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MINISTRY OF FINANCE ACADEMY OF FINANCE -------***------- GRADUATION THESIS TOPIC ACCOUNTING FOR EXPENSES, REVENUE, INCOME AND DETERMINATION OF BUSINESS RESULTS AT ASIA BUSINESS CONSULTING CO., LTD MENTOR : Ph.D TRAN THI NGOC HAN STUDENT : NGUYEN THI ANH CLASS : CQ54/21.11 Ha Noi - 2020
Graduation thesis Acad PLEDGE I assure you that this is my research work, the data and results stated in the thesis are honest, derived from the actual situation of Asia Business Consulting Co.,LTD. Thesis author Nguyen Thi Anh Anh Nguyen Thi- CQ54/21.11 Page 1
Graduation thesis Acad INTRODUCTION 1. The general introduction of the topic Enterprises operating in the market mechanism are strongly competing to survive and stand out on the market. Especially, at this time, the economy is facing many difficulties and challenges; in order to survive and develop, enterprises need to have a flexible production and business method; proper and timely management; reasonable use of human resources. To do this, businesses have to determine their right investment, production scale, needs and their ability in terms of production and business conditions which help them make the right decision. Therefore, the organization and management of accounting records serving the needs of capturing, collecting and processing information to evaluate business results are an indispensable requirement. They show size and business method as well as the ability to grow or regress of an enterprise, and helps make right decisions in the future. Facing that situation, Asia Business Consulting Co., Ltd. understands that, besides finding out measures to improve production and business efficiency, the organization and management of accounting are also an essential requirement. Especially, information on expenses, revenue, income and business results plays an important role in accounting information. This information is always concerned by businesses and investors. More than ever, perfecting accounting for expenses, revenue, income and determining business results will contribute to increasing competitiveness, improving the quality of business decisions, and increasing the transparency of financial information. Anh Nguyen Thi- CQ54/21.11 Page 3
Graduation thesis Acad My internship at Asia Business Consulting Co., Ltd. is an opportunity for me to approach accounting practice at the company, especially accounting for expenses, revenue, income and business results. Along with the guidance of the instructor - Ms. Tran Thi Ngoc Han and the accountants of the accounting department of the company, I gained knowledge about the company as well as accounting work. Being aware of the importance of accounting for expenses, revenue, income and business results, I decided to choose this topic to write my final thesis: " Accounting for expenses, revenue, income and determination of business results at Asia Business Consulting Co., Ltd.” 2. Research subject and purpose - Subject of research: Accounting for expenses, revenue, income and determination of business results. - Research purpose: In-depth understanding of accounting for expenses, revenue, income and determination of business results, making an overview of achievements and shortcomings. From there, making suggestions to improve the accounting for expenses, revenue, income and determination of business results at Asia Business Consulting Co., Ltd. 3. Scope of the research The thesis focuses on theoretical and practical issues of accounting for expenses, revenue, income and determination of business results at Asia Business Consulting Co., Ltd in the 2019 period. 4. Research methods The thesis uses dialectical materialism, historical materialism combined with the methods of analysis, statistics, synthesis, comparison between theory and reality of Asia Business Consulting Co., Ltd., Since then, we have Anh Nguyen Thi- CQ54/21.11 Page 4
Graduation thesis Acad proposed a solution to improve the accounting for expenses, revenue, income and determination of business results at Asia Business Consulting Co., Ltd. 5. Structure of graduate thesis In addition to the Introduction, Conclusion, Lists, Tables, my thesis is divided into 3 chapters: - Chapter 1: General theory of accounting for expenses, revenue, income and determination of business results in the service-providing enterprise. - Chapter 2: Accounting for expenses, revenue, income and determination of business results at Asia Business Consulting Co., Ltd. - Chapter 3: Some comments to perfect accounting for expenses, revenue, income and determination of business results at Asia Business Consulting Co., Ltd. Due to the limited time and knowledge gained, the topic still have errors, so it is expected that I will receive the help and evaluation, suggestions from the management, accounting staff of Consulting Co., Ltd. Asian Business and the teachers at Academy of Finance, especially the mentor – Ph.D Tran Thi Ngoc Han so that I can best complete my thesis. Thank you sincerely! Student Nguyen Thi Anh Anh Nguyen Thi- CQ54/21.11 Page 5
Graduation thesis Acad CHAPTER I GENERAL THEORY OF ACCOUNTING FOR EXPENSES, REVENUE, INCOME AND DETERMINATION OF BUSINESS RESULTS IN THE SERVICE- PROVIDING ENTERPRISE 1.1 The need and mission of accounting for expenses, revenue, income and determination of business results in the service- providing enterprise 1.1.1 The meaning of expenses, revenue, income and business results Revenue is the economic benefits that an enterprise gains in the course of its production and business activities. For service-providing enterprises, the revenue mainly comes from service-providing services. In addition, enterprises can get revenue from financial activities and other activities. Businesses are always eager to achieve the maximum revenue Expenses are the amounts of money that an enterprise must spend to conduct business activities. Every business wants to minimize costs to maximize profits Business results are economic benefits that enterprises gain after deducting all expenses. Business results of an enterprise include: Results of production and business activities, Results of financial activities and Results of other activities. Revenue, expenses or business results are indicators to evaluate the effectiveness of production and business activities in enterprises. Based on these criteria, business owners can come up with timely plans and solutions to promote or improve the current business situation, to achieve the ultimate Anh Nguyen Thi- CQ54/21.11 Page 6
Graduation thesis Acad goal of maximizing profits. , increase the value of the business. Investors can rely on these indicators to decide whether to invest in a business or not. Suppliers rely on that to determine their strategy of providing goods and services, ... 1.1.2 Management requirements for expenses, revenue, income and business results - Expenses, revenue, income and business results play a key role in the development of the business so it is necessary to have strict management in all aspects. - The management of expenses, revenue, income and business results should pay attention to the following: +Understanding each service delivery method, payment method applied for each certain object. + Building a list of customers, with each object, it is necessary to specify the policy applicable to debts to have reasonable, timely and complete debt recovery measures, while ensuring the reputation of the business, attracting customers, has quickly recovered capital to implement specific plans and plans. + Clearly categorize revenues and expenses, record them at the right time and in the right value. Distinguish revenue from supply activities and income from other activities. Strictly manage expenses, propose cost-effective and effective management measures to maximize profits. + The work of transferring revenues, expenses and determining sales results should be cautious, ensuring full and accurate accounting records. 1.1.3 The need and mission of accounting for expenses, revenues, income and determining business results Anh Nguyen Thi- CQ54/21.11 Page 7
Graduation thesis Acad 1.1.3.1 The need of accounting for expenses, revenues, income and determining business results In a market economy, the problem that businesses are always interested in is how to operate business most effectively (maximizing profits and minimizing costs). Factors that are directly related to determining a company's profit are revenue, income and expenses. Therefore, the organization of accounting work on expenses, revenue, income and determination of business results plays an extremely important role. Accounting for expenses, revenue, income and determination of business results is not only necessary for business executives, but it is also important for other people in the economy. + For investors: Accounting for expenses, revenue, income and determination of business results is the basis for investors to evaluate the production and business efficiency of each enterprise. From there, they will make reasonable investment decisions. + For financial intermediaries such as banks, financial leasing companies,... accounting for expenses, revenue, income and determination of business results is a prerequisite to conduct appraisals and assess the financial position of the business, in order to make decisions about how much the loan and the loan term. + For macroeconomic management agencies: Accounting for expenses, revenue, income and determination of business results helps the State policymakers to summarize, analyze data and provide necessary parameters which help government regulate the economy at macro level, determine the right corporate income tax that enterprises have to pay to the State. Anh Nguyen Thi- CQ54/21.11 Page 8
Graduation thesis Acad 1.1.3.2 The mission of accounting for expenses, revenues, income and determining business results Today, accounting in general and accounting for expenses, revenues, income and determining business results in particular have helped businesses and state agencies evaluate the completion of the plan on service costs, costs and profits to overcome the shortcomings and limitations in the management. The organization and rational arrangement between the stages of service provision will create favorable conditions in the service provision accounting and determine business results, and at the same time create a unity in the general accounting system of the business. In order to promote the role of accounting in the management of business activities, accounting for expenses, revenues, income and determining business results in enterprises need to perform the following tasks: - Reflecting, recording fully, promptly revenues, deductions of revenue and all expenses incurred in the period to collect revenue and fee for the period at the end of the period to determine business results. - Monitoring regularly, continuously increasing and decreasing sales and service provision, financial activities and other income. - Accurately determining business results, monitoring the performance of obligations to the State. - Providing accurate and timely accounting information for the preparation of financial statements and periodically analyzing business activities related to revenue and determine business results. - Determining the process of accounting for expenses, revenue, income and determination of business results. Anh Nguyen Thi- CQ54/21.11 Page 9
Graduation thesis Acad - Making recommendations and measures to improve consumption and determine business results, providing management with the information needed to develop specific plans to improve the operational efficiency of enterprise 1.2Accounting for expenses, revenue, income and determination of business results 1.2.1 Accounting for expenses in the service- providing enterprise 1.2.1.1 Accounting for cost of goods sold 1.2.1.1.1 Overview - The cost of service is the total business expenses associated with the process of providing the service. - Determine cost of goods sold: Finished products and services cannot be stored like physical products and other goods, but they shall be accounted into the prime cost of goods sold immediately. Therefore, for the finished services whose revenue has not yet been recorded, the cost for those tasks is still considered to be the cost of the unfinished product. However, service activities usually do not account for incompleted product costs. Therefore, the cost of products and services is expressed as the cost of living labor needed and materialized labor creates the products and services provided to customers. At the end of the business period, due to the characteristics of products and services without physical artifacts, the finished product cost is transferred from Acc154- Unfinished production and export expense to Acc632- Cost of goods sold 1.2.1.1.2 Documents and account used Anh Nguyen Thi- CQ54/21.11 Page 10
Graduation thesis Acad - Documents used: Accounting vouchers, Minutes of acceptance of works, cases, ... - Account used: Acc 632- Cost of goods sold Other related account: Acc154- Unfinished production and export expense Anh Nguyen Thi- CQ54/21.11 Page 11
Graduation thesis Acad 1.2.1.1.3 Accounting order Acc 154 Acc 632 Acc 911 (1) (2) Diagram 1.2.1.1: Ordering of accounting of Cost of goods sold Note: (1)Service fee for the period (2) Transferring cost of goods sold 1.2.1.2 Accounting for selling expenses and administrative expenses 1.2.1.2.1 Overview - Selling expenses are actual expenses incurred in the process of selling goods and providing services, including expenses such as: the salary cost of salesperson, social insurance, health insurance, unemployment insurance, business insurance of salesperson, sales commissions, product warranty costs, goods preservation costs, freight expenses, customer conference costs, fixed asset depreciation expenses for sales activities, ... - Administrative expenses are the administrative and general management costs of the enterprise, including the salary costs of management department staff, the cost of office materials, the depreciation of fixed assets used for business management department, social insurance, health insurance, unemployment insurance, business insurance of business management staff, land tax, license tax, provision for payment, expenses for services purchased Anh Nguyen Thi- CQ54/21.11 Page 12
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