MINISTRY OF FINANCE ACADEMY OF FINANCE ---------- THAI LE PHUONG THAO CQ56/21CL.02 GRADUATION THESIS TOPIC: “ACCOUNTING FOR SALES AND DETERMINING BUSINESS RESULT AT TRANG THI COMMERCIAL SERVICE JOINT STOCK COMPANY” Major : Corporate Accounting Code : 21 Mentor : PhD. Thai Ba Cong MSc. Nguyen Ba Linh Hanoi – 2022 Graduation Thesis Academy of Finance DECLARATION I hereby declare that this thesis is my own work and effort and that has not been submitted anywhere for any awards. Where other sources of information have been used, they have been acknowledged.
The data and results described in the thesis are come from the actual position of the internship company. Thesis: “Accounting for sales and determining business result at Trang Thi Commercial Service Joint Stock Company”. Ha Noi, January 6th, 2022. Student Thai Le Phuong Thao ST: Thai Le Phuong Thao i Class:CQ56/21.02CLC Graduation Thesis Academy of Finance ACKNOWLEDGEMENT Firstly, I would like to express my very great thankfulness to all lectures in Accounting Faculty at Academy of Finance for their professional guidance and valuable support.
Especially, I would like to show my deep gratitude to my supervisors, PhD. Thai Ba Cong and MSc. Nguyen Ba Linh, for their patient guidance, enthusiastic encouragement and useful critiques during the planning and development of my Graduation Thesis and for his assistance in keeping my progress on schedule. I also want to thank Trang Thi Commercial Service Joint Stock Company for giving me permission to commence this thesis in the first instance, to do the necessary research work and to use departmental data.
I have furthermore to thank the Director and Chief Accountant as well as all seniors at the company who gave and confirmed this permission and encouraged me to go ahead with my thesis. Finally, because of the limitation of time and knowledge, mistakes are avoidable, so I wish so receive more contribution and suggestions to make my thesis better. ST: Thai Le Phuong Thao ii Class:CQ56/21.02CLC Graduation Thesis Academy of Finance TABLE OF CONTENT DECLARATION. ii LIST OF TABLE.
vii LIST OF FLOWCHART. viii LIST OF SCREEN. ix LIST OF IMAGE. 1 CHAPTER 1: GENERAL THEORY OF ACCOUNTING FOR SALES AND DETERMINING BUSINESS RESULTS IN COMMERCIAL ENTERPRIES.
Concepts and the role of accounting for sales and determining business results in the enterprise. Nature and meaning of sales, determination of business results. Management requirements for sales, determination of business results. The necessity and mission of accounting for sales, determining business results.
General theory of accounting for sales, determining business results in commercial enterprises. Accounting standards applied in sales accounting and in determining business results. Accounting for sales revenue and revenue deduction. Accounting for costs of goods sold.
Accounting for financial income and financial expenses. Accounting for selling and administration expenses. Accounting for other incomes and other expenses. Accounting for corporate income tax expense.
Accounting for determining business results. 29 ST: Thai Le Phuong Thao iii Class:CQ56/21.02CLC Graduation Thesis Academy of Finance 1. Present information on financial statements for sales accounting and to determine business results. Management accounting for sales and determining business result.
Management accounting for sales and determining business results. Accounting for sales and business results in terms of accounting software application. 41 CONCLUSION OF CHAPTER 1. 43 CHAPTER 2: THE ACTUAL ACCOUTING FOR SALES AND DETERMINING BUSINESS RESULTS AT TRANG THI COMMERCIAL SERVICE JOINT STOCK COMPANY.
Overview about Trang Thi Commercial Service Joint Stock Company. Establishment and development of the Trang Thi Commercial Service Joint Stock Company. Business organizational characteristics of the company. Organization and managerial characteristics at the company:.
The actual situation of accounting for sales and determining business results at Trang Thi Commercial Service Joint Stock Company. Actual situation of methods of sales and payment at the company. Accounting for sales revenue and revenue deductions. Accounting for costs of goods sold.
Accounting for financial expenses and financial income. Accounting for selling and administration expenses .6 Accounting for other incomes and other expenses .7 Accounting for corporate income tax expense.8 Accounting for determining business results. 104 ST: Thai Le Phuong Thao iv Class:CQ56/21.02CLC Graduation Thesis Academy of Finance 2. Management accounting for sales and determine business result at Trang Thi Commercial Service Joint Stock Company.
Accounting management organization at the company. Accounting management of sales and determining business results. General comments about the accounting for sales and determining business results at Trang Thi Commercial Service Joint Stock Company. 118 CONCLUSION OF CHAPTER 2.
PROPOSALS TO IMPROVE ACCOUNTING FOR SALES AND DETERMINING BUSINESS RESULTS AT TRANG THI COMMERCIAL SERVICE JOINT STOCK COMPANY. Requirements, principles of perfecting accounting for sales and determining business results at Trang Thi Commercial Service Joint Stock Company. Some proposals to improve accounting for sales and determining business result at Trang Thi Commercial Service Joint Stock Company. Suggestion to improve the efficiency of management accounting for sales in Trang Thi Commercial Service Joint Stock Company.
130 CONCLUSION FOR CHAPTER 3. 136 ST: Thai Le Phuong Thao v Class:CQ56/21.02CLC Graduation Thesis Academy of Finance LIST OF ABBREVIATIONS Abbreviation Full phrase Acc Account CIT Corporate income tax COGS Cost of goods sold JSC Joint Stock Company No. Number VAT Value added tax VND Vietnam Dong GDNs Goods dispatch notes ST: Thai Le Phuong Thao vi Class:CQ56/21.02CLC Graduation Thesis Academy of Finance LIST OF TABLE Table 2.1 - Subsidiary ledger of Account 511 – Revenue (Extract for example) .1 - Subsidiary ledger of Account 511 – Revenue (Extract for example - continue) .2 - Voucher Diary No.2 - Voucher Diary No.3 - Ledger Book of Account 511 .4 Subsidiary ledger of Account 521.5 - Subsidiary ledger of Account 632 (Extract for example).6 - Voucher Diary No.8 - Subsidiary ledger of Account 635 (Extract for example).9 - Ledger Book of Account 635 .10 - Voucher Diary Account 635 (Extract for example) .11 - Subsidiary Ledger of Account 515 (Extract for example) .12 - Ledger Book of Account 515 .13 - Subsidiary Ledger of Account 641 (Extract for example) .14 - Ledger Book of Account 641 .15 - Subsidiary Ledger of Account 642 (Extract for example) .17 - Subsidiary Ledger of Account 711 .18 - Subsidiary ledger of account 811 .19 - Automatic transferring entries .20 - Subsidiary Ledger of Account 911 .22 – Balance sheet Quarter 4 .22 – Balance sheet Quarter 4 (continue) .22 – Balance Sheet Quarter 4 (continue) .23 – Statement of income Quarter 4. 113 ST: Thai Le Phuong Thao vii Class:CQ56/21.02CLC Graduation Thesis Academy of Finance LIST OF FLOWCHART Flowchart 1.1 – Accounting entry for direct sales (for company applying deductible/subtraction VAT method).2 – Accounting entry for direct sales (for company applying direct VAT method) .3 – Accounting entry for sales through agents .4 – Accounting entry for sales in case of deferred or instalment payment .5 – Accounting entry for revenue deductions .6 – Accounting entry for cost of goods sold under perpetual inventory method.7 – Accounting entry for cost of goods sold under periodic inventory method.8 – Accounting entry for financial expenses .9 – Accounting entry for financial incomes .10 – Accounting entry for selling and administration expenses .11 – Accounting entry for other expenses .12 – Accounting for other incomes .13 – Accounting entry for income tax expenses.14 – Accounting entry for business result .1 – Organization of company management .3 – Order of bookkeeping in the form of voucher register.
59 ST: Thai Le Phuong Thao viii Class:CQ56/21.02CLC Graduation Thesis Academy of Finance LIST OF SCREEN Screen 2.1 - FAST software interface .2 - Screen of list customers encoded .3 - Several accounts used in FAST accounting software .4 - FAST accounting software screen of subsidiary ledger of account 112 .5 - The sceen interface of FAST accounting of revenue document.6 - The screen inteface of revenue enumeration .7 - The interface of FAST accounting of account 3368.8 – The screen interface after entering Account 112 .9 - The interface screen of entering data when calculating cost of goods sold by this method .10 - The screen interface of accounting note of Account 635 .11 - The screen interface of entering data for account 515.12 - The screen interface of entering data for account 641.13 - The screen interface of entering payment voucher .14 - The main screen of when determining results .15 - The screen interface of entering accounting year to transfer automatically .16 - The screen interface when selecting entries .17 - The screen interface when entering data of transferring entries. 106 ST: Thai Le Phuong Thao ix Class:CQ56/21.02CLC Graduation Thesis Academy of Finance LIST OF IMAGE Image 2.2 – VAT Invoice of TOYOTA transaction.3 – Credit note from bank of TOYOTA Company transaction .5 - Credit note from bank of remaining amount .7 - Credit note of financial income .8 - Credit Note of selling expense. 99 ST: Thai Le Phuong Thao x Class:CQ56/21.02CLC Graduation Thesis Academy of Finance PREFACE 1. Urgency of the topic In the current context of international economic integration, especially since Vietnam joined frameworks such as the WTO, ASEAN, APEC, ASEM and the Free Trade Agreement (FTA), domestic enterprises said, in general and commercial enterprises in particular, have more opportunities and challenges.
One of the biggest challenges that is now facing to Vietnamese commercial enterprises is the competitive pressure not only with domestic companies but also with foreign companies, multinational corporations and companies. Strong companies with high economic potential are becoming more and more acute. Facing such situation, in order to survive and develop, it is required that commercial enterprises have to take practical measures to improve business efficiency, especially in the consumption stage. Because only through sales and product consumption will a business generate revenue to offset the costs spent and achieve profitability goals.
One of the most effective measures is the good implementation of sales, product sales, seizing opportunities and making timely decisions to improve business efficiency. The premise for that work is none other than accounting information. Therefore, businesses that want to be sustainable require a good and efficient accounting system. Recognizing the importance of organizing sales accounting and determining business results, applying the knowledge learned and researched at the school, I have studied in-depth the sales process and determined the results at the internship unit.
With the help of officials and employees in the company in general, the accounting staffs in particular and the guidance of PhD. Thai Ba Cong and MSc. Nguyen Ba Linh, I chose the topic: “Accounting for sales and ST: Thai Le Phuong Thao 1 Class:CQ56/21.02CLC Graduation Thesis Academy of Finance determining business result at Trang Thi Commercial Service Joint Stock Company”. Research purpose - Purpose of the research: To gain insight into sales accounting and determining business results, and at the same time to give an overview of the achievements and shortcomings in the accounting for sales and determining the business results; from which, giving ideas and suggestions to improve the acocunting of sales and determining business results at Minh Duc Concrete and Construction Limited Company.
Object and scope of the research - Object: Accounting for sales and determining business results at Trang Thi Commercial Service Joint Stock Company. - Scope of content: Accounting for sales, revenues, expenses, and the process of determining business results at the company. - Scope of space: Trang Thi Commercial Service Joint Stock Company. - Time range: 2021 - Accounting regime: Regime of Business accounting was issued in accordance with Circular No.
200/2014/TT-BT dated December 22nd, 2014 of the Ministry of Finance. Research methods Research is based on the methodoly of dialectical materialistic and historical materialism, combined with the methods of analysis, statistics, synthesis, comparison between theoretical basis and reality at Trang Thi Commercial Service Joint Stock Company from there, propose solutions to improve accounting for sales and business results at the company. ST: Thai Le Phuong Thao 2 Class:CQ56/21.02CLC Graduation Thesis Academy of Finance 5.