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DECLARATION I hereby declare that this thesis is my own work and effort and that has no been submitted anywhere for any award Where other resources of information have been used, they have been acknowledged The data, figures and results described in this thesis are taken from the factual situation of the internship company The work was done under the guidance of my supervisor Ms.Cao Phuong Thao, the lecturer of the Academy of Finance Hanoi, 15th February, 2016 Student Pham Thi Lan Anh Pham Thi Lan Anh i CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ACKNOWLEDGEMENT Firstly, I am deeply indebted my supervisor Ms.Cao Phuong Thao, who has continuously helped, and encouraged me to keep the right direction of the thesis Without her patience, enthusiasm and strong expertise knowledge, the thesis could not be completed Secondly, I would like to express my profound gratitude to Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company for giving me a chance to expose factual business environment and to collect data for my thesis A sincere thank I want to send to all the company’s staff, especially Ms.Nguyen Thi Hue, the Director, an accountant for their kindness and support during my internship Besides, I also get much support from my friends at the Academy of Finance, whose recommendations and advice are really a great help for my thesis A special deep thank is what I sent to them, by this way Especially, I would not have gone this far but for my family, who are always beside and stimulating me to finish the tasks From my heart, I want to express how grateful I am to them which I cannot say in words I will not forget all these contributions Finally, because of limitations of time and knowledge, the mistakes are unavoidable Therefore, I hope to receive more contributions and suggestions to make my graduation thesis better Pham Thi Lan Anh ii CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ABSTRACT In the social-oriented market economy with many sectors, enterprises struggle for a bigger and bigger market share Being aware of the strong competition, enterprises in general, construction enterprises in particular; therefore make a serious concern of accounting Because, accounting makes itself available for the business owners to assess and analyze the business's performance This will help the owner to decide what improvements they need to make, or what practices to keep doing in order to keep the company at it is successful place Due to its specific business characteristics of building many constructions, the accounting for Cost accounting and product costing becomes more difficult and complicated After an internship at Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company, my study with topic: “Cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company” will point out how important accounting for expense and cost of product are, and how they are carried out at the company The main content is shown in three chapters Chapter 1: Literature review of cost accounting and costing product Chapter 2: Current situation of cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company Chapter : Some suggestions for improving the efficiency of organizing accounting in company Pham Thi Lan Anh iii CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF ABBREVIATION Numbe Abbreviation Full phrase r Acc VAS Account Vietnamese Accounting Standard VAT Value Added Tax No Number Dept Department Pham Thi Lan Anh iv CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com TABLE OF CONTENT DECLARATION .i ACKNOWLEDGEMENT ii ABSTRACT iii LIST OF ABBREVIATION iv TABLE OF CONTENT v PART 1: INTRODUCTION PART : MAIN CONTENT CHAPTER 1: LITERATURE REVIEW OF COST ACCOUNTING AND PRODUCT COSTING 1.1 The necessity of organizing the collection of costs accounting and calculate cost of product in the enterprise .4 1.1.1 Meaning of accountants set costs accounting and product costing in the construction business .4 1.1.2 Requirements management costs accounting and product costing in the construction business .7 1.1.3 The task of costs accounting and product costing in the construction business .10 1.1.4 The role and significance of costs accounting and product costing in the construction business 11 1.1.4.1 The role of costs accounting and product costing in the construction business .11 1.1.4.2 Significance of costs accounting and product costing in the construction business .12 1.2 Costs accounting and classification of costs in the construction business 14 1.2.1 Costs accounting 14 1.2.2 Classification of costs accounting 14 1.3 Costs of production and classification costs of production in construction business .16 1.3.1 Costs of production 16 1.3.2 Classification costs of production 16 Pham Thi Lan Anh v CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 1.4 The relationship between costs accounting and product costing in the construction business .17 1.5 Organizing accounting for costs accounting 18 1.5.1 Methods of accounting for costs accounting 18 1.5.2 Organizing accounting for costs accounting 19 1.6 Organization of accountants calculate product costs .20 1.6.1 Product cost calculation period 20 1.6.2 The method of calculating the cost of products 21 CHAPTER 2: CURRENT SITUATION OF COST ACCOUNTING AND PRODUCT COSTING IN BAC MIEN TRUNG CONSULTANCY INVESTMENT CONSTRUCTION AND TRADING JOINT STOCK COMPANY 23 2.1 Overview about Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company 23 2.1.1 History and development of the Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company 23 2.1.2 Business field and products 24 2.1.3 Features of the organizational structure business activities in the company 24 2.1.4 Accounting system 26 2.1.4.1 Structure of Accounting Department 26 2.1.4.2 Accounting form and regime apply 27 2.1.4.3 System of accounting books 27 2.1.4.4 System of accounting vouchers used 30 2.1.4.5 System of Financial Statement 30 2.2.2 Accounting of costs accounting 32 2.2.2.1 Accounting cost direct materials .32 2.2.2.3 Executing machine using cost 46 2.2.2.4 Accounting for factory overhead costs 48 2.2.3 Assessment unfinished products in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company (ACC 154) 51 Pham Thi Lan Anh vi CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 2.2.4 Accounting product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company 55 3.1 For organizing accounting 57 3.2 For accounting vouchers 58 3.3 For accounting forms .58 3.4 General conclusion about cost accounting and costs of product in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company 58 PART 3: CONCLUSION 60 APPENDIX 61 Pham Thi Lan Anh vii CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com PART 1: INTRODUCTION Rationale of the study When starting a business, one of the most important aspects to think about is the accounting process and how you choose to account all of your financial information The purpose of accounting for a business is to have a record of the receipts and expenditures of it is daily activities Also, accounting makes itself available for the business owners to assess and analyze the business's performance This will help the owner to decide what improvements they need to make, or what practices to keep doing in order to keep the company at it is successful place Nowadays, every companies work for the only aim of gaining money or profit Companies cannot survive with negative business result for a long continuously period Therefore, the work of calculating expenses and calculating the cost of product is more important The more accurate the expenses are reflected, the easier the management can find out the existing problems and look for solutions That is the reason why accounting for expenses and cost of product is especially paid attention within accounting system From its foundation, Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company always realizes the important role of accounting for expenses and costs of product As a student of the Academy of Finance, undergo internship at the company, I was an insight into the organizational structure and the management apparatus of the company and see the importance of the organization of cost accounting and product costs In this situation a research with the topic named: “Organizing accounting for Cost accounting and product costing in Bac Mien Trung Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Consultancy Investment Construction and Trading Joint Stock Company” was chosen to be carried out Aims of the study The study was carried out in order to achieve: First, it is to show the situation of carrying out organizing accounting “Cost accounting and product costing”in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company to compare with theory Second, it is to point out the strengths and weaknesses, achievements and limitations existing, and suggest possible solutions to improve the efficiency of organizing accounting in future Scope of the study My study mainly focuses on expenses, cost of product and all items reflected in Journal at June, 2015 Another focus is the accounting method and procedures applied by the company All data and figures belong to accounting fiscal year 2015 Methods of the study There are two main research methods: qualitative and quantitative approach that was decided on gathering relevant information from primary and secondary data sources for the study The data for the study was collected from financial statements of Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company (general journals, ledgers and related vouchers) which is focused on expenses, cost of product and all items reflected in Journal at June, 2015 It is primary data The secondary data which were collected from existing literature formed the literature review of this study The sources of the secondary data included books, journals, articles obtained from the internet Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Organization of the study The study comprises three main chapters: Chapter 1: Literature review This chapter gives a general overview of accounting for cost accounting and product costing Chapter 2: Reflects to current situation of accounting for Cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company Chapter 3: Some suggestions for improving the efficiency of organizing accounting in company Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com The last step of accounting process for calculating the cost of product is recording all the data to Ledger for acc 154 (Work in progress) Here is the sample of General Ledger Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Form 03b - DNN Ham Rong Street, Thanh Hoa City, Thanh Hoa General Ledger for Direct raw materials cost (acc 154) June, 2015 D Voucher a Code Note General Jounal Date t No of No of page line Unit: Dong Account Amount code Debit Credit e Beginning of period 30/6 PKT 4.419.321.109 30/6 Transferred 35 22 621 431.100.000 53 30/6 PKT 54 30/6 Transferred 35 24 622 250.000.000 30/6 PKT 30/6 Transferred 35 26 627 34.213.144 30/6 Transferred 35 29 632 55 30/6 KC 821.456.200 Total 715.313.144 Closing of period 4.313.178.053 821.456.200 - This book has 12 pages, numbered from page 01 to page 12 - Opened date: 01/01/2015 30th June, 2015 Recorder (Full name, Sign) Chief Accountant (Full name, Sign) Director (Full name, Sign, To stamp) Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com (Source: Accounting Dept) 2.2.4 Accounting product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company, the product is defined as the buildings When the building was completed in month, the cost of product was determined by the total costs method The cost of product is based directly on production costs The calculation is: Total cost = cost of products left at the beginning + cost of products increased during the period – cost of products left at the closing of the period Calculating costs of product is the last stage of collecting expense process When the building was completed, the accountant calculate all the data on the detail books of account 621, acc 622, acc 623, and acc 627 to calculate all the cost increased during the period and prepared the General Journal which is based on Price List (table 2.12) Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Ham Rong Street, Thanh Hoa City, Thanh Hoa Form A5 – DNN Table 2.14 Price list Price list June, 2015 Unit: Dong Items Amount Categorized Materials cost Labor cost Overhead cost Cost of products 4,419,321,109 3,741,593507 left at the beginning 625,400,000 52,327,602 Cost of products increased during the period 715,313144 431,100,000 250,000,000 34,213,144 Cost of products during the period 821,456,200 537,243,056 250,000,000 34,213,144 Cost of products 4,313,178,053 3,635,460,45 left at the closing of the period 625,400,000 52,327,602 30th June, 2015 Recorder Chief Accountant (Full name, Sign) Pham Thi Lan Anh (Full name, Sign) CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Chapter 3: SOME SUGGESTIONS FOR IMPROVING THE EFFECIENCY OF ORGANIZING ACCOUNTING IN COMPANY 3.1 For organizing accounting The company needs to allocated tasks effectively for accountants, especially at the end of month and at the end of fiscal year when there is a large workload to deal with At that time, an accountant has to be in charge of many duties For example, the accountant has to issue invoices and books of sales revenue every day, calculate cost of goods sold, books of selling and administration expenses, book some related incomes and expenses, prepare a Journal Therefore, a clear plan for allocation is needed to avoid overloaded situation and transaction misstatements The transfer of vouchers should have more serious rules The company should give a deadline for payment vouchers to be able to manage and understand the operational status of the construction team (a minimum of days, a maximum of 10 days) Besides, company should open sub-accounts for selling expenses ( acc 641) and administrative expenses to follow detail for each transaction and For example, open the account 6411(Staff costs): Reflecting payable to sales staff, employees packing, transport, storage products, goods, including salaries, meals between shifts, wages and deductions for social insurance, health insurance, trade union funding; account 6412(Cost of materials, packaging): Reflects the cost of materials, containers for keeping and consuming products, goods and services, such as packing material costs of products, goods, expenses materials…and other sub-accounts for selling expenses include acc 6413 (the cost of tools and utensils), acc 6414 (Depreciation and amortization), acc 6415 (Warranty costs), acc 6417( Cost of services purchased),and acc 6418(other cash expenses) Since then, the Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com calculation of data is faster and correctly So, directors can monitor details of all activities of the company and make corrective measures if the company had difficulty 3.2 For accounting vouchers Most of vouchers used by the company are self- created based on the available forms or inherited from the previous transactions They are quite simple and easy to understand However, it takes much time to rotate a voucher to the accounting department This weakness can be eliminated if the manager reminds and urges their members to send VAT invoices and sales contracts to the accounting department on time This helps to make a timely and accurately record in accounting books, avoid mistakes, save time, money and company’s effort, as well as facilitate exact calculation of followed steps 3.3 For accounting forms Company needs to update a new accounting software such as MISA, FAST, EFFECT, BRAVO, G9…While the science technology obtains so much achievement, the use of accounting software will keep the company not out-dated, as well as reduce the workload for the accounting department, and improve the accuracy of accounting calculation The accounting books will be formed automatically be accounting software; therefore the format and accuracy will be much improved 3.4 General conclusion about cost accounting and costs of product in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company The accounting department of Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company is under control and implemented full functions The allocation of five staff in accounting department is quite reasonable One specializes in payment, one is responsible Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com for general accounting, one takes charge of accounting for cash, one is focus on keeping, receiving and paying cash and the other is chief accountant in charge of general accounting performance, tax and business identification This reasonable allocation results in the improvement of accounting bookkeeping and the avoidance of misstatements in financial statements Concretely, all work is allocated clearly which helps almost occurred transactions have been recorded in accounting books timely and accurately Besides, all transactions occurred are recorded in accounting books timely and accurately It helped the Director in efficiency manage and made the correct decisions All accounting books, entries, vouchers, and principles applied by Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company are suitable with Decision 200/2014/TT- BTC by the Ministry of Finance Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com PART 3: CONCLUSION In conclusion, the graduation thesis with topic: : Cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company has dealt with its aims step by step Firstly, it gives a general overview of accounting for expense and cost of product Secondly, the situation of accounting for Cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company has been described Finally, basing on my own assessment of company’s strengths and weaknesses, and according to what I got from the practical internship, I have suggested some possible solutions to improve the accounting performance for collecting expense and calculating cost of product in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company In foreseeable future, I can recognize the potential for the development of the company because of economic recovery, the increase in customer’s demand and the Director’s awareness of weaknesses I hope that its accounting for collecting expense and calculating cost of product identification will be improved positively and flexibly to meet the market requirements Due to limitation of time and scope for study as well as my knowledge, this thesis may include some unavoidable mistakes I would appreciate if the supervisor and other lectures could contribute to make my thesis better Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com APPENDIX Flowchart 1.1- Accounting entries for Cost of goods sold for periodic inventory method Acc 155, 156,157 Acc 632 (1) Acc 155, 156,157 (4) Acc 631 Acc 911 (2) Acc 611 (5) (3) (1) At the beginning period, transferring the opening balance of finished/merchandise goods in stock and goods sent on consignment to acc 632 (2) At the end of period recording cost of finished goods during the period (3) At the end of the period recording the cost of merchandise goods sold (4) Transferring the ending balance of finished goods in stock and finished goods sent on consignment to the debit side of acc 155, 156, 157 (5) Cost of goods sold transferred to acc 911 at the end of period Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Flowchart 1.2- Accounting entries for Cost of goods sold for perpetual inventory method Acc 154, 155, 156, 157 Acc 632 Acc 155, 156 (1) (3) Acc 154, 627, 241, 138 Acc 911 (2) (4) (1) Cost of goods sold incurred during the period (2) Other costs recorded to acc 632 (3) Cost of goods returned (4) Cost of goods sold transferred to acc 911 to determine business result Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Flowchart 1.3- Accounting entries for selling expenses Acc 334 Acc 641 (1) Acc 911 (7) Acc 142, 242, 152, 153 (2) Acc 111, 152 (8) Acc 352 (3) Acc 214 (4) Acc 111, 333 (5) Acc 111, 112, 331 (6) Acc 1331 (1) Salaries and compensations for selling staff (2) Package, tools and supplies used for selling department (3) Provision accounts payable (4) Depreciation of asset used for selling activities (5) Tax, obligation and other fees (6) Expenses for services rendered paid in cash (7) Selling expenses transferred to acc 911 at the end of period (8) Reversed provision REFERENCES Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Books Assoc Prof Dr Doan Xuan Tien, et.al (2009) Management Accounting Syllabus Hanoi: Finance Publisher Prof Ngo The Chi, Dr Truong Thi Thuy, et.al (2010) Accounting Syllabus for commercial and service enterprises Hanoi: Finance Publisher Prof Dr Ngo The Chi, and Dr Truong Thi Thuy, et.al (2010) Financial Accounting Syllabus Hanoi: Finance Publisher Internet Sources Vietnamese Accounting Standards (VAS) No.14 Retrieved March 25, 2014 from www.ketoanthue.vn/index.php/chuan-muc-ke-toan-he-thong-cac-chuanmuc-ke-toan-viet-nam.html Definition of accounting from http://www.businessdictionary.com/definition/accounting.html And http://www.encyclopedia.com/topic/accounting.aspx Other documents Nguyen My Trinh, (2012) Lectures of Financial Accounting Vietnamese Law on Accounting No.03/2003/QH11 Date 17/06/2003 NHẬN XÉT CỦA ĐƠN VỊ THỰC TẬP Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Họ tên người nhận xét: ………………………………… Chức vụ: …………………… Nhận xét trình thực tập tốt nghiệp sinh viên : ………………………… Khóa CQ50; Lớp CQ50/……… Đề tài: “Cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company” Nội dung nhận xét: Về tinh thần thái độ thực tập sinh viên …………………………………………………………………… ……………… Về ý thức kỷ luật, tuân thủ quy định đơn vị thực tập …………………………………………………………………… …………………………………… Về kỹ giao tiếp, kỹ mềm …………………………………………………………………… …………………………………………………………… Về kiến thức chuyên môn Người nhận xét (ký tên, đóng dấu) SUPERVISOR’S EVALUATION Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Supervisor: M.A Cao Phuong Thao THESIS EVALUATION Student’s name: Pham Thi Lan Anh Group: CQ50/51.02 Code: 125D2202010039 Topic: “Cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company” ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………… Mark: In number: In word: Hanoi, …………,2016 Super visor REVIEWER’S EVALUATION Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Name of reviewer: …………………………………………………………… THESIS EVALUATION Student: Pham Thi Lan Anh Group: CQ50/51.02 Code: 125D2202010039 Topic: “Cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company” ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………………………………………………… ………………………………………… Mark: In number: In word: Hanoi, …………….2016 Reviewer Pham Thi Lan Anh CQ50/51.02 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... organizing cost accounting and product costing in Bac Mien Trung Consultancy Investment Construction and Trading Joint Stock Company 2.2.1 The actual situation in Bac Mien Trung Consultancy Investment. .. SITUATION OF COST ACCOUNTING AND PRODUCT COSTING IN BAC MIEN TRUNG CONSULTANCY INVESTMENT CONSTRUCTION AND TRADING JOINT STOCK COMPANY 2.1 Overview about Bac Mien Trung Consultancy Investment Construction. .. OF COST ACCOUNTING AND PRODUCT COSTING IN BAC MIEN TRUNG CONSULTANCY INVESTMENT CONSTRUCTION AND TRADING JOINT STOCK COMPANY 23 2.1 Overview about Bac Mien Trung Consultancy Investment Construction
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