Accounting for sales and business performance at petrolimex retail enterprise sector i

TABLE OF CONTENTS PAGE 2 NATIONAL ECONOMICS UNIVERSITY CENTER FOR ADVANCED EDUCATIONAL PROGRAM ***************************** BACHELOR’S THESIS IN ACCOUNTING ACCOUNTING FOR SALES AND BUSINESS PERFORMAN[.]

ECONOMICS UNIVERSITY NATIONAL CENTER FOR ADVANCED EDUCATIONAL PROGRAM ***************************** BACHELOR’S THESIS IN ACCOUNTING ACCOUNTING FOR SALES AND BUSINESS PERFORMANCE AT PETROLIMEX RETAIL ENTERPRISE SECTOR I Student’s name : Nguyen Khanh Linh Class : Advanced Accounting Intake: : 53 Internship guide: Vu Thi Hoa Instructor Chi : Assoc Prof Dr Pham Thi Bich Hanoi, 2015 TABLE OF CONTENTS ACKNOWLEDGEMENTS TABLE OF CONTENTS ABSTRACT ABBREVIATION LIST OF TABLES LIST OF FIGURES CHAPTER 1: INTRODUCTION 1.1 Rationale 1.2 Research objective 1.3 Research methodology 1.4 Scope of research 1.5 Structure of research CHAPTER 2: LITERATURE REVIEW OF ACCOUNTING FOR SALES AND BUSSINESS PERFORMANCE AT COMMERCIAL ENTERPRISES 2.1 Sales and the significance of selling activities at commercial enterprises 2.1.1 The significance of selling activities at commercial enterprises 2.1.2 Method of sales 2.1.3 Functions of Accounting for Sales and Business Performance 2.2 Accounting for Sales 2.2.1 Accounting for Sales Revenue 2.2.1.1 Accounting documentations and vouchers 2.2.1.2 Accounts in use 2.2.1.3 Process of Accounting for Sales Revenue 2.2.2 Accounting for Cost of Goods Sold 2.2.2.1 Accounting documentations and vouchers 2.2.2.2 Accounts in use Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 2.2.2.3 Process of Accounting for Cost of Goods Sold 2.3 Accounting for Business Performance 2.3.1 Accounting for Selling Expenses 2.3.1.1 Accounting documentations and vouchers 2.3.1.2 Accounts in use 2.3.1.3 Process of Accounting for Selling Expenses 2.3.2 Accounting for Administration Expenses 2.3.2.1 Accounting documentations and vouchers 2.3.2.2 Accounts in use 2.3.2.3 Process of Accounting for Administration Expenses 2.3.2 Accounting for Business Performance 2.3.2.1 Principles of determining Business Performance 2.3.2.2 Accounts in use 2.3.2.3 Process of Accounting for Business Performance CHAPTER 3: CURRENT SITUATION OF ACCOUNTING FOR SALES AND BUSINESS PERFORMANCE AT PETROLIMEX RETAIL ENTERPRISE SECTOR I 3.1 Overview of Petrolimex Retail Enterprise Sector I 3.1.1 Establishment and Development 3.1.2 Functions and Responsibilities 3.1.3 Organizational Structure 3.1.4 Characteristics of Accounting Department 3.2 Current situation of accounting for sales and business performance at Petrolimex Retail Enterprise Sector 3.2.1 Accounting for Sales 3.2.1.1 Accounting for Sales Revenue 3.2.1.2 Accounting for Cost of goods sold 3.2.2 Accounting for Business Performance 3.2.2.1 Accounting for Selling and Administration expenses Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 3.2.2.2 Accounting for Business Performance CHAPTER 4: DISCUSSION AND RECOMMENDTIONS TO IMPROVE ACCOUNTING FOR SALES AND BUSINESS PERFORMANCE AT PETROLIMEX RETAIL ENTERPRISE SECTOR I 4.1 Evaluation of Accounting for Sales and Business Performance at Petrolimex Retail Enterprise Sector I 4.1.1 Strength 4.1.2 Weakness 4.2 Strategy for future development of Petrolimex Retail Enterprise Sector I 4.3 Recommendations and solutions to improve Accounting for Sales and Business Performance at Petrolimex Retail Enterprise Sector I CHAPTER 5: CONCLUSION REFERENCE APPENDIX A APPENDIX B COMMENTS Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 ACKNOWLEDGEMENTS The internship opportunity I had with Petrolimex Retail Enterprise Sector I was a great chance for learning and professional development Therefore, I consider myself as a very lucky individual as I was provided with an opportunity to be a part of it I am also grateful for having a chance to meet so many wonderful people and professionals who led me though this internship period Bearing in mind previous I am using this opportunity to express my deepest gratitude and special thanks to National Economics University and Center for Advanced Educational Programs for their organization of this advanced accounting program I express my deepest thanks to my supervisor, Assoc Prof Dr Pham Thi Bich Chi for taking part in useful decisions & giving necessary advices and guidance to help me complete successfully this project I choose this moment to acknowledge her contribution gratefully It is my radiant sentiment to place on record my best regards, deepest sense of gratitude to Petrolimex Retail Enterprise Sector I for creating a professional yet welcoming working environment during my internship I would like to express my gratefulness to Ms Vu Thi Hoa, General Accountant and other, members of Accounting Department for their careful and precious guidance which were extremely valuable for my study both theoretically and practically I perceive as this opportunity as a big milestone in my career development I will strive to use 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 the cooperation with all of you in the future Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 ABSTRACT After joining the World Trade Organization, Vietnam is rapidly becoming an ideal commercial center for foreign corporations to set up their offshore operations due to the cost benefits, lower attribution and government’s support The open market has led to many opportunities as well as challenges for both domestic companies and foreign organizations In this situation, the urgent requirement for all firms is continuously seeking the method to improve the quality of products, the expansion of business market together with effective management, especially accounting management Effective accounting system provides completed, timely and accurate financial information for the managers to make the right decisions In order to apply the basic knowledge that students have learnt in the university, we should have flexibility and academic understanding of various accounting organizations in business Based on the scopes, activities and characteristics of each company, its accounting management system will be created with particular features Thus, the internship program is very essential for me to have a more realistic view of accounting in business During the internship period at Petrolimex Retail Enterprise Sector I, I have gained many valuable experiences in the application of Vietnamese accounting standards in the accounting department of PRESI and particularly the operation of accounting for sales – a very important accounting cycle of Petrolimex Retail Enterprise Sector I Therefore, I have more specific knowledge of accounting organization of Petrolimex Retail Enterprise Sector I, especially the actual situation of accounting for sales at the enterprise However, I think that we should apply effectively Vietnamese accounting standard into the process of establishment of accounting department at Petrolimex Retail Enterprise Sector I With the enthusiastic support of the accountants in the accounting department, particularly the General Accountant and the guidance of the supervisor Assoc Prof Dr Pham Thi Bich Chi, I successfully completed the final internship report with the following contents: Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 Chapter 1: Introduction Chapter 2: Literature review of Accounting for Sales and Business Performance at commercial enterprises Chapter 3: Current situation of Accounting for Sales and Business Performance at Petrolimex Retail Enterprise Sector I Chapter 4: Discussion and recommendations to improve Accounting for Sales and Business Performance at Petrolimex Retail Enterprise Sector I Chapter 5: Conclusion Due to limited time and knowledge, this internship report may still have some mistakes; therefore, I am looking forward to receiving some recommendations form my supervisor A.Prof Pham Thi Bich Chi and Petrolimex Retail Enterprise Sector I staff to complete this internship report I would like to sincerely thank to my supervisor Assoc Prof Dr Pham Thi Bich Chi and all members of accounting department in Petrolimex Retail Enterprise Sector I for their enthusiastic support and encouragement in my internship period Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 ABBREVIATION PRESI : Petrolimex Retail Enterprise Sector I VAT : Value Added Tax VND : Vietnam Dong Ac : Account Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 LIST OF TABLES Table 1.1: Table 1.2: Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 10 LIST OF FIGURES Figure 1.1: Figure 2.1: Figure 2.2: Figure 2.3: Figure 2.4: Figure 2.5: Figure 2.6: Supervisor: Assoc Prof Dr Pham Thi Bich Chi Nguyen Khanh Linh – CQ 532148 ... study is accounting for sales and business performance at commercial enterprises The scope of the research is accounting for sales and business performance at Petrolimex Retail Enterprise Sector I. .. Performance at Petrolimex Retail Enterprise Sector I Chapter 4: Discussion and recommendations to improve Accounting for Sales and Business Performance at Petrolimex Retail Enterprise Sector I Chapter... of Petrolimex Retail Enterprise Sector I 4.3 Recommendations and solutions to improve Accounting for Sales and Business Performance at Petrolimex Retail Enterprise Sector I CHAPTER 5: CONCLUSION