ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY AT SKCOMPANY VIETNAM JOINT STOCK COMPANY

DUY TAN UNIVERSITY INTERNATIONAL SCHOOL UNDERGRADUATE THESIS TOPIC: ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY AT SKCOMPANY VIETNAM JOINT STOCK COMPANY MENTOR : MA Nguyen Thi Kim Huong STUDENT : Tran Thi Nhu Quynh CLASS : K23 PSU KKT1 ID NUMBER : 2320252825 Da Nang – 2021 ABSTRACT In the system of management tools, accounting is one of the most effective management tools It is a reliable source of data and information for the State to run the economy, inspect and control the activities of industries and regions In the economy, the general indispensable trend of investors, large, medium and small business owners is aiming to achieve profits They are very concerned about the end result for a period of time (months, quarters and years) that they put their capital into investing in the business That leads to the accounting department at the enterprise to closely monitor the purchase and sale process until determining the business results, for fast, complete and timely accounting Good implementation of this process will help businesses recover capital quickly, offset costs, and fulfill their obligations to the state, invest in development, and improve the lives of workers The accounting system in the units plays a very important role, especially for companies doing business in the field of commerce, it is imperative to buy and sell goods and determine business results With that awareness, combined with practical research at Skcompany Vietnam Joint Stock Company, I decided to choose the topic: " Accounting for fees earned, expenses and income summary at SKcompany Vietnam Joint Stock Company " Because of time and business the experiment is still limited, so it is unavoidable to stumble and lack We sincerely hope the teachers and the Company for comments and additions to make my topic more complete, I myself overcome my weaknesses, accumulate experience and improve capacity in practice in the future The research method used in this topic is qualitative method DISCLAIMER I pledge that the topic: " Accounting for fees earned, expenses and income summary in Skcompany Vietnam joint stock company" is my internship report in recent years under the direction: Dr Nguyen Thi Kim Huong Several clear sources and footnotes are used in the report The data and research results are honest, I would like to take full responsibility, the discipline of the subject and the policy set out if any problem occurs Signature: Date: ACKNOWLEDGEMENTS First, I would like to thanks sincerely to the teacher of International School in Duy Tan University who help me to quip the neccessary knowledge and convernient environment in time learning as well as time of graduation thesis I would like to express my gratitude to my supervisor Dr.Nguyen Thi Kim Huong who was helped from the select topics to gudie the way, content to all Thanks to her support, so I could complete thesis on the time stipulated I would like to express my sincere thanks to the management and the brothers and sisters in Skcompany Vietnam Joint Stock Company for creating favorable conditions and wholeheartedly guiding me throughout my internship at the company Practical contact, answering questions help me have more understanding, practical knowledge and requirements in future work With limited knowledge and limited internship at the company, my report cannot avoid its shortcomings I look forward to receiving comments and comments from teachers and brothers and sisters in the Skcompany Vietnam Joint Stock Company It will be a valuable practice for you to improve yourself in the future Thank you sincerely ! TABLE OF CONTENTS ABSTRACT .2 DISCLAIMER ACKNOWLEDGEMENTS TABLE OF CONTENTS INTRODUCTION LITURATURE RENTING VIEW OF ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY IN SERVICE BUSINESS 1.1 GENNERAL ISSUES OF ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY .3 1.1.1 Accounting concept for fees earned 1.1.2 Cost related concept 1.1.3 Business results at service company concept 1.2 ACCOUNTING FOR FEES EARNED 1.2.1 Fees earned recognition conditions 1.2.2 Vouchers .5 1.2.3 Detail Accounting .5 1.2.3.1 Books .5 1.2.3.2 Accouting Method 1.2.4 General Accounting 1.2.4.1 Accounts 1.2.4.2 Accouting Method 1.3 ACCOUNTING FOR COST OF SERVICE SOLD 1.3.1 Concept of accounting for cost of service sold 1.3.2 Vouchers .9 1.3.3 Detail accounting .9 1.3.3.1 Books .9 1.3.3.2 Accounting method 1.3.4 General Accounting 10 1.3.4.1 Accounts 10 1.3.4.2 Accounting method 10 1.4 ACCOUNTING FOR SELLING EXPENSES AND ADMINISTRATIVE EXPENSES 12 1.4.1 Concept of accounting for selling expenses and administrative expenses 12 1.4.2 Vouchers 12 1.4.3 Detail Accounting .12 1.4.3.1 Books .12 1.4.3.2 Accounting Method 12 1.4.4 General Accounting 13 1.4.4.1 Accounts 13 1.4.4.2 Accounting Method 13 1.5 ACCOUNTING FOR FINANCIAL INCOME AND EXPENSES 14 1.5.1 Accounting for financial income 14 1.5.1.1 Concept of accounting for financial income 14 1.5.1.2 Vouchers 15 1.5.1.3 Detail Accounting 15 a Books 15 b Accouting Method 15 1.5.1.4 General accounting .16 a Accounts 16 b Accounting Method .16 1.5.2 Accounting for financial expenses 17 1.5.2.1 Concept of Accounting for financial expenses .17 1.5.2.2 Vochers 17 1.5.2.3 Detail Accounting 17 a Books 17 b Accounting Method .18 1.5.2.4 General accounting .18 a Accounts 18 b Accounting Method .19 1.6 ACCOUNTING FOR OTHER INCOME AND EXPENSES 19 1.6.1 Accounting for other income 19 1.6.1.1 Concept of accounting other income 19 1.6.1.2 Vouchers 20 1.6.1.3 Detail Accounting 20 a Books 20 b Accouting Method 20 1.6.1.4 General accounting .20 a Accounts 20 b Accounting Method .20 1.6.2 Accounting for other expenses 21 1.6.2.1 Concept of accounting other expenses 21 1.6.2.2 Vochers 21 1.6.2.3 Detail Accounting 21 a Books 21 b Accounting Method .22 1.6.2.4 General accounting .22 a Accounts 22 b Accounting Method .22 1.7 ACCOUNTING FOR INCOME TAX EXPENSES .23 1.7.1 Concept of income tax expenses .23 1.7.2 Vouchers 23 1.7.3 Detail Accounting .23 1.7.3.1 Books .23 1.7.3.2 Accounting Method 23 1.7.4 General accounting 23 1.7.4.1 Accounts 23 1.7.4.2 Accounting Method 24 1.8 ACCOUNTING FOR INCOME SUMMARY AND TRANFERRING NET INCOME/ NET LOSS 24 1.8.1 Concept of accounting income summary .25 1.8.2 Detail Accounting .25 1.8.2.1 Books .25 1.8.2.2 Accounting Method 25 1.8.3 General accounting 25 1.8.3.1 Accounts 25 1.8.3.2 Accounting Method 26 METHOD OLOGY OF ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY IN SKCOMPANY VIETNAM JOINT STOCK COMPANY 28 1.9 HISTORY OF SKCOMPANY VIETNAM JOINT STOCK COMPANY 28 1.9.1 History of Skcompany VietNam Joint Stock Company 28 1.9.2 Advantages and disadvantages of the company in the course of operation 29 1.9.3 Characteristics of organizational structure model of Skcompany VietNam Joint Stock Company .29 1.9.3.1 Dragram of management structure .29 1.9.3.2 Functions and duties of departments 30 1.9.4 Characteristics of the accounting system in Skcompany VietNam Joint Stock Company 31 1.9.4.1 Characteristics functions of the accounting apparatus .31 a Accounting apparatus structure of Skcompny Vietnam .31 b Applied accounting method: General Journal (computer applicable) 33 1.9.4.2 Recording method and accounting modes applied at Skcompany VietNam Joint Stock Company .35 1.10 METHOD OLOGY OF ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY.35 1.10.1 Characterics of services provided at the company .36 1.10.2 Accounting for fees earned 36 1.10.2.1 Vouchers .36 1.10.2.2 Detail Accounting 39 a Books 39 b Accounting Method .39 1.10.2.3 General Accounting 41 a Books 41 b Accounting Method .41 1.10.3 Accounting for cost of service sold .44 1.10.3.1 Vouchers .44 1.10.3.2 Detail Accounting 45 a Books 45 b Accounitng Method .45 1.10.3.3 General Accounting 46 a Books 46 b Accounting Method .46 1.10.4 Accounting for selling expenses and administrative expenses 48 1.10.4.1 Vouchers .48 1.10.4.2 Detail Accounting 50 a Books 50 b Accounting Method .50 1.10.4.3 Detail Accounting 52 a Books 52 b Accouting Method 52 1.10.5 Accounting for financial income 53 1.10.5.1 Vouchers .53 1.10.5.2 Detail Accounting 54 a Books 54 b Accounting Method .54 1.10.5.3 General accounting .56 a Books 56 b Accounting Method .56 1.10.6 Accounting for financial expenses 58 1.10.6.1 Vouchers .58 1.10.6.2 General accounting .60 a Books 60 b Accounting Method .60 1.10.7 Accounting for other incomes .61 1.10.8 Accounting for other expenses 61 1.10.8.1 Vouchers .61 1.10.8.2 Detail Accounting 62 a Books 62 b Accounting Method .62 1.10.8.3 General accounting .63 a Books 63 b Accounting Method .63 1.10.9 Accounting for income summary 65 1.10.9.1 Detail Accounting 65 a Books 65 b Accounting Method .65 1.10.9.2 General accounting .66 a Books 66 b Accounting Method .66 1.10.10 Accouting for income tax expenses .68 1.10.11 Accounting for Tranfering Retained earning .68 1.10.11.1 Detail Accounting 68 a Books 68 b Accounting Method .68 1.10.11.2 General accounting 69 a Books 69 b Accounting Method .69 SOME RECOMMENDATIONS TO COMPLETE THE ACCOUTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY 71 1.11 COMMENT ON THE ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY IN SKCOMPANY VIETNAM JOINT STOCK COMPANY 71 1.11.1 Advantages .71 1.11.2 Disadvantages 72 1.12 SOME SOLUTIONS TO IMPROVE THE ACCOUNTING SKCOMPANY VIETNAM JOINT STOCK COMPANY 73 1.12.1 Solution of accounting work 73 1.12.2 Solution to increase revenue 74 1.12.3 Cost-saving solutions .74 CONCLUSION 76 BIBLIOGRAPHY 78 APPENDICES .79 MENTOR’S CONFIRMATION .89 The company needs to review the costs of its business, save costs for internal reception, reduce costs for idle activities during the off season by using seasonal contract labor 75 CONCLUSION Our economy is in a period of strong development and integration with stable growth Although the domestic economy has been affected by the fluctuations of the world economy in recent years, this is an opportunity for Vietnam to demonstrate the sustainable development of the national economy In that situation, each business needs to clearly define its business and development goals, with SKcompany Vietnam Joint Stock Company no exception During my internship at the company, the accounting of revenue, expenses and determining business results really made many points that I wanted to learn deeply and let me decide to choose the topic: " Accounting for fees earned, expenses and income summary in Skcompany Vietnam joint stock company" as the thesis topic In the thesis, I present some of the following issues: Theoretical: The course discusses some basic issues about accounting of revenue, costs and determining business results of service businesses In practice: The thesis has briefly reflected the current status of the organization of the revenue and expense accounting and the determination of business results at the Company At the same time, use the data from 2020 to support the above arguments Regarding the recommendation: In order to complete the Accounting for fees earned, expenses and income summary in Skcompany Vietnam joint stock company, from factual inquiries compared to theories through document research, books, circulars, standards, thesis, I have given a number of ideas on completing the accounting of revenue, expenses and determining business results in particular and the management in general However, due to the topic I choose is a general problem, complex, throughout the accounting process It requires solid theoretical knowledge, as well as many years of practical experience that synthesizes this when you are a final year student, not yet As well as the difference in the accounting process of the service business also makes me face with difficulties Despite trying, but with only limited knowledge in the framework of books, practical experience is limited The research 76 time is limited, so the content of the thesis you present must still have many shortcomings I look forward to receiving more comments and suggestions from the teachers to make my research more complete Graduation thesis: Duy Tan University Student: Tran Thi Nhu Quynh Grade: K23 PSU KKT1 Finally, I would like to thank the lecturers for the enthusiastic help: Dr Nguyen Thi Kim Huong, brothers and sisters in the Finance and Accounting Department of SKcompany Vietnam Joint Stock Company for being very enthusiastic in providing data and answers Questions for me during my internship at the company Besides, it is the companionship of the teachers in the International Training Department who have been dedicated throughout the process of studying at the school as well as completing this thesis topic Thank you sincerely! Da Nang, May, 2021 77 BIBLIOGRAPHY (1) M Bragg, S (2021) Accountant' Guidebook Mỹ: NXB Kim Đồng (2) Nhị, V V (2006) Kế tốn tài HCM: NXB Tài Chính (3) VAS 14 (2001) Sales and Other Income (4) (5) (6) List of accounts accounting : ketoanthienung.net Reference document at Duy Tan Libraty Reference document at accounting department of Skcompany Vietnam joint Stock company APPENDICES Office lease agreement contract with SABAY Office Company Limited Distribution of prepaid expenses : MENTOR’S CONFIRMATION Mentor: Nguyen Thi Kim Huong Student: Tran Thi Nhu Quynh Class: K23 PSU-KKT1 ID number: 2320252825 Speciality: Accounting Auditing Topic : Accounting for fees earned, expenses and income summary at skcompany vietnam joint stock company Comments: Da Nang, May, 2021 Signature ... Tranfer profits and losses 27 METHOD OLOGY OF ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY IN SKCOMPANY VIETNAM JOINT STOCK COMPANY 1.9 HISTORY OF SKCOMPANY VIETNAM JOINT STOCK COMPANY 1.9.1... Skcompany Vietnam Joint Stock Company, I decided to choose the topic: " Accounting for fees earned, expenses and income summary at SKcompany Vietnam Joint Stock Company " Because of time and business... LITURATURE RENTING VIEW OF ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY IN SERVICE BUSINESS METHOD OLOGY OF ACCOUNTING FOR FEES EARNED, EXPENSES AND INCOME SUMMARY IN SKCOMPANY