[Luận văn bằng tiếng anh - GRADUATION THESIS] ACCOUNTING FOR SERVICE PROVISION AND DETERMINING BUSINESS RESULTS AT VINASINCO JOINT STOCK COMPANY – HANOI

GRADUATION THESIS ACCOUNTING FOR SERVICE PROVISION AND DETERMINING BUSINESS RESULTS AT VINASINCO JOINT STOCK COMPANY – HANOIThe production of material wealth is considered to be one of the most important conditions for the existence and development of the human society. Along with the society, the production and business activities of enterprises have been expanding and developing persistently. Nowadays, with the condition that the economy has macromanagement from the State, businesses are having a favorable production environment: businesses are allowed to freely develop and compete against each other with complete equality before the law; the domestic market is also allowed to open, but it also faces a lot of difficulties from the impact of the competition rules from the new mechanism. This is also a great opportunity for Vietnamese businesses to recognize their real capabilities, crafting new business strategies, and solving problems relating business and production activities, in order to adapt and overcome the rigorous selection and elimination process of the market.

BỘ TÀI CHÍNH HỌC VIỆN TÀI CHÍNH  GRADUATION THESIS ACCOUNTING FOR SERVICE PROVISION AND DETERMINING BUSINESS RESULTS AT VINASINCO JOINT STOCK COMPANY – HANOI Major : Business Accounting Supervisor: PhD Thai Ba Cong MSc Nguyen Ba Linh HÀ NỘI – 2022 Graduation Thesis Academy of Finance ACKNOWLEDGEMENTS Without assistance, it would be impossible to complete a study As a result, I'd want to convey my appreciation for the encouragement and motivation I received while doing this study as part of the requirements for my accounting degree To begin, I want to express my gratitude to my supervisors, PhD Thai Ba Cong and MSc Nguyen Ba Linh, for their assistance and support They have been a consistent source of support and wisdom throughout the duration of my thesis Without their motivation and guidance, the thesis would have been impossible to complete satisfactorily With the assistance of all of the company's accountants and divisions, I completed my thesis as part of the project: Accounting for service provision and determining business results at Vietnam Urban Services and Investment Joint Stock Company I'd want to convey my gratitude to Mrs Truong Thi Thanh Thuy, Chief Accountant of the Vietnam Urban Services and Investment Joint Stock Company, for her invaluable advice and assistance throughout my internship My heartfelt appreciation goes out to my parents for their unwavering encouragement and support during my studies Graduation Thesis Academy of Finance STATUTORY DECLARATION I now formally certify that this submitted Bachelor Thesis was authored entirely by me and also with the help of PhD Thái Bá Công and MSc Nguyễn Bá Linh I also certify that I did not rely on any other external sources, except for the literature cited and sources listed at the conclusion of this work All of the literature and additional sources that was used to produce this academic paper, both verbatim and in substance, were noted and separately listed Hanoi, Dec 7th, 2021 Student Graduation Thesis Academy of Finance LIST OF ABBREVIATIONS Abbreviation Full phrase Acc Account VINASINCO Vietnam Urban Services and Investment CIT Corporate income tax COGS Cost of goods sold JSC Joint Stock Company No Number VAT Value added tax VND Vietnam Dong Graduation Thesis Academy of Finance TABLE OF CONTENTS ACKNOWLEDGEMENTS STATUTORY DECLARATION LIST OF ABBREVIATIONS .3 TABLE OF CONTENTS INTRODUCTION The urgency of the topic .9 Objective of the study .10 Object and Scope of the study 10 Methods of the study 10 Organization of the study 11 CHAPTER 1: BASIC THEORY OF SERVICE PROVISION ACCOUNTING AND DETERMINATION OF BUSINESS RESULTS IN ENTERPRISES 12 1.1 THE NECESSITY OF ACCOUNTING FOR SERVICE PROVISION AND THE DETERMINATION OF BUSINESS RESULTS IN ENTERPRISES 12 1.1.1 General overview of service provision and determination of business results 12 1.1.2 Characteristics of service provision accounting and determining business results 13 1.1.3 The role of service provision accounting and determining business results 14 Graduation Thesis 1.2 Academy of Finance ACCOUNTING FOR BUSINESS EXPENSES IN SERVICE PROVISION BUSINESS 16 1.2.1 Accounting for revenue from services provision and revenue deductions 16 1.2.2 Accounting for Cost of Goods Sold 23 1.2.3 Accounting for selling expenses and administration expenses .24 1.2.4 Accounting for financial incomes and financial expenses 28 1.2.5 Accounting for other incomes and other expenses 31 1.2.6 Accounting for corporate income tax expense 32 1.2.7 Accounting for financial activities income 34 1.2.8 Accounting for other income 37 1.2.9 Accounting for determining business results 39 1.3 ORGANIZATION OF ACCOUNTING BOOKS SYSTEM 42 1.3.1 General Journal method 42 1.3.2 Journal – Ledger method 45 1.3.3 Journal – Vouchers method .46 1.3.4 Book-keeping Documents method 49 1.3.5 Computerized Accounting Method 49 CHAPTER CONCLUSION 52 CHAPTER 2: CURRENT SITUATION OF ACCOUNTING FOR SERVICE PROVISION AND DETERMINATION OF BUSINESS RESULTS AT Graduation Thesis Academy of Finance VIETNAM URBAN SERVICES AND INVESTMENT JOINT STOCK COMPANY 53 2.1 GENERAL OVERVIEW OF VIETNAM URBAN SERVICES AND INVESTMENT JOINT STOCK COMPANY (VINASINCO) 53 2.1.1 Company information and development 53 2.1.2 Characteristics of production and business organization 55 2.1.3 Organizational management characteristics at the company 55 2.1.4 Organizational characteristics of accounting work in the company 58 2.2 SERVICE PROVISION EXPENSES ACCOUNTING REALITY AND DETERMINING BUSINESS RESULTS AT VINASINCO JSC 65 2.2.1 Accounting for cost of goods sold 65 2.2.2 Accounting for selling expenses and administration expenses .66 2.2.3 Accounting for financial expenses 76 2.2.4 Accounting for other expenses 76 2.2.5 Accounting for corporate income tax expenses .78 2.3 SERVICE PROVISION REVENUE ACCOUNTING REALITY AT VINASINCO JSC 78 2.3.1 Accounting for service provision revenue .78 2.3.2 Accounting for revenue deductions 83 2.3.3 Accounting for other incomes 83 2.3.4 Accounting for determining business results 87 Graduation Thesis 2.4 Academy of Finance Evaluate the current status of Service Provision Accounting and determine business results at VINASINCO JSC .91 2.4.1 Strength 91 2.4.2 Weakness 93 CHAPTER CONCLUSION 95 CHAPTER 3: SUGGESTIONS TO IMPROVE ACCOUNTING FOR SERVICE PROVISION AND DETERMINE BUSINESS RESULTS AT VIETNAM URBAN SERVICES AND INVESTMENT JOINT STOCK COMPANY 96 3.1 REQUIREMENTS, PRINCIPLES OF COMPLETING ACCOUNTING FOR SERVICE PROVISION AND DETERMINING BUSINESS RESULTS AT VINASINCO JSC .96 3.1.1 Requirements 96 3.1.2 Perfecting principles 98 3.2 SUGGESTIONS FOR IMPROVEMENTS OF ACCOUNTING FOR SERVICE PROVISION AND DETERMINING BUSINESS RESULTS AT VINASINCO JSC 99 3.2.1 Suggestions 99 3.2.2 Accounting procedure for some key transactions: 100 CHAPTER CONCLUSION 103 CONCLUSION 104 REFERENCES 106 APPENDIX 107 Graduation Thesis Academy of Finance INTERSHIP SUPERVISORS’ COMMENTS 111 Graduation Thesis Academy of Finance INTRODUCTION The urgency of the topic The production of material wealth is considered to be one of the most important conditions for the existence and development of the human society Along with the society, the production and business activities of enterprises have been expanding and developing persistently Nowadays, with the condition that the economy has macro-management from the State, businesses are having a favorable production environment: businesses are allowed to freely develop and compete against each other with complete equality before the law; the domestic market is also allowed to open, but it also faces a lot of difficulties from the impact of the competition rules from the new mechanism This is also a great opportunity for Vietnamese businesses to recognize their real capabilities, crafting new business strategies, and solving problems relating business and production activities, in order to adapt and overcome the rigorous selection and elimination process of the market In the process of producing activities for business, especially with a commercial enterprise, sales are one of the most basic operations that governs other operations The business cycle can take place in a smooth and continuous way when the enterprise surpasses the consumption stage with great results, which may be the basis of creating profits for the business, where it being the core goal of the business in the market economy To accomplish this, businesses need s to choose out among products, selecting the most profitable products to trade, with the guarantee of being profitable and covers costs spent, hence correctly determine the right business results, which helps in orienting the business, as well as creating momentum for the enterprise’s development ... Investment Joint Stock Company Chapter 3: Solutions to improve accounting for service provision and determination of business results at Vietnam Urban Services and Investment Joint Stock Company 11 Graduation. .. SITUATION OF ACCOUNTING FOR SERVICE PROVISION AND DETERMINATION OF BUSINESS RESULTS AT Graduation Thesis Academy of Finance VIETNAM URBAN SERVICES AND INVESTMENT JOINT STOCK COMPANY ... Investment Joint Stock Company, with the will to learn more about sales accounting and determine business results, I chose the topic ? ?Accounting for service provision and determining business results at