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MINISTRY OF FINANCE ACADEMY OF FINANCE -------------- GRADUATION THESIS TOPIC: ACCOUNTING FOR SERVICE PROVISION AND BUSINESS RESULTS AT VNPT-I STUDENT : KHUẤT KHANG CLASS : CQ54/21CL.01 FACULTY : BUSINESS ACCOUNTING MENTOR : PHD. TRAN THI NGOC HAN Hà Nội - 2020
Mentor: PhD. Tran Thi Ngoc Han DECLARATION I hereby declare that this thesis is my own work and effort. The numbers stated in the thesis have been acknowledged and come from the actual situation of VNPT-I. Graduation thesis author Nguyen Huu Hoang Student: Nguyen Huu Hoang i Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han TABLE OF TABLE 1.1: Spreadsheets of finished goods costing by common methods...............27 Year quarter...............................................................................................27 TABLE 2.1. EXTRACT THE ACCOUNT LIST.................................................42 Table 2.2. Extracting details of account 627 (on software).....................................56 Table 3.1. TABLE OF PROJECT COST PRICE 545...........................................72 Student: Nguyen Huu Hoang ii Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han TABLE OF Appendix 1.1..................................................................................................81 Appendix 1.2..................................................................................................82 Appendix 1.3..................................................................................................83 Appendix 1.4..................................................................................................84 Appendix 1.5..................................................................................................85 Appendix 2.1..................................................................................................86 Appendix 2.2..................................................................................................87 Appendix 2.3..................................................................................................89 Appendix 2.4................................................................................................105 Appendix 2.5................................................................................................114 Appendix 2.6................................................................................................115 Appendix 2.7................................................................................................116 Appendix 2.10..............................................................................................122 Appendix 2.11..............................................................................................126 Appendix 2.11..............................................................................................130 Appendix 2.17..............................................................................................130 Appendix 2.16..............................................................................................132 Appendix 3.1................................................................................................133 Student: Nguyen Huu Hoang iii Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han TABLE OF Figure 2.1: Accounting software interface at ADCOM Consultants........................40 Figure 2.2. The interface of financial statements declaration at ADCOM Consultants....................................................................................................45 Figure 2.3. Sample invoice used at ADCOM Consultants......................................50 Figure 2.4. Forms of payment vouchers at the entity.............................................52 Student: Nguyen Huu Hoang iv Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han TABLE OF CONTENT DECLARATION...............................................................................................i TABLE OF CONTENT.....................................................................................iv PREFACE........................................................................................................1 CHAPTER I: THEORETICAL FRAMEWORK OF PRODUCTION COST ACCOUNITNG AND PRODUCTION COSTING................................................4 1.1Basic theory about manufacturing cost and finished goods costing in enterprises....4 1.1.1Characteristics of construction consultancy activities affect cost accounting and finished goods costing..................................................................................4 1.1.1.1Nature of manufacturing cost.....................................................................4 1.1.2. Cost of finished goods...............................................................................8 1.The content for accounting for manufacturing cost............................................10 1.2.1Objectives and Method.............................................................................10 1.2.2 Accounting for manufacturing costs.........................................................11 1.3Method for work in progress valuation...........................................................18 1.3.1. Evaluate work in progress according to direct material cost..........................18 1.3.2. Evaluate work in progress according to volume of completed products...........18 1.3.3. Evaluate work in progress according to norms............................................18 1.4. Objects and methods of finished goods costing..............................................19 1.4.1. Objects.................................................................................................19 1.4.2. Method.................................................................................................19 CONCLUSION..............................................................................................21 Student: Nguyen Huu Hoang v Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han CHAPTER II:CURRENT SITUATION OF PRODUCTION COST ACCOUNTING AND PRODUCTION COSTING AT ADCOM CONSTRUCTION CONSULTING.JSC............................................................22 2.1. OVERVIEW OF ADCOM CIVIL ENGINEERING CONSULTANCY AND INVESTMENT JOINT STOCK COMPANY......................................................22 2.1.1. History of the establishment and development of the company......................22 2.1.2 Characteristics of organization and operation management of the company......23 2.1.3. Organize the management apparatus of the company...................................23 2.1.4. Organizing the accounting system and the situation of applying the Company's accounting regime...........................................................................26 2.1.5. Forms, books and vouchers used and book entry order.................................28 2.2. Actual situation of organizing cost accounting of production costs and installation of construction products at ADCOM Consultants.................................29 2.2.1. Organize the system of vouchers and initial records related to production costs..............................................................................................................31 2.2.2. Organization of accounting accounts used in cost accounting and product costing (Appendix 2.3).....................................................................................32 2.2.3. Organize accounting book system that reflects costs and product costs (Appendix 2.4.)...............................................................................................35 2.3. Content of accounting of production costs and cost of construction products of ADCOM Consultants Company........................................................................35 2.3.1. Objects to collect production costs and to calculate costs..............................36 2.3.2. Method of gathering production costs........................................................36 2.3.3. The content of the accounting input process collects production costs and calculates the cost of investment consulting products at the Company.....................37 Student: Nguyen Huu Hoang vi Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han 2.4. General accounting of production costs and calculation of product costs...........48 2.4.1. General accounting of production costs......................................................48 2.4.2. Assessing work in progress at the end of the period.....................................49 2.4.3. Finished goods costing at the entity...........................................................49 2.5. ASSESSMENT OF THE SITUATION OF ACCOUNTING PRODUCTION COST AND PRODUCT PRICE AT ADCOM INVESTMENT AND CONSTRUCTION CONSULTANCY JOINT STOCK COMPANY......................50 2.5.1. Advantages............................................................................................50 2.5.2. Limitations............................................................................................51 CONCLUSION..............................................................................................54 CHAPTER III: SUGGESTIONS TO IMPROVE MANUFACTURING COSTS AND FINISHED GOODS COSTING ACCOUNTING ATT ADCOM CONSULTANTS.JSC.....................................................................................55 3.1. The need for improving accounting system in ADCOM CONSULTANTS. JSC 55 3.1.1. The necessity of improving an accounting organization that collects production costs and calculates product costs at ADCOM Consultants....................55 3.1.2. Requests to complete the organization of cost accounting of production and product cost calculation at ADCOM Consultants.................................................56 3.2. Solutions to perfect the work of accounting department in gathering production costs and finished goods costing at ADCOM Consultants JSC...............................56 3.2.1. Perfecting the organization of rotation of accounting vouchers:.....................57 3.2.2. Improve the accounting in organization.....................................................58 3.2.3. Complete the method of accounting for production costs and costs................58 3.2.4. Completing the application of computer accounting software........................63 Student: Nguyen Huu Hoang vii Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han CONCLUSION..............................................................................................65 GENERAL CONCLUSIONS...........................................................................66 Student: Nguyen Huu Hoang viii Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han LIST OF REFERENCES.................................................................................66 PREFACE 1. Rationale of the study Capital construction is a manufacturing industry, tasked with reproducing and creating fixed assets, creating technical material and infrastructure for the national economy, using the accumulated capital of society, contributing to GDP growth. It acts as a condition to attract foreign investment capital in the process of industrialization - modernization of the country, construction consultancy services are a part of capital construction. In a market economy, competition is an indispensable trend and become a driving force for production to develop. All Business entities want to survive and stand firmly, provide high quality products and services to the market, need to regularly monitor information about market prices and costs to provide for the market with products and services with reasonable production costs and still achieve maximum profits. The action of classifying the production costs, calculating it precisely in businesses is very significant because products in the construction industry often have selling prices in advance so production cost is so important to determine profit or loss of a work or service. On the other hand, through the figures provided by the accounting department, the Managers know the costs of each project in each stage from which to compare and compare with the construction norms and previous amount used in labor, materials, cost estimates ... to find the cause in time to make the right decisions Being aware of its importance, during my internship time at ADCOM CIVIL ENGINEERING CONSULTANCY AND INVESTMENT JOINT STOCK COMPANY, I deep-dived and completed my research topic: “Accounting for manufacturing cost and production costing in ADCOM CONSULTANT.JSC”. I owe PhD . Nguyen Thi Hong Van profound thanks for all of her trust and guidance and I am grateful to her as my instructor. I would like to thank my family and Student: Nguyen Huu Hoang 1 Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han friends for their great support. Without them, I would not have had the chance to do what I am doing today. Last but not least, I would like to spread my gratitude to my brothers and sisters in the finance and accounting department of the company who had helped me in this journey. 2. The target of the Thesis The purpose of the thesis is to systematize the theory and apply the theory of accounting for production costs and manufacturing costs based on knowledge gained during my time studying in Academy of Finance and practical research in ADCOM Construction Consulting Joint Stock Company, thereby analyzing existing issues to contribute to perfecting the accounting work at ADCOM Construction Consulting Joint Stock Company. 3. The subjects and scope of the Thesis a. Subjects: The project focuses on theoretical research on production cost in accounting department and product cost calculation from the perspective of enterprises and the current situation of this issue in ADCOM Construction Consulting. JSC b. Scope: About space: In theory, the study documents about the organization of cost accounting to calculate the cost of products according to the content of work (not researching the organization’s accounting apparatus) from the Textbooks. Accounting Law, Accounting Standards, Accounting System according to Circular 200 and regulations related to the topic In practice, the study is about the organization of cost accounting for cost calculation at ADCOM Construction Consulting. JSC according to the content of work performed. About time: Research period from 2020 evidence of the research presented in the dissertation selected a contract for implementation in 2019. Student: Nguyen Huu Hoang 2 Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han 4. Method of Research, collection and analysis of data The thesis uses dialectical materialism and historical materialism. In the process of researching the topic, the methods are mainly used was: data collection, direct interviews, analysis, comparison, statistics, induction, interpretation, combining theory and practice with documents and research works of others related to the research content, as well as use reference data from relevant agencies 5. Contents of Thesis Chapter I: Theoretical framework of production cost accounting and production costing Chapter II: Current situation of production cost accounting and production costing at ADCOM Construction Consulting. JSC Chapter III: Assessment of production cost accounting and production costing at ADCOM Construction Consulting. JSC However, due to lack of time and knowledge, I appreciate the help and constructive comment from Dr Nguyen Thi Hong Van and all the accountant in the accounting department of ADCOM Construction Consulting JSC for the further improvement for my thesis. Thanks and best regard! Student: Nguyen Huu Hoang 3 Class: CQ54/21CL.01
Mentor: PhD. Tran Thi Ngoc Han CHAPTER I: THEORETICAL FRAMEWORK OF PRODUCTION COST ACCOUNITNG AND PRODUCTION COSTING 1.1Basic theory about manufacturing cost and finished goods costing in enterprises 1.1.1 Characteristics of construction consultancy activities affect cost accounting and finished goods costing 1.1.1.1Nature of manufacturing cost In order to conduct production and business, enterprises need to have all 3 factors, namely labor objects, labor materials and labor force. In the course of manufacturing and trading, these elements combine to create products. The consumption of the above factors in the production process creates corresponding costs, which are costs of means for production, labor objectives costs and labor costs. In order to measure the costs spent in the production and business in the period to synthesize and determine the outputs, people use the monetary measure. Production costs of a construction enterprise include two types: Firstly, the costs spent to create a value of use as well as implementation of that value of use; Second, the costs are not related to creating value for use. In the course of production and business, in addition to manufacturing costs, construction enterprises also need to spend on other activities, all of which are costs of the business. In management, businesses need to be aware of these types of costs to take measures to manage savings and improve efficiency. 1.1.1.2Classification of manufacturing costs During the period, enterprises have to spend many different types of expenses. Each type of expense has different characteristics, content, utilities and management requirements. In order to properly manage each type of production cost in order to meet the requirements of inspection and supervision for each specific expense type, it is necessary to classify production costs. Student: Nguyen Huu Hoang 4 Class: CQ54/21CL.01
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