MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY AND EDUCATION GRADUATION THESIS THE ACCOUTING ACCOUNTING FOR BUSINESS PERFORMANCE AT LIEN MINH TECHNICAL SERVICE AND MECHANICAL COMPANY LIMITED INSTRUCTOR: PHAM HIEU, MBA. STUDENT: NGUYEN DUONG BAO NGHI SKL012803 Ho Chi Minh City, April 2024 MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY AND EDUCATION ECONOMICS GRADUATION THESIS TOPIC: ACCOUNTING FOR BUSINESS PERFORMANCE AT LIEN MINH TECHNICAL SERVICE AND MECHANICAL COMPANY LIMITED Performed by student Nguyễn Dương Bảo Nghi Student ID 20125197 Class 201252B Course 2020 Ho Chi Minh City, April 2024 INSTRUCTOR’S COMMENT FORM Performed by student: Nguyễn Dương Bảo Nghi Student ID: 20125197 Topic: Accounting for business performance at Lien Minh Technical Service and Mechanical Company Limited Instructor: MBA. Phạm Hiếu Content Presentation Total Score Comments. i ACKNOWLEDGMENTS To the best completion for this report, I would like to thank Master Pham Hieu for his dedicated guidance and advice.
Besides, I would like to send my sincere thanks to Ho Chi Minh City University of Technology and Education, as well as the lecturers of the Faculty of Economics who were very dedicated in imparting knowledge in the lessons for me to have a good foundation for future work. I would like to express my gratitude to the Board of Directors of Lien Minh Technical Service and Mechanical Company Limited for creating conditions for me to learn about the working process and practical knowledge of accounting work in the field during my internship at the company. Sincerely thank you! ii LIST OF ABBREVIATION ABBREVIATION EXPLANATION Co. Company Incorporated CIT Corporate Incomes Tax PBT Profit Before Tax VAT Value-Added Tax FAT Factory Acceptance Test PO Purchase order QA Quality assurance QC Quality control CO Certificate of origin CQ Certificate of quality LLC Limited Liability Company iii LIST OF IMAGES Image 1.
Lien Minh Company’s logo. Mondelez Kinh Do Viet Nam Joint Stock Company. Masan Group Corporation. Atlas Copco Vietnam Co.
Robot picks up stacking crates. PU - PVC belt conveyor. Office and workshop in Thu Duc. The company's MISA software interface.
Sales detail book. 56 iv LIST OF DIAGRAMS, CHARTS Diagram 1. Organization chart of Lien Minh Technical Service and Mechanical Co. Accounting chart of Lien Minh Technical Service and Mechanical Co.
Accounting book recording order. The company's project implementation process. Source document circulation process. Accounts receivable management process.
T-chart of account 511 - “Revenue from sales and service provision”. T-chart of account 632 - “Costs of goods sold”. T-chart of account 515 - “Revenue from financial activities”. T-chart of account 635 - “Financial expenses”.
T-chart of account 642 - “Business management expenses”. T-chart of account 711 - “Other income”. T-chart of account 811 - “Other expenses”. T-chart of account 821 - “Corporate income tax expenses”.
T-chart of account 911 - “Income summary”. 34 v LIST OF TABLE Table 3. Income statement of Lien Minh Company. 49 vi TABLE OF CONTENTS INSTRUCTOR’S COMMENT FORM.
ii LIST OF ABBREVIATION. iii LIST OF IMAGES. iv LIST OF DIAGRAMS, CHARTS. v LIST OF TABLE.
vi TABLE OF CONTENTS. Reason for choosing the topic. Subject and scope of research. Structure of the report.
3 Chapter 1: GENERAL INTRODUCTION ABOUT LIEN MINH TECHNICAL SERVICE AND MECHANICAL COMPANY LIMITED. General introduction about Lien Minh Technical Service and Mechanical Company Limited. Company formation and development process. Functions, tasks, and fields of activity.
The company's management apparatus. Management apparatus diagram. Functions and tasks of each department. The company's accounting apparatus.
Diagram of accounting apparatus. Functions and tasks of each section. Accounting regime applied at the company. 11 SUMMARY OF CHAPTER 1.
14 Chapter 2: THEORETICAL BASIC FOR REVENUE AND EXPENSES ACCOUNTING AND DETERMINING BUSINESS RESULTS. General issues of revenue and expenses accounting and determining business performance results. Determine business performance results. Accounting for revenue from sales and provision of service.
Conditions for recognizing revenue. Source documents and usage accounts. Accounting for cost of goods sold. Method for determining cost price.
Source documents and usage accounts. Accounting for revenue from financial activities. Source documents and usage accounts. Accounting for financial expenses.
Source documents and usage accounts. Accounting for business management expenses. Source documents and usage accounts. Accounting for other income.
Source documents and usage accounts. Accounting for other expenses. Source documents and usage accounts. Accounting for corporate income tax expenses.
Accounting for income summary. 33 SUMMARY OF CHAPTER 2. 35 Chapter 3: STATUS OF REVENUE AND EXPENSES ACCOUNTING AND DETERMINING BUSINESS RESULTS AT LIEN MINH TECHNICAL SERVICE AND MECHANICAL COMPANY LIMITED. Accounting for revenue from sales and provision of service.
Source documents and usage accounts. Project implementation process. Some illustrations of arising economic operations. Accounting for revenue deductions.
Source documents and usage accounts. Illustration of arising economic operations. Accounting for cost of goods sold. Source documents and usage accounts.
Some illustrations of arising economic operations. Accounting for revenue from financial activities. Source documents and usage accounts. Some illustrations of arising economic operations.
Accounting for financial expenses. Source documents and usage accounts. Some illustrations of arising economic operations. Accounting for business management expenses.
Business management expenses. Accounting for other expenses. Source documents and usage accounts. Some illustrations of arising economic operations.
Accounting for income summary. Source documents and usage accounts. Revenue and expense transfer operations. 47 SUMMARY OF CHAPTER 3.
51 Chapter 4: COMMENTS AND RECOMMENDATIONS. Some comments about Lien Minh Technical Service and Mechanical Company Limited. Some limitations still exist. Some recommendations to improve the operating situation at Lien Minh Technical Service and Mechanical Company Limited.
For human resources. For accounting software. Lowering the cost of production. 58 SUMMARY OF CHAPTER 4.
Reason for choosing the topic Currently, with the world economy in general and Vietnam in particular constantly innovating and developing, there are quite a few businesses being born. However, as economic integration deepens, the rule of elimination becomes increasingly clear, and competition in the economic market becomes stronger. According to the General Statistics Office, in the first six months of 2023, there are 31 thousand businesses waiting for dissolution procedures (an increase of 28.9% over the same period last year) and 8.8 thousand enterprises have completed dissolution procedures (up 2. On the contrary, there were 75.9 thousand newly registered businesses (down 0.7 thousand businesses returned to operation, down 7.
In addition, the World Bank forecasts that global GDP will decline significantly, in 2022, world GDP will be 3.1% and it will decrease to 2. Therefore, improving business operations to survive and develop strongly is something businesses are facing, optimizing profits and minimizing costs is considered as a good solution to help do business more effective. Accounting for revenue, costs and determining business results can help managers understand the business situation of the enterprise, come up with specific business strategies, and make estimates revenue to bring more profits to the business. According to Master Nguyen Thi Sam, “Estimating revenue and costs is extremely important for administrators in providing systematic and well-founded information for the entire business plan.
Estimating service business revenue is the foundation for making other business estimates, so it requires businesses to have solutions to capture consumer needs and tastes, combined with capacity. activities to plan and estimate revenue and service business expenses to closely match the market situation.” In addition, revenue and cost accounting and determining business results also help businesses determine the effectiveness of business activities, evaluate business efficiency, and combine others information to build effective business strategies. This is also the basis to help investors evaluate the production and business efficiency of each enterprise, thereby making reasonable investment decisions. As for banks, when 1 businesses need to hire finance, business performance accounting is a condition for them to conduct appraisals and evaluate the financial situation of the business, thereby making a decision on how much to lend and how long to borrow.
Therefore, aware of the importance of this issue, the author chose “Accounting for business performance at Lien Minh Technical Service and Mechanical Company Limited” as the topic of author’s graduation thesis report. Research objectives This project is carried out with the following objectives: ‑ General understanding of information, accounting system and current accounting regime of Lien Minh Technical Service and Mechanical Company Limited. ‑ Overview of the theoretical basis of revenue and expenses accounting and determining business results. ‑ Learn accounting work on revenue, expenses and determine the company's business results.
‑ Evaluate the current status of accounting work, offer solutions to complete and improve the company's accounting system. Research methods To complete this report, the author used the following research methods: ‑ Interview method: Talk directly with accountants to better understand revenue and expenses accounting, determine the company's business results. ‑ Data collection method: Collect data from original books and documents on revenue, expenses and determine the company's business results. ‑ Observation method: Observe working methods through accountants.
‑ Document research method: Research documents collected from the company's Accounting department. Subject and scope of research Research object: Revenue and expenses accounting and determining business results at Lien Minh Technical Service and Mechanical Company Limited. Research scope: ‑ Research time: From April 2023 to June 2023. ‑ Research space: Research at Lien Minh Technical Service and Mechanical Company Limited.
Structure of the report In addition to the introduction and conclusion, the report includes 4 chapters: ‑ Chapter 1: General introduction about Lien Minh Technical Service and Mechanical Company Limited. ‑ Chapter 2: Theoretical basis for revenue and expenses accounting and determining business results. ‑ Chapter 3: Status of revenue and expenses accounting and determining business results at Lien Minh Technical Service and Mechanical Company Limited. ‑ Chapter 4: Comments and recommendations.
3 Chapter 1: GENERAL INTRODUCTION ABOUT LIEN MINH TECHNICAL SERVICE AND MECHANICAL COMPANY LIMITED 1. General introduction about Lien Minh Technical Service and Mechanical Company Limited 1. General introduction Lien Minh Technical Service and Mechanical Co. registered for the first Enterprise Registration Certificate on February 4, 2015, issued by the Department of Planning and Investment of Ho Chi Minh City.
(Appendix 01) ‑ Company name: Lien Minh Technical Service and Mechanical Company Limited Image 1. Lien Minh Company’s logo (Source: Company’s website) ‑ Tax code: 0313126931 ‑ Legal representative: Mr. Nguyen Ngoc Tan ‑ Charter capital: 10,000,000,000 VND (In words: Ten billion VND) ‑ Type of company: LLC with two or more members ‑ Main business lines: Manufacturing other specialized machines ‑ Head office address: 61 Tran Thi Dieu, Quarter 2, Phuoc Long B Ward, Thu Duc City, Ho Chi Minh City ‑ Factory address: 48/14 Le Thi Hoa, Binh Chieu Ward, Thu Duc City, Ho Chi Minh City 4 The company's customers: Mondelez Kinh Do Viet Nam Joint Stock Company, KIDO Corporation, Ajinomoto Co., Masan Group Corporation,. Mondelez Kinh Do Viet Image 1.
KIDO Corporation Nam Joint Stock Company Image 1. Masan Group Corporation Image 1. The company's partners: Bizerba SE & Co. KG, KUKA, Atlas Copco Vietnam Co.
Atlas Copco Vietnam Co., Ltd Some outstanding products of the company: spiral conveyor, bottle picking robot, hot glue labeling machine, Corilis filling machine,. Spiral conveyor Image 1. Robot picks up stacking crates Image 1. PU - PVC belt conveyor 1.
Company formation and development process With human resources with nearly 20 years of experience working in the field of machinery, equipment, and automation at large manufacturing companies in Vietnam, Lien Minh Technical Service and Mechanical Co. was established on February 4, 2015, according to Enterprise Registration Certificate No.
