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UNIT 1
VOCAB

DISCUSSION
1. In broad and general terms, what is the purpose of accounting?
=> Accounting aims to systematically record, summarize, analyze, and report
financial transactions and information about an entity. It helps in making
informed business decisions, assessing financial health, and communicating
financial information to stakeholders.

2. Why is the knowledge of accounting terms and concepts useful to persons other
than professional accountants?
=> Because it helps business owners make informed financial decisions, investors
assess the financial health of companies, creditors evaluate creditworthiness,
managers analyze performance, and individuals manage personal finances
effectively.

3. What does the term accounting system mean? What are the main functions of the
accounting system?
=> An accounting system refers to the structured process of recording,
summarizing, and reporting financial transactions of an organization.
Its main functions include recording financial data, classifying transactions,
summarizing information into financial statements, and interpreting the results for
decision-making.

4. What are the means of creating accounting information?

=> Accounting information is created through various means like recording
transactions in journals and ledgers, analyzing financial data, preparing financial
statements (income statement, balance sheet, cash flow statement), and generating
reports.

5. What does the accounting process involve?

=> The accounting process involves identifying, recording, classifying,
 summarizing, analyzing, and interpreting the financial transactions to prepare
financial statements and reports that reflect the financial position and
performance of an entity

6. What two main groups do users of financial information fall into?

=> Users of financial information can be broadly categorized into two main
groups: internal users who use financial information for decision making within
the organization; and external users who rely on financial information to make
decisions outside the organization

7. What are the main branches of accounting?

=> Main branches include Financial Accounting (focused on external financial
reporting), Managerial Accounting (providing information for internal decision-
making), Tax Accounting (dealing with tax-related matters), and Auditing
(examining and ensuring accuracy in financial records).

8. What are the distinctions between accounting and bookkeeping?

=> Bookkeeping involves recording financial transactions, while accounting
covers a broader range including interpreting, analyzing, and summarizing
financial information to generate reports for decision-making.

9. What is the principal function of public accountants? What other services are
commonly rendered by public accounting firms?
=> Public accountants primarily provide auditing, tax advisory, and consulting
services to various clients. They ensure compliance with regulations, offer
financial advice, and perform audits to ensure accuracy in financial reporting.

10. What is the scope of private accounting?

=> Private accounting involves working within a specific organization's finance
or accounting department, managing internal financial matters, preparing
financial statements, budgeting, and providing financial analysis and reports to
aid in decision-making.

11. What is the purpose of governmental accounting?

=> Governmental accounting involves the recording, summarizing, and reporting
of financial transactions of government entities. Its purpose is to track public
 funds, ensure accountability, and provide transparency in the use of taxpayer
money.

WRITING
Write an essay of 300 words explaining the role of accounting in the business

Accounting plays a crucial role in the success and sustainability of a business. It

involves the systematic recording, analyzing, and reporting of financial transactions to
provide valuable insights for decision-making. This essay will discuss some key
aspects of the role of accounting in business.

Firstly, accounting helps businesses track their financial performance. By maintaining

accurate records of income, expenses, assets, and liabilities, accounting provides a
clear picture of the financial health of the business. This information is essential for
monitoring profitability, managing cash flow, and making informed decisions about
investments and expenses.

Secondly, accounting is essential for compliance with legal and regulatory

requirements. Businesses are required to adhere to accounting standards and tax laws,
and accurate financial reporting is necessary for fulfilling these obligations. Proper
accounting practices also help businesses avoid penalties and legal issues related to
financial mismanagement.

Thirdly, accounting provides valuable information for stakeholders. Investors,

creditors, and other external parties rely on financial statements prepared by
accountants to assess the financial position and performance of a business.
Transparent and accurate financial reporting builds trust and credibility with
stakeholders, which is essential for attracting investment and maintaining positive
relationships with creditors.

Moreover, accounting helps businesses plan for the future. By analyzing financial
data and trends, businesses can forecast future revenues, expenses, and cash flows.
This information is crucial for setting realistic goals, developing budgets, and making
strategic decisions to drive growth and profitability.

In conclusion, accounting is a fundamental function in business that provides essential

financial information for decision-making, compliance, stakeholder communication,
 and strategic planning. Without effective accounting practices, businesses would
struggle to manage their finances, meet legal requirements, attract investment, and
achieve long-term success.

UNIT 2
VOCAB

DISCUSSION
1. What is accounting? Why is it necessary for companies and organizations?
=> Accounting is the process of recording, summarizing, analyzing, and
reporting financial transactions and information within a business or
organization.
It's necessary because it helps entities track their financial health, make informed
decisions, comply with regulations, attract investors, and plan for the future.
Essentially, it provides a snapshot of a company's financial status at any given
time.

2. Why do you think accounting is seen as boring?

=> Accounting might be seen as boring because it involves meticulous record-
keeping and dealing with numbers and financial data, which some people might
find dry or repetitive. Additionally, it's often associated with strict rules and
regulations, which might not seem exciting to everyone.

3. Which of the jobs mentioned would be most interesting for you?

=> I find the role of a forensic accountant intriguing. It involves investigating
financial discrepancies, fraud, and other financial irregularities, which could be
like solving puzzles and uncovering hidden truths.

4. Why is it so important for accountants to be ethical?

=> Ethical behavior is crucial for accountants because they handle sensitive
financial information. They're entrusted with confidential data and are
responsible for ensuring accuracy and transparency in financial reporting.
 Ethical conduct helps maintain trust with stakeholders, prevents fraud and
misreporting, and upholds the integrity of financial information, which is essential
for decision-making within organizations and for external parties like investors,
regulators, and the public.

WRITING
Write a composition expressing your own opinion on the topic: Why do people want
to
become an accountant? Use the following plan:

Accounting is a field that is always in demand, as businesses of all sizes and

industries require skilled professionals to manage their financial records, analyze data,
and ensure compliance with regulations. These are some of the reasons explaining
people desire to become accountants.

Firstly, one of the primary motivations is the stability and job security that comes with
a career in accounting. The demand for skilled accountants is consistently high, as
businesses and individuals require financial expertise to manage their finances
effectively. This stability can provide a sense of security for individuals pursuing a
career in accounting.

Secondly, people thoroughly take potential for career advancement and growth into
consideration. Accountants have the opportunity to climb the corporate ladder and
take on more challenging roles as they gain experience and expertise in the field. This
can lead to higher salaries, increased responsibilities, and greater job satisfaction for
those who are ambitious and dedicated to their profession.

Furthermore, the analytical and problem-solving aspects of accounting is an attractive

point when considering this career. Accountants are tasked with analyzing financial
data, identifying trends, and making strategic recommendations based on their
findings. The critical thinking and attention to detail can be intellectually motivating
and rewarding for those who enjoy working with numbers and solving complex
financial problems.

To sum up, there are various reasons for individuals to become accountants namely
job stability, career advancement opportunities, and analytical challenges. Apart from
 the mentioned motives, people can choose to pursue this profession due to their
feelings and other personal intentions.

UNIT 3
VOCAB

DISCUSSION
1. Should you need a university education to become an accountant?
=> While a university education can provide valuable knowledge and skills for a
career in accounting, it is not always a strict requirement. Some individuals may
choose to pursue alternative paths such as obtaining professional certifications or
gaining practical experience through internships or entry-level positions.
Ultimately, the decision to pursue a university education for a career in
accounting depends on individual goals, preferences, and the specific
requirements of the job market.

2. Do companies expect too much from their employees?

=> It is apparent that expectations can vary greatly between companies and
industries. While some companies may have high expectations for their employees
in terms of productivity and performance, it's also important for companies to
provide adequate support, resources, and work-life balance to help employees
meet those expectations. Open communication between employers and employees
can help ensure that expectations are reasonable and achievable.

3. What is your 'accounting' ambition?

WRITING (consider)
Write an essay of 300 words on what makes a good accountant.

Accounting is a complex and vital field that requires various skills, qualities,
attributes to excel in. A good accountant is a key asset for any business or
organization as he provides crucial financial insights and ensures the smooth
operation of financial systems. This essay will delve into the key factors that make a
good accountant.

First and foremost, good accountants are equipped with a solid foundation of
technical knowledge. They have a deep understanding of accounting principles, tax
regulations, financial reporting standards, and relevant software systems. This
technical expertise enables them to accurately record, analyze, and interpret financial
transactions, and ensure compliance with legal and regulatory requirements.

Another crucial characteristic of a good accountant is ethical conduct. Trust is a

fundamental component of the accountant - client relationship, and clients rely on
accountants to handle their financial information with honesty and confidentiality.
Accountants carry out sensitive financial information and must adhere to professional
standards and codes of ethics. Upholding ethical principles builds goodwill with
clients, colleagues, and stakeholders, ensuring the integrity of financial reporting.

Furthermore, strong analytical skill is also an important quality of a good accountant.

Accountants are responsible for analyzing complex financial data, identifying trends,
and making decisions based on their findings. The ability to think critically and
problem-solve effectively is crucial for success in this field. Good accountants are
able to interpret financial information accurately, draw meaningful insights from data,
and provide valuable recommendations to help their clients or organizations make
sound financial decisions.

Generally, a good accountant possesses a unique combination of technical expertise,

ethical conduct, strong analytical skills, and other crucial qualities. These attributes
ensure accurate financial reporting, trustworthy advice, and reliable insight for
companies.
 UNIT 4
VOCAB

DISCUSSION
1. Have you ever done any bookkeeping?
=>
2. Why do you think bookkeepers are not as respected as chartered/certified
accountants?
=> Because some people perceive bookkeeping as less challenging and less
glamorous compared to other aspects of accountancy.

3. Can you think of anything which accountants do that bookkeepers can't?

=> Accountants have the expertise to provide a broader range of financial
services and insights; consequently, they perform more complex financial tasks
such as financial analysis, tax planning, and auditing. They are also often
responsible for interpreting financial data, providing strategic financial advice,
and ensuring compliance with regulatory requirements. Whereas bookkeepers
focus on recording financial transactions and maintaining accurate financial
records.

4. What is the significance of the double entry system for accounting? What other
accounting methods do you know?
=> By recording each financial transaction in at least two accounts (one debit
and one credit), the double entry system helps maintain the balance between
assets, liabilities, and equity. This system provides a clear audit trail, helps
prevent errors, and allows for the preparation of accurate financial statements.

Other accounting methods include cash basis accounting, which records

transactions when cash is received or paid, and accrual basis accounting, which
records transactions when they occur, regardless of when cash is exchanged.
There are also specialized accounting methods for specific industries or purposes,
such as cost accounting for manufacturing companies or fund accounting for non-
profit organizations.
WRITING
For accountants, effective writing skills can be as important as the ability to crunch
numbers. Your professional development and competitive edge depend as much on
your ability to communicate what you’ve found as the findings and recommendations
themselves.
So what are some of the key writing challenges accountants face when trying to do
this?

Accounting is a complex and vital field requiring various skills, qualities, and
attributes to excel in. Apart from many technical requirements, effective writing skills
can be a crucial factor for accountants. This essay will delve into several writing
challenges accountants facing when trying to effectively communicate their findings.

Initially, translating complex concepts into easily understandable language is

essential. Accounting information can be intricate and technical making it challenging
to convey the information in a clear and concise manner for non-accountants to easily
understand. Finding the right balance between providing detailed information and
simplifying complicated concepts can be a challenge for accountants when writing
reports or communicating financial analysis.

It is obvious that maintaining accuracy and precision in the written communication is

a difficulty for accountants. In the field of accounting, precision is crucial as even a
small error in financial reporting can have significant consequences. Accountants
must ensure that their written documents are free from grammatical errors, typos, and
inconsistencies to maintain credibility and professionalism.

Another writing challenge for accountants is organizing information effectively.

Financial reports and analyses can contain a wealth of data and insights that need to
be presented in a logical and coherent manner. Accountants must structure their
writing in a way that highlights key findings, trends, and recommendations, making it
easy for readers to grasp the main points. Poor organization can result in confusion
and make it difficult for stakeholders to extract valuable insights from the information
provided.

In short, effective writing skills play a vital role in accountants’ professional

development and competitive edge. Considering the challenges mentioned in this
 essay, accountants can improve their writing skills through methods including training
programs, workshops, practicing and seeking feedback.

UNIT 5
VOCAB

DISCUSSION
1. What is the importance of applying accounting principles and standards in
preparing reports?
=> Accounting principles and standards are crucial for ensuring consistency,
transparency, and accuracy in financial reporting. By following these principles,
companies can produce reliable financial statements that provide a standardized
view of their financial health. This is essential for stakeholders as it enables them
to make informed decisions based on comparable information. Without
accounting principles, financial reports may lack uniformity, making it difficult to
assess and compare the financial performance of different entities.

2. Should accounting principles be standardized across the world?

=> Yes, the standardization of accounting principles worldwide can offer several
benefits. It promotes consistency and comparability, facilitating global business
transactions and investments. Standardized principles reduce the complexity of
financial reporting for multinational companies, investors, and other
stakeholders. It enhances transparency and trust in financial markets, as users
can rely on consistent and comparable information regardless of the geographical
location of the reporting entity. However, it's important to consider cultural and
legal differences when striving for global standardization.

3. How could GAAP be made simpler?

=> Simplifying GAAP could involve reducing unnecessary complexities,
eliminating redundancies, and enhancing clarity in accounting standards. The
 language used in GAAP documents could be made more accessible, and the
standards could focus on essential information. Additionally, efforts could be
made to align GAAP with international accounting standards to create a more
unified and straightforward set of principles. Streamlining GAAP would be
particularly beneficial for small businesses that may find the current system too
cumbersome and costly.

4. Is it necessary to have two systems for accounting for tax? Why / why not?
=> While having two systems for accounting (GAAP and tax accounting) provides
flexibility, it introduces complexity. The necessity depends on the regulatory and
business environment. In the context provided, the U.S. uses both systems, with
GAAP focusing on comprehensive financial reporting and tax accounting
emphasizing transactions impacting tax situations. This dual system can be
advantageous for tax planning but may lead to increased compliance costs.
Simplifying tax accounting to align more closely with GAAP, where feasible,
could reduce confusion and ease the burden on businesses, especially smaller
ones.

WRITING
In the present years, there has been raised debate on the conversion of GAAP
(Generally Accepted Accounting Principles) to IFRS (International Financial
Reporting Standards). Companies are using a system of inconsistent accounting
standards for their financial reporting. Compare and contrast GAAP and IFRS.

GAAP and IFRS are the two primary financial reporting standards used by
accountants around the world when preparing financial statements. A growing debate
on the conversion of these two standards has been fueled by the fact that companies
operate under a system of inconsistent accounting standards for their financial
reporting. This essay will compare and contrast the key differences between GAAP
and IFRS.

GAAP is a set of accounting principles, standards, and procedures that companies in

the United States must follow when preparing financial statements. It is rules-based,
meaning that it provides specific guidelines and regulations that must be adhered to.
On the other hand, IFRS is a set of accounting standards developed by the
International Accounting Standards Board (IASB) that is used in many countries
 around the world. IFRS is principles-based, focusing on principles that guide financial
reporting rather than specific rules.

One of the major differences between GAAP and IFRS is their approach to inventory
costing methods. Under GAAP, companies have the flexibility to choose any of the
three inventory valuation methods including FIFO (First In, First Out), LIFO (Last In,
First Out) and the weighted average method. In contrast, IFRS generally allows the
FIFO and weighted average method. It does not allow the LIFO method as LIFO can
be manipulated to distort a company’s earnings to lower tax liability.

It is obvious that the treatment of research and development costs of the two
accounting standards are distinct. With GAAP, research costs are expensed as
incurred, while development costs can be capitalized under certain conditions.
Meanwhile, IFRS requires all research costs to be expensed and allows for the
capitalization of development costs only after specific criteria are met.

In general, despite the distinctions between GAAP and IFRS, it is undeniable that
without accounting standards, businesses could easily skew their financial results to
make themselves look more successful.

UNIT 6
VOCAB

DISCUSSION
1. What are the advantages and disadvantages of computerized accounting programs
over traditional manual accounting?
=> Compared to traditional manual accounting, computerized accounting is
faster and more efficient as transactions can be processed quickly, reducing the
time needed for data entry and calculation. Additionally, computerized systems
provide real-time access to financial data, facilitating quicker and more informed
decision-making.
However, implementing computerized accounting systems can be expensive,
 requiring investment in hardware, software, and staff training. Moreover, there is
a risk of data breaches and unauthorized access, emphasizing the need for robust
cybersecurity measures as well as technical issues, such as system crashes or
software malfunctions.

2. Why do you think companies are changing to a paperless office?

=> Many companies adopt paperless practices to reduce their environmental
footprint by minimizing paper consumption and promoting sustainability.
Moreover, digital documents can be easily searched, shared, and accessed,
enhancing workflow efficiency. Going paperless also enables remote access,
allowing employees to work from various locations as well as reduces expenses
associated with paper, printing, and physical storage.

3. Do you think it is important to keep a hard copy of financial records even if you
are using a computerized system? Why/ why not?
=> Yes, in case of a system failure or data loss, hard copies can serve as a
backup. It can also provide a physical audit trail that may be useful for internal
audits, regulatory inspections, or in the event of disputes.

4. What are the different types of financial statements?

=> Different types of financial statements include income statement, balance
sheet, cash flow statement, statement of retained earnings, and notes to financial
statements.

WRITING
In your experience, what do people think of the work done by accountants? What do
they generally think about financial statements? How can accountants make the
numbers they produce easier to understand?

Accountants are responsible for ensuring the accuracy and integrity of financial
statements, which provide important information about an organization’s financial
performance. However, people’s perceptions of accountants’ work can be different
and their view on financial statements can vary as well.

The perception of accountants’ work is shaped by the general understanding and

awareness of their role and responsibilities. Some people view accountants as
professionals who play a critical role in managing financial information, ensuring
compliance with regulations, and providing insights into the financial health of
businesses. Accountants’ meticulous attention to detail and expertise in financial
matters are generally appreciated by those who understand the complexities of their
work. However, there may be misconceptions about the role of accountants as some
people mistakenly believe that their work is limited to wading through numbers and
bookkeeping.

It is obvious that people generally view financial statements as crucial documents that
provide a snapshot of an organization’s financial health and performance. These
statements, including the balance sheet, income statement, and cash flow statement,
are used by investors, creditors, and other stakeholders to assess the financial position
of a company. Financial statements are considered as reliable and useful sources of
information in making decisions about investing or partnering with a business. On the
other hand, some individuals may find financial statements complex or difficult to
interpret, especially when they are not familiar with accounting principles.
Consequently, they may not be able to appreciate the importance of the financial
statements.

Another undeniable view indicates that due to the complexity of the accounting field,
the information provided by accountants is challenging. As a result, accountants
should apply various strategies to make the numbers easier to understand. These
include using plain language and visual presentation, highlighting key points,
providing comparisons or offering interpretations.

Generally, there are both positive and negative opinions on the accounting aspect
considering its complication. In an attempt to enhance people’s perceptions on
accounting, applying various ways to explain the information is necessary.
 UNIT 7
VOCAB

DISCUSSION
1. What are the functions of an accounting department? Would you like to work
there? Is it difficult to prepare a balance sheet? Why?
=> The functions of an accounting department typically include recording
financial transactions, preparing financial statements, analyzing financial data to
provide insights for decision-making, ensuring compliance with financial
regulations and standards, managing payroll and taxes, and providing financial
guidance to management. Working in an accounting department can offer a
variety of challenges and opportunities for those interested in finance and
numbers. Whether someone would like to work there depends on their interests,
skills, and career goals.

2. Why might intangible assets be hard to quantify?

=> Intangible assets may be hard to quantify because they lack physical
substance and can vary significantly in terms of value and significance to the
entity. Intangible assets like intellectual property, brand reputation, or goodwill
can be subjective and challenging to measure accurately. Additionally, the value
of intangible assets may fluctuate over time, making their quantification even
more complex.

3. Why is the accounting equation so important?

=> The accounting equation is essential because it provides a fundamental
framework for understanding the financial position of an entity. It illustrates the
relationship between assets, liabilities, and owner's equity, serving as the
foundation for double-entry bookkeeping and financial reporting. By ensuring that
the equation balances, it helps maintain the integrity and accuracy of financial
records, enabling stakeholders to make informed decisions based on reliable
information about the entity's resources, obligations, and ownership interests.

4. What are the typical assets and liabilities connected to a SME?

=> Typical assets connected to a SME (small or medium enterprise) may include
cash, inventory, accounts receivable, equipment, and property. Liabilities may
include accounts payable, bank loans, accrued expenses, and taxes payable.
 Additionally, SMEs may have specific liabilities related to their size and structure,
such as owner's equity investments, loans from shareholders, or leases on
equipment or property. The specific assets and liabilities of an SME can vary
depending on its industry, operations, and financial structure.

WRITING (removed)
Study the balance sheet sample of any Vietnamese company and translate the main
items of it.

UNIT 8
VOCAB

DISCUSSION
1. Why do you think depreciation and amortization are so important in accounting?
=> Depreciation and amortization are important in accounting because they help
businesses accurately allocate the cost of their assets over their useful lives. By
spreading out the cost of assets over time, depreciation and amortization help
match expenses with the revenue generated by those assets. This practice provides
a more accurate representation of a company's financial performance and helps
in making informed business decisions. Additionally, depreciation and
amortization are essential for complying with accounting standards and tax
regulations.

2. Are there any assets that you think should not be depreciated? Why?
=> In general, assets that do not have a limited useful life or do not experience a
decrease in value over time should not be depreciated. Similarly, assets that are
classified as held for sale or assets that are not being used in the business
operations may also not be depreciated. It is important to consider the specific
characteristics of each asset and follow accounting standards and guidelines
when determining whether or not an asset should be depreciated.
 3. Which types of assets are best depreciated using: a) The straight-line method? b)
The sum-of-years-digits method? c) The annuity method?
=> a) The straight-line method is best suited for assets that are expected to
provide a consistent level of benefits over their useful life and have a linear
pattern of depreciation. This method is commonly used for assets like buildings,
office equipment, and vehicles.

b) The sum-of-years-digits method is often used for assets that have a higher rate
of depreciation in the earlier years of their useful life. This method is suitable for
assets that are expected to be more productive in the earlier years and less
productive in the later years, such as machinery or equipment.

c) The annuity method, also known as the declining balance method, is

typically used for assets that have a higher rate of depreciation in the earlier
years of their useful life and gradually decrease in value over time. This method is
commonly used for assets like technology equipment or software that may become
obsolete quickly.

WRITING
Describe the depreciation method companies can use on their assets and the reasons
for choosing that method

UNIT 9
VOCAB

DISCUSSION
1. How can management accountants help a business?
=> Management accountants provide valuable insights by analyzing financial
data, preparing budgets, forecasting future financial performance, and identifying
cost-saving opportunities. They also assist in evaluating the profitability of
products or services, assessing the financial health of the business, and
developing strategies to improve efficiency and profitability. By providing
accurate and timely financial information, management accountants help
 businesses optimize their resources, minimize risks, and drive sustainable growth.
Ultimately, their expertise and analysis contribute to the overall success and
competitiveness of the business.

2. Do you agree that management accounting is more valuable to a company than

financial accounting? Why / why not?
=> Both management accounting and financial accounting are valuable to a
company, but in different ways. Financial accounting is crucial for providing
external stakeholders with accurate financial information, while management
accounting focuses on helping internal management make strategic decisions and
improve operational efficiency.

3. 'Accounting records the past while management accounting predicts the future' Do
you agree? Why / why not?
=> Personally, I agree with this statement for the following reasons:
Traditional accounting, such as financial accounting, focuses on recording and
reporting historical financial transactions to provide stakeholders with an
accurate picture of the company's past performance. On the other hand,
management accounting involves analyzing data, preparing budgets, conducting
cost analysis, and providing financial forecasts to help management make
informed decisions and plan for the future. By looking at historical data and
trends, management accountants can make predictions and projections to guide
strategic decision-making and improve the company's performance in the future.

WRITING
With the rise of artificial intelligence, a wide variety of professions are at risk of
becoming obsolete. So just what is the future of accounting?

The rapid advancement of artificial intelligence has raised discussions about its
impact on various professions, including accounting. As AI evolves rapidly, there is a
growing concern that the traditional accounting roles may become outdated. However,
rather than viewing AI as a threat, it is essential to consider its role in the field of
accounting.

Artificial intelligence has the potential to revolutionize the accounting profession by

automating repetitive tasks, enhancing data analysis capabilities, and improving
 decision-making processes. AI-powered tools can streamline financial reporting,
automate data entry, and perform complex calculations with greater speed and
accuracy than humans. This automation of routine tasks allows accountants to focus
on higher-value activities including strategic planning, financial analysis, and
providing valuable insights to stakeholders.

It is undeniable that although AI may automate certain aspects of accounting, it is

unlikely to replace the need for human accountants entirely. Instead, AI is expected to
augment the skills and capabilities of accounting professionals, enabling them to work
more efficiently and effectively. With AI technology, accountants can enhance their
analytical skills, improve decision-making processes, and deliver more strategic value
to their organizations.

As the accounting profession evolves in the age of AI, accountants need to develop
new skills and competencies to remain relevant in the workforces. Apart from
technical proficiency, accountants will be required to possess strong critical thinking,
problem-solving, and communication skills. The ability to interpret and analyze data,
collaborate with AI systems, and communicate financial insights effectively will be
essential for accountants in the future.

In general, it is true that while AI technologies may disrupt traditional accounting

roles, they also present new possibilities for accountants to enhance their skills and
deliver greater value to their organizations. By embracing change and developing new
competencies, accountants can shape a future that is technologically advanced.

UNIT 10
DISCUSSION
1. What particular skills do you think different kinds of accountants need?
2. Do you think you possess these skills? What are your assets and liabilities?
3. If you have yet to choose a career, do you think it could be accountancy?
WRITING (consider)
Comment on the following quotations
a) Poverty is the parent of revolution and crime (Aristotle, 384 – 322 B.C.).
b) A fool and his money are soon parted (G. Buchanan, 1506 – 1582).

UNIT 11
WRITING (removed)
You work for an accountancy firm and one of your clients is a small airline. This
airline is considering purchasing a new aircraft within the next twelve months to
expand its operations. The airline has asked your firm for advice concerning this
purchase and you have considered the airline's financial position. Write a report for
the airline. Your report should: explain which internal financial indicators most
accurately show the financial position of this airline, summarize the airline's current
financial position, outline what risks there would be in expansion, and advise the
airline on what steps to take next. Write your answer in 200 - 250 words in an
appropriate style.

UNIT 12
WRITING (removed)
The new head of your financial department wants to know about the taxation system
in your country. He also heard that the taxation system is closely connected with the
financial reporting requirements. Write a report to him explaining the major points
and referring to the relevant laws. Write 150-200 words.

UNIT 13
WRITING (removed)
Write a short report (10-12 sentences). Find information about taxation in Vietnam.
 Compare the taxation of our country with taxation in the USA and the UK. Do these
systems have much in common? Is there any difference?

UNIT 14
VOCAB

WRITING (removed)
What responsibilities do auditors have in their relationship with their clients? How is
this regulated in your country or in a country you know? Is the regulation strong
enough?

UNIT 15
VOCAB

WRITING (removed)
Write an essay of 300 words on the opportunities and challenges facing those
working in the field of Accounting and Auditing.

NOTE
- Managerial accounting # management accounting
+ management accounting: the process of preparing management reports and
accounts that provide accurate financial and statistical information
+ managerial accounting: the branch of accounting which is mainly concerned
with providing information helpful to managers running a business.

- Receipt # invoice
- Accrual basis accounting # accrual accounting
+ accrual basis accounting: the method of accounting in which income and
expenditure are recorded at the date they are earned/incurred
+ accrual accounting: an accounting method that measures the performance and
 position of a company by recognizing economic events regardless of when cash
transactions occur

- Compliance: the procedure of obeying a law, regulation or rule

- Accounting concepts: ideas, assumptions and conditions based on which a
business entity records its financial transactions and organizes its bookkeeping