Accounting for revenue, expenses and determining business results at Dac Hung Gia Lai 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 REVENUE, EXPENSES AND DETERMINING BUSINESS RESULTS AT DAC HUNG GIA LAI COMPANY LIMITED

Industry : ACCOUNTING

Major: ACCOUNTING - FINANCE

Instructor: Associate Professor, Dr. PHAN DINH NGUYEN

Student : TRAN THI DI EM MY

Student ID: 1054030913 Class: 10DKTC7

Ho Chi Minh City, 2014

COMMITMENT



I hereby certify that this is my thesis researched during my internship at Dac Hung Gia Lai Company Limited under the guidance of my supervisor, Associate Professor, Dr. PHAN DINH NGUYEN. The research contents and results in this report are honest. The data in the tables for analysis, comments and evaluation were collected by the author himself from various sources and from the internship company. In addition, the topic also uses some comments, evaluations as well as data from other authors, organizations, and is also shown in the reference section.

If any fraud is detected, I will take full responsibility before the Council as well as the results of my thesis.

Ho Chi Minh City, June 30, 2014

Student

Tran Thi Diem My

ACKNOWLEDGEMENTS



Dear teachers of Ho Chi Minh City University of Technology and teachers in the Faculty of Accounting - Finance - Banking, Board of Directors of Dac Hung Gia Lai Limited Liability Company.

Through the time studying at school, as well as the time of practical experience at the Company, I have accumulated valuable scientific knowledge, thereby concretizing theory into practice, and at the same time improving my own awareness.

The above results are thanks to the teaching of the teachers of Ho Chi Minh City University of Technology who helped us gain the necessary knowledge of Accounting - Finance. Hereby, I would like to send my respect and deep gratitude to the teachers, especially Associate Professor Dr. PHAN DINH NGUYEN, who has enthusiastically guided me during the process of writing my thesis and has contributed many valuable ideas to help me complete this thesis.

At the same time, I would like to sincerely thank the Board of Directors and my colleagues at Dac Hung Gia Lai Company Limited for their enthusiastic help, providing data and answering my questions when necessary during my internship at the company.

Best regards!

Ho Chi Minh City, June 30, 2014

Student practice

Tran Thi Diem My

INSTRUCTOR COMMENTS

Full name of student: TRAN THI DIEM MY

Student ID: 1054030913

Class: 10DKTC07

……………………………………………………………………………………………

………………………………………………

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

INDEX

INTRODUCTION 1

CHAPTER I: THEORETICAL BASIS OF REVENUE AND COST ACCOUNTING AND DETERMINATION

BUSINESS PLAN 3

1.1 Sales revenue 3

1.1.1 Concept 3

1.1.2 Documents used 3

1.1.3 User account 3

1.1.4 Accounting method 4

1.2 Accounting for revenue deductions 7

1.2.1 Accounting for trade discounts 7

1.2.1.1 Concept 7

1.2.1.2 Documents used 7

1.2.1.3 User account 8

1.2.1.4 Accounting method 8

1.2.2 Accounting for returned goods 8

1.2.2.1 Concept 8

1.2.2.2 Documents used 8

1.2.2.3 User account 9

1.2.2.4 Accounting method 9

1.2.3 Accounting for sales discounts 10

1.2.3.1 Concept 10

1.2.3.2 Documents used 10

1.2.3.3 User account 10

1.2.3.4 Accounting method 10

1.3 Accounting for incurred expenses 11

1.3.1 Accounting for cost of goods sold 11

1.3.1.1 Concept 11

1.3.1.2 Documents used 12

1.3.1.3 User account 12

1.3.2 Accounting for sales costs 14

1.3.2.1 Concept 14

1.3.2.2 Documents used 14

1.3.2.3 User account 15

1.3.2.4 Accounting method 15

1.3.3 Business management cost accounting 17

1.3.3.1 Concept 17

1.3.3.2 Documents used 17

1.3.3.3 User account 18

1.3.3.4 Accounting method 18

1.4 Accounting for financial activities 22

1.4.1 Accounting for financial activity revenue 22

1.4.1.1 Concept 22

1.4.1.2 Documents used 22

1.4.1.3 User account 23

1.4.1.4 Accounting method 23

1.4.2 Accounting for financial operating costs 25

1.4.2.1 Concept 25

1.4.2.2 Documents used 26

1.4.2.3 User account 26

1.4.2.4 Accounting method 27

1.5 Other operating accounting 28

1.5.1 Accounting for other income 28

1.5.1.1 Concept 28

1.5.1.2 Documents used 29

1.5.1.3 User account 29

1.5.1.4 Accounting method 29

1.5.2 Other cost accounting 31

1.5.2.1 Concept 31

1.5.2.2 Documents used 31

1.5.2.3 User account 31

1.5.2.4 Accounting method 32

1.6 Accounting for determining business results 33

1.6.1 Accounting characteristics determine business results 33

1.6.2 Documents used 33

1.6.3 User account 33

1.6.4 Accounting method 34

CHAPTER II: CURRENT STATE OF SALES ACCOUNTING & DETERMINATION OF BUSINESS RESULTS AT DAC HUNG GIA LAI COMPANY LIMITED

.......................................................................................................................................... 36

2.1 General introduction of Dac Hung Gia Lai Company Limited 36

2.1.1 Introduction to Dac Hung Gia Lai Company Limited 36

2.1.2. Organization of management apparatus 37

2.1.3 Company Sales 39

2.1.4. Organization of accounting work 40

2.1.5. Accounting information system in Company 42

2.2 Current status of revenue and cost accounting organization and determination of business results at Dac Hung Gia Lai Company Limited 43

2.2.1. General issues 43

2.2.2. Accounting for sales revenue and service provision 45

2.2.2.1 Documents used 45

2.2.2.2 Books used 46

2.2.2.3 Actual revenue accounting at company 46

2.2.4 Accounting for cost of goods sold 48

2.2.4.1 Documents used 48

2.2.4.2 Books used 48

2.2.4.3 Method of calculating cost of goods sold 48

2.2.4.4 Actual cost accounting at company 48

2.2.5 Accounting for sales costs & business management costs 49

2.2.5.1 Documents used 49

2.2.5.2 Books used 49

2.2.5.3 Actual accounting of sales costs and business management costs at company 49

2.2.6 Accounting for financial activity revenue 51

2.2.6.1 Documents used 51

2.2.6.2 Books used 51

2.2.6.3 Actual financial revenue at company 51

2.2.7 Accounting for financial operating costs 52

2.2.7.1 Documents used 52

2.2.7.2 Books used 52

2.2.7.3 Actual financial operating costs at company 52

2.2.8 Accounting for other income 52

2.2.8.1 Documents used 52

2.2.8.2 Books used 52

2.2.8.3 Actual other income at company 53

2.2.9 Other cost accounting 53

2.2.9.1 Documents used 53

2.2.9.2 Books used 53

2.2.9.3 Actual other costs at company 53

2.2.10 Accounting for determining business results 54

2.2.10.1 Documents used 54

2.2.10.2 Books used 54

2.2.10.3 Calculation method 54

2.2.11 Accounting chart to determine business results in 2012 56

2.2.12 Analysis of business results of Dac Hung Gia Lai Company Limited in 2010, 2011, 2012 57

2.2.13 Analysis of the impact of other activities on business profits 63

CHAPTER III: COMMENTS AND RECOMMENDATIONS 65

3.1 Comments 65

3.1.1. Advantages 65

3.1.2. Disadvantages 66

3.2 Some recommendations 67

CONCLUSION 70

REFERENCES 71

APPENDIX