Mentor: PhD. Tran Thi Ngoc Han MINISTRY OF FINANCE ACADEMY OF FINANCE ---------------------------------- Student: NGUYỄN THỊ HOA Group: CQ54/51.02 GRADUATION THESIS Topic: ACCOUNTING FOR PAYROLL AND PAYROLL DEDUCTIONS AT THIEN UNG SERVICES TRAINING COMPANY LIMITED Major : English for Finance and Accounting Student code : 165D2202010048 Supervisor : MSC. Cao Phuong Thao Ha Noi - 2020 Student: Khuat Khang i Class: CQ54/21CL.01
TABLE OF CONTENT INTRODUCTION.............................................................................................1 CHAPTER 1: GENERAL THEORIES OF ACCOUNTING FOR SERVICE PROVISION AND BUSINESS RESULTS......................................................4 1.1. Overview of accounting for service provision and business results..........4 1.1.1. Definition and characteristics of accounting for service provision and business results..................................................................................................4 1.1.2. Service business characteristics affect revenue and business results accounting.........................................................................................................5 1.1.3. Tasks of accounting for service provision and business results..............7 1.2. Accounting for expenses in the service provision enterprises...................7 1.2.1. Cost of sales accounting..........................................................................8 1.2.2. Accounting for selling expenses and general administration expenses. .9 1.2.3. Accounting for financial expenses........................................................12 1.2.4. Accounting for other expenses..............................................................14 1.2.5. Accounting for corporate income tax expense......................................15 1.3. Accounting for revenue in the service provision enterprises...................18 1.3.1. Accounting for revenue from service rendered.....................................18 1.3.2. Accounting for revenue deductions.......................................................21 1.3.3. Accounting for financial income...........................................................23 1.4. Application form of accounting books.....................................................31 1.4.1. General journal form.............................................................................31 1.4.2. Journal - Ledger form............................................................................33 1.4.3. Form of book entry voucher..................................................................33 1.4.4. Form of computerized accounting.........................................................34 CONCLUSION CHAPTER 1.........................................................................35
CHAPTER 2: ACTUAL SITUATIONS REGARDING ACCOUNTING FOR SERVICE PROVISION AND BUSINESS RESULTS AT VNPT-I..............36 2.1. Overview of VNPT-I................................................................................36 2.1.2. History of the establishment and development of the VNPT-I.............36 2.1.3. System of organization, functions and duties of the company..............38 2.1.4. Features of telecommunication service business mode at VNPT-I.......40 2.1.5. Services used in the company's business operations.............................41 2.1.6. Structure of accounting apparatus and applicable accounting policies.42 2.2. Actual situation of accounting for expenses regarding service provision at VNPT-I............................................................................................................49 2.2.1. Accounting for cost of sale....................................................................49 2.2.2. Accounting for selling expenses and general administration expenses. .........................................................................................................................63 2.2.3. Accounting for financial expenses........................................................85 2.2.4. Accounting for other expenses..............................................................96 2.2.5. Accounting for corporate income tax expense......................................96 2.3. Actual situation of accounting for revenue regarding service provision at VNPT-I company............................................................................................96 2.3.1. Accounting for revenue from service rendered.....................................96 2.3.2. Accounting for sales deductions.........................................................111 2.3.3. Accounting for financial income.........................................................111 2.3.4. Accounting for other income...............................................................119 2.3.5. Accounting for evaluating business results.........................................119 CONCLUSION CHAPTER 2.......................................................................127 CHAPTER 3: SOLUTIONS OF PERFECTING ACCOUNTING FOR SERVICE PROVISION AND BUSINESS RESULTS AT THE COMPANY OF VNPT-I....................................................................................................128
3.1. General assessment on accounting for services provision and business results at VNPT-I..........................................................................................128 3.1.1. Strengths of accounting work for service provision and business results evaluation at the company.............................................................................129 3.1.2. Weaknesses of accounting work for service provision and business results evaluation at the company.................................................................132 3.2.1. The need to perfect accounting for service provision and business results at VNPT-I..........................................................................................133 3.2.2. Solution for perfecting accounting for service provision and business results at VNPT-I..........................................................................................134 CONCLUSION.............................................................................................137 REFERENCE LIST.......................................................................................139 Graduation Thesis
Mentor: PhD. Tran Thi Ngoc Han INTRODUCTION 1. Rationale of the study Economic units in the market mechanism are always competing to be able to survive and stand strong in the market. Especially, in the context of the economy which still has many difficulties and challenges in this day and age, enterprises which want to survive and develop need to have a new perspective, flexible production and business methods, appropriate and timely management methods as well as proper measures of using human resources in order to improve business performance. To do this, businesses need to determine the right directions of investment, production scale, needs and their abilities to make the right decisions. Therefore, the organization and management of accounting records to serve the needs to capture, collect and process information to assess business performance is an indispensable requirement, helping economic units see scales, ways of doing business and abilities of business development to make decisions in the future. Facing that situation, VNPT-I understands that besides finding out measures to improve production and business efficiency, the management and organization of accounting is also an essential requirement. Information on business results and service provision, which plays an important role in accounting information, is immensely concerned by businesses and investors. As a result, perfecting sales, service provision and business results accounting will contribute to escalating competitiveness, improving the quality of corporate decisions and increasing the transparency of financial information. To be aware of the importance of the accounting for business results and service provision and be inspired of the necessity of effectively Student: Khuat Khang 1 Class: CQ54/21CL.01
organizing managing accounting numbers related to business results during training time at VNPT-I, as well as based on knowledge and practical experiences I got during the internship, I am going to choose the topic: “Accounting for service provision and business results at VNPT-I” as my graduate thesis title. 2. Aim of the study Research subjects: Accounting for service provision and business results Research purposes: Delve into accounting for service provision and business results, make an overview of the achievements and shortcomings in accounting for service provision and business results in order to make suggestions to improve the accounting process at VNPT-I. 3. The scope of the study The research focuses on the theoretical and practical problems in terms of accounting for service provision and business results at VNPT-I. 4. Methods of study The thesis uses dialectical materialism, historical materialism combined with the methods of analysis, statistics, synthesis, comparison between theory and reality at VNPT-I. From there, propose solutions to improve accounting for service provision and business results at the company. 5. Organization of the study Besides the Contents, Introduction, Conclusion and References, the thesis consists of 3 chapters. Chapter 1: General theory of accounting for service provision and business results
Chapter 2: Actual situations regarding accounting for service provision and business results at VNPT-I Chapter 3: Solutions of perfecting accounting for service provision and business results at VNPT-I Applying the theory learned and researched at the Academy of Finance, combined with the reality of organizing the accounting and sales work and determining the business results received at VNPT-I, together with the enthusiastic guidance of PhD. Tran Thi Ngoc Han and the Accounting Department at the Company, I has completed my graduation thesis. Due to the limited time of practice and limited ability, my thesis could not avoid mistakes. I look forward to the evaluation, comments and direct advice of PhD. Tran Thi Ngoc Han, other teachers and the accounting department to improve my thesis. Thank you sincerely!
CHAPTER 1: GENERAL THEORIES OF ACCOUNTING FOR SERVICE PROVISION AND BUSINESS RESULTS 1.1. Overview of accounting for service provision and business results 1.1.1. Definition and characteristics of accounting for service provision and business results Services is an economic industry with many unique characteristics, without a specific concept, but we can understand it as: “Services are activities and results that one party (seller) may provide to the others (buyer) and are mostly intangible and non-proprietary”. In broad definition: Services are concepts of the whole activity and their results do not exist in the form of objects. Service activities cover all fields with high levels, greatly controlling the socio-economic development and environment of each country, region in particular and the whole world in general. Here, the service does not only consist of the media such as transportation, tourism, banking, commerce, insurance, and telecommunications but also spreading to new areas; for example; cultural, administrative, environmental protection and consulting services. In narrow definition: Service is about doing a job for another person or a community, a job that effectively meets a person's needs such as the transportation, repairing and maintenance of equipment or machinery. Business results are the final results of the business operations of an enterprise in a certain accounting period. In other words, the business results are expressed in cash, the difference between the total revenue and the total cost of economic activities carried out. If income is greater than cost, then business results are profitable. If income is smaller than cost, business results are financial loss. Depending on the characteristics of business results and the management requirements of an enterprise, the evaluation of business results
shall be made at the end of the business period such as the end of the month, the end of the quarter and the end of the year. Business results of an enterprise include normal business results and other activities. Normal business results are the result of activities that generate revenue of the business, namely from sales, service provision and financial activities. 1.1.2. Service business characteristics affect revenue and business results accounting The specific characteristics of the service business have a strong influence on the accounting for the expenses, revenues and service business results, namely: Pure service delivery results often do not take a specific physical form but can be interpreted by benefiting customers through satisfying their needs such as information, transportation, demand for knowledge, etc. This characteristic leads to the fact that the process of production, consumption and service business management is often difficult to separate. Service business activities have a variety of implementation methods. For instance, telecommunications can carry out mobile telecommunications, leasing internal international telecommunication channels. Another example is transportation which also has many methods such as sea, road, air, rail transport. It is the diversity of service delivery methods that leads to the diversity of management subjects as well as the complexity in the organization of accounting work in general, especially accounting for cost, revenue and business results.
In terms of business management organization, service businesses often manage their business operations according to the service delivery process or on the order form. This characteristic also leads to the variety of accounting for cost, revenue and business results. Service businesses have many forms of mutual support in the business process such as joint venture, associate, etc. These types of combination lead to complexity in management in general and accounting in particular. Request to manage the sales process and determine sales results: Deriving from the meaning of the sales process and determining sales results, the management of this process should adhere to the following basic requirements: Capture and closely monitor each selling method, each payment method, each type of consumed goods and each customer, to ensure a quick recovery of capital. Calculate, sell, correctly determine the outcome of each type of activity and strictly implement the profit distribution mechanism. In the process of selling, the business may have to pay expenses for the sales process called selling expenses, in addition, there are also sales deductions such as sales or sale prices. return, consumption tax ... Good implementation of the sales process will ensure quick recovery of capital, increase working capital turnover to ensure production and business process is the top goal of businesses. With that important meaning, in order to perform well the sales stage, accountants need to closely monitor each selling method, payment method, characteristics of each customer and each type of goods
exported to be able to have measures to urge the payment to recover the capital fully and on time. 1.1.3. Tasks of accounting for service provision and business results In current businesses, accounting in general and service provision accounting in particular have helped businesses and state agencies evaluate the completion of the plan and the cost of service, costs and profits, thereby overcoming and limiting the shortcomings in the management. The organization and rational arrangement between the stages of the service provision process will create favorable conditions in the accounting for service provision and business results, simultaneously creating a consistency in the general accounting for enterprises. in order to promote the accounting role in the management of business activities, the accounting for service provision and business results need to perform the following tasks: Reflect, record promptly and fully the situation of providing each type of service to customers. Reflect, record promptly, fully and accurately sales, deductions of revenues and expenses of each activity in the enterprise, and regularly monitor and urge customer receivables, ensure sufficient and timely collection of goods and avoid improper appropriation of capital. Provide accounting information for the preparation of financial statements, analyze periodically economic activities related to the service delivery process, identify and distribute results. Reflect and calculate accurately the results of each activity, monitor the situation of performance of obligations to the State, and the situation of distribution of operation results. 1.2. Accounting for expenses in the service provision enterprises
1.2.1. Cost of sales accounting 1.2.1.1. Content of cost of goods sold The cost of service is the total business expenses associated with the process of providing the service. Services cannot be stored as physical products and other goods, but are included in the cost of goods sold immediately, therefore, for services that have been completed without recorded revenue, the costs for those services are still considered to be costs of uncompleted products. However, service activities usually do not account for work in progress. Therefore, the cost of services is expressed in terms of the cost of living labor needed and materialized labor creating products and services provided to customers. At the end of the business period, due to the characteristics of products and services without physical form, prices of services are transferred from account 154 - Work in progress to account 632 - Costs of goods sold. Used vouchers: accounting vouchers, acceptance certificate, etc. Accounts: Account 632 - Cost of goods sold Other related accounts: Account 154 - Work in progress 1.2.1.2. Major accounting transactions Diagram explanation:
(1): Service costs in the period. (2): Transferring cost price to evaluate business results. 1.2.2. Accounting for selling expenses and general administration expenses 1.2.2.1. Content of selling expenses and general administration expenses Selling expenses are all incurred expenses related to the process of selling products, goods and providing services. Content of selling expenses include the following elements: staff costs, packaging materials costs, cost of tools and supplies, depreciation of fixed assets, product warranty, outside services, and other cash costs. In addition, depending on the production and business activities as well as the requirements of each industry and each unit, account 641 - Selling expenses may open some additional expenses. General administration expenses are all expenses related to production and business management, administrative management and a number of expenses used to run the business. General administration expenses include cost of management staff, cost of management materials, cost of office equipment, depreciation of fixed assets, taxes, fees and charges, provision expenses, costs of services purchased from outside service and other monetary expenses. Used vouchers: Goods delivery notes, spreadsheet and salary allocation, tool allocation table, VAT invoices, sales receipts, receipt vouchers, payment vouchers, debit notes, credit notes, advance lists and other related vouchers. Accounts: Acc 641 - Selling expenses Acc 6411 - Staff expenses
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