1 sales accounting and determination of businesss at xphar pharmaceutical company limited

ACADEMY OF FINANCE FACULTY OF ACCOUNTING  GRADUATION THESIS TOPIC SALES ACCOUNTING AND DETERMINATION OF BUSINESSS AT XPHAR PHARMACEUTICAL COMPANY LIMITED MENTOR: Assoc Prof Ph.D Mai Ngoc Anh STUDENT: Nguyen Thuy Duong CLASS: CQ56/21.01CLC Hanoi 2022 ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH COMMITMENT I hereby certify that this is my independent research, the diagram and results stated in the graduation thesis are honestly derived from the actual situation of Xpar Pharmaceutical Co., Ltd Graduate thesis author Student NGUYEN THUY DUONG i ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH LIST OF ABBREVIATION STT Abbreviation Original Co.,Ltd Limited Company Account Acc Debit Dr Credit Cr Cost of good sold COGS Corporate incomes tax CIT Value added tax VAT ii ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH TABLE OF CONTENTS INTRODUCTION 1 The urgency of the subject: The purpose of the study Research object and research scope Research methods Thesis structure CHAPTER 1: GENERAL THEORY ABOUT SALES ACCOUNTING AND DETERMINATION OF BUSINESS RESULTS IN COMMERCIAL ENTERPRISES .5 1.1 Basics of sales accounting and determining business results 1.1.1 The basic concepts 1.1.2 Outline the basic characteristics and meaning of the sales process 1.1.3 Roles and responsibilities of sales accountants and determining business results 1.1.4 Sales methods .9 1.1.5 Payment methods 11 1.2 Content of sales accounting and determination of business results 12 1.2.1 Cost of sales accounting .12 1.2.2 Accounting for sales revenue and sales deductions 19 1.2.2.1 Sales accounting 19 1.2.2.2 Accounting for revenue deductions 22 1.2.3 Accounting for selling and administrative expenses 28 1.2.3.1 Cost of sales accounting 28 1.2.3.2 Administrative expenses 28 1.2.4 Cost and revenue accounting for financial activities 31 iii ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH 1.2.4.1 Financial cost accounting 31 1.2.4.2 Revenue accounting for financial activities 32 1.2.5 Accounting for other expenses and other income 34 1.2.5.1 Other cost accounting 34 1.2.5.2 Other income accounting 36 1.2.6 Accounting identified business results 38 1.2.7 Sales accounting and determination of business results in terms of using accounting software 41 1.2.8 Presentation of sales information and business result on financial statement 42 CONCLUSION CHAPTER 46 CHAPTER 2: STATUS OF SALES ACCOUNTING WORK AND DETERMINING BUSINESS RESULTS AT LIMITED LIABILITY COMPANY 47 2.1 Characteristics of production and business organization, production and business management 47 2.1.1 The process of formation and development of Xphar Pharmaceutical Co., Ltd 47 2.1.2 Characteristics of the organizational structure and production and business activities of the company 47 2.1.2.1 The company's goals .47 2.1.2.2 Business organization characteristics of the Company 47 2.1.2.3 Main consumption market 48 2.1.2.4 Sales methods 48 2.1.2.5 Organizational characteristics of the company .49 2.1.4 Organizational characteristics of accounting work: 51 2.1.4.1 Organizational model of the accounting apparatus 52 iv ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH 2.1.4.2 Accounting policies and methods applied at the company: 54 2.1.4.3 Accounting software used in the company .54 2.1.4.4 Accounting process at the company 55 2.2 Actual situation of sales accounting and determination of business results in Xphar Pharmaceutical Co., Ltd 57 2.2.1 Cost of sales accounting 57 2.2.2 Accounting for sales revenue and sales deductions 62 2.2.3 Business management cost accounting 67 2.2.3.1 Cost of sales accounting 67 2.2.3.2 Management accounting business costs 70 2.2.4 Financial cost accounting and financial revenue 73 2.2.5 Accounting for other expenses and other income 74 2.2.6 Accounting identified business results 77 2.2.7 Sales accounting and determination of business results in terms of using accounting software 81 2.3 Comments on sales accounting and determining business results at Xphar Pharmaceutical Co., Ltd 81 2.3.1 Advantages 81 2.3.2 Limit 84 2.3.2 Strengths 85 2.3.2 Weakness .86 CONCLUSION CHAPTER 88 CHAPTER 3: SOME SUGGESTIONS TO ENHANCE THE SALES ACCOUNTING IN LIMITED LIABILITY COMPANY .89 3.1 Company orientation until 2026 89 3.2 Completion requirements 90 v ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH 3.3 Directions to improve sales accounting and sales results at Xpar Pharmaceutical Co., Ltd., on sales management .92 3.4 Completing detailed accounting 98 3.4.1 About the used accounting account 98 3.4.2 About making provision for bad debts 99 3.4.3 Some other issues need attention 100 3.4.4 Recommendations on management accounting 100 3.5 Conditions for implementing the solution .104 3.4.1 On the side of the state 104 3.4.2 To the company 104 CONCLUSION OF CHAPTER 106 CONCLUDE 107 vi ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH INTRODUCTION The urgency of the subject: In the current market economy, businesses that want to survive and develop must have an economically efficient business plan To stand firm and develop in the following conditions: there is fierce competition, enterprises must grasp and meet the psychology and needs of consumers with products of high quality, low price, stylish designs rich and diverse To so, businesses must monitor all processes from purchasing to selling goods to ensure the preservation and speed up of capital turnover, maintain credibility with customers, and fully implement obligations to the State, improving the material and spiritual life of officials and employees, enterprises ensure profits to accumulate, expand production and business development Moreover, consumer demand in the market today requires Enterprises to generate profitable revenue To so, enterprises must produce what the market needs, not what they have, and ask themselves the questions: "What to produce, for whom to produce, how to produce and how much to produce how much? In order to achieve the profit target: To achieve high and safe profits in production and business activities, the company must carry out synchronous management measures, in which accounting is an important and indispensable tool lack to conduct management of economic activities, inspect the use and management of assets and goods in order to ensure dynamism, creativity and autonomy in production and business, calculate and determine efficiency of each production and business activity as the basis for formulating business strategies ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH After learning about the current situation of production and business activities as well as the management apparatus of Xphar Pharmaceutical Company Limited, I realized that general accounting and sales accounting and determining the company's sales results in particular is an important part in the management of production and business activities of the company, so it is always required to be perfected Therefore, I decided to study the company's accounting in depth with the topic "Sales accounting and determining sales results at Xphar Pharmaceutical Company Limited" to write my report The purpose of the study Analyzing, systematizing, and clarifying the basic theoretical issues of sales accounting and determining business results in Xphar Pharmaceutical Company Limited Research, survey and evaluate the current accounting situation of sales and determine business results in the Xphar Pharmaceutical Co., Ltd At the same time, The topic also points out the advantages and disadvantages of the business, from which proposing solutions to improve sales accounting and determine business results at the company Research object and research scope * Research object: Research on theory and reality of sales accounting and determine business results at Xphar Pharmaceutical Co., Ltd * Research scope: - Research place: At the accounting department of Xphar Pharmaceutical Co., Ltd - Research duration: Diagram are collected in 2021 ACADEMY OF FINANCE ASSOC PROF PH.D MAI NGOC ANH - Research content: Research topics from the perspective of financial accounting in enterprises  Regarding sales accounting: includes the sales policy, accounting for sales accounting and accounting records  Regarding costs: The thesis only studies period costs such as cost of goods sold, cost of sale, cost of business administration, financial expenses, and other costs within the scope of domestic business activities Research methods Methodology: Research is based on dialectical materialism and historical materialism To research and present research results, I apply a combination of methods of theoretical research, practical survey, interview, consultation with experts, statistical data, analysis and comparison for document collection and document processing express: - Collecting secondary documents: Conduct research on theoretical issues through reference to textbooks, reference books, articles, journals, theses, theses written on the next topic maths Collecting secondary documents about the current situation by observing, studying documents, accounting books, financial statements of Xphar Pharmaceutical Co., Ltd in 2021 and information on the media mass media, other documents - Collecting primary documents: Directly asking and consulting accountants and other employees at Xphar Pharmaceutical Co., Ltd In addition, learn about research issues through consulting instructors and experts in the field of accounting ... 1. 1.5 Payment methods 11 1. 2 Content of sales accounting and determination of business results 12 1. 2 .1 Cost of sales accounting .12 1. 2.2 Accounting for sales revenue and sales. .. deductions 19 1. 2.2 .1 Sales accounting 19 1. 2.2.2 Accounting for revenue deductions 22 1. 2.3 Accounting for selling and administrative expenses 28 1. 2.3 .1 Cost of sales accounting. .. 36 1. 2.6 Accounting identified business results 38 1. 2.7 Sales accounting and determination of business results in terms of using accounting software 41 1.2.8 Presentation of sales