UNIVERSITY OF ECONOMICS AND LAW FACULTY OF ACCOUNTING AND AUDITING GRADUATE THESIS COST AND REVENUE ACCOUNTING AND DETERMINATION OF BUSINESS RESULTS AT TUAN LOC THANG COMPANY LIMITED INTRUCTOR: Ms. NGUYỄN HOÀNG DIỆU HIỀN STUDENT NAME: LÊ TIẾN LONG STUDENT CODE: K184050680 CLASS: K18405CA TP.HCM, 05/2022 I Acknowledgement To complete this thesis, I would like to thank the accounting and auditing faculty staff and the lecturers at the University of Economics and Law. They have imparted valuable knowledge to me during my study practice at school. I want to thank the Board of Directors, departments, and employees of Tuan Loc Thang Limited Liability Company for creating all favourable conditions for me to conduct field research to complete the thesis.
In particular, I also express my sincerest and deepest gratitude to Ms. Nguyen Hoang Dien Hien, who wholeheartedly guided and helped me complete the thesis "Accounting of revenue, expenses and business results". business at Tuan Loc Thang Company Limited." I sincerely thank you! Ho Chi Minh City, May 2022 Le Tien Long II Table of content ACKNOWLEDGEMENT .I TABLE OF CONTENT. II TABLE OF FIGURES.
1 CHAPTER 1: BASIC THEORY OF REVENUE AND COST ACCOUNTING ORGANIZATION AND DETERMINATION OF BUSINESS RESULTS .1 THE NEED TO ORGANIZE REVENUE AND EXPENSE ACCOUNTING AND DETERMINE BUSINESS RESULTS IN ENTERPRISES .2 REQUIREMENTS AND TASKS OF REVENUE AND COST ACCOUNTING AND DETERMINATION OF BUSINESS RESULTS IN AN ENTERPRISE. SOME BASIC CONCEPTS RELATED TO REVENUE, EXPENSES AND DETERMINING BUSINESS RESULTS. The deduction from revenue. Determine business results .4 THE CONTENT OF ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS IN ENTERPRISES .1 Accounting for sales and service provision .2 Revenue accounting for financial activities .3 Other income accounting .1 Cost of Goods Sold Accounting .4 General and administrative expense .6 ACCOUNTING FOR BUSINESS RESULTS .1 Accounting for business income tax expenses .2 Accounting for business results .23 CHAPTER 2: THE STATUS OF ACCOUNTING ORGANIZATION OF REVENUE, COSTS AND DETERMINATION OF BUSINESS RESULTS AT THE COMPANY .1 GENERAL CHARACTERISTICS AFFECTING REVENUE AND COST ACCOUNTING AND DETERMINING BUSINESS RESULTS AT THE COMPANY .1 History of establishment and development of the Company .2 Organizational characteristics of the management apparatus at the Company.
Organizational characteristics of the accounting apparatus and accounting policies applied at the Company. ACTUAL SITUATION OF REVENUE AND EXPENSE ACCOUNTING ORGANIZATION AT THE COMPANY .1 Accounting gross revenue. Accounting vouchers and rotation of accounting vouchers .3 Process of Accounting .1 Accounting cost of good sold. Principles of recording cost of goods sold .3 Account and Process of Accounting.
29 Some transaction occurred at company. Accounting selling expense. Documents and procedures. Account and Process of Accounting.
30 Some transaction occurred at company. Accounting General and administrative expenses. Account and Process of Accounting. Accounting for revenue from financial activities.
ACCOUNTING IDENTIFIED BUSINESS RESULTS .2 Account and Process of Accounting .33 CHAPTER 3: SOME RECOMMENDATIONS FOR FINISHING THE ACCOUNTING ORGANIZATION, REVENUE, COSTS AND RESULTS BUSINESS. ASSESS THE CURRENT STATUS OF ACCOUNTING WORK IN GENERAL AND REVENUE, EXPENSES AND DETERMINE BUSINESS RESULTS IN PARTICULAR AT THE COMPANY .2 THE CAUSE OF THE LIMITATIONS .3 SOME SOLUTIONS TO COMPLETE REVENUE, COST AND RESULT ACCOUNTING BUSINESS .4 TUAN LOC THANG CO.'S IMPLEMENTATION CONDITIONS FOR IMPROVING REVENUE AND COST ACCOUNTING AND DETERMINING BUSINESS RESULTS .45 IV Table of figures Figure 1. 1 Chart of accounting for sales and service. 2 Accounting for revenue from financial activities.
3 Other income accounting. 4 Cost of goods sold (according to periodic inventory method). 5 Financial expense accounting chart. 6 General and adminstrative expense accounting process.
7 Chart of accounting expenses for corporate income tax. 8 Determine business result accounting process. 2 The process of accounting entries to Subsidiary ledger, Account Ledger 511. 3 The process of accounting entries to the Subsidiary ledger, Account 632 Ledger.
4 The process of accounting entries to the Subsidiary ledger, Account Ledger 641. 5 The process of accounting entries to the Subsidiary ledger 642, Account Ledger 642. 6 The process of accounting entries to the Subsidiary ledger , Account 911 .The urgency of the subject Today, as the global economy has progressed in steps of increasing magnitude, Vietnam's economy is also steadily progressing along the trend of integration with the global economy. Enterprises' business operations are becoming more diverse, rich, and energetic, necessitating the State's laws and economic policies to innovate in order to match the economy's development.
In today's open economy, businesses must constantly improve their market competitiveness in order to survive and grow. These are also the reasons for businesses to constantly enhance their manufacturing processes and business management to suit each strategy and stage of the business's operation. Each enterprise must not only be self-sufficient in terms of production and business processes, but also understand how to optimise its potential in order to attain the highest level of economic efficiency. At each level of development, company leaders must have business and management plans that are appropriate for the country's and the world's economic conditions.
Accounting is one of the most important and indispensable tools for effective management. Businesses must capture necessary and accurate information and data from the accounting department, in addition to using trade promotion methods to accelerate consumption with the ultimate goal of maximising profits. assist managers in having an accurate understanding of the enterprise's commercial status Following that, relevant management decisions are made in order to improve the effectiveness of the enterprise's business management, which can then publicly reveal financial information in order to attract investors. In line with this tendency, accounting is constantly improving and evolving in terms of content, procedures, and organisational form in order to fulfil the growing demands of company management.
The accounting department is an essential aspect of every firm, as it is involved in economic and financial activities, is in charge of the information organisation system, and serves as a foundation for making economic decisions. Accounting allows firms to determine which markets and products sell the most successfully. This not only ensures that firms can compete in a dynamic market, but also that they can meet their financial objectives such as revenue, profit, reputation, and so on. In particular, businesses operating in the field of commerce and services in general and Tuan Loc Thang Limited Liability Company in particular must try harder 2 to demonstrate their position in the process of integration with the economy.
domestic, regional and global economy. Over the years of operation, the Company has gradually asserted itself in the market and perfecting the accounting of revenue, expenses and business results is a matter of practical significance. That not only helps managers come up with effective measures to consume goods, conserve capital, speed up capital turnover, bring businesses high economic efficiency, but also help businesses stand firm on the global market. Therefore, improving and further perfecting the accounting of revenues, costs and business results in commercial enterprises in particular is always set out with the aim of scientific and reasonable organization, as a basis for Accounting information provided ensures correctness and reliability.
Stemming from the above importance and through actually learning about accounting at Tuan Loc Thang Limited Liability Company, I chose to research the topic "Accounting of revenue, expenses and business results at the Company. limited liability Tuan Loc Thang” as the subject of the graduation thesis 1. The purpose of the topic - General reasoning about revenue and cost accounting and determination business results in the enterprise. - Describe the current status of revenue and cost accounting and determine the results business results at Tuan Loc Thang Ltd - Propose several solutions to improve the organization of revenue and cost accounting and determine business results in Tuan Loc Thang Ltd 3.
Object and scope of research - Research object of the thesis: Accounting of revenues, costs and business results in commercial enterprises from the perspective of financial accounting at Tuan Loc Thang Ltd - Research scope + Content: Researching revenue, cost and business results accounting from the perspective of financial accounting + Place: At Tuan Loc Thang Ltd + Time: Data was collected from 2019-2021 5. Documentary research methods 3 The thesis studies secondary documents, including: + Documents and textbooks on accounting theory of revenue, costs and business results. + Research results of other related documents + Books and reports related to accounting of revenue, expenses and business results at Tuan Loc Thang Company 5. Methods of collecting and processing information - Investigate, interview, and discuss directly with the accountant at the accounting department in Tuan Loc Thang Ltd about the content issues of revenue, cost and business results accounting of the Company from the perspective of financial accounting.
- Directly observe the process of performing accounting operations of cost, revenue and business results at the Company. - The thesis also applies specific methods in the research process such as inductive, interpretive, comparative, statistical methods to analyze theoretical and practical problems. On that basis, evaluate and draw conclusions from which to make suitable and feasible complete solutions. Structure of the thesis.
The structure of the thesis, in addition to the introduction and conclusion, includes 03 internal chapters content: Chapter 1: Theoretical basis of revenue and cost accounting organization and determination business results in small and medium enterprises Chapter 2: Actual situation of revenue and cost accounting organization and determination of results business results at Tuan Loc Thang Ltd Chapter 3: Some recommendations to improve the organization of revenue accounting, expenses and determine business results at the Tuan Loc Thang company 4 CHAPTER 1: BASIC THEORY OF REVENUE AND COST ACCOUNTING ORGANIZATION AND DETERMINATION OF BUSINESS RESULTS 1.1 The need to organize revenue and expense accounting and determine business results in enterprises Accounting is an excellent instrument for adequately managing the operation of manufacturing and business in general and revenue, expenses, and determining business outcomes in particular. Establishing scientific and acceptable accounting activity is one of the most significant information-providing bases for sound production and company direction and management. Businesses must continually improve their accounting job in general, accounting for income and costs and determining new business outcomes. Consequently, coordinating Revenue and cost accounting and deciding business outcomes with businesses is critical to assisting managers in understanding the operation condition and efficiently promoting commercial firm efficiency.
For enterprises: The organization of revenue and expense accounting and determining business results helps enterprises to collect, process and provide information for managers to see and evaluate their business activities, on that basis to make decisions and development direction as well as improve the operational efficiency of the enterprise For investors: Information on revenue, expenses and determination of results business results is the basis for investors to evaluate enterprises' production and business efficiency, thereby making the right investment decisions. For administrative intermediaries: For banks, when it comes to financial leasing companies, the accounting of revenue, expenses and determination of business results is a persistent condition for them to conduct an appraisal and assessment of the financial situation to decide whether to lease the business. Does that business borrow or not? For macroeconomic management agencies of the economy: They base on data on revenue, expenses and determination of business results of enterprises. Tax authorities determine receivables and ensure revenue for the State budget.
On that basis, national 5 policymakers propose solutions for economic development, creating conditions for businesses to operate through monetary policy, tax policy and price subsidies 1.2 Requirements and tasks of revenue and cost accounting and determination of business results in an enterprise Requirements of revenue and expense accounting and determination of business results business Management of sales operations in an enterprise is the process of managing goods in terms of quantity, quality and value of sold goods. Specific payment is as follows: - Management of quantity: the value of goods for sale, including the management of each buyer, each consignment, and each group of goods.