Acronis Backup: how to set up a limited vSphere account

Scenario

You have a VMware vSphere infrastructure and protect it with Acronis Backup software. To ensure successful operation of Acronis software, please make sure that the vSphere account used by Acronis Backup matches these requirements in terms of available vSphere permissions for this account. However not only the vSphere permissions are important, but also the vSphere objects where these permissions are applied to and whether the permissions propagation is enabled or not.