Graduate Intership Report 16071249 VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL GRADUATE INTERNSHIP REPORT INTERNSHIP COMPANYINSTITUTION ENLIGHTENG INTERNATIONAL EDUCATION JOINT STOCK COMPANY Address Floor 2, Block A, Licogi 13, No 164, Khuat Duy Tien Street, Nhan Chinh Ward, Thanh Xuan District, Hanoi, Vietnam Supervisor Nguyen Thi Kim Oanh Student’s full name Ho Ngoc Thuy Student’s ID 16071249 Major Accounting, Analyzing and Auditing Class AC2016C Hanoi, April ,2019 ACKNOWLEDGM.
Graduate Intership Report - 16071249 VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL *** GRADUATE INTERNSHIP REPORT INTERNSHIP COMPANY/INSTITUTION: ENLIGHTENG INTERNATIONAL EDUCATION JOINT STOCK COMPANY Address: Floor 2, Block A, Licogi 13, No.164, Khuat Duy Tien Street, Nhan Chinh Ward, Thanh Xuan District, Hanoi, Vietnam Supervisor: Nguyen Thi Kim Oanh Student’s full name: Ho Ngoc Thuy Student’s ID: 16071249 Major: Accounting, Analyzing and Auditing Class: AC2016C Hanoi, April ,2019 Graduate Intership Report - 16071249 ACKNOWLEDGMENT At the very beginning, I would like to express my deepest gratitude to International School and Enlightening International Education Joint Stock Company for facilitating me to prepare this report within the scheduled time During the period of my internship work, I have received generous help from many quarters, which I like to put on record here with deep gratitude and great pleasure First and foremost, I would like to pay gratitude, and want to give special thanks to our respected course teacher, Ms Nguyen Thi Kim Oanh for her constant supervision and valuable guidance and precious suggestion in the completion of this report Special thanks to Director of Enlightening International Education JSC, Ms Thai Viet Anh to give an opportunity to me to learn and get the real work experience I perceive as this opportunity as a big milestone in my career development I will strive to use the gained skills and knowledge in the best possible way, and I will continue to work on their improvement, in order to attain desired career objectives Hope to continue cooperation with all of you in the future Despite the effort to complete the report, but due to short practice time and limited knowledge, this report may get inevitable errors I hope the grading and examination committee understand and help me have a better graduate internship report Contents ACKNOWLEDGMENT LIST OF ABBREVIATIONS Graduate Intership Report - 16071249 CHAPTER I: FEATURE OF ORGANIZATION AND OPERATION OF ENLIGHTENING INTERNATIONAL EDUCATION JOINT STOCK COMPANY 1.1 General introduction .6 1.2 Organization structure CHAPTER 2: SYSTEMATIZE THEORETICAL ON ACCOUNTING OF REVENUES, COSTS AND DETERMINATION OF BUSINESS RESULTS IN ENTERPRISES .16 2.1 Accouting of Revenue 16 2.2 Accounting of revenue Deductibles: 19 2.3 Cost of goods sales accounting 21 2.4 Expense .22 2.5 Administrative expense: .25 2.6 Accounting of financial activities and financial expenses: 27 2.7 Accounting of other income and expenses 30 2.8 Accounting of income tax costs 32 2.9 Accounting Determination Of Business Results: 35 CHAPTER 3: ACCOUNTING OF REVENUES, EXPENSES AND DETERMINATION OF BUSINESS RESULTS IN ENLIGHTENING INTERNATIONAL EDUCATION JSC 37 3.1 Accounting of Revenues .38 3.2 Accounting of revenue from financial activities: 40 3.3 Accouting of Cost of Good Sold 42 3.4 Accounting of Selling Expense 43 3.5 Accounting of Administrative expenses: .44 3.6 Accounting of financial expenses 48 3.7 Other income accounting .48 3.8 Accounting of Other Expense .48 3.9 Accounting of Determination Of Business Results 48 CHAPTER 4: EXPERIENCE GAINED .51 4.1 Conclusion 51 4.2 Experience gain 51 Schedule of the graduate internship .53 Graduate Intership Report - 16071249 REFERENCES 54 LIST OF ABBREVIATIONS Acc GAAP JSC Dr Cr VAS VAT CIT VND Doc Account Generally Accepted Accounting Principles Joint Stock Company Debit Credit Vietnamese Accounting Standards Value Added Tax Corporate Income Tax Vietnamese Dong Document CHAPTER I: FEATURE OF ORGANIZATION AND OPERATION OF ENLIGHTENING INTERNATIONAL EDUCATION JOINT STOCK COMPANY 1.1 General introduction 1.1.1 Company name Official name: ENLIGHTENING INTERNATIONAL EDUCATION JOINT STOCK COMPANY Transaction name in English: ENLIGHTENING EDUCATION JOINT STOCK COMPANY INTERNATIONAL Abbreviated name: ENLIGHTENING INTERNATIONAL EDUCATION JSC (Logo of Enlightening International Education Joint Stock Company) Graduate Intership Report - 16071249 1.1.2 Address of head office: Address: Floor 2, Block A, Licogi 13, No.164, Khuat Duy Tien Street, Nhan Chinh Ward, Thanh Xuan District, Hanoi, Vietnam Tel: 0936710300 Email: manager@enlightening.edu.vn 1.1.3 Charter capital and professional code: Chartered capital: VND 2,000,000,000 (In words: Two billion Vietnamese dongs only) Business code: 0106693812 1.1.4 The legal representative of the company: Position: Director Full name: Thai Viet Anh: Female 1.1.5 Objectives, scope of operation, principles of governance and administration of the company 1.1.5.1 Objective of operation The company was established and operated in many fields in accordance with the Law to: - Maximize profits, increase benefits for the shareholders of the company - Fulfill obligations with the State Budget - Improve working conditions and raise income for workers - Protection of investment values and conservation of the ecological environment, in association with the sustainable development strategy and contributing to the country's socio-economic development 1.1.5.2 Scope of operation N o Field Code Agents, brokers, auction agents: Purchasing agents, selling agents, consignment goods Advertising (except for tobacco advertising) Restaurant and mobile catering services (Excluding bar business, Karraoke theater, discotheque) Retail by order via post or Internet (Excluding electronic 4610 7310 5610 4791 Graduate Intership Report - 16071249 10 trading platforms and multi-level business) Printing-related services (Except stamp stamping) Organization of introduction and trade promotion (except for press conferences) Market research and opinion polls (Excluding outbreaks under investigation and information banned by the State) Management consulting activities: Consulting and business support or planning services, effective organization of operations, management information Other education: Teaching foreign languages and teaching conversational skills; Training in corporate governance, corporate finance, human resource management, marketing and business strategy Education support services: Oversea study consultancy 1812 8230 7320 7020 8559 8560 1.1.5.3 Principles of organization, management, administration and business of the company - Carrying out the educational operations, serving the process of operation and business of the company - The Company manages and distributes rights and responsibilities according to the principle of share ownership and compliance with the Law; - The highest decision-making body of the Company is the General Meeting of Shareholders; - The Chairman of the Board of Directors is the Head of the Board of Directors, exercising the rights and responsibilities according to the regulations, company regulations and the Law The director is the leader, directly managing and managing all daily business activities of the company Directors are appointed and dismissed by the Board of Directors Graduate Intership Report - 16071249 - Conducting professional processes, internal control processes and risk management, ethical rules in accordance with the Company's business operations; 1.2 Organization structure 1.2.1 Management apparatus of the company Broad of Director Vice Director Human Reouces Department Administrative and accounting Department Training and international cooperation department 1.2.1.1 Functions of Broad of Director - Responsible for the activities of the company before the Board of members and current law - Responsible for foreign affairs of the Company - Deciding on the Company's guidelines, policies and strategic objectives - Supervise and inspect all business activities of the Company - Proposing business and investment strategies for the Members' Council - Market development throughout the country - Directly signing economic contracts - Decide on financial norms, sign payment slips, authorize payments, checks - Appoint, dismiss, dismiss managerial positions in the company, except those appointed, dismissed or dismissed by the Board of Directors - Decide on salaries and allowances (if any) for employees in the Company including managers under the authority appointed by the Director Graduate Intership Report - 16071249 1.2.1.2 Functions of Vice Directors - The Deputy Director is the assistant to the Director in the management of the company and is responsible for performing specific tasks assigned or authorized by the Director to run the company for a certain period of time and is responsible before the Director about the assigned tasks The Director and Deputy Directors are jointly responsible to their superiors for their assigned areas 1.2.1.3 Function of Human Resource Department - Monitoring and evaluating the situation of human resources - Statistics of personnel needs - Forecasting future employees' needs in the company (once every months) based on planned production processes, changes and other factors - Develop human resource programs and plans for the company - Advise and advise the Branch / departments / workshops - Proposing the implementation of human resource development policies 1.2.1.4 Function of Training and International Cooperation department - Develop and design subjects according to the International Program - Recruitment of foreign staff and teachers - Coordinate foreign staff and teachers in accordance with the international program at the company - Negotiate, exchange and negotiate with foreign partners 1.2.1.5 Function of Financial and Accouting Department Advise the Company's leaders and organize the implementation of the following tasks: timely and full accounting of all assets, equity, liabilities, financial revenue and expenditure activities, business planning and financial planning of the unit; advise the leadership of the unit to direct and perform the inspection and supervision of the management and compliance with the financial and accounting regime 1.2.2 Organizational structure and duties of the accounting department 1.2.2.1 The Importance of accounting activities for the Company In today’s dynamic and complex business environment it is very important to keep our accounting records clean and up to date Proper accounting is important to any enterprise because of the following reason: Graduate Intership Report - 16071249 - Helps in evaluating the performance of business As discussed above, the accounting records reflects the results of operations as well as statement of financial position Also various balance sheet and profit & loss accounts ratios are calculated which help user of financial statements to analyze the performance of an entity For example: debt equity ratio, Current ratio, Turnover ratio etc Also we can compare previous period accounting data with current period as well as budgeted figures for variance analysis - Helps to manage and monitor cash flow The working capital and cash requirement of an enterprise can be duly taken care by proper accounting system - Helps business to be statutory compliant Proper business accounting ensures timely recording our liabilities which needs to be paid within the prescribed time line This includes provident fund, pension fund, VAT, sales tax, Income tax Timely payment of liabilities helps enterprises to be statutory compliant - Helps to create budget and future projections Accounting data helps an enterprise to prepare budget and forecast for future period Business trends are projected based on past data produced by accounting system - Helps in filing financial statements with regulators, stock exchanges and filing of tax returns Enterprises are required to file the financial statements with ROC In case of listed entities, the same is required to be filed with stock exchanges as well For both indirect and direct tax filing purposes, financial statements and other financial information are required Graduate Intership Report - 16071249 1.2.2.2 Organization chart of the accounting apparatus Chief accountant Treasurer and Bank accountant Accounting liabilities General Accounting - Chief accountant is a person who manages and supervises all things in the accounting section and at the same time takes responsibility before the State and the company for managing the accounting and finance The chief accountant shall ensure the scientific and rational organization of the accounting work at the company, examine the accounting report and advise the manager on financial accounting - General accounting: The work of general accountants is to compare the arising economic operations reflected in the original vouchers for making book entry vouchers Periodically, at the end of the month, quarter, and year, the data will be aggregated, the costs are determined, the tables for distribution of expenses are calculated, and the turnover will be collected to determine the business results in the period Responsible for preparing the financial statements and the consolidated financial statements submitted to the chief accountant for re-examination - Treasurer and Bank accountant: responsible for cash management, dealing with banks, monitoring cash flow in the company's operations Regularly check the fund book, take responsibility for cash flow.At the end of the day, inventory, collate actual amount of money with cash funds,pay the bank, treasury, company relations.It is the responsibility of contacting the bank for the supplementary book, managing the supplementary book - Accounting liabilities: Monitoring and forwarding debt comparison with suppliers and customers to ensure timely repayment and repayment, draw monthly balance sheets and collate with customers and suppliers, synthesize sales debt figures for chief accountants and directors to have a tendency to handle problems in time 10 Graduate Intership Report - 16071249 09/201 09/201 09/201 10/201 10/201 11/2019 11/2019 11/2019 12/201 12/201 12/201 enployees August Transfer fee 112 88,000 Consultant fee Salary of enployees September Transfer fee, Account management fee Salary of enployees October Transfer fee, Account management fee Guest cost Salary of enployees November 331 4,800,000 334 5,769,231 112 60,500 334 6,538,462 112 111 82,500 1,955,000 334 5,769,231 Transfer fee Buy Goods and Guest cost Salary of enployees December Carrying over of tax on Quarter 2, and Allocating prepaid expenses 242 Training and international cooperation department (Total 12 months) Deductions for 112 99,000 111 6,598,909 334 6,153,846 133 30,567,861 242 338 29,660,665 46,979,094 44 Graduate Intership Report - 16071249 social insurance for 12 months Deduction for health insurance for 12 months Deduction of unemployment insurance for 12 months Determining business results 338 8,063,118 338 2,687,706 911 Total 226,771,186 Ending Balance 226,771,186 226,771,18 226,771,18 226,771,18 Day … Month … Year… Preparer (Sign, name) Chief Accountant (Sign, name) Director (Sign, name and stamp) 3.5.4 Accouting scheme Acc 111 Acc 642 13,306,458 Acc 911 226,771,186 Acc 112 825,000 Acc242 29,660,665 Acc 334 80,881,285 45 Graduate Intership Report - 16071249 Acc 333 2,000,000 Acc 338 57,729,918 Acc 331 11,800,000 Acc 133 30,567,861 3.6 Accounting of financial expenses: In 2019, there were no financial expenses incurred by the enterprise 3.7 Other income accounting In 2019, there were no Other income incurred by the enterprise 3.8 Accounting of Other Expense In 2019, there were no Other Expense incurred by the enterprise 3.9 Accounting of Determination Of Business Results 3.9.1 Accounting book: At the end of the accounting period, gather revenues and expenses to determine business profit and loss results in the period GENERAL LEDGER Year 2019 Acc 911 – Determination Of Business Results Date No Description Relate Amount 46 Graduate Intership Report - 16071249 of Doc 31/12/19 31/12/19 d Acc Beginning Balance Cost of Good Sold Administrative Expense 31/12/19 Revenue from Selling Financial Revenue 31/12/19 Profit/Loss 2019 31/12/19 Dr Cr 632 293,134,904 642 226,771,186 511 371,359,50 515 20,592 421 Total Ending Balence 519,906,090 519,906,090 148,525,99 519,906,09 519,906,09 Day … Month … Year… Preparer (Sign, name) Chief Accountant (Sign, name) 3.9.2 Accounting Scheme Acc 632 293,134,904 Director (Sign, name and stamp) Acc 911 Acc 511 371,359,500 Acc 642 Acc 515 226,771,186 20,592 Acc 421 148,525,998 REPORT ON BUSINESS RESULTS (Issued in accordance with Circular No 133/2016 / TT-BTC dated August 26, 47 Graduate Intership Report - 16071249 2016 of the Ministry of Finance) Year 2019 Enlightening International Education Joint Stock Tax Payer: Company Tax Code: 0106693812 Tax agent name (if any): Tax Code: x Support retrieving data last year Check the box to enter the Notes column Desccription 1 Revenue from Selling Goods & Services Revenue Deduction Net sales (10= 01-02) Cost of Good Sold Gross profit from sale of goods and services (20=10-11) Revenue from Financial Activities Financial Expense - Include: Interest Expense Administrative Expense Net Profit from Business Activities (30 = 20 + 21 - 22 24) 10 Other Revenues Cod e Not e 2019 2018 01 371,359,500 02 0 10 371,359,500 11 293,134,904 20 78,224,596 21 20,592 268,671 22 0 23 0 24 226,771,186 392,853,928 30 (148,525,998 ) (392,585,257 ) 31 0 48 Graduate Intership Report - 16071249 11 Other Expense 12 Other Profit (40 = 31 - 32) 13 Total Profit before Tax (50 = 30 + 40) 14 CIT 15 Total Profit after Tax (60=50 - 51) 32 0 40 0 50 (148,525,998 ) (392,585,257 ) 51 0 60 (148,525,998 ) (392,585,257 ) CHAPTER 4: EXPERIENCE GAINED 4.1 Conclusion The accounting work at Enlightening International Education JSC is organized neatly, flexibly and scientifically The form of opening accounting books of enterprises must comply with the State's prescribed standards In the organization of the Company's accounting apparatus in the centralized form, because all accounting jobs arising in the month and year of the Company are concentrated in the Accounting Department ensure consistency, coherence, thrift, handling and provide quick information As a result, the Company is also easy to systematically monitor, manage and direct the accounting work All revenue and expenditure activities must be based on the approved documents, showing good control of cash collection and payment Other operations from the departments are subject to approval by the Board of Directors or authorized person Another noteworthy thing is that businesses are very interested in the lives of employees who always give priority to them Therefore, employees are very enthusiastic, comfortable and always complete the work assigned During weeks of the internship at the Enterprise, comparing the facts at the Enterprise with the knowledge gathered in the school, I would like to make some recommendations: - Regularly creating conditions for accounting staff and employees to attend short-term training courses to improve their professional qualifications - Enterprises need to constantly update new accounting standards applicable to small and medium enterprises to make accounting more and more accurate 49 Graduate Intership Report - 16071249 - Although accounting software has helped a lot of accounting work of the Company, accountants also need to review the data carefully to avoid mistakes 4.2 Experience gain As an accounting, analyzing and auditing student, I have been provided with the basic and in-depth knowledge of accounting After this internship, I had a chance to see more clearly how the learned knowledge was applied to the actual work environment and which skills are used to facilitate the working process As a result, I have a clearer view of the department and the industry I want to pursue in the future The results I obtained from internship includes: 4.2.1 About the knowledge - Making an international trade contract - International trade payment method - Foreign partner selection strategy 4.2.2 About practical skills - Have good organizational skills, deal with specialized documents - Be confident with figures - Be confident in the use of IT and financial software such as Excel - Pay attention to detail - Teamwork 4.2.3 About practical experience - Understand the company’s work style - Experience the working process in the company and in the industry - Observing and learning how problems solved In addition to the knowledge, skills, and experience I bring to myself, I believe that I also contributed my effort for the operation of the company I’m always on time and participate in any side events of the company which contributes to building the organizational culture Because the internship time is still limited, in this report, I only mention the most basic issues, the rationale of the accounting of revenue, expense and determination of business result work in general and at the Enlightening 50 Graduate Intership Report - 16071249 International Education JSC in particular, so I not avoid from errors Therefore, I hope to receive the comments of teachers, employees in the accounting department at the company and the friends to make this report more complete I sincerely thank Mrs Nguyen Thi Kim Oanh and accountants of Enlightening International Education JSC for helping me during my internship Schedule of the graduate internship VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL SOCIAL REPUBLIC OF VIETNAM Independence – Liberty – Happiness SCHEDULE OF THE GRADUATE INTERNSHIP Internship Company/Institution: ENLIGHTENING INTERNATIONAL EDUCATION JOINT STOCK COMPANY Supervisor: Nguyen Thi Kim Oanh Student’s full name: Ho Ngoc Thuy Student’s ID: 16071249 Class: AC2016C Major: Accounting, Analyzing and Auditing Week Date Tasks performed 17/2/202019/2/2020 - Greeting employees in agency 20/2/202023/2/2020 Trainning: - Acquiring knowledge about company - Tuition policy and educational courses of company - Steps to collect tuition - Write the payment, receipt, invoice 51 Graduate Intership Report - 16071249 Week Date 24/2/202027/2/2020 Tasks performed Training: - Observing professional accounting skills - Learning how to record ledgers 28/2/20204/3/2020 - Enter invoices from January 2020 - Get to know the goods, vendors - Transfer the documents to departments in the company 5/3/202013/3/2020 - Enter invoices from February 2020 - Calculate tuition fee for March and April - Calculate payment for employees 14/3/202017/3/2020 - Collecting data on revenue, expense and several related documents received in 2019 - Analysing these data, entries making journal 18/3/202024/3/2020 - Determine the revenue, expense and cost of goods sold - Determine business result 25/3/202030/3/2020 - Completing the report 1/4/202030/4/2020 REFERENCES Business accounting regime - No 200/2014 / Circular - Ministry of Finance Enlightening International Education JSC Organiational Structure 52 Graduate Intership Report - 16071249 Enlightening International Education JSC Annual Report 2018 Enlightening International Education JSC Annual Report 2019 VIETNAM NATIONAL UNIVERSITY, SOCIAL REPUBLIC OF VIETNAM HANOI Independence – Liberty – Happiness INTERNATIONAL SCHOOL Graduate Internship Evaluation (for Supervisor) Student’s full name: Ho Ngoc Thuy Student’s ID: 16071249 Class: AC2016C Major: Accounting, analyzing and auditing Internship Company/Organization: Enlightening International Education Joint Stock Company Supervisor: Nguyen Thi Kim Oanh The performance of the schedule: Internship period starts from 17/2/2020 to 30/3/2020 Awareness, attitude: …………………………………………………………………………………… …………………………………………………………………………………… …………………………………………………………………………………… Other comments: …………………………………………………………………………………… …………………………………………………………………………………… …………………………………………………………………………………… Hanoi, ……………………………… Supervisor (Signature and Full name) 53 Graduate Intership Report - 16071249 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUỐC TẾ CỘNG HOÀ XÃ HỘI CHỦ NGHĨA VIỆT NAM Độc lập - Tự - Hạnh phúc BẢN NHẬN XÉT THỰC TẬP TỐT NGHIỆP (Dành cho đơn vị nhận TTTN) Sinh viên: Hồ Ngọc Thủy MSSV: 16071249 Lớp: AC2016C Ngành: Kế tốn, phân tích, kiểm tốn Đơn vị thực tập: Enlightening International Education Joint Stock Company Thời gian thực tập: Đợt năm học 219-2020 (từ ngày 17/02/2020 đến ngày 30/3/2020) Người hướng dẫn đơn vị: Đinh Thị Thu Hiền Chức vụ: Kế toán trưởng Số điện thoại: 090 481 8386 Chấp hành nội quy, quy định đơn vị ………………………………………………… ………………………………… …………………………………… ………………………… Đánh giá thái độ làm việc …………………………………… Đánh giá kiến thức, kĩ công việc giao Xác nhận đơn vị thực tập (Ký, ghi rõ họ tên đóng dấu) Hà Nội, ngày … tháng … năm… Người hướng dẫn (Ký ghi rõ họ tên) 54 Graduate Intership Report - 16071249 55 ... General introduction 1.1.1 Company name Official name: ENLIGHTENING INTERNATIONAL EDUCATION JOINT STOCK COMPANY Transaction name in English: ENLIGHTENING EDUCATION JOINT STOCK COMPANY INTERNATIONAL... Ministry of Finance 1.2.2.4 Accounting policy - Fiscal year: Beginning on January 01, N ending on December 31st - Currency used in accounting: Vietnam dong (VND) - Method of inventory accounting: ... according to financial invoices - Principles and methods of recording revenue: according to financial invoices The company applies the accounting regime in accordance with the regulations of the Ministry