The Role of Accounting in an Organisation

Student Name/ID Number
Unit Number and Title Unit 5: Accounting Principles
Academic Year Semester 1, Academic year2022 – 2023
Unit Tutor Dr.Nguyen Thi Thanh Mai, Dr.Le Thi Thu Ha and Ms.Nguyen Thi Kieu Trang
Assignment Number and Title A1: Accounting in context and Budgetary control (1 of 2)
Issue Date 10th October 2022
Video Clip Submission Date To be announced by office
IV Name Ms.Nguyen Thi Kieu Trang (IV),Mr. Martin Ortega-Azurduy(Asst Lead IV), Dr
Doti Chee (Lead IV)
IV Date 21stSeptember 2022
Submission Format
Submission is in the form of a 10-minute individual presentation using relevant software. Your video clip must
include clear voice, face and ppt slides.
The presentation slides must be submitted along with speaker notes as one copy into the Turnitin system, while the
video clip has to be submitted into the Flipgrid system.
You are required to make effective use of PowerPoint headings, bullet points and subsections as appropriate. Your
speaker notes should be written in a concise and precise manner using 1.5 spacing, type face in Times New Roman
or Arial and font size 12. A bibliography should be provided using the Harvard referencing system. Inaccurate use of
referencing may lead to issues of plagiarism if not applied correctly.
You are advised to write between 2,800 to 3,000 words and the word limit is 3,000 words. This word limit does not
include the contents page, the organization profile, tables, diagrams, appendices or references.
Your submission shall include a portfolio of evidence complied from the evidenceproduced for the video
clip along with a blog and memorandum to be included in the speaker notes.The memorandum must be
accompanied with Excel spreadsheet (raw data will be supplied by your tutor). You will insert sections of
your spreadsheet into the memorandum.
Unit Learning Outcomes:
LO1Examine the context and purpose of accounting
LO4 Prepare budgets for planning, control and decision-making using spreadsheets.
Transferable skills and competencies developed
 Reasoning and analytical skills
 Written communication using a range of media

 Manipulation and interpretation of data using spreadsheets
 Effective communication of relevant information across the organisation and to appropriate
stakeholders
 Creation and interpretation of information, showing how that information can be used most
effectively to add value to an organisation
Vocational scenario
RSM Vietnam Auditing & Consulting Company Limited is a company providing auditing, accounting and
professional business consulting services, established in July, 2001. RSM Vietnam has been a member of
International RSM Group since 2012. RSM Vietnam has more than 300 experts and staff, serving publicly
listed companies, multinational corporations and private businesses in various fields. Last year, the
company turnover was $300 m with 35 per cent deriving from non-Vietnam markets, principally in other
parts of the Asia Pacific region. The company also has a policy of taking on smaller niche clients, where
they feel there is potential for fast growth.
Role
You have recently joined the company as a Graduate Trainee attached to their Vietnam SME (Small and
Medium Enterprises) Unit, offering accountancy and financial services to businesses that typically have a
turnover ranging from $0.5 m to $15 m. As part of your ongoing training, you have been asked to
undertake some activities.
Having successfully completed your six-month probation as a Graduate Trainee at RSM Vietnam, you
have now been attached to a unit in the firm that deals with the provision of accountancy and consultancy
services to small businesses that are typically set up as sole traders, not for profit and partnerships. The
firm is careful about which small and emerging businesses it works with as it seeks to spot growth
potential and identify and work with clients that have scalable business models.
Assignment activity and guidance
As a graduate trainee, your supervisor, one of the firm’s Key Account Managers, has asked you to prepare
a blog that will be used to market and promote its accounting services to new and existing clients. The
working title you have been given for the blog is ‘The role of accounting in an organisation’. The blog
must be presented as an online blog in an engaging and practical way, covering relevant academic theory,
making use of, for example, headings, images and illustrations. Your blog should include the following,
but is not limited to:
• the purpose and scope of accounting in complex operating environments
• a critical evaluation of the accounting function in informing decision making and meeting stakeholder

and societal needs and expectations
• the main branches of accounting and job skillsets and competencies
• accounting systems and the role of technology in modern-day accounting
• issues of ethics, regulation and compliance and the extent to which they are constraints or threats to the
organisation.
You have now been asked to work with a start-up business, VietStar Ltd, that your firm has just taken on
as a client. The business is particularly in need of support and guidance with budgeting and how it can be
used to inform efficient resource allocation and support effective control and decision making. VietStar
Ltd is to be incorporated on 1 June. The opening statement of financial position of the business will then
be as follows:
£
Assets
Cash at bank 90,000
Share capital
£1 ordinary shares 90,000
During June, the business intends to make payments of £45,000 for a leasehold property, £18,000 for
equipment and £12,000 for a motor vehicle. The business will also purchase initial trading inventories
costing £25,000 on credit.
The business has produced the following estimates:
1 Sales revenue for June will be £10,000 and will increase at the rate of £2,200 a month until September.
In October, sales revenue will rise to £25,000 and in subsequent months will be maintained at this figure.
2 The gross profit percentage on goods sold will be 25 per cent.
3 There is a risk that supplies of trading inventories will be interrupted towards the end of the financial
year. The business therefore intends to build up its initial level of inventories (£25,000) by purchasing
£1,000 of inventories each month in addition to the monthly purchases necessary to satisfy monthly sales
requirements. All purchases of inventories (including the initial inventories) will be on one month’s credit.
4 Sales revenue will consist of 60% of cash sales and 40% of credit sales. Credit customers are expected to
pay two months after the sale is agreed.
5 Wages and salaries will be £1,200 a month. Other overheads will be £600 a month for the first four
months and £700 thereafter. Both types of expense will be payable when incurred.
6 Eighty per cent of sales revenue will be generated by salespeople who will receive 8 per cent
commission on sales revenue. The commission is payable one month after the sale is agreed.