Accounting for income, expenses and determining business results at Family Gas Company Limited

MINISTRY OF EDUCATION AND TRAINING

HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY FACULTY OF ACCOUNTING - FINANCE - BANKING

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GRADUATION THESIS

TOPIC:

ACCOUNTING FOR INCOME, EXPENSES AND DETERMINATION OF BUSINESS RESULTS AT FAMILY GAS COMPANY LIMITED

Industry: ACCOUNTING

Major: FINANCIAL ACCOUNTING

Instructor: MSc. NGUYEN TRONG NGHIA Student: NGUYEN THI THUY LINH Student ID: 1054030877 Class: 10DKTC4

Ho Chi Minh City, 2014

COMMITMENT

I certify that this is my own research topic. The results and data in the graduation thesis were conducted at Gia Dinh Gas Company Limited, not copied from any other source. I am fully responsible to the school for this commitment.

Ho Chi Minh City, Date…. Month…. Year 2014

Author (Signed)

Nguyen Thi Thuy Linh

ACKNOWLEDGEMENTS

I would like to express my sincere thanks and deep gratitude to the teachers of Ho Chi Minh City University of Technology. Especially the teachers of the Faculty of Accounting - Finance and Banking of the school have created conditions for me to participate in this graduation thesis. And I would also like to sincerely thank Mr. Nguyen Trong Nghia for his enthusiastic guidance and instruction to successfully complete this graduation thesis.

During my internship at the company, thanks to the guidance of the seniors in the Finance and Accounting Department, I have accumulated a lot of knowledge and improved my understanding. I would like to sincerely thank the Board of Directors of the company and all the seniors in the Finance and Accounting Department of Gia Dinh Gas Company Limited for receiving me and creating favorable conditions to enthusiastically support me during my internship at the company.

During the internship, as well as in the process of writing the thesis, due to limited theoretical knowledge and practical experience, the thesis cannot avoid shortcomings. I look forward to receiving comments from teachers so that I can learn more experience.

Thank you very much. Best regards

Ho Chi Minh City, Date…. Month…. Year 2014

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

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INTERNSHIP UNIT COMMENTS

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3. Sense of responsibility for work and sense of discipline:

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4. Internship results by topic:

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5. General comments:

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Date…. Month…. Year….

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INSTRUCTOR COMMENTS

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Ho Chi Minh City, date … month … year 2014 Instructor

INDEX

FOREWORD 1

1. The necessity of topic 1

2. Research objective 2

3. Research method 2

4. Research scope 2

5. Thesis 2 layout

CHAPTER 1: GENERAL THEORETICAL BASIS OF INCOME AND COST ACCOUNTING AND DETERMINATION OF BUSINESS RESULTS 3

1.1. General issues of business operations 3

1.1.1. Concept of business performance 3

1.1.2. Meaning of business performance 3

1.1.3. Concept and classification of business entities 3

1.1.3.1. Revenue and income 3

1.1.3.2. Cost 4

1.2. Revenue and income accounting 5

1.2.1. Accounting for sales revenue and service provision 5

1.2.1.1. Consumption method 5

1.2.1.2. Principles and conditions for revenue recognition 6

1.2.1.3. Accounting accounts used 7

1.2.1.4. Accounting diagram 7

1.2.2. Accounting for financial activity revenue 8

1.2.2.1. Contents 8

1.2.2.2. Accounting Principles 8

1.2.2.3. Accounting accounts used 9

1.2.2.4. Accounting diagram 9

1.2.3. Accounting for other income 10

1.2.3.1. Contents 10

1.2.3.2. Accounting Principles 10

1.2.3.3. Accounting accounts used 10

1.2.3.4. Accounting chart 11

1.2.4. Accounting for revenue deductions 12

1.2.4.1. Contents 12

1.2.4.2. Accounting principles 12

1.2.4.3. Accounting accounts used 12

1.2.4.4. Accounting diagram 12

1.3. Cost accounting 13

1.3.1. Accounting for cost of goods sold 13

1.3.1.1. Contents 13

1.3.1.2. Accounting principles 13

1.3.1.3. Accounting accounts used 13

1.3.1.4. Accounting diagram 13

1.3.2. Accounting for sales costs and business management costs 14

1.3.2.1. Contents 14

1.3.2.2. Accounting principles 15

1.3.2.3. Accounting accounts used 15

1.3.2.4. Accounting diagram 16

1.3.3. Accounting for financial operating costs 17

1.3.3.1. Contents 17

1.3.3.2. Accounting principles 17

1.3.3.3. Accounting accounts used 17

1.3.3.4. Accounting diagram 17

1.3.4. Other cost accounting 18

1.3.4.1. Contents 18

1.3.4.2. Accounting principles 19

1.3.4.3. Accounting accounts used 19

1.3.4.4. Accounting diagram 19

1.3.5. Accounting for corporate income tax expenses 20

1.3.5.1. Contents 20

1.3.5.2. Accounting principles 20

1.3.5.3. Accounting accounts used 20

1.3.5.4. Accounting diagram 21

1.4. Accounting determines business performance 21

1.4.1. Contents 21

1.4.2. Accounting Principles 21

1.4.3. Accounting accounts used 21

1.4.4. Accounting for determining business results 22

1.4.5. Accounting diagram 23

CHAPTER 2: CURRENT STATE OF INCOME AND EXPENSE ACCOUNTING AND DETERMINATION OF BUSINESS RESULTS AT FAMILY GAS ONE MEMBER COMPANY LIMITED 25

2.1. Introduction to Family Gas Company 25

2.1.1. General introduction of Family Gas Company 25

2.1.1.1. History of formation and development of Company 25

2.1.1.2. The Company's business performance over the years 26

2.1.1.3.Advantages, difficulties and development strategy of the Company in the future

............................................................................................................................................27 2.1.2. Company's organizational structure ........................................................................28

2.1.2.1. Organizational chart of Company 28

2.1.2.2. Function of each part 28

2.1.3. Organization of accounting work at Company 29

2.1.3.1. Organization of accounting department at Company 29

2.1.3.1.1. Diagram of Finance and Accounting Department 29

2.1.3.1.2. Functions, duties and powers of the Finance and Accounting Department. 29

2.1.3.2. Organization of accounting work at Company 30

2.1.3.2.1. Organization of application of accounting regime at Company 30

2.1.3.2.2. Accounting policies applied at Company 30

2.1.3.2.3. Accounting form at Company 30

2.2. Current status of income and expense accounting and determination of business results at Company 31