MINISTRY OF FINANCE ACADEMY OF FINANCE NGUYEN THAO HIEN CLASS: CQ57/21.04CL GRADUATION THESIS MENTOR: DR. NGUYEN TUAN ANH HA NOI - 2022 1 LIST OF ACRONYMS Acronyms Normal words Acc Account CIT Corporate Income tax Cr Credit Co. Company COGS Cost of goods sold Dep’t Department Dr Debit HR Human resources Ltd Limited 2 INTRODUCTION 1. The urgency of the subject: In the context of international economic integration and trade liberalization, businesses in all sectors of the economy in general, and businesses operating in the trading sector, in particular, always have a big question about how to survive and develop, how to become more competitive or how to increase its strength in the current market economy.
It can be seen that, in order for a business to achieve its ultimate goal - profit, it is necessary for the business itself to effectively manage its production and business activities to maximize revenue and minimize costs. Therefore, businesses - especially trading businesses need to promote their initiative and creativity in business activities to maximize their advantages to achieve the highest efficiency through actions such as: increasing the production and business capacity of the enterprise itself; flexibly grasping and meeting the needs and psychology of consumers, thereby helping to increase sales and achieve the highest possible profit. In addition to finding ways to improve efficiency in their production and business activities, the organization and management of accounting is considered one of the essential requirements for every business because it will make an important contribution to the management and decision-making of business administrators. It can be seen that accounting information, especially accounting information about sales and business results is one of the most effective reference information for managers to understand the business performance of an enterprise.
More than ever, organizing sales accounting and determining business results is an indispensable requirement in the operation process for every commercial enterprise. The completion of accounting for revenue and determination of business results will contribute to helping businesses improve the quality of financial information, making business decisions more effective, thereby helping the business can survive, develop and compete more. Recognizing the importance of sales accounting and determining business results, combined with the knowledge that has been equipped in the process of studying at school and in practice at the company and under the guidance of Dr. Nguyen Tuan Anh and with the help of the Board of Directors and the accounting department of the company, I chose the topic: “Accounting for revenue and business results at Hoang Phat Production, Trading and Service Company Limited" as the subject of my graduation thesis.
The purposes of the dissertation: Several purposes which are commonly used in under graduated dissertation is as follows: - Clarifying basic theoretical issues on the accounting for revenue and business results - Research and describe the actual accounting for accounting for revenue and business results in Hoang Phat Production Trading and Services Company Limited - Analyzing, evaluating and proposing some ideas to improve accounting for revenue and business results in Hoang Phat Production Trading and Services Company Limited 3. Research objects and scope of the dissertation 3. Research objects: Researching the theoretical background and the reality of accounting for revenue and business results in Hoang Phat Production Trading and Services Company Limited based on some theories, accounting standards, and accounting regimes as follows: - Vietnamese accounting standards system issued by the Ministry of Finance. - Circular 133/2016/TT-BTC - Accounting for small and medium enterprises of Ministry of Finance dated August 26, 2016.
Research scope: - Regarding content: Focusing on the actual accounting for revenue and business results in Hoang Phat Production Trading And Services Company Limited regarding financial accounting domain - Regarding specific address: Hoang Phat Production Trading And Services Company Limited - 53 Hang Dieu, Cua Dong Ward, Hoan Kiem District, Hanoi, Vietnam - Regarding time: studying theoretical issues and surveying actual situation in the Hoang Phat Production Trading And Services Company Limited for the year 2021 – 2022. Research methodology 4 In order to collect and process data and present research results, the authors could apply a combination of methods of theoretical research, fieldwork, interviews, expert consultation, statistical data, analysis, comparison as follows: - Collection of primary documents: The author asked and consulted directly with the accountants and other employees in the company. In addition, the author explores research issues through consulting with instructors and accounting experts. - Collection of secondary documents: The author conducted research theoretical issues through reference textbooks, articles, magazines, academic papers… Collect secondary documents on the situation by observing methods, studying documents, accounting books, financial statements of the company.
Information could also be collected via the media and other documents. - Summarizing and processing data as evidence for the research results: The author uses descriptive statistical methods, qualitative or quantitative analysis and comparison between the reality and theoretical basis or accounting regime to present research results. The structure of the dissertation In addition to the introduction and conclusion, the dissertation consists of 3 chapters: Chapter 1: General theory on the accounting for sales and business results determination in the commercial company. Chapter 2: The actual accounting for accounting for sales and business results determination in Hoang Phat Production Trading and Services Company Limited Chapter 3: Some suggestion on accounting for revenue and business results determination in Hoang Phat Production Trading and Services Company Limited 5 CHAPTER 1: GENERAL THEORY ON ACCOUNTING FOR SALES AND BUSINESS RESULT DETERMINATION IN THE COMMERCIAL COMPANY 1.1 Importance of accounting for sales and business result determination in a commercial company 1.
Definition of sales and business result determination: - Sale is the transfer of ownership of goods with benefits or risks to the customer, and at the same time being paid or accepted by the customer. Sales are the final stage in the production and business process of an enterprise. This is the process of converting capital from the form of capital products, or goods to the form of money capital or payment capital. - Business results are the final results of normal production and business activities and other activities of the enterprise in a certain period, expressed in profit or loss.
Business results are a key factor to make short-term decisions of businesses because this is a factor that directly affects the decision of business managers whether or not to continue trading a certain product. Meanwhile, through its sales process, businesses realize their ultimate goal - profit maximization, thereby helping businesses determine their business results at the end of each period. certain to make decisions in the next period that are suitable for the current conditions of the business and the market 1.2 Characteristics and importance of sales and business result determination: 1. Characteristics of sales process and business result determination: Sales process is a process in which: + There is an agreement between the buyer and the seller on the quantity, quality and specifications of the goods sold.
+ There is a change of ownership and right to use the goods from the seller to the buyer. + The seller delivers the goods to the buyer and receives the money or accepts payment. This amount is called sales revenue. The sales process will determine the financial capacity, the ability to recover capital to reproduce in the enterprise.
6 Business result is the final result of ordinary production and business activities and other activities of an enterprise in a certain period, expressed in the amount of profit or loss. Business Business Total net revenue from selling Cost of goods sold = - - administration results goods and providing services and CIT expenses expenses Result from Total net revenue from = - Cost of financial activities financial financial activities activities In which: Net revenue from selling goods and providing services is calculated as total revenue from selling goods and providing services minus (-) deductions from revenue. Other activities results are results calculated as the difference between other income and other expenses. Importance of sales process and business result determination: - The sales process is one of the important processes of business activities.
When doing good sales, company will quickly increase capital turnover, increase profits, fulfill their obligations to the State budget through tax payment, develop investment, improve the lives of laborer. - The determination business results helps business see production and business activities in the period, thereby company makes appropriate decision policies. At the same time, it is an important basis for the State to assess the ability of business operations of enterprises, thereby building and examining the implementation of obligations to the State of enterprises. Determining business results helps promote the use of human resources and the allocation of resources effectively for the entire national economy in general and for each business in particular.
Management requirements for accounting for sales and business result determination 1. Management requirements for goods for sale, sales and determination of business results process: The company should be (1) manage the plan and implementation of the target consumption plan in each period, each type of product, each economic activity, and each 7 customer and (2) detailed management by quantity, quality, type, and value of each product. Quantity management: Reflecting on the value and monitoring the implementation of production plans, the situation of inventory import and export, enterprises temporarily stockpile products and propose measures to handle long-term inventory and avoid outstanding capital Quality management: Quality management through the development of product quality standards; preservation and storage of goods; Improving coding and building branded products is the goal for the sustainable development of enterprises in today's increasingly competitive market economy. Management requirements for sales and determination of sales results process: On the basis of comparing the revenue, income and expenses of each company's activities, the results of the enterprise must be distributed and used for the right purposes in accordance with the financial body prescribed for each type of business.
specific businesses and must adhere to the following basic requirements: - Capture and closely monitor each sales method, each payment method, each type of goods consumed and each customer, to ensure that the payment situation of each customer is captured, thereby planning Timely recovery of capital - In addition, the enterprise must develop a sales policy suitable to each period, each market, and each customer in order to promote the sales process of the enterprise and at the same time conduct market exploration to expand the economic relations with new customers. - Accurately calculate and determine the results of each type of activity and closely monitor each sales method, payment method, characteristics of each customer and each type of goods sold to ensure sales activities. from which to check the reasonableness and legitimacy of the data to serve as a basis for determining the business results of the enterprise to achieve the highest accuracy and efficiency. Requirements for sales accounting and business results determination: To meet the management requirements of finished products and goods; sales and determination of business results, each sales accountant and determining business results of the company need to fulfill the following requirements well: 8 - Reflect and record fully, timely and accurately the actual situation and fluctuations of each type of finished product and goods according to the criteria of quantity, quality, type and value - Reflect and record fully, promptly and accurately the revenue, revenue deductions and expenses of each activity in the enterprise.
Simultaneously, monitor and urge customers' receivables - Accurately reflect and calculate the results of each activity and the distribution of business results of the company - Provide accounting information for the preparation of financial statements and periodic analysis of economic activities related to the sales process, determination and distribution of results. - For the sales accounting and determination of business results, it must be organized closely and scientifically, ensuring the determination of the final results of the business process, reflecting and monitoring and checking the implementation situation. obligations of enterprises to the State. Methods of sales and payment 1.