ASSIGNMENT 2 FRONT SHEET

Qualification BTEC Level 4 HND Diploma in Business

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

Date Received 1st

Submission date 03/12/20223 03/12/2023
submission

Date Received 2nd

Re-submission Date
submission

Student Name Nguyen Van Tung Student ID BH 01007

Class MA06203 Assessor name My Linh Hoang

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

Student’s signature Tung

Grading grid
P3 P4 P5 P6 P7 M2 M3 M4 D2 D3

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❒ Summative Feedback: ❒ Resubmission Feedback:

Grade: Assessor Signature: Date:

Internal Verifier’s Comments:

Signature & Date:

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Contents
I) TASK1............................................................................................................ 4

II) TASK2............................................................................................................ 7

2.1. Introduction. ................................................................................................................................ 7

2.2. Financial situation of Viettel Group ....................................................................................... 8
2.3. Profitability .................................................................................................................................. 9
2.4. Efficiency ..................................................................................................................................... 9
2.5. Liquidity .....................................................................................................................................11
2.6. Solvency......................................................................................................................................12
2.7. Conclusion .................................................................................................................................12
III) TASK 3. .................................................................................................... 13

3.1. Define..........................................................................................................................................15
3.2. Benefits and limitations of budgeting ...................................................................................15

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 I) TASK1
Financial reports play an important role in providing detailed and reliable information about the
financial situation of an organization, company or individual. And this report will focus on preparing
financial statements. financial statements and dive into the process of refining trial balances to accurately
represent various transactions and events, following double-entry accounting principles. When we master
these skills, we will be able to better understand an organization's financial situation, evaluate profitability
and risk, support investment and lending decisions, and detect problems. and opportunities in business
activities.
1.1. 15/12/2020, ABC owes its employees unpaid wages for the two weeks: 10 days @ $700
• Salary expense: Debit $7000
• Salary payable: Credit $7000

1.2. 15/12/2020, ABC agrees to provide training services to a client for a fixed fee of $6,000 for 30
days. All services are to be completed by 15/1/2021, and the client will pay in full at that time.
• Account Receivable: Debit $3,400
• Training fees earned: Credit $3,400

1.3. On December 1st, 2020, ABC purchased equipment for $16,900, by cash. The equipment has
an estimated useful life of three years (36 months) and ABC expects to sell the equipment at the
end of its life for $7,000 cash.
1/12:
• Equipment: Debit $16,900
• Cash: Credit $16,900
• Accumulated depreciation: $275

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 ABC INSTITUTION
December 31st
Unadjusted Trial Balance Adjustments Adjusted Trial Balance
Debit Credit Debit Credit Debit Credit
Cash $ 34.000 $ 16.900 $ 17.100
Accounts receivable $ 3.400 $ 3.400
Teaching supplies $ 8.000 $ 8.000
Prepaid insurance $ 12.000 $ 12.000
Prepaid rent $ 3.000 $ 3.000
Professional library $ 35.000 $ 35.000
Accumulated depreciation, professional library $ 10.000 $ 10.000
Equipment $ 80.000 $ 16.900 $ 96.900
Accumulated depreciation, equipment $ 15.000 $ 275 $ 15.275
Accounts payable $ 26.000 $ 26.000
Salaries payable $ - $ 7.000 $ 7.000
Unearned training fees $ 12.500 $ 12.500
ABC, capital $ 90.000 $ 90.000
ABC, withdrawals $ 50.000 $ 50.000
Tuition fees earned $ 123.900 $ 123.900
Training fees earned $ 40.000 $ 3.400 $ 43.400
Depreciation expense, Professional library $ -
Depreciation expense, Equipment $ - $ 275 $ 275
Salaries expense $ 50.000 $ 7.000 $ 57.000
Insurance expense $ -
Rent expense $ 33.000 $ 33.000
Teaching supplies expense $ -
Advertising expense $ 6.000 $ 6.000
Utilities expense $ 6.400 $ 6.400
Total $ 317.400 $ 317.400 $ 27.575 $ 27.575 $ 328.075 $ 328.075

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 Income Statement: For the Month Ended December 31, 2020
Cash Budget
December31,2020
Revenues: Debit
Tuition fees earned $123.900
Training fees earned $43.400
Operating expenses
Depreciation expense,
Equipment $275
Salaries expense $57.000
Rent expense $33.000
Advertising expense $6.000
Utility expense $6.400
Total expense $120.675
Net Income $64.625
*Balance sheet (31/12/2020)
Balance Sheet (31/12/2020)
Assets Debit Credit
Cash $17.100
Accounts receivable $3.400
Teaching supplies $8.000
Prepaid insurance $12.000
Prepaid rent $3.000
Professional library $35.000
Accumulated depreciation, professional
library $10.000 $25.000
Equipment $96.900
Accumulated depreciation, equipment $15.275 $81.625
Total assets $150.125
Liabilities
Accounts payable $26.000
Salaries payable $7.000
Unearned training fees $12.500
Total Liabilities $45.500
Equity
Net income $64.645
ABC, capital $90.000
ABC, withdrawals $50.000
Total Equity $104.625
Total Liabilities and Total Equity $150.125

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II) TASK2

2.1. Introduction.
Viettel is a leading corporation in the field of telecommunications in Vietnam, with a remarkable
history of formation and development. Known by its full name as Military Industry and
Telecommunications Group, Viettel was established with 100% state capital and is responsible for
inheriting from Military Telecommunications Services Joint Stock Company.
Viettel not only operates in the telecommunications field but also invests and develops in many
foreign markets, including Asia, America and Africa. In 2018, Viettel achieved revenue of up to 10
billion USD (234,500 billion VND)
Viettel Group has contributed significantly to the popularization of telecommunications and
information technology services in all areas of life in Vietnam after more than 30 years of operation.
In recent years, the Military Industry and Telecommunications Group (Viettel) has had impressive
financial results. In 2022, Viettel records a growth of 6.1% with consolidated revenue reaching 163.8
trillion VND. In particular, Viettel's pre-tax profit reached the highest level since 2017, with figures of
VND 43,100 billion.
In addition, in 2021, Viettel's revenue is 274 trillion VND, growing 3.3% compared to 2020.
Viettel's brand value also increased by 32 levels, reaching 6.061 billion USD. As of 2022, Military
Industry and Telecommunications Group (Viettel) has had a significant increase in revenue and profits.
The 2022 cumulative revenue of Viettel Global, a subsidiary of Viettel, reached more than 23,700 billion
VND, an increase of nearly 4,500 billion VND, corresponding to an increase of 23.4% compared to
2021. 1. Viettel Global's pre-tax profit reached more than 3,000 billion VND.
Meanwhile, Viettel Group as a whole has consolidated revenue reaching 163.8 trillion VND and
pre-tax profit reaching the highest level since 2017 to date, with figures of 43.100 billion VND.
This proves that Viettel not only maintains but also has positive development in the field of
production and business, while contributing significantly to Vietnam's economy.

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2.2. Financial situation of Viettel Group
Gross profit
Operating profit
Net profit
Net sales revenue
Beginning assets
Ending assets
Average Asset
Beginning Shareholder's equity
Ending Shareholder's equity
Average Shareholder's Equity
COGS
Beginning Inventory
Ending Inventory
Average Inventory
Net Credit Sales
Beginning Accounts Receivable
Ending Accounts Receivable
Average Accounts Receivable
Beginning Accounts Payable
Ending Accounts Payable
Average Accounts Payable
Net Credit Purchases
Ending Inventory
Current Assets
Current Liabilities
Inventory
Prepaid Expenses
Depreciation
Total Liabilities
EBIT
Total Interest Payments
Shareholders' Equity
2022 2021
10.958.878.590.719 7.123.930.311.836
3.014.067.430.213 506.113.724.276
1.540.695.401.127 346.840.276.074
23.629.645.631.279 19.242.048.710.104
52.851.049.838.818 59.004.086.140.299
50.303.038.605.855 52.851.049.838.818
51.577.044.222.337 55.927.567.989.559
28.634.491.696.923 29.867.602.668.968
29.108.493.092.533 28.634.491.696.923
28.871.492.394.728 29.251.047.182.946
12.670.767.040.560 12.118.118.389.268
1.819.022.709.532 2.138.636.342.185
2.254.677.441.062 1.819.022.709.532
2.036.850.075.297 1.978.829.525.859
23.629.645.631.279 19.242.048.710.104
6.030.030.868.794 6.286.617.378.632
7.132.674.245.868 6.030.030.868.794
6.581.352.557.331 6.158.324.123.713
3.447.723.845.816 5.550.166.296.807
4.018.527.696.291 3.447.723.845.816
3.733.125.771.054 4.498.945.071.312
13.106.421.772.090 11.798.504.756.615
2.254.677.441.062 1.819.022.709.532
34.453.415.120.835 29.070.756.039.437
16.585.837.680.871 16.603.007.042.819
2.254.677.441.062 1.819.022.709.532
201.677.520.231 211.081.353.180
2.496.399.616.153 1.934.533.945.662
21.194.545.513.322 24.216.558.141.895
3.499.700.458.440 1.415.938.350.461
485.633.028.227 535.639.587.252
29.108.493.092.533 28.634.491.696.923
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 2.3. Profitability
2022 2021 Change
Profitability
Gross profit margin 46% 37% 9%
Operating profit margin 13% 3% 10%
Net profit margin 7% 2% 5%
ROA 3% 1% 2%
ROE 5% 1% 4%

In 2021, Viettel Group's gross profit margin recorded 37%. However, in 2022, the gross profit
margin increased to 46%, an increase of 9% compared to 2021. This shows that sales and the position
of Viettel Group is increasingly growing. If it can maintain and grow continuously in the coming years,
it can be seen that Viettel is a sustainably developing enterprise. One of the factors helping Viettel's
gross profit increase is the diversification of business activities, including technical services and other
industries, helping Viettel increase income and profits. (Viettel Global, part of Viettel Group, also
achieved consolidated revenue of VND 23,630 billion in 2022, growing by 22.8%, showing that
international expansion contributes to growth). Besides, thanks to the process of improving production
efficiency and managing production costs (Net profit increased by 5%)
Compared to the same period in 2021, ROA reached 1% and in 2021 reached 3%, Viettel Group
ROA increased by 2%. This shows that the efficiency and asset management ability of Viettel Group
increased. This index reflects the profitability of total assets including equity and debt. From
That shows the business efficiency of the enterprise. Demonstrates economic management and
use Resources in 2022 will be much more productive and efficient than in 2022. ROE index, is a profit
index based on a business's equity, showing the profitability of shareholders' capital activities. Used to
evaluate a business's capital management performance and profitability from invested capital. With 1%
in 2021 and 5% in 2021, the change is very clear. This shows that Viettel's business strategies are
effective and have successful expansion. And Viettel's smart management and use of investment capital.

2.4. Efficiency

Efficiency 2022 2021 Change

Inventory Turnover Ratio 622% 612% 10%
Accounts Receivable Turnover Ratio 359% 312% 47%
Accounts Payable Turnover Ratio 351% 262% 89%
Assets Turnover Ratio 46% 34% 11%
Day's Sales in Inventory 64,95 54,79 10,16

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 Data information of Viettel group
COGS 12.670.767.040.560 12.118.118.389.268
Beginning Inventory 1.819.022.709.532 2.138.636.342.185
Ending Inventory 2.254.677.441.062 1.819.022.709.532

Average Inventory 2.036.850.075.297 1.978.829.525.859

Net Credit Sales 23.629.645.631.279 19.242.048.710.104
Beginning Accounts
Receivable 6.030.030.868.794 6.286.617.378.632
Ending Accounts
Receivable 7.132.674.245.868 6.030.030.868.794
Average Accounts
Receivable 6.581.352.557.331 6.158.324.123.713
Beginning Accounts
Payable 3.447.723.845.816 5.550.166.296.807
Ending Accounts
Payable 4.018.527.696.291 3.447.723.845.816
Average Accounts
Payable 3.733.125.771.054 4.498.945.071.312
Net Credit Purchases 13.106.421.772.090 11.798.504.756.615
Ending Inventory 2.254.677.441.062 1.819.022.709.532

The inventory turnover ratio demonstrates a business's ability to effectively manage and use inventory
resources. In 2021, Viettel's inventory turnover rate is 612%, but by 2022, Viettel has increased this index
by 10% to 622%. This shows that Viettel has managed well in managing and using strategic resources. The
10% increase rate also reflects Viettel's ability to predict and respond quickly to changes in market demand.
From there, costs and profits can be optimized.
Viettel's Accounts Receivable Turnover Ratio increased by 47% within a year (from 2021: 312% -
2022: 359%). Quite a clear growth. Shows that Viettel's speed of debt collection from customers is becoming
faster and more effective. And that can reduce financial risks for businesses, potentially facing lower credit
risks.
Viettel Group in 2022 has been paying financial obligations to suppliers more effectively and quickly
than in 2021. At the same time, it also clearly shows flexibility and intelligence in management. Manage
the company's financial human resources. This is objectively evaluated through Viettel's 89% growth in
Accounts Payable Turnover Ratio in 2022. In 2021, Accounts Payable Turnover Ratio will reach 262%,
however, by 2023, Viettel Group's Accounts Payable Turnover Ratio will reach 351%.
Viettel's Assets Turnover Ratio in 2021 is 34%, but by 2022 this index has increased to 36%, an
increase of 11%. With this increase, it can be said that Viettel is generating revenue in the most optimal way
and improving profits.

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 In 2022, the Day's Sales in Inventory index has increased by 10.16 compared to 2021. Maybe because
Viettel is implementing flexible inventory management strategies, thanks to this, Viettel Group can respond
quickly to changes. market dynamics and customer requirements. This can help businesses increase sales.
And thanks to the growth of both ITR and DSI, Viettel has helped maintain good capital flow and optimize
both sales performance and inventory management costs.

2.5. Liquidity

Liquidity 2022 2021 Change

Current Ratio 208% 175% 33%
Quick Ratio 193% 163% 30%

Data information of Viettel Group

Current Assets 34.453.415.120.835 29.070.756.039.437

Current Liabilities 16.585.837.680.871 16.603.007.042.819

Inventory 2.254.677.441.062 1.819.022.709.532

Prepaid Expenses 201.677.520.231 211.081.353.180

Viettel's Current Ratio indexes all increase in 2022. This is a positive factor to attract attention and
confidence from investors. and create opportunities for Viettel to invest in new projects and expand business
without depending on too much external capital sources.
In 2022, Viettel has increased the Current Ratio index by 33% compared to 2021 (from 175% to
208%). Proving that Viettel's ability to pay short-term obligations has become more flexible and has
financial space. An increase in Current Ratio also shows Viettel's financial safety and sustainability and
helps Viettel be able to anticipate unpredictable fluctuations in the market.
Quick Ratio measures a business's ability to pay without having to sell inventory. In 2021, Viettel's
Quick Ratio is 163% and by 2022, Viettel's Quick Ratio has increased to 193%, an increase of 30%. This
shows that Viettel can more easily pay short-term obligations without having to wait for income from selling
inventory. To be able to grow the Quick Ratio index, Viettel's financial management must also become
more effective and maintain flexible payment levels without significantly affecting business operations.

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 2.6. Solvency
Solvency 2022 2021 Change
Solvency Ratio 19% 9% 10%
Interest Coverage Ratio 721% 264% 456%
Debt - to - Equity Ratio 73% 85% -12%
Debt - to - Capital Ratio 42% 46% -4%

Data information of Viettel Group

Depreciation 2.496.399.616.153 1.934.533.945.662

Total Liabilities 21.194.545.513.322 24.216.558.141.895
EBIT 3.499.700.458.440 1.415.938.350.461
Total Interest
Payments 485.633.028.227 535.639.587.252
Shareholders' Equity 29.108.493.092.533 28.634.491.696.923

10% increase in Solvency Ratio index This indicates the ability to face key financial obligations and
repay debt more effectively. The problem of growth in Solvency Ratio can be proven that Viettel has more
equity capital than its main financial obligations, increasing its main financial stability. Increases in
Solvency Ratio are also credible in the eyes of stakeholders including investors and lenders.
Increased 2.73 times (456%) in interest payment ratio. Found in 2022, Viettel's financial stability has
increased, its ability to pay interest on loans is much more quickly and effectively, and its profitability is
enough to help Viettel face challenges. main obligation. The significant improvement in Viettel's financial
situation after the economies affected by the Covid pandemic is even more evident.
With the reduction of 2 indicators: Debt - Equity Ratio and Debt - Capital Ratio of 12% and 4%
respectively in the Solvency Section, the warning shows an improvement in the financial structure. Viettel's
main office. The level of debt and therefore equity and total capital both decrease when these two indicators
decrease. It also reflects a better financial balance with debt levels being managed appropriately.

2.7. Conclusion
Through the above analytical numbers, we can find that Viettel Group is making positive changes in
many aspects of its financial situation. It can be done by steady growth in the number of profitable
performance indicators and high business profits. To be able to increase that number, Viettel's ability to
manage and use resources must also be allocated effectively. With business growth, payment capabilities
will also be rapid and thereby ensure Viettel's financial stability. With all indexes growing positively and
evenly, the value of Viettel Group in the market will increase in value and attract the attention of investors
because of Viettel's solidity.

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III) TASK 3.

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 HAC
BUSINESS PLAN FOR NEXT YEAR
COGS/Unit 50
Production Units Sales Units Price/unit 170
Jan 400 350 Sale expense 10%
(revenue)
Feb 450 500 R&D expense 5%
Mar 500 350 Interest 7% Peryear
Apr 350 400 Tax 20%
May 400 400
Jun 500 550
Jul 500 500
Aug 600 600
Sep 700 650
Oct 750 750
Nov 800 850
Dec 850 850
Initial cash balance 140.000
Cost of manufactor 250.000
New Borrowing 120.000
Principal payment each month 10.000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Beginning borrowing 120.000 110.000 100.000 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000
Interest 700 642 583 525 467 408 350 292 233 175 117 58
Principal payment 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000
Ending borrowing 110.000 100.000 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 -

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Beginning cash balance 140.000 177.567 234.020 271.680 315.667 359.700 422.620 479.307 548.600 624.220 712.447 813.280
Revenue (income cash flow) 59.500 85.000 59.500 68.000 68.000 93.500 85.000 102.000 110.500 127.500 144.500 144.500
Total cash available =(29 + 30) 199.500 262.567 293.520 339.680 383.667 453.200 507.620 581.307 659.100 751.720 856.947 957.780
Sale expense 5.950 8.500 5.950 6.800 6.800 9.350 8.500 10.200 11.050 12.750 14.450 14.450
R&D expense 2.975 4.250 2.975 3.400 3.400 4.675 4.250 5.100 5.525 6.375 7.225 7.225
Principal payment 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000 10.000
Interest 700 642 583 525 467 408 350 292 233 175 117 58
Tax 2.308 5.155 2.332 3.288 3.300 6.147 5.213 7.115 8.072 9.973 11.875 11.887
Outcome cash flow 21.933 28.547 21.840 24.013 23.967 30.580 28.313 32.707 34.880 39.273 43.667 43.620
Net cash flow (30 - 37) 37.567 56.453 37.660 43.987 44.033 62.920 56.687 69.293 75.620 88.227 100.833 100.880
Ending cash balance (29 + 38) 177.567 234.020 271.680 315.667 359.700 422.620 479.307 548.600 624.220 712.447 813.280 914.160

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Products 350 500 350 400 400 550 500 600 650 750 850 850
Revenue 59.500 85.000 59.500 68.000 68.000 93.500 85.000 102.000 110.500 127.500 144.500 144.500
COGS 17.500 25.000 17.500 20.000 20.000 27.500 25.000 30.000 32.500 37.500 42.500 42.500
Depreciation 20.833 20.833 20.833 20.833 20.833 20.833 20.833 20.833 20.833 20.833 20.833 20.833
Sale expense 5.950 8.500 5.950 6.800 6.800 9.350 8.500 10.200 11.050 12.750 14.450 14.450
R&D expense 2.975 4.250 2.975 3.400 3.400 4.675 4.250 5.100 5.525 6.375 7.225 7.225
Interest 700 642 583 525 467 408 350 292 233 175 117 58
Earnings before tax (EBT) 11.542 25.775 11.658 16.442 16.500 30.733 26.067 35.575 40.358 49.867 59.375 59.433
Tax expense 2.308,33 5.155,00 2.331,67 3.288,33 3.300,00 6.146,67 5.213,33 7.115,00 8.071,67 9.973,33 11.875,00 11.886,67
Net income (NI) 9.233 20.620 9.327 13.153 14 13.200 24.587 20.853 28.460 32.287 39.893 47.500 47.547
 3.1. Define
Budgeting is the process of planning and forecasting the management and use of financial resources
of an organization, business, or individual over a certain period of time. This process includes determining
expected revenues, estimating expenses, and allocating financial resources to achieve business or personal
goals. Budgets can be prepared in many ways, including static budget and flexible budget depending on the
level of fluctuations in business conditions.( VietnamBiz, 2020)
Budgeting helps optimize financial management, forecast business performance, and shape
development strategies. It is an important tool in financial management, helping to ensure efficiency and
sustainability in financial resource management.
The purpose of budgeting is:
• Control Spending: Budgets help control and manage spending, prevent overspending, and maintain
financial stability.
• Determine Financial Goals: Budgeting converts business plans, goals, and strategies into specific
financial goals, helping to clearly define development direction and plans.
• Forecasting and Planning: Budgets help forecast business performance and provide detailed plans
on the use of financial resources to achieve business goals.
• Communicating Organizational Goals: For organizations, a clear budget communicates
organizational goals from the senior level to the employee level, creating consistency and
understanding throughout the organization.
• Management Control and Efficiency: Budget estimates play an important role in business
management, helping to control and check business performance.
The budgeting process is typically done on an annual basis, and may be adjusted or updated along the
way based on changes in economic conditions and other factors. Budgeting is an important tool in financial
management and development direction of an organization or individual. The budgeting process needs to
ensure and comply with the following steps:
• Revenue Forecasting: Identify and forecast expected revenue sources for a given time period.(
clevercfo, 2021)
• Calculate Capital Resources and Costs: Estimate and calculate required capital resources, as well as
expected costs related to business activities.( clevercfo, 2021)
• Identify Business Goals and Strategy: Convert business plans, goals, and strategies into specific
financial goals in the budget.( clevercfo, 2021)
• Operational Budgeting: Develop detailed estimates of how financial resources, including both
financial and non-financial, will be used to achieve business goals. ( clevercfo, 2021)
• Check and Adjust: Re-examine the budget, evaluate performance, and adjust as necessary to ensure
flexibility and efficiency. ( clevercfo, 2021)

3.2. Benefits and limitations of budgeting

3.2.1. Benefit

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 Control your finances: Budgeting gives you an overview of your income and expenses. By clearly
defining how much money you have and how much you plan to spend, you can control your finances more
effectively. This helps avoid wasting money and ensures that you don't exceed your financial
means.( Joboko, 2022)
Smart financial decisions: Budgeting helps you make smarter financial decisions. By clearly defining
your financial goals and priorities, you can allocate your resources appropriately. You can decide to invest
in important areas, save for long-term goals and manage debt effectively. ( Joboko, 2022)
Achieve financial goals: Budgeting helps you identify specific financial goals and provide direction
to achieve them. By allocating your finances to specific goals like saving, investing, paying off debt, or
shopping, you can track your progress and ensure that you're getting closer to your goals. your finances.
( Joboko, 2022)
Reduce financial stress: Budgeting helps reduce financial stress and money worries. You'll know
exactly how you're spending your money and have enough money to meet your needs and goals. This helps
improve financial thinking and brings peace of mind in daily money management. ( Joboko, 2022)
Develop personal finances: Budgeting is a powerful tool for developing personal finances. By
focusing on saving, investing, and managing your money effectively, you can build a solid financial
foundation, increase your ability to save and invest, and achieve financial independence in the future hybrid.
( Joboko, 2022)
3.2.2. Limit
Forecast Uncertainty: Budgeting is based on estimates and projections of income and expenditures.
However, these predictions may not be accurate due to changes in economic conditions or other factors.
This can cause deviations between planned and actual budgets, and sometimes lead to failure to achieve
financial goals. ( Pham, 2012)
Change and instability: Life cannot avoid change and instability. Some unexpected events such as job
loss, illness, or financial problems can affect previously established budgets. This requires flexibility and
budget adjustments to accommodate unexpected changes. ( Pham, 2012)
Limitations on Expenditure Control: Although budgeting helps control expenditure, it cannot control
all factors. Unpredictable or difficult to control expenses may arise such as medical incidents, emergency
repairs, or inflation. This can unbalance the budget and requires careful adjustment and management.( Pham,
2012)
Challenges in compliance: One of the difficult aspects of budgeting is sticking to it. At times, sticking
to a budget can require patience and self-control, especially when there are temptations and pressures from
your surroundings. Some people may have difficulty sticking to a budget and making sound financial
decisions.( Bộ tài chính, 2015)
Lack of flexibility: A rigid and inflexible budget can make it difficult to adapt to unexpected or
changing situations. Sometimes, sticking to a fixed budget can put a damper on growth and new
opportunities. ( Pham, 2012)

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 REFERENCE

Admin, clevercfo (2021) Quy Trình Lập Ngân Sách Cho Các Công Ty Hiện đại, CLEVERCFO
EDUCATION. Available at: https://clevercfo.com/quy-trinh-lap-ngan-sach-cho-cac-cong-ty-hien-
dai#:~:text=Quy%20tr%C3%ACnh%20l%E1%BA%ADp%20ng%C3%A2n%20s%C3%A1ch%20c
ho%20c%C3%A1c%20c%C3%B4ng,7.%20%C4%90%C6%B0a%20ra%20quy%E1%BA%BFt%2
0%C4%91%E1%BB%8Bnh%20kinh%20doanh%20 (Accessed: 03 December 2023).

Biz, V. (2020) Lập Ngân Sách (budgeting) LÀ GÌ? Các Phương Thức Lập Ngân sách, vietnambiz. Available
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