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Graduation thesis 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, the[.]
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 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 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 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 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 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 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 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 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 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 ... 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. .. 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. .. 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