TABLE OF CONTENTS DECLARATION i ACKNOWLEDGEMENT ii TABLE OF CONTENTS iii LIST OF DIAGRAMS vi LIST OF TABLES vii LIST OF PICTURES viii LIST OF ACRONYMS ix INTRODUCTION 1 CHAPTER 1: GENERAL THEORY OF ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS IN ENTERPRISES 4 1.1. GENERAL THEORY OF REVENUE, EXPENSES AND BUSINESS RESULTS IN ENTERPRISES 4 1.1.1. Importance of accounting for revenue and business result in Enterprises. 4 1.1.2.The basics of revenue 5 1.1.3.The basics of Expenses 9 1.1.4.The Basics of Business results 13 1.2.ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS IN ENTERPRISES 16 1.2.1 The accounting principles governing accounting for revenue, expenses and business results in enterprises 16 1.2.2. Accounting for Revenue 17 1.2.3. Accounting for Expenses 25 1.2.4. Accounting for Business results 40 1.3. ORGANISATION OF BOOKKEEPING SYSTEMS FOR REVENURE, EXPENSES AND BUSINESS RESULTS ACCOUNTING 43 1.3.1. General journal form of bookkeeping 43 1.3.2. Voucher form of bookkeeping 45 1.3.3. Journal Ledger form of bookkeeping 47 1.3.4. Journal – Vouchers form of bookkeeping 49 1.4.ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS IN THE APPLICATION OF ACCOUNTING SOFTWARE 51 1.4.1. Principles and requirements for machine accounting organization 51 1.4.2. Steps to perform Accounting for revenue, expenses and business results on accounting software 52 CONCLUSION OF CHAPTER 1 54 CHAPTER 2: PRACTICAL SITUATION OF ACCOUNTING FOR REVENUE, EXPENSES AND DETERMINE BUSINESS RESULTS AT VIET NHAT FOOD JOINT STOCK COMPANY 55 2.1. OVERVIEW OF VIET NHAT FOOD JOINT STOCK COMPANY 55 2.1.1.The foundation and development of Viet Nhat Food joint stock company. 55 2.1.2. Characteristics of business operation 57 2.1.3. Characteristics of the organizing management mechanism in Viet Nhat Food JSC. 60 2.1.4. Characteristics of organizing accounting system 62 2.2. PRACTICAL SITUATION OF ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT VIET NHAT FOOD JSC. 67 2.2.1. Practical situation of Accounting for Revenue at the company 67 2.2.2. Practical situation of Accounting for Expenses at the company 78 2.2.3.Accounting for determining business results at Viet Nhat Food JSC 92 2.3. EVALUATION OF ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT THE COMPANY. 102 2.3.1. Achievements 102 2.3.2. Limitations and causes of Limitations. 103 CONCLUSION OF CHAPTER 2 105 CHAPTER 3: SOLUTIONS TO IMPROVE ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT VIET NHAT FOOD JSC 106 3.1. DEVELOPMENT ORIENTATION OF THE COMPANY 106 3.2.REQUIREMENTS FOR IMPROVING ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT VIET NHAT FOOD JOINT STOCK COMPANY 107 3.3.SOLUTIONS TO IMPROVE ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS 108 CONCLUSION OF CHAPTER 3 112 CONCLUSION 113 REFERENCES 116
Graduation thesis Supervisor: MSC.Nguyễn Bá Linh DECLARATION I hereby declare that the thesis on the topic" Accounting for revenue, expenses and business result at Viet Nhat Food Joint Stock Company " is my personal research in recent times All data used in the analysis of the thesis and the results of the study are that I self-study and analyze objectively, honestly, have clear origins and have not been published in any form I assume full responsibility for any dishonesty in the information used in this research work Ha Noi, May 25, 2020 Student Nguyễn Thị Hải Yến Student: Nguyễn Thị Hải Yến i CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh ACKNOWLEDGEMENT Through the learning process at Academy of Finance, thanks to the enthusiastic instruction of the teachers in the academy, especially the teachers in the Accounting Faculty, I was equipped with the most basic knowledge about accounting majors Combined with the internship time at Viet Nhat Food Joint Stock Company, I had the opportunity to apply the knowledge I learned to the practice of the job and successfully complete my graduation thesis Because of the abundance and diversity of business as well as limited internships and awareness, it is inevitable errors and defects in the implementation of the thesis I look forward to receiving the comments of the teachers at Accounting faculty and all of the accounting department at Viet Nhat Food Joint Stock Company so that my thesis will be better and better Thereby, I would like to thank the teachers of the Academy of Finance, especially supervisor MSC.Nguyen Ba Linh, who kindly guided me to complete this graduation thesis I would like to thank the leaders of Viet Nhat Food Joint Stock Company for their dedicated help, enabling me to complete the topic during my internship at the company Lastly, I would like to wish the AOF’s Teachers, everybody in Viet Nhat Food Joint Stock Company good health, wish the company a lot of success in business activities! Thank you sincerely! Nguyễn Thị Hải Yến Student: Nguyễn Thị Hải Yến ii CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh TABLE OF CONTENTS DECLARATION .i ACKNOWLEDGEMENT ii TABLE OF CONTENTS .iii LIST OF DIAGRAMS vi LIST OF TABLES vii LIST OF PICTURES viii LIST OF ACRONYMS ix INTRODUCTION CHAPTER 1: GENERAL THEORY OF ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS IN ENTERPRISES .4 1.1 GENERAL THEORY OF REVENUE, EXPENSES AND BUSINESS RESULTS IN ENTERPRISES .4 1.1.1 Importance of accounting for revenue and business result in Enterprises .4 1.1.2.The basics of revenue .5 1.1.3.The basics of Expenses 1.1.4.The Basics of Business results .13 1.2.ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS IN ENTERPRISES .16 1.2.1 The accounting principles governing accounting for revenue, expenses and business results in enterprises 16 1.2.2 Accounting for Revenue .17 1.2.3 Accounting for Expenses 25 1.2.4 Accounting for Business results 40 1.3 ORGANISATION OF BOOKKEEPING SYSTEMS FOR REVENURE, EXPENSES AND BUSINESS RESULTS ACCOUNTING .43 1.3.1 General journal form of bookkeeping 43 1.3.2 Voucher form of bookkeeping 45 1.3.3 Journal - Ledger form of bookkeeping 47 Student: Nguyễn Thị Hải Yến iii CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh 1.3.4 Journal – Vouchers form of bookkeeping 49 1.4.ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS IN THE APPLICATION OF ACCOUNTING SOFTWARE 51 1.4.1 Principles and requirements for machine accounting organization 51 1.4.2 Steps to perform Accounting for revenue, expenses and business results on accounting software 52 CONCLUSION OF CHAPTER 54 CHAPTER 2: PRACTICAL SITUATION OF ACCOUNTING FOR REVENUE, EXPENSES AND DETERMINE BUSINESS RESULTS AT VIET NHAT FOOD JOINT STOCK COMPANY 55 2.1 OVERVIEW OF VIET NHAT FOOD JOINT STOCK COMPANY 55 2.1.1.The foundation and development of Viet Nhat Food joint stock company 55 2.1.2 Characteristics of business operation 57 2.1.3 Characteristics of the organizing management mechanism in Viet Nhat Food JSC .60 2.1.4 Characteristics of organizing accounting system 62 2.2 PRACTICAL SITUATION OF ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT VIET NHAT FOOD JSC 67 2.2.1 Practical situation of Accounting for Revenue at the company 67 2.2.2 Practical situation of Accounting for Expenses at the company 78 2.2.3.Accounting for determining business results at Viet Nhat Food JSC 92 2.3 EVALUATION OF ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT THE COMPANY 102 2.3.1 Achievements 102 2.3.2 Limitations and causes of Limitations 103 CONCLUSION OF CHAPTER .105 CHAPTER 3: SOLUTIONS TO IMPROVE ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT VIET NHAT FOOD JSC 106 3.1 DEVELOPMENT ORIENTATION OF THE COMPANY 106 Student: Nguyễn Thị Hải Yến iv CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh 3.2.REQUIREMENTS FOR IMPROVING ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS AT VIET NHAT FOOD JOINT STOCK COMPANY 107 3.3.SOLUTIONS TO IMPROVE ACCOUNTING FOR REVENUE, EXPENSES AND BUSINESS RESULTS 108 CONCLUSION OF CHAPTER .112 CONCLUSION 113 REFERENCES 116 Student: Nguyễn Thị Hải Yến v CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh LIST OF DIAGRAMS Diagram 1: Account 511- Revenues 18 Diagram - Revenue deduction 20 Diagram – Acc 515: Financial Incomes 22 Diagram : Account 711- Other income 24 Diagram : Account 632- Costs of goods sold 29 Diagram : Account 6422 - Administrative expenses 31 Diagram : Account 6421 – Selling expenses .33 Diagram 8: account 635 – Financial Expenses 35 Diagram : Account 811 - Other expenses 37 Diagram 10: Account 821- Corporate Income tax expenses 40 Diagram 11 : Account 911 - Business results determination 42 Diagram 12 : Order of bookkeeping in the form of General Journal 44 Diagram 13: Order of bookkeeping in the form of journal voucher .46 Diagram 14: Journal - Ledger form of bookkeeping .48 Diagram 15 : Order of bookkeeping in the form of journal - voucher 50 Diagram 16 : The sequence perform in accounting software 52 Diagram 17 : Process of buying (importing) goods in Viet Nhat Food JSC 58 Diagram 18 : Organizing management mechanism in Viet Nhat Food JSC 60 Diagram 19 : Model of Organize the company's accounting system in Viet Nhat Food JSC 62 Diagram 20 : Model of accounting records in the form of General Journal 65 Student: Nguyễn Thị Hải Yến vi CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh LIST OF TABLES Table 1: Ledger of account 511- Revenue from sales of goods and services 73 Table 2: Detailed book of account 511- Revenue from sales of goods and services 73 Table 3: General journal of account 511 - Revenue from sales of goods and services 74 Table : Detailed book of account 515 – Financial income 76 Table : Ledger of account 515 – Financial income 77 Table 6: Detailed book of account 632 – Cost of goods sold .80 Table : Ledger of account 632 – Cost of goods sold 81 Table : Detailed book account 635 – Fianancial expenses .84 Table 9: Ledger account 635 – Fianancial expenses .84 Table 10 : Ledger account 6421 – selling expenses 87 Table 11 : Detailed book account 6421 – selling expenses 87 Table 12 : Ledger account 6422 – Administrative expenses 90 Table 13 : Detailed book account 6422 – Administrative expenses .90 Table 14: Ledger of account 821- Corporate income tax expenses 92 Table 15: Ledger account 511- revenue from sale of goods and services in 2019 .94 Table 16: Ledger account 515- Financial income in 2019 95 Table 16: Ledger account 632- Cost of goods sold in 2019 96 Table 17: Ledger account 635 - Financial expenses in 2019 .97 Table 18: Ledger account 6421 – Selling expenses in 2019 98 Table 19: Ledger account 6422 – Administrative expenses in 2019 99 Table 20 – Tranferring to account 911 100 Table 21: Income Statement at Viet Nhat Food JSC in 2019 .101 Student: Nguyễn Thị Hải Yến vii CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh LIST OF PICTURES Picture : MISA accounting software interface 67 Picture : VAT Invoice number 000004 70 Picture : Manipulation on Misa software 72 Picture : Credit Note from VP Bank 15/03/2019 .76 Picture : Delivery notes number HT – 0008358 .80 Piture : Debit notes from TP Bank 21/01/2019 83 Picture : VAT Invoice number No 0005454 .86 Picture : Payment from Dien Luc Ha Noi Company 31/03/2019 .89 Student: Nguyễn Thị Hải Yến viii CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh LIST OF ACRONYMS SJC Joint Stock Company Acc Account IASB International Accounting Standards Board MOF Ministry of Finance VAS Vietnamese Accounting Standards IAS International Accounting Standards COGS Cost of Goods Sold Student: Nguyễn Thị Hải Yến ix CQ54/21CL.02 Graduation thesis Supervisor: MSC.Nguyễn Bá Linh INTRODUCTION The urgency of the research topic In recent years, it has been a milestone marking the great transformation of Vietnam's economy Along with the expansion of the economy, Goverment have launched many guidelines and policies to develop a multi-sector economy, expand to exchange and cooperate in the vast economic market Especially the event that Vietnam joined the World Trade Organization, opened up many development opportunities for businesses, but also had many difficulties and challenges Before that situation requires businesses to try their best to survive and develop Like other businesses, trading and services enterprises are not only affected by the law of value but also influenced by the law of supply and demand and the competition law When products of enterprises are accepted by the market means that the value of the product is realized, at this time, the enterprises will collect amount of money, which is called revenue If the revenue can compensate expenses, then the rest is called profit Any business when activiting also wants to achieve the maximum profit Most of the trading and services enterprises, the revenue is mainly due to process of consuming goods and service Therefore, determining business results will play an important role in determining the performance of enterprises Therefore, during the internship at Viet Nhat Food Joint Stock Company, I chose the topic: "Accounting for revenue, expenses and determine business results at Viet Nhat Food Joint Stock Company.” to make the graduation thesis for me Student: Nguyễn Thị Hải Yến CQ54/21CL.02