solutions, helping businesses maintain their competitive advantage and "get ahead" in many
situations. (sme.misa.vn, 2016)

Ability to observe, analyze, and synthesize

The work that accountants have to do is quite a lot: collecting documents, recording books, and making
reports... These jobs require the ability to observe in order to react promptly to arising economic
transactions, from which to analyze and synthesize them reasonably. (sme.misa.vn, 2016)

Withstand high work pressure, know how to manage time

Accounting is one of the jobs that must endure the heaviest pressure because this is a job that requires
constant mental activity, always spinning "round and round" with numbers, especially in urgent stages
such as: end of the month or end of the year when the company has to summarize revenue, pay salaries to
employees. Therefore, accounting staff must be familiar with the pressure of work, at the same time, must
know how to arrange time reasonably to be able to complete the assigned work. (sme.misa.vn, 2016)

Communication and tactful behavior skills

In addition to recording data, accountants also present financial information to leaders and employees, and
advise managers. To make clear and easy-to-understand reports, the ability to express accurately and

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coherently is very important. Good communication also helps accountants create goodwill with colleagues
and convince customers. In addition to expertise, practicing communication skills and professional ethics
are indispensable factors of a professional accountant. (sme.misa.vn, 2016)

4. Career opportunities in accounting

Accounting is one of the fields with many job opportunities and career development, thanks to its
important role in financial management and decision support for businesses. Below are some common job
opportunities in the accounting field:

General accounting

General accounting is a fundamental field of accounting that focuses on recording, classifying, and
summarizing financial transactions to provide a clear and accurate picture of an organization’s financial
position. It is primarily concerned with producing financial statements, such as the balance sheet, income
statement, and cash flow statement, that are used by both internal and external stakeholders. General
accounting ensures compliance with accounting standards and regulations, providing reliable financial
data for decision-making and financial analysis. It plays a key role in maintaining financial transparency
and accountabil. (vietnamworks, 2023)

Management Accountant

Management accounting is a specialized field of accounting that provides financial information to help
managers make the most effective decisions. The role of management accounting is not only limited to
financial reporting but also supports planning, organizing, controlling and evaluating business operations.
This helps improve the organization's operational capacity and efficiency. (vietnamworks, 2023)

Payment Accountant

The payments accountant is responsible for preparing receipts and processing payment transactions via
bank transfers or cash. This job requires accurate recording of receipts and payments and tracking of
administrative transactions arising from the financial activities of the business. This is an important
position in ensuring that the business's cash flow is closely managed and transparent. (vietnamworks,
2023)

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5. Five basic ethical rules of the accounting profession
Accounting ethics requires each accountant and auditor to behave and operate honestly to serve the
interests of the profession and society. This is a guideline for members to always maintain the right
professional attitude. Thereby contributing to protecting and enhancing the reputation of the profession.
Professional accountants and auditors must adhere to the following basic ethical principles: (kaike, 2021)

Integrity: Must be straightforward and honest in all professional and business relationships.
(thuvienphapluat, 2023)

Objectivity: Not allowing bias, conflicts of interest or any undue influence to govern one's professional
and business judgments. (thuvienphapluat, 2023)

Professional competence and due care: Demonstrate and maintain the necessary professional knowledge
and skills to ensure that clients or employers are provided with quality professional services based on the
latest professional, legal and technical knowledge, and act with due care and in accordance with applicable
professional and technical standards. (thuvienphapluat, 2023)

Confidentiality: Information obtained from professional and business relationships must be kept
confidential, therefore, no information must be disclosed to third parties without the consent of the
competent authority, unless there is a right or obligation to provide information as required by law or by a
regulatory agency or professional organization, and no information must be used for the personal benefit
of the accountant, professional auditor or third party. (thuvienphapluat, 2023)

Professional behaviour: Must comply with relevant laws and regulations, avoid any actions that reduce
the reputation of one's profession. (thuvienphapluat, 2023)

6. Accounting information system

6.1. Definition

An accounting information system (AIS) is a system that a business uses to collect, store, manage,
process, retrieve, and report its financial data. This data can then be used by accountants, consultants,
business analysts, managers, chief financial officers (CFOs), auditors, regulators, and tax agencies.
(Fontinelle, 2024)

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Specially trained accountants work in-depth with an AIS to ensure the highest level of accuracy in a
company's financial transactions and record-keeping. They make financial information easily available to
those who legitimately need access to it while keeping that data intact and secure. (Fontinelle, 2024)

6.2. Functions of accounting information system

The integration of accounting information systems within a business framework facilitates a multitude of
financial tasks. From the recording of transactions to the preparation of financial statements, AIS are
indispensable in delivering comprehensive financial solutions. These systems are designed to handle vast
amounts of data, converting economic events into financial entries that are essential for various
stakeholders. (AccountingInsights Team, 2024)

Information identification

This function involves collecting and identifying the necessary information. This is the first step in the
information system, which ensures that all important data and information are accurately identified to
serve the specific goals of the organization or business. (AccountingInsights Team, 2024)

Information recording

Once the information is identified, the next step is information recording. This function involves
collecting, storing and recording information in a systematic manner for later analysis and reporting.
Information recording is usually done through database systems or software tools to ensure accuracy and
easy retrieval. (AccountingInsights Team, 2024)

Information analysis

This function focuses on analyzing the information that has been recorded. By applying data analytics
methods, information can be processed to produce useful results, support decision making and improve
organizational performance. Information analysis is an important step in turning raw data into valuable
information. (AccountingInsights Team, 2024)

Information reporting

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This is the final step of the information system, where the results from the analysis process are
summarized and reported to stakeholders. Information reporting helps to communicate important findings,
trends and data to decision makers so that they can take appropriate actions. (AccountingInsights Team,
2024)

7. Importance of accounting information system

Accounting information systems play an important role. Businesses are always particularly interested in
this information. (matbao.in, 2023)

7.1. Data storage and processing

Businesses need to store a huge amount of information. This has created a big challenge in the work of
storing financial information. The accounting information system is the perfect solution to this problem.
(matbao.in, 2023)

The accounting information system will help store and manage accounting information systematically.
Thanks to that, it quickly provides useful information. Contributes to quickly serving important decisions
of the business. (matbao.in, 2023)

7.2. Bridge between the management system and the operational system

The accounting information system helps to produce accounting reports quickly and accurately. It helps
businesses solve accounting-related tasks smoothly. (matbao.in, 2023)

This helps increase interaction, creating a relationship between the management system and the
operational system of organizations and businesses. (matbao.in, 2023)

7.3. Reduce costs and save time

This is an important role of accounting information systems. It helps businesses save time in managing
and storing information. In addition, limiting errors in storage and management will help businesses avoid
unnecessary losses. Businesses will avoid financial losses with this system. (matbao.in, 2023)

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8. Quality of accounting information
The quality of accounting information is a complex concept, containing the appropriate value of
accounting information, the conservation of accounting and income management (Francis, Olsson and
Schipper, 2008). According to O'Brien (2010), the quality of accounting information is accounting
information that has the quality characteristics required by users in making valuable decisions to achieve
the organization's goals. (tapchitaichinh, 2023)

The quality of accounting information affects the effectiveness of decisions of information users, so this is
an issue of primary concern to stakeholders. The study conducted a survey and assessed the current status
of accounting information quality in annual reports of companies listed on the Vietnam Stock Exchange,
thereby helping companies improve the quality of accounting information better and better.
(tapchitaichinh, 2023)

Relevance

Relevance refers to the quality of accounting information that makes it useful for decision-making. To be
relevant, the information must help users make decisions by providing insights into past events and
predicting potential future outcomes. This is achieved through two key attributes:

 Confirmatory value: This means the information allows users to assess or confirm past decisions
or performances, enabling a better understanding of the company's past financial activities. (CFI
Team, 2015)
 Predictive value: This refers to the ability of the information to help users form expectations about
future financial conditions and trends, thereby supporting future decision-making processes. (CFI
Team, 2015)

Relevant accounting information plays a crucial role in ensuring that users, such as investors, creditors,
and management, can evaluate past performance and make informed judgments about future financial
strategies, investments, or actions. In doing so, it bridges the gap between historical data and future
financial planning, aiding in both short-term and long-term decision-making processes. (CFI Team, 2015)

Representational faithfulness

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Representational faithfulness, or reliability, refers to how well the accounting information reflects the true
economic realities of a company’s financial activities. To achieve this, the information must be a faithful
representation of the company's resources, obligations, and transactions, ensuring that financial reports
depict the actual financial position and performance of the organization. (CFI Team, 2015)

For accounting information to possess representational faithfulness, it must meet the following criteria:

Complete: The information provided must include all necessary details and transactions. Omitting or
withholding relevant financial data could mislead users, preventing them from making informed decisions.
Completeness ensures that no material financial activity is excluded from the financial statements, giving
a full picture of the company’s financial standing. (CFI Team, 2015)

Neutral: The information should be unbiased and objective. While complete neutrality is challenging due
to the inherent subjectivity in certain accounting judgments (e.g., estimates of future liabilities), efforts
should be made to minimize bias. Neutrality ensures that financial reports do not favor the interests of
particular users or parties and that the information presented is fair and balanced. (CFI Team, 2015)

Free from error: The information should be as accurate as possible, with no significant errors or
misstatements. This means that the financial statements are based on reliable data and the methods used to
prepare them are sound. While minor errors may occur, the goal is to ensure that these do not materially
affect the decision-making process. (CFI Team, 2015)

Verifiability

Verifiability is the extent to which information is reproducible given the same data and assumptions. For
example, if a company owns equipment worth $1,000 and told an accountant the purchase cost, salvage
value, depreciation method, and useful life, the accountant should be able to reproduce the same result. If
they cannot, the information is considered not verifiable. (CFI Team, 2015)

Timeliness

Timeliness is how quickly information is available to users of accounting information. The less timely
(thus resulting in older information), the less useful information is for decision-making. Timeliness
matters for accounting information because it competes with other information. For example, if a

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company issues its financial statements a year after its accounting period, users of financial statements
would find it difficult to determine how well the company is doing in the present. (CFI Team, 2015)

Understandability

Understandability is the degree to which information is easily understood. In today’s society, corporate
annual reports are in excess of 100 pages, with significant qualitative information. Information that is
understandable to the average user of financial statements is highly desirable. It is common for poorly
performing companies to use a lot of jargon and difficult phrasing in its annual report in an attempt to
disguise the underperformance. (CFI Team, 2015)

Comparability

Comparability is the degree to which accounting standards and policies are consistently applied from one
period to another. Financial statements that are comparable, with consistent accounting standards and
policies applied throughout each accounting period, enable users to draw insightful conclusions about the
trends and performance of the company over time. In addition, comparability also refers to the ability to
easily compare a company’s financial statements with those of other companies. (CFI Team, 2015)

 The qualitative characteristics of accounting information are important because they make it easier
for both company management and investors to utilize a company’s financial statements to make
well-informed decisions.

9. Users of accounting information

In the context of modern business management, it is extremely important to understand the users of
accounting information, because each user group not only has separate needs and goals in receiving and
processing financial information but also directly affects the strategic decisions of the organization. By
analyzing the roles and interests of each group, from the Board of Directors to employees, shareholders
and customers, we can better understand how accounting information supports in optimizing operational
efficiency and enhancing the value of the enterprise.

9.1. Board of Directors

The Board of Directors plays an important role in monitoring and guiding the company's strategy. They
focus on the effectiveness of governance and sustainable development of the organization, protecting the
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interests of shareholders. Specifically, the Board is interested in profitability, financial risk management,
and evaluating major investment strategies. Through financial reports, they need to ensure compliance
with legal regulations and maximize stock value, helping the company maintain sustainability in the
future. (amis.misa.vn, 2024)

9.2. Owners

Owners, including individuals and organizations, have a direct interest in the financial success of the
business. They want to maximize profits and increase the value of shares through dividends. To achieve
this, Owners monitor the financial situation through accounting reports, evaluate the growth and
sustainability of the business. They are also concerned with expansion and investment plans that may
affect the value of their assets, thus actively participating in the strategic decisions of the company.
(thuvienphapluat, 2023)

9.3. Department Head

Department Heads are responsible for managing specific departments and focus on operational efficiency
as well as budget management. They are concerned with controlling costs and effectively using resources
to achieve departmental goals. Evaluating employee performance and productivity is their top priority,
helping to determine the level of contribution to the overall profitability of the company. Through
analyzing financial indicators, Department Heads make decisions to optimize operations and increase
corporate value. (hrchannels, 2023)

9.4. Shareholders

Shareholders of a company will enjoy the project profits and dividends. They have rights and obligations
towards the company in particular and towards corporate law in general. Their concern for accounting is
to ensure that the financial statements accurately reflect the financial position of the company, thus
helping them make sound investment decisions. (triluat, 2022)

9.5. Financial management agencies

Financial regulators supervise and regulate financial activities in the economy, ensuring transparency and
stability of financial markets. They assess the financial situation of enterprises, in which accounting
information is an important tool to detect financial risks and enforce financial reporting regulations. Their
concern for accountants is to ensure that financial statements are prepared in accordance with appropriate

21
accounting standards, to protect the interests of investors and the public shorten to concern. (hrchannels,
2023)

9.6. Management

Management needs information about the company's operations to assess its short-term and long-term
solvency. Management needs accounting information to make a number of decisions, such as setting
prices and other strategies. It is also needed to compare performance with similar companies in the
industry and to plan for future expansion and contraction. Management needs accounting information not
only to assess the short-term liquidity and long-term solvency of the company, but also to gain a better
understanding of the company's overall performance. Accounting information helps them make important
strategic decisions, from pricing products/services to developing spending and investment plans.
(geeksforgeeks, 2023)

9.7. Employees

The stability and profitability of an employer are topics of concern to both the workforce and its
representative groups. Employees are concerned not only with current wages but also with the long-term
financial stability of their business. Through financial statements, they can assess the ability of the
business to pay salaries, contribute to welfare funds such as health insurance and retirement, and provide
opportunities for career advancement. Financial statements, such as the balance sheet and income
statement, provide a comprehensive view of the financial health of the business, from which employees
can determine whether the business is able to maintain stable operations and continue to invest in human
resource development. (geeksforgeeks, 2023)

9.8. Customers

Customers are curious about the future of an organization, especially those who are large or have a long-
term relationship with the business, are always interested in the stability and potential for future growth of
that business. Accounting information provides them with a clear view of the financial capacity and
sustainability of the business. Financial statements such as income statements, balance sheets, and cash
flow statements help customers assess whether the business is capable of maintaining and developing its
products or services in the long term. (geeksforgeeks, 2023)

22
9.9. Creditors

To decide whether to extend, maintain, or limit the flow of credit to a particular company, short-term and
long-term creditors need to know whether the money owed to them will be paid when due. To confirm
whether their principal and accrued interest will be paid when due and whether to extend, maintain, or
limit the flow of credit to a company, short-term and long-term creditors need information. Such
information helps them understand the solvency of a business. Creditors, both short-term and long-term,
use accounting information to assess the solvency of a business and to make decisions about whether to
continue to extend credit, extend loans, or demand early payment. Through financial statements, such as
the balance sheet and cash flow statement, creditors can determine whether a business has the ability to
pay principal and interest on time. (geeksforgeeks, 2023)

10. Relationship of accounting department with other departments

Finance Department

The accounting department plays a crucial role in recording, classifying, and reporting financial
transactions to ensure that all financial records are accurate, up-to-date, and compliant with regulations.
Accountants prepare key financial reports, such as balance sheets and income statements, that offer an
overview of the company’s financial health. These reports are not only essential for external stakeholders
but also serve as vital tools for internal departments. By providing clear financial data, the accounting
department helps other departments make informed decisions, plan effectively, and achieve their
objectives. In turn, other departments contribute to the accounting function by ensuring accurate and
timely reporting of their own financial activities. For example, sales departments provide information on
revenue generation, while procurement teams share data on expenses and investments. This collaboration
fosters accurate financial reporting, better decision-making, and enhanced overall financial health.
Therefore, a strong partnership between the accounting department and other business units is essential for
achieving both the company's strategic goals and the department's financial targets. (cfohub, 2023)

 The accounting department records, classifies, and reports financial transactions to ensure accuracy
and regulatory compliance. Financial reports such as balance sheets and income statements help
internal and external departments make decisions and plan. The accounting department supports
other departments with transparent financial data, while departments provide accurate information

23
 about revenues, expenses, and investments. This collaborative relationship promotes accurate
reporting and supports the achievement of the company's strategic and financial goals.

Sales Department

Sales and Accounting are two sides of the same coin when it comes to a company’s financial health. Sales
teams typically focus on generating revenue, while Accounting teams manage costs, profits, and financial
reporting. By sharing insights from Accounting, Sales can better understand the company’s financial
health, including profit margins, cash flow, and financial stability. This allows Sales to make informed
decisions about pricing, discounts, and sales strategies. For example, knowing the exact cost of goods sold
helps Sales set prices that ensure profitability while remaining competitive. In turn, other departments,
including Sales, provide valuable information to Accounting, helping ensure accurate financial reporting.
For instance, the Sales team shares revenue data, allowing Accounting to track performance against
forecasts. By collaborating, both departments can align their goals and contribute to the overall financial
health of the company, optimizing profitability and achieving shared objectives. (spiresystems, 2021)

 The Sales and Accounting departments work closely together to ensure the financial health of the
company. The Sales department focuses on generating revenue, while the Accounting department
manages costs, profits, and financial reporting. By sharing financial information from the
Accounting department, the Sales department can make informed decisions about pricing, sales
strategies, and promotions, such as determining the right selling price to ensure profitability. In
turn, the Sales department provides revenue data to the Accounting department, which helps track
financial performance and compare it to forecasts. This collaboration helps the two departments
optimize their common goals, improve financial reporting, and achieve financial stability for the
company.

Human Resources Department

Human Resources (HR) and Accounting are two important departments in any organization, each with its
own set of responsibilities and functions. While HR focuses on managing and developing the
organization’s workforce, Accounting is responsible for managing financial transactions and reporting.
Despite their distinct roles, HR and Accounting often collaborate closely to ensure the overall success and
efficiency of the organization. Accounting provides HR with the necessary financial data to manage
payroll, benefits, and compensation effectively. Accurate financial reporting from Accounting ensures that

24
HR can maintain compliance with tax regulations and allocate resources efficiently for employee
compensation. On the other hand, HR provides valuable data to Accounting, such as staffing levels,
benefits costs, and employee performance metrics, which help in budgeting and forecasting. This
collaboration between HR and Accounting ensures that both departments can meet their objectives, while
contributing to the organization’s financial health and operational success. (maventri, 2021)

 Human Resources (HR) and Accounting work closely together, although each performs separate
functions. Accounting provides financial data to HR to manage payroll, benefits, and
compensation, and ensure tax compliance. HR, in turn, provides information on staffing levels,
benefits costs, and employee performance, which helps Accounting budget and forecast finances.
This collaboration helps both departments achieve their goals while contributing to the overall
financial health and operational success of the organization.

11. The Critical Role of Accounting in Managerial Decision-Making within Complex

and Rapidly Changing Environments
Vietjet, one of the leading private airlines in Vietnam, has experienced many challenges during the
COVID-19 period. The pandemic has paralyzed the global aviation industry, causing a severe decline in
passenger numbers and revenue. Vietjet has not only faced a sharp reduction in the number of flights but
also had to adjust its business strategy to maintain operations. Compliance with health and safety
regulations as well as costs arising from implementing preventive measures have put great pressure on the
company's finances.

11.1. The most important function of accounting is to provide information to managers.

Information provision function: This is the most important function of accounting. Through collecting
information about economic and financial events, processing information and using its scientific methods,
accounting can provide information about the financial situation and business performance of the unit to
different information users to make appropriate decisions.

Maximize profits

During the COVID-19 crisis, accounting played a critical role in helping Vietjet manage its financial
challenges. By providing detailed financial reports on revenue, costs, and profits, accounting enabled
management to adjust fare strategies, reduce unnecessary expenses, and streamline operations to recover

25
profitability. Additionally, accounting helped identify new revenue opportunities, such as offering more
services or running promotions. Through thorough financial analysis, accounting also provided early
warnings of potential risks, allowing management to make timely decisions to minimize losses and
maintain financial stability during this difficult period. (taca, 2023)

Enhance business value

Accounting plays a crucial role in valuing businesses through methods like discounted cash flow (DCF)
and market analysis, especially during times of crisis like the COVID-19 pandemic. With clear and
transparent financial reporting, managers can better assess investment opportunities and ensure sustainable
growth. During the pandemic, accounting became even more critical by providing insights that helped
companies, such as Vietjet, make necessary adjustments to survive. Regular financial reports allowed
investors and shareholders to accurately gauge a business's value and growth potential, fostering trust and
stabilizing stock values amidst uncertainty. (taca, 2023)

Meeting social needs

The accountant provides detailed information about Vietjet’s contributions to the community during this
difficult period, including the number of jobs the company has maintained and its community support
activities in the fight against the pandemic. In the context of COVID-19, Vietjet has implemented many
initiatives to support employees and affected communities. The accountant monitors and reports on the
support fund that Vietjet has set aside for relief activities, such as providing necessities, organizing free
flights for medical staff, and participating in vaccination programs. These reports not only enhance the
image of the business but also demonstrate Vietjet’s social responsibility to the community and
stakeholders. Being transparent in providing information about CSR (corporate social responsibility)
efforts helps increase trust from customers and the community. Furthermore, these reports are also the
basis for management to evaluate the effectiveness of social activities that the company has carried out,
thereby adjusting strategies to suit the actual needs of the community. (taca, 2023)

Environmental protection

Accounting not only provides information on Vietjet’s environmental protection activities, but also plays
an important role in managing and optimizing costs related to environmental protection initiatives. Vietjet
has committed to reducing carbon emissions through upgrading its fleet and applying fuel-saving

26
technology. Accounting tracks costs arising from the use of new technology, thereby helping the company
evaluate the effectiveness of investment and the impact of these measures on profits. At the same time,
accounting also reports on important environmental indicators, such as CO2 emissions per passenger,
giving management a clear view of the company’s environmental performance. These reports not only
serve internal management purposes but also meet the requirements of regulatory agencies and
stakeholders. (taca, 2023)

 The report highlights the essential role of accounting in supporting Vietjet in coping with the
severe challenges during the COVID-19 pandemic. Accounting not only provides accurate
financial information to help management grasp the situation of revenue and expenses, but also
helps adjust business strategies to maximize profits. Detailed financial reports allow Vietjet to
identify investment opportunities and enhance corporate value through analysis of key financial
indicators. Furthermore, accounting also demonstrates corporate social responsibility by providing
information on community support and environmental protection activities, thereby enhancing
Vietjet's positive image in the public eye.

27
12. Task 1

12.1. Adjusting Accounts and Working on the Trial Balance

(1) On 15/12/N, ABC owed employees unpaid wages for 10 days at $700/day.

Unpaid wages = $700/day × 10 days = $7,000

Debit Wages Expense $7,000

Credit Wages Payable $7,000

(2) On 15/12/N, ABC agreed to provide training services for $6,000 over 30 days, starting from
15/12/N. Services will end on 15/1/N+1.

Revenue earned by December 31/N = $6,000x17/30= $3,400

28
Unearned revenue = $6,000 - $3,200 = $2,800

Debit Unearned Revenue $3,400

Credit Service Revenue $3,400

(3) On 1/6/N, equipment purchased for $16,900. Useful life: 36 months, residual value: $7,000.

Depreciable amount = $16,900 - $7,000 = $9,900

Monthly depreciation =$9,900 ÷ 36 months = $275/month

Depreciation for June to December (7 months) = $275 × 7 = $1,925

Debit Depreciation Expense $1,925

Credit Accumulated Depreciation $1,925

(4) On 1/1/N, supplies were recorded at $10,000. By 31/12/N, $8,670 remained on hand.

Supplies used = $10,000 - $8,670 = $1,330

Debit Supplies Expense $1,330

Credit Supplies $1,330

(5) On 26/12/N, ABC received $6,600 in advance for consulting services to be provided over 60 days,
starting from the contract date.

Revenue earned by December 31/N = $6,600 ×6/ = $660

Unearned revenue = $6,600 - $660 = $5,940

Debit Unearned Revenue $660

Credit Service Revenue $660

12.2. Prepare Income Statement and Balance Sheet After Adjustments

Income statement

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 Income statement
For year end 31 Dec N
Revenue
Tuition fees earned 123.900

Training fees earned 44.060

Total Revenues 167.960

Expense

Depreciation expense, Equipment 1.925

salaries expense 57.000

Rent expense 33.000

Teaching supplies expense 1.330

Advertising expense 6.000

Utilies expense 6.400

Total Expenses 105.655

Next income 62.305

Balance sheet

Balance sheet

30
 At 31 December N

Current asset
cash 34.000

Acounts receivable 3.400

Teaching supplies 8.670

prepaid insurance 12.000

Prepaid rent 3.000

Total Current Assets 61.070

Non current asset

Professtional library 35.000
Accumulated depreciation, professional -12.000
library
Equipment 80.000

Accumulated depreciation, equipment -16.925

Total Non-Current Assets 86.075

Total asset 147.145

Liabilities
Accounts payable 26.000
Salaries payable 7.000

Unearned training fees 11.840

Total Liabilities 44.840

Equity

ABC, capital 90.000

ABC, withdrawals -50.000

Retained earning 62.305

Total Equity 102.305

Total liabilities and equity 147.145

31
12.3. Differences in Financial Statements Among Sole Proprietorship, Partnership, and
Non-Profit Organizations
Sole Proprietorship Partnership Non-Profit
Organization
Ownership Single owner Two or more partners No owners; governed by
a board of trustees
Balance Sheet Assets: Similar to Assets: Similar to Assets: Similar to
corporations, including corporations, including corporations but may
current and non-current current and non-current have special assets for
assets. assets. charitable purposes.
Owner’s Equity: One equity Owner’s Equity: Separate Owner’s Equity: No
account. equity accounts for each owners, instead "Fund
partner. Capital" or "Contributed
Funds."
Income Revenue: Recognized from Revenue: Similar to sole Revenue: Includes
Statement the main business activities. proprietorship, recognized donations from sponsors
Expenses: Includes operating from business activities. and fundraising
costs, interest, taxes, net Expenses: Includes activities.
profit for the owner. proportional share of Expenses: Includes
(thecharitycfo, 2022) expenses for partners. operating costs, charity
programs, and
management costs.

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Cash Flow Cash flow from operating Cash flow from Cash flow from
Statement activities: Cash inflow from operating activities: Cash operating activities:
main business activities, flow from business Mainly from donations
customer payments, and activities, payments to and fundraising
expense payments. partners. contributions.
Cash flow from investing Cash flow from investing Cash flow from
and financing activities: and financing activities: investing and
Usually little change, as small Cash flow from partners financing activities:
businesses tend not to borrow and loans. Investments in
or invest heavily. charitable or social
purpose projects.

 From the report distinguishing concepts, advantages and disadvantages and financial reports of
private companies, partnerships, and non-profit organizations, it can be concluded that ABC
company is a private company.

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13. Task 2

 Business Performance Analysis

The company has demonstrated strong operational efficiency, as reflected in its gross profit margin of
40.66% and net profit margin of 14.94%, indicating robust profitability from its core business activities.
While net revenue increased slightly by 1.8%, gross profit rose by 2.71%, and net profit grew by 4.97%,
showcasing the company’s effective cost control in production and operations. This is particularly evident
as the cost of goods sold increased only marginally compared to the growth in revenue, proving the
effectiveness of its cost optimization strategies. Additionally, the asset turnover ratio of 1.19 times

34
highlights the company’s efficient use of assets to generate revenue. However, the 9% decrease in total
assets may impact its ability to expand production and business operations in the long term. To sustain
growth momentum, the company should explore new investment opportunities or restructure existing
assets to support strategic goals. Moreover, a focus on improving inventory management and enhancing
the speed of capital turnover is essential to ensure sustainable growth.

 Financial Analysis

The company maintains strong liquidity, with a current ratio of 2.1 times, indicating stable capacity to
meet short-term financial obligations. Working capital is managed effectively, as reflected by the working
capital turnover ratio of 3.21 times, enabling the company to optimize resources and minimize opportunity
costs associated with holding excessive working capital. However, the 9% reduction in total assets and a
17.72% increase in interest expenses pose challenges for maintaining financial efficiency. If this trend
persists, financial pressure could reduce the company’s ability to reinvest and negatively impact
profitability. The company needs to improve debt management, explore refinancing options with more
favorable interest rates, or reduce its reliance on debt in its capital structure. Additionally, to maintain its
competitive advantage and mitigate financial risks, the company should accelerate the collection of
accounts receivable, optimize interest expenses, and enhance asset utilization efficiency. Implementing
these measures will help improve overall financial performance and strengthen the company’s market
position.

 Analysis of Working Capital Efficiency

The company's working capital management efficiency is considered good, with a working capital
turnover ratio of 3.21 times in 2023, higher than the industry average. This ratio reflects the company’s
effective use of working capital to generate revenue. However, it is important to note that if the growth
rate of revenue does not keep up with the increase in working capital, this ratio could decline in the future.
To maintain and improve this efficiency, the company should focus on accelerating the collection of
receivables, optimizing inventory management, and minimizing idle capital to increase working capital
turnover and improve financial performance.

 Analysis of Fixed Asset Efficiency

35
The company’s fixed asset turnover ratio is low (0.98 times), indicating limited efficiency in utilizing
fixed assets. This could be due to fixed assets not being fully exploited to generate added value, despite
revenue and profit growth. To improve this, the company needs to reassess the operational capacity of
existing fixed assets, enhance their utilization, or consider restructuring the asset portfolio. Investing in
assets with higher value or adopting advanced technologies is also a necessary solution to improve
performance.

 Analysis of Total Asset Efficiency

The total asset turnover ratio stands at 1.19 times, showing that the company is able to use its assets more
effectively compared to many industry peers. However, this ratio can still be improved to enhance
competitiveness and create long-term advantages. The company should optimize its existing investments,
particularly focusing on implementing new investment projects to ensure sustainable revenue growth.
Additionally, improving asset management, making better use of underutilized assets, and controlling
operational costs are essential steps to increase overall efficiency.

13.1. General introduction about the company

13.2. Company Introduction

Vinamilk is a leading dairy company in Vietnam, having achieved numerous milestones over its 45 years
of establishment and development. Making significant contributions to the dairy industry in particular and
to the country in general, Vinamilk has become one of the 50 most valuable brands in Vietnam as
recognized by Forbes magazine. The full name of the company is Vietnam Dairy Products Joint Stock
Company, or Vinamilk. It is a business specializing in the production and trading of milk, dairy products,
and related machinery and equipment. According to the United Nations Development Programme,
Vinamilk was the 15th largest company in Vietnam in 2007. Currently, Vinamilk is the leading enterprise
in the dairy product sector in the Vietnamese market. Most of its products dominate the market share
nationwide. Vinamilk products are sold across all 63 provinces and cities in Vietnam, with approximately
220,000 distribution points. In addition, the company exports to 43 countries worldwide, including
Germany, Japan, Canada, the United States, and France. After more than 45 years of development,
Vietnam Dairy Products Company - Vinamilk has expanded its scale to include 46 units, consisting of 1

36
headquarters, 5 branches, 16 factories, 2 warehouses, 14 dairy farms, and 8 subsidiaries and affiliated
companies both domestically and internationally. (kinhdoanhvaphattrien, 2024)

13.3. Overview of Assets of Vinamilk

Vinamilk’s assets are strategically distributed across current assets and non-current assets, ensuring a solid
foundation for liquidity and long-term growth. These assets are key to maintaining operational efficiency,
production capacity, and market expansion. (vinamilk, 2023)

Current Assets:

Total Current Assets: 35,935,879,621,477 VND. These assets include cash and cash equivalents,
accounts receivable, and inventory. Current assets play a vital role in ensuring the company can meet its
short-term financial obligations such as paying suppliers, handling operational expenses, and servicing
debts. The size of Vinamilk's current assets demonstrates its strong liquidity position, making it capable of
maintaining smooth operations and covering immediate costs without financial strain. (vinamilk, 2023)

Non-Current Assets:

Total Non-Current Assets: 16,737,491,482,983 VND. Vinamilk has made significant investments in
long-term assets, including property, plant, and equipment like factories and dairy farms. The company
operates 16 modern factories and 14 dairy farms that comply with international standards. These assets are
essential for maintaining consistent product quality, supporting production scalability, and ensuring a
stable supply chain. The non-current assets are a critical factor in the company’s capacity to expand and
meet growing market demand. (vinamilk, 2023)

Growth in Total Assets:

Over the years, Vinamilk has experienced continuous growth in its total assets, largely driven by
reinvestment of profits, strategic investments in production facilities, and expansion into international
markets. This growth is especially noticeable in its non-current assets, with the company expanding its
factory network and investing in state-of-the-art technology. These investments enhance Vinamilk's ability
to produce high-quality dairy products and maintain a competitive edge globally. (vinamilk, 2023)

Vinamilk's liquidity

37
Vinamilk has a strong liquidity position, which indicates the company’s ability to meet its short-term
obligations efficiently. The company’s current assets total 35,935,879,621,477 VND, which include cash,
receivables, and inventory, while its current liabilities stand at 17,138,689,974,862 VND. This indicates
that Vinamilk has 2.1 VND in current assets for every 1 VND of current liabilities, suggesting that the
company is in a solid position to cover its short-term debts. A ratio greater than 1 typically signals a
healthy liquidity position, and in this case, Vinamilk’s current ratio of 2.1 further strengthens this view.
(vinamilk, 2023)

The quick ratio, which excludes inventory from current assets to assess more immediate liquidity, would
likely also reflect the company’s ability to meet obligations without relying on the sale of inventory. If the
quick ratio exceeds 1, it would reinforce Vinamilk’s capacity to handle short-term obligations efficiently.
(vinamilk, 2023)

Additionally, the cash ratio, which looks solely at cash and cash equivalents in relation to current
liabilities, can further provide insight into the company’s ability to cover short-term debts using its most
liquid assets. If this ratio is greater than 1, it would suggest that Vinamilk is well-prepared to manage
unexpected expenses or economic fluctuation (vinamilk, 2023) s.

In conclusion, with a current ratio of 2.1, Vinamilk demonstrates a strong liquidity position, indicating that
the company can comfortably meet its short-term obligations. This favorable liquidity enables Vinamilk to
maintain operations smoothly, invest in growth, and manage financial challenges without facing liquidity

issues. (vinamilk, 2023)

13.4. Financial Performance Analysis of Vinamilk: 2022-2023

Profitability

38
Gross Profit Margin: Vinamilk's gross profit margin increased by 0.80%, from 39.86% in 2022 to
40.66% in 2023. This slight improvement indicates the company’s efficiency in managing production
costs and achieving a higher margin on its products. A higher gross margin shows that Vinamilk can
generate more profit from its sales after covering direct costs, which may suggest better production
efficiencies or cost reductions. To further improve the gross profit margin, Vinamilk should continue to
optimize its production processes. Investing in technology to reduce waste and enhance production
efficiency can help control direct costs. Additionally, renegotiating supplier contracts for better prices or
sourcing raw materials more strategically could further reduce input costs and increase profitability.

Operating Profit Margin: The operating profit margin increased by 0.56%, moving from 17.50% in 2022
to 18.06% in 2023. This improvement highlights better control over operating expenses relative to sales,
signifying that the company has optimized its core business processes. A stable or rising operating margin
generally points to effective management of operational costs, including sales, general, and administrative
expenses. To continue improving the operating profit margin, Vinamilk should focus on optimizing
operational costs. This could involve streamlining its administrative functions through automation and
digital tools to cut down on labor costs. Additionally, reducing non-essential expenses or adopting lean
management practices could further enhance operating efficiency, ensuring that costs grow at a slower
pace than sales.

Net Profit Margin: Vinamilk's net profit margin improved by 0.63%, rising from 14.31% in 2022 to
14.94% in 2023. The increase suggests that after accounting for all operational and financial expenses,
Vinamilk achieved greater profitability. This could be attributed to factors such as increased sales volume,
higher pricing strategies, or reductions in non-operating costs like interest and tax expenses. To further
improve the net profit margin, Vinamilk should focus on reducing financial costs such as interest on debt.
By refinancing high-interest debt or paying down loans, the company can reduce interest expenses and
thus improve net profitability. Additionally, exploring ways to optimize tax planning and leverage tax
incentives could lower effective tax rates, contributing to better post-tax profits

ROA (Return on Assets): ROA saw a positive change, increasing by 0.98%, from 16.85% in 2022 to
17.83% in 2023. This improvement signifies that Vinamilk is effectively utilizing its assets to generate
income. The increase in ROA shows that the company is making more efficient use of its assets to drive
profitability, enhancing returns for shareholders and investors. Vinamilk should continue to improve the
efficiency with which it uses its assets. This could be done by investing in more efficient machinery,

39
reducing idle assets, or even disposing of underperforming assets that do not generate high returns. The
company should also look into ways of improving asset turnover by increasing sales without
proportionately increasing assets, thereby driving higher returns on existing resources.

ROE (Return on Equity): The return on equity increased by 1.61%, from 24.98% in 2022 to 26.59% in
2023. This growth indicates that Vinamilk has been more effective in generating profit for its
shareholders. A higher ROE demonstrates strong management performance and effective use of
shareholder equity, reflecting positive growth and high returns for investors. To continue improving ROE,
Vinamilk should focus on generating higher profits while managing shareholder equity efficiently. The
company could consider increasing its dividend payout ratio, as this may attract more investors and
improve shareholder returns. Additionally, leveraging equity to fund high-return projects or expanding

into new markets with high growth potential would help further boost profits for shareholders.

Efficiency

Inventory Turnover Ratio: The inventory turnover ratio rose by 28.36%, from 585.82% in 2022 to
614.18% in 2023. This increase demonstrates that Vinamilk has been able to more frequently sell and
replace its inventory, which indicates efficient inventory management and reduced holding costs. This
efficiency improves cash flow and minimizes the risk of obsolete stock. To continue improving inventory
turnover, Vinamilk should focus on further enhancing its inventory management system through
automation and data analytics. By adopting more advanced forecasting tools, Vinamilk can better predict
demand and adjust production schedules accordingly, reducing overstocking and understocking situations.
Additionally, increasing the use of just-in-time (JIT) inventory practices could further improve turnover
and reduce holding costs.

Accounts Receivable Turnover Ratio: The ratio declined by 49.82%, from 1005.77% in 2022 to
955.95% in 2023. This decrease suggests that Vinamilk is taking longer to collect payments from

40
customers, which can negatively affect cash flow. The company may need to assess its credit policies or
payment terms with customers to improve its receivables turnover and accelerate cash inflows. To
improve the accounts receivable turnover ratio, Vinamilk should evaluate and revise its credit policies,
ensuring that terms are clear and that there are no excessive delays in collections. Tightening credit terms
for customers with a history of late payments, offering discounts for early payments, or utilizing digital
invoicing solutions could help accelerate receivables. Additionally, Vinamilk might consider investing in
automated collection systems or outsourcing to specialized collection agencies if necessary to enhance
cash flow.

Accounts Payable Turnover Ratio: The accounts payable turnover ratio improved by 80.67%, from
819.57% in 2022 to 900.23% in 2023. This increase indicates that Vinamilk is paying off its suppliers
more quickly, which could help strengthen supplier relationships. However, a higher turnover ratio might
also reduce available working capital in the short term, which could affect liquidity. While paying
suppliers promptly can enhance relationships, Vinamilk may want to optimize its payment schedule to
better balance supplier relations and liquidity needs. Negotiating longer payment terms with suppliers,
especially those with whom Vinamilk has strong partnerships, could help preserve cash flow without
damaging supplier relationships. Additionally, exploring supply chain financing options could help ensure
payments are made on time while retaining sufficient working capital for daily operations.

Assets Turnover Ratio: The assets turnover ratio increased slightly by 1.58%, from 117.77% in 2022 to
119.36% in 2023. This indicates that Vinamilk was able to generate more revenue for each unit of asset
invested. While the increase is marginal, it shows that the company is becoming slightly more efficient in
using its asset base to drive sales and revenue. To further improve the asset turnover ratio, Vinamilk
should consider optimizing its asset base by disposing of non-productive assets or investing in higher-
return projects. Upgrading its existing assets, such as machinery and technology, could also improve
production efficiency and generate higher revenues with the same asset base. Additionally, further
enhancing sales strategies and expanding market reach, while maintaining cost control, could help
increase revenue without requiring a proportional increase in assets.

Day’s Sales in Inventory: This ratio decreased by 287.74%, from 6230.59 days in 2022 to 5942.86 days
in 2023, indicating better inventory management. Fewer days in inventory mean that Vinamilk is selling
products faster, reducing the risks associated with stock obsolescence and improving overall operational
efficiency. Vinamilk can further reduce days in inventory by continuing to streamline its supply chain.
41
Using advanced demand forecasting tools to more accurately predict sales and production needs will

ensure that products are produced in the right quantities and delivered in a timely manner. Additionally,
investing in more effective distribution channels or logistics solutions will help accelerate product
movement and reduce inventory holding periods.

Liquidity

Current Ratio: The current ratio improved by 3.51%, from 206.16% in 2022 to 209.68% in 2023. This
indicates a slight increase in Vinamilk’s ability to cover its short-term liabilities with current assets. A
higher current ratio suggests a more secure liquidity position, as the company can meet its short-term
obligations without difficulty, even though it still remains high relative to industry standards. While the
current ratio suggests a strong liquidity position, Vinamilk may want to evaluate the efficiency of its
working capital management. Although a high current ratio indicates good short-term financial health, an
excessively high ratio could imply that the company is holding too much idle cash or accounts receivable,
which could otherwise be reinvested into business growth. To optimize liquidity management, Vinamilk
should consider strategies to reduce excess cash holdings or improve the efficiency of accounts receivable
collection.

Quick Ratio: The quick ratio saw a 4.08% increase, from 169.35% in 2022 to 173.44% in 2023. The
quick ratio is a more conservative measure of liquidity because it excludes inventory. This increase
indicates that Vinamilk's ability to pay off short-term liabilities using its most liquid assets, like cash and
receivables, is improving, which is a positive sign for financial stability. Vinamilk should continue
focusing on improving its quick ratio by managing its receivables and cash flow more effectively. One
approach would be to further shorten the credit terms given to customers, ensuring quicker collections of
receivables, and potentially negotiating better payment terms with suppliers to increase the company’s
cash reserves. Additionally, optimizing cash flow through strategic investments and reducing non-
essential expenses can improve the quick ratio and financial stability in the long term.

42
Solvency

Solvency Ratio: The solvency ratio decreased by 5.38%, from 68.13% in 2022 to 62.75% in 2023. This
decline suggests that Vinamilk is relying more on debt financing relative to equity, which may increase its
financial risk. A lower solvency ratio typically indicates higher financial leverage, meaning the company
could face more challenges in the event of an economic downturn or a rise in interest rates. Vinamilk
should consider strategies to improve its solvency ratio by reducing reliance on debt. One approach could
be to focus on increasing equity through retained earnings or issuing new equity. Additionally, the
company could explore refinancing options to reduce interest expenses or restructure existing debt to
improve its solvency position. Maintaining a balance between debt and equity financing will help mitigate
financial risks, especially in volatile economic conditions.

Interest Coverage Ratio: There was a significant drop of 3223.68%, from 6421.12% in 2022 to
3197.45% in 2023, reflecting a significant reduction in the company's ability to cover interest expenses
with operating income. This steep decline may point to higher interest expenses or lower income available
to cover them, which could indicate greater financial strain on the company. To improve its interest
coverage ratio, Vinamilk should focus on increasing operating income and reducing interest expenses.
Increasing profitability through higher sales, better pricing strategies, or cost-cutting initiatives can help
improve the ratio. Additionally, refinancing high-interest debt or negotiating better terms with creditors
can reduce the burden of interest payments. Strengthening operational efficiencies and reducing non-
essential expenditures will also help to free up resources for covering interest obligations.

Debt-to-Equity Ratio: This ratio increased by 2.65%, from 47.47% in 2022 to 50.38% in 2023. The
increase suggests that Vinamilk has taken on more debt relative to equity in its capital structure. While
leveraging debt can fuel growth, it also raises the financial risk, as higher debt levels mean the company
must manage interest obligations and repayment schedules. Vinamilk should assess the risks associated

with its rising debt levels and explore ways to manage the debt more effectively. A reduction in debt can

43
help lower the debt-to-equity ratio and reduce financial leverage. This can be achieved by using a portion
of profits or retained earnings to pay down debt. The company could also explore opportunities to convert
some of its debt into equity, especially if market conditions are favorable. Reducing the reliance on debt
for expansion will also help the company navigate economic downturns more easily.

Debt-to-Capital Ratio: The debt-to-capital ratio increased by 1.19%, from 32.31% in 2022 to 33.50% in
2023. This rise indicates that a greater proportion of the company’s capital is financed by debt. While this
could reflect efforts to expand operations or take on new projects, it also increases the company’s
exposure to financial risk, especially if profits do not continue to rise. To improve the debt-to-capital ratio,
Vinamilk should aim to reduce its overall debt load. This can be achieved through debt repayments or by
seeking alternative financing options that do not increase debt, such as equity financing. Strengthening
cash flow management to improve liquidity and reduce dependency on debt will also help to lower the
ratio. Ensuring a more balanced capital structure will provide Vinamilk with greater financial flexibility
and reduce its vulnerability to interest rate fluctuations or economic downturns.

44
14. Task 3

14.1. Calculate the interest payments, calculate the net income and calculate the cash
budget

14.2. The Benefits and Limitations of Budgeting

14.2.1. Benefits of Budgeting

Financial Planning and Control: Budgeting helps businesses manage their finances effectively by
ensuring that there is enough cash flow to meet obligations such as cost of goods sold (COGS), loan

repayments, and research and development (R&D) investments. It helps plan for future expenses and
ensures that the business can cover its obligations and avoid cash shortfalls. (Rajak, 2023)

Resource Allocation: Budgeting allows businesses to allocate resources to high-priority areas, such as
R&D, marketing, or capital improvements. This ensures that the company’s funds are used effectively and

45
strategically to achieve its long-term goals, such as expanding market share or launching new products.
(Rajak, 2023)

Performance Monitoring: Budgeting provides a basis for comparing actual performance against
budgeted figures. Any variance between the actual and budgeted amounts can highlight areas where
performance may be falling short or exceeding expectations. This allows for corrective actions to be taken
in a timely manner, ensuring that the company stays on track with its goals. (Rajak, 2023)

Strategic Decision Support: Budgets help businesses forecast periods of surplus or deficit, providing
valuable insight into the financial health of the company. This information supports strategic decisions
such as expanding operations, entering new markets, or adjusting pricing strategies to align with financial
realities. (Rajak, 2023)

Transparency and Accountability: A well-structured budget helps clearly define financial goals and
responsibilities within the organization. It assigns specific financial targets to departments or individuals,
creating transparency and accountability. This encourages employees to be more conscientious in
managing their allocated budgets. (Rajak, 2023)

14.2.2. Limitations of Budgeting

Inflexibility: One of the major limitations of budgeting is its lack of flexibility. Budgets are typically
based on predictions and assumptions about future market conditions and business performance. However,
external factors such as market demand changes, price fluctuations, or regulatory adjustments can disrupt
these assumptions. Adapting the budget to accommodate these changes can be time-consuming and
difficult. (Rajak, 2023)

Time-Consuming: Preparing detailed budgets requires a significant amount of time and effort, especially
for large organizations. Gathering data, forecasting revenues and expenses, and aligning the budget with
strategic goals can be complex and labor-intensive. This time investment could detract from other
important activities within the business. (Rajak, 2023)

Over-Reliance on Budgets: Relying too heavily on budgets can stifle innovation and creativity. When
companies focus exclusively on adhering to budget constraints, they may overlook potential opportunities
for growth or improvement. Innovation may be restricted if employees or departments feel bound by
financial limits and are hesitant to explore new ideas that may fall outside of the budget. (Rajak, 2023)

46
Difficulty in Predicting External Factors: Budgets are often based on internal data and assumptions, but
they cannot fully account for external factors like economic fluctuations, political changes, or shifts in
consumer behavior. These unpredictable elements can have a significant impact on business performance,
making the budget potentially unreliable or inaccurate in the face of unforeseen events. (Rajak, 2023)

May Not Reflect Reality: Budget projections are based on forecasts and assumptions, which may not
always be accurate. Overly optimistic or pessimistic forecasts can lead to unrealistic budgets, resulting in
financial plans that do not reflect the actual needs or realities of the business. This can lead to
inefficiencies, poor decision-making, or missed opportunities. (Rajak, 2023)

III. Conclusion
In conclusion, accounting serves as a cornerstone for effective management and strategic decision-making
within organizations, significantly influencing financial outcomes, stakeholder relations, and societal
expectations. By providing essential frameworks for financial reporting, accounting enables organizations,
such as Vietjet, to navigate complex and rapidly changing environments, especially during crises. The
distinction between financial and management accounting ensures that both external stakeholders and
internal management receive relevant information for informed decision-making. Similarly, financial
management and budgeting play a crucial role in helping organizations make effective strategic decisions,
control costs, and optimize resources. Through the three tasks in this report, we have clearly demonstrated
the close connection between preparing financial statements, analyzing financial performance through
ratios, and budgeting to ensure stable and sustainable development. Despite challenges and limitations, the
use of budgets and financial tools helps organizations identify potential issues early and take corrective
actions promptly, ensuring that decision-making and resource allocation are both rational and efficient.
Ultimately, accounting and budgeting are vital tools for organizations to achieve sustainable growth and
thrive in a competitive marketplace.

47
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