Solution to improve the efficiency of accounting for revenues, expenses and business results at madoka joint stock company

MINISTRY OF FINANCE ACADEMY OF FINANCE  Pham Thi Huong Mai CQ57/51.06 GRADUATION THESIS “SOLUTION TO IMPROVE THE EFFICIENCY OF ACCOUNTING FOR REVENUES, EXPENSES AND BUSINESS RESULTS AT MADOKA JOINT STOCK COMPANY” Major : English For Accounting Of Finance Student code : 1972202010194 Supervisor : MA Phan Thi Xuan Hanoi - 2023 Graduation Thesis Academy of Finance DECLARATION I hereby declare that the thesis "Solution to improve the efficiency of accounting for revenues, expenses and business results at Madoka Joint Stock Company" is my scientific research work based on actual data of Madoka Joint Stock Company, under the guidance of a teacher MA Phan Thi Xuan If there is any mistake, I take full responsibility for duty Graduate thesis author (Signature, full name) Pham Thi Huong Mai Pham Thi Huong Mai i CQ57/51.06 Graduation Thesis Academy of Finance ABSTRACT This study focuses on understanding the current situation of accounting for revenues, expenses and business results at Madoka Joint Stock Company to find out solutions to improve its efficiency To achieve these goals, the graduate paper will review the general information about accounting for revenues, expenses and business results After that, the study analyzes of accounting for these factors by giving the practical documents of Madoka Joint Stock Company Finally, the research will give some solutions to complete the accounting for revenues, expenses and business results determination in the future period Pham Thi Huong Mai ii CQ57/51.06 Graduation Thesis Academy of Finance ACKNOWLEDGEMENTS First of all, I would like to express my deep gratitude to the Faculty of Foreign Languages for creating conditions for me during my years with the Academy of Finance and to all those who have facilitated me to complete my graduation thesis During the process of doing this research proposal, I received the support and guidance of my teachers and colleagues I would like to express my deep gratitude to all of them Secondly, I'd like to express gratitude to my supervisor, MA Phan Thi Xuan I sincerely thank you for her excellent research advices, which contributed significantly to the success of this study Thirdly, I am grateful to Madoka Joint Stock Company staffs who helped them during the internship I am grateful and thank them for sharing their knowledge and providing me with honest and important advice and support Last but not least, I would like to express my gratitude to all those who have helped me to carry out this thesis, directly or indirectly Pham Thi Huong Mai iii CQ57/51.06 Graduation Thesis Academy of Finance LIST OF ABBREVIATIONS No Abbreviations Write in full Value added tax VAT Company income tax Personal income tax CIT Account PIT Joint stock company Acc JSC Pham Thi Huong Mai iv CQ57/51.06 Graduation Thesis Academy of Finance LIST OF CHARTS Chart 1.1: Process of accounting for sales revenue Chart 1.2: Process of accounting for financial activities income 10 Chart 1.3: Process of accounting for other income 11 Chart 1.4: Process of accounting for costs of goods sold .13 Chart 1.5: Process of accounting for selling expenses 14 Chart 1.6: Process of accounting for general administration expenses 15 Chart 1.7: Process of accounting for financial activities expenses 16 Chart 1.8: Process of accounting for other expenses 17 Chart 1.9: Process of accounting for income tax expense 18 Chart 1.10: Process of accounting for business results 19 Chart 2.1: Organizational structure of the management apparatus 22 Chart 2.2: Organization of the accounting department at Madoka Joint Stock Company 23 Chart 2.3: The process of accounting for sales revenues at the company 25 Chart 2.4: The process of accounting for financial activities income at the company 31 Chart 2.5: The process of accounting for costs of good sold at the company 35 Chart 2.6: The process of accounting for general administration expenses at the company 37 Chart 2.7: The process of accounting for business results at the company 37 Pham Thi Huong Mai v CQ57/51.06 Graduation Thesis Academy of Finance LIST OF TABLES Table 2.1: VAT invoice number 0000001 27 Table 2.2: Warehouse export note number XK00021 28 Table 2.3: Journal 29 Table 2.4: General ledger acc 511 30 Table 2.5: Journal 32 Table 2.6: General ledger acc 515 33 Table 2.7: General ledger acc 632 36 Table 2.8: Payment voucher number PC00220 38 Table 2.9: Journal 38 Table 2.10: General ledger acc 642 39 Table 2.11: Journal 41 Table 2.12: General ledger acc 635 42 Table 2.13: General ledger acc 911 45 Table 2.14: Statement of income 46 Table 3.1: Goods inspection record 53 Table 3.2: Sales journal 55 Table 3.3: Cash receipts journal 56 Table 3.4: Card stock 58 Pham Thi Huong Mai vi CQ57/51.06 Graduation Thesis Academy of Finance TABLE OF CONTENTS DECLARATION i ABSTRACT .ii ACKNOWLEDGEMENTS iii LIST OF ABBREVIATIONS .iv LIST OF CHARTS v LIST OF TABLES vi TABLE OF CONTENTS .vii CHAPTER 1: LITERATURE REVIEW 1.1 Overview of revenues, expenses and business results 1.1.1 Revenue 1.1.2 Expense 1.1.3 Business result 1.2 Contents of accounting for revenues, expenses and business results 1.2.1 Accounting for revenues 1.2.2 Accounting for expense 12 1.3 Accounting for business results .18 CHAPTER 2: THE STUDY 21 2.1 General overview about Madoka Joint Stock Company .21 2.1.1 History and development of Madoka Joint Stock Company 21 2.1.2 Organization of the corporation’s management system 22 2.2 Analysis of accounting for revenue, expense and business result determination at Madoka Joint Stock Company .24 2.2.1 Accounting for revenue at the company 24 2.2.2 Accounting for expense at the company 34 2.3 Evaluation about accounting for revenue, expense and business result determination at Madoka Joint Stock Company .47 2.3.1 Strengths 47 Pham Thi Huong Mai vii CQ57/51.06 Graduation Thesis Academy of Finance 2.3.2 Weaknesses and causes 48 CHAPTER 3: RECOMMENDATIONS .50 3.1 Development orientation of Madoka Joint Stock Company in 2024 – 2029 period 50 3.1.1 Vision and mission 50 3.1.2 Development strategy 50 3.1.3 Business goals 51 3.2 Solutions to complete the accounting for revenue, expense and business result determination at Madoka Joint Stock Company 51 3.2.1 Completing accounting documents and books 51 3.2.2 Improving business management costs 57 3.2.3 Improving goods management .57 3.2.4 Applying payment discount policy 59 3.2.5 Other solutions .59 3.3 Conditions for implementing solutions to improve revenue, expense and business result determination at Madoka Joint Stock Company .60 CONCLUSION 62 REFERENCES 63 Pham Thi Huong Mai viii CQ57/51.06 Graduation Thesis Academy of Finance INTRODUCTION Rationale of the study In a market economy, in order to survive and develop, businesses must produce many products, provide many services, consume quickly and make profit The problem for businesses is how to constantly improve profits and stand firm in the competitive market One of the important measures that businesses are interested in is continuously saving production and business costs and improving product quality To this, one of the jobs that businesses need to is to organize well the accounting of revenues, expenses and business results Besides, accounting for revenues, expenses and business results is not only necessary for business managers but also has important implications for other objects in the national economy Firstly, for investors, it is the basis factor to evaluate the production and business efficiency of each enterprise in order to make reasonable investment decisions In addition, for financial intermediaries such as banks, financial leasing companies, accounting for revenues, expenses and business results is considered as a prerequisite to conduct business’s financial position appraisal and assessment From that, it can easily make a decision on how much to lend and for how long Last but not least, for the agencies managing the macro economy, this accounting helps policy makers of the country to synthesize, analyze data and provide the necessary parameters to help the Government adjust the economy at a macro level, determine the amount of corporate income tax exactly that enterprises must pay to the State Being aware of the importance of accounting for revenues, expenses and business results, during my internship at Madoka Joint Stock Company, I realized that it is the key to the company’s development However, the company still requires more efficient strategies in a highly competitive business environment With the desire to Pham Thi Huong Mai CQ57/51.06