[Luận văn bằng tiếng anh - GRADUATION THESIS] “ACCOUNTING FOR SALES AND DETERMINING BUSINESS RESULT AT AMISU SERVICES SUPPLYING COMPANY LIMITED”

GRADUATION THESIS “ACCOUNTING FOR SALES AND DETERMINING BUSINESS RESULT AT AMISU SERVICES SUPPLYING COMPANY LIMITED”In the past few years, with limitless efforts of enterprises and the support of the State and foreign organizations, our countrys economy has made higher and higher development steps, Vietnams economy has been increasingly consolidated. However, recently, when the world economy is in crisis due to the Covid19 pandemic, our country is not unaffected. In that circumstance, along with the consequences of measures to reduce aggregate demand under the tightening monetary and fiscal policies, it has had a negative impact on the purchasing power of the market and the economic growth rate. The number of enterprises shutting down, going bankrupt and being dissolved has increased rapidly since the end of 2020. Bad debts increased rapidly, businesses lacked working capital, but banks could not increase credit. Even with the efforts of the State to encourage business, the economy entered a new year – 2022 in stagnation, with the growth rate below potential. Bear that in mind, it is necessary to always have new business strategies and measures to mobilize and effectively use resources, exploit market opportunities well, thereby improving business performance, competitiveness, and increasing the life of enterprises, especially at time of downs right now.

MINISTRY OF FINANCE ACADEMY OF FINANCE - - GRADUATION THESIS “ACCOUNTING FOR SALES AND DETERMINING BUSINESS RESULT AT AMISU SERVICES SUPPLYING COMPANY LIMITED” Major : Corporate Accounting Mentor : PhD Thai Ba Cong and MSc Nguyen Ba Linh Hanoi – 2022 DECLARATION I hereby declare that this thesis is the result of my own efforts Other sources of information have been cited when they were utilised The data and outcomes presented in the thesis are based on the internship company's current status The subject of this thesis is “Accounting for sales and determining business result at AMISU Services Supplying Company Limited” Ha Noi, January 11th, 2022 Student ACKNOWLEDGEMENT To begin with, I'd like to convey my heartfelt gratitude to all of the Accounting Faculty lecturers at the Academy of Finance for their professional guidance and invaluable assistance I'd like to express my gratitude to my supervisors, PhD Thai Ba Cong and MSc Nguyen Ba Linh, for their patient guidance, enthusiastic encouragement, and helpful critiques during the planning and development of my Graduation Thesis I'd also like to express my gratitude to AMISU Services Supplying Company Limited for allowing me to begin my thesis in the first place, the necessary research, and use departmental data I also want to express my gratitude to the Director and Chief Accountant of the Company, as well as all the staffs who have supported me immensely from the beginning of my internship TABLE OF CONTENT Contents DECLARATION ACKNOWLEDGEMENT TABLE OF CONTENT PREFACE CHAPTER 1: BASIC THEORY OF ACCOUNTING FOR SALES AND DETERMININATION OF BUSINESS RESULTS IN COMMERCIAL ENTERPRISES 10 1.1 The role of accounting for sales and determining business results in the enterprise .10 1.1.1 Nature and meaning of sales, determination of business results 10 1.1.2 Management requirements for sales, determination of business results 11 1.1.3 The necessity and mission of accounting for sales, determining business results 12 1.1.4 Classifications of sales methods in commercial enterprises 13 1.2 Basic theory of accounting for sales and determination of business results .15 1.2.1 Accounting for sales revenue and revenue deductions 15 1.2.1.3 Accounting for costs of goods sold 20 1.2.1.4 Accounting for sellingexpenses and administration expenses .24 1.2.1.5 Accounting for financial incomes and financial expenses 27 1.2.1.6 Accounting for other incomes and other expenses .30 1.2.1.7 Accounting for corporate income tax expense 33 1.2.1.8 Accounting for determining business results 35 1.2.1.9.Presenting information about accounting for sales and determination of business results on financial statements 37 CHAPTER 2: THE ACTUAL ACCOUTING FOR SALES ANDBUSINESS RESULTS AT AMISU SERVICES SUPPLYING COMPANY LIMITED 42 2.1 OverviewaboutAMISU Services Supplying Company Limited 42 2.1.3 Organization and managerial characteristics at the company: .51 2.1.3.1 Chart of the organization and management apparatus .51 2.1.3.2 Benefits from theorganization and management apparatus .53 2.1.4 Theorganizationofaccountingworksinthecompany 53 2.1.4.1 Accountingapparatusorganizationalcharacteristics 53 2.1.4.2 Accountingpoliciesapplied .55 2.2 Accounting for sales and determining business results at AMISU Services Supplying Company Limited 59 2.2.1 Actual situation of methods of sales and payment at the company 60 2.2.1.1 Method of sales .60 2.2.1.2 Method of payment 60 2.2.2 Accounting for sales revenue and revenue deductions 60 2.2.3 Accounting for costs of goods sold 67 2.2.6 Accounting for other incomes and other expenses 91 2.2.7 Accounting for corporate income tax expense 92 CHAPTER 3: SOLUTIONS TO IMPROVE ACCOUNTING FOR SALES AND DETERMINATION OF BUSINESS RESULTS AMISU SERVICES SUPPLYING COMPANY LIMITED 99 3.1 AMISU Services Supplying Company Limited’s development orientation in the upcoming years 99 3.2 Requirements, principles of improving accounting for sales and determining business results at AMISU Co., LTD 99 CONCLUSION 106 REFERENCES 108 PREFACE Urgency of the topic In the past few years, with limitless efforts of enterprises and the support of the State and foreign organizations, our country's economy has made higher and higher development steps, Vietnam's economy has been increasingly consolidated However, recently, when the world economy is in crisis due to the Covid-19 pandemic, our country is not unaffected In that circumstance, along with the consequences of measures to reduce aggregate demand under the tightening monetary and fiscal policies, it has had a negative impact on the purchasing power of the market and the economic growth rate The number of enterprises shutting down, going bankrupt and being dissolved has increased rapidly since the end of 2020 Bad debts increased rapidly, businesses lacked working capital, but banks could not increase credit Even with the efforts of the State to encourage business, the economy entered a new year – 2022 in stagnation, with the growth rate below potential Bear that in mind, it is necessary to always have new business strategies and measures to mobilize and effectively use resources, exploit market opportunities well, thereby improving business performance, competitiveness, and increasing the life of enterprises, especially at time of downs right now Any business, whether producing or trading, must be interested in the consumption of its products, goods and services, because this is the output of the production process or the trading of the enterprise, which is recorded in the form of sales revenue after this stage The existence and development of an enterprise depends greatly on whether the enterprise can sell its products or not Consumption of products generates revenue, this revenue must offset production costs to make a profit, which is the foremost and main goal that every business aims for It is not only the key to determine growth, but it also determines the competitiveness of enterprises Only when the product consumption is done well, the enterprise has revenue, thus creating the conditions to reproduce, increasing the accumulation source for the business itself and for the whole society In order to manage well and business effectively, enterprises must know how to use accounting as an important and indispensable management tool Especially to well manage the sales of products and goods, the consumption accounting work must bring into full play its roles and functions To stabilize revenue and business efficiency, managers of every business need information of the nature of sales management in the accounting department, as well as to control and organize closely at the company Consumption accounting is considered crucial by every business Realizing and bearing in mind the importance of revenue accounting and determining business results for businesses, I have decided to choose and research "Accounting revenue and determining business results" at AMISU Services Supplying Company Limited – henceforth called as AMISU Co., LTD to my graduation thesis Research purpose The purposes of this thesis are as follows: First, synthesize, systemize and apply the knowledge learned about revenue accounting and determine business results Second, analyze the current situation of revenue accounting and determine business results at AMISU Co., Ltd Third, evaluate the advantages and disadvantages, then propose solutions to improve accounting work in general and revenue accounting and determine business results at AMISU Co., Ltd Object and scope of the research Object: Accounting for sales and determining business results at AMISU Services Supplying Company Limited The scope of this research covers the accounting department of AMISU Co., Ltd The data used to analyze the general situation of assets, capital, labor, and business results of the Company were collected from 2021 Figures to determine revenue and determine business results are those of 2021 Research methods a Data collecting method: Document research method: Used to collect information related to the topic from sources such as textbooks, reference books, circulars, accounting standards, theses to systemize the basic part Theory of revenue accounting and determination of business results Direct interview method: This method is used to ask information and data providers, financial accounting office staff to understand business activities and accounting work, especially revenue accounting and business results determination b Data processing method The accounting method includes the voucher method, the method of account reciprocity and the method of balance synthesis to serve the process of researching topics at the company, to systematize and learn information about the financial transactions arise The method of analysis and comparison aims to analyze the situation of production and business activities as well as find out the status of revenue accounting and determine business results at the company, from which to have an overview of the company, thus proposing measures and recommendations to improve the accounting work at the company Thesis structure: The structure of the thesis "Accounting revenue and determining business results at AMISU Co., Ltd" is as follows: Chapter I: Basic theory on accounting for sales and determination of business results in commercial enterprises Chapter II: The current situation of accounting for sales and determination of business results at AMISU Services Supplying Company Limited Chapter III: Solutions to improve accounting for sales and determination of business results at AMISU Services Supplying Company Limited CHAPTER 1: BASIC THEORY OF ACCOUNTING FOR SALES AND DETERMININATION OF BUSINESS RESULTS IN COMMERCIAL ENTERPRISES 1.1 The role of accounting for sales and determining business results in the enterprise 1.1.1 Nature and meaning of sales, determination of business results 1.1.1.1 Nature of sales and determining business results Sale is the transfer of ownership of a product or products to customers, along with the majority of the benefits or hazards, and the customers make or accept the payment The essence of the sales process is the process of buyers and sellers in the operational market exchanging ownership External sales are items sold to individuals and organizations outside the company, whereas internal sales are goods delivered to units inside the same company or corporation Sale is the ultimate stage of a commercial enterprise's business operation The definitions of revenue, cost and business results are as follows: Revenue: Revenue is the total value of economic benefits earned by the enterprise in the accounting period, arising from the normal production and business activities of the enterprise, contributing to the increase of owners' equity Cost: Cost is the total value of the items that reduce economic benefits in the form of out-of-pocket payments, asset deductions or incurring debts leading to a decrease in equity, not including distributions to owners Business results: Business results are the final results of the activities of the enterprise in a certain period, expressed by the difference between the total revenue and the total cost of economic activities 1.1.1.2 Meaning of sales activities and determining business result Consumption of commodities is becoming a critical concern for all commercial organizations in the current trend of economic integration As a result, one of the most significant business techniques nowadays is sales The increased pace of capital turnover will be aided by quickly sold goods The profits are given to the owners, and the workers' lifestyles are improved while their state obligations are fulfilled Furthermore, the sales result is an important financial indicator that clearly demonstrates the company's operational and financial status The determination of business results assists businesses in evaluating the efficacy of their company activities over time and determining acceptable future paths At the same time, it is a crucial foundation for the State to analyze the ability of companies' business operations, thereby constructing and analyzing the implementation of their commitments to the State Determining business results aids in the efficient use of human resources and resource allocation for the entire national economy in general, as well as for each individual business 1.1.2 Management requirements for sales, determination of business results Managing the sales process and business results is a must, as it is funded by the company's profits If the company controls the sales stage properly, it will meet its goal of completing the consumption plan and examine the correctness of the company's production and business efficiency As a result, the issues that each firm faces are: First, Plans and situation management of consumption plans implementation for each period, each consumer, and each economic activity Second, Quality management and brand building are the aims for sustainable business development Manage the quantity, quality, type, and value of each type of goods in detail to avoid loss, damage, and embezzlement of finished items for consumption Third, Strictly controlling capital, closely monitoring sales expenses, enterprise management costs, verifying the legality and reasonableness of data, and allocating to consumer goods, assuring accurate and acceptable consumption Forth, To assure the final determination of the consumption process, reflect and supervise the complete and timely performance of duties to ... accounting for sales and determining business results in the enterprise 1.1.1 Nature and meaning of sales, determination of business results 1.1.1.1 Nature of sales and determining business results... accounting for sales and determination of business results at AMISU Services Supplying Company Limited CHAPTER 1: BASIC THEORY OF ACCOUNTING FOR SALES AND DETERMININATION OF BUSINESS RESULTS IN... sales and determination of business results in commercial enterprises Chapter II: The current situation of accounting for sales and determination of business results at AMISU Services Supplying Company