Deferred Corporate Income Tax Expense Accounting Flowchart

8211

3334

Current corporate income tax payable in the period is self-determined by the enterprise.

911

Tax expense transfer

Current corporate income tax

difference between provisional corporate income tax

pay more than payable

(Source: Financial Accounting, Ho Chi Minh City Economic Publishing House)

Diagram 2.13: Diagram of accounting for deferred corporate income tax expense

8212

347

The difference between the deferred corporate income tax arising in the year is greater than the amount reversed in the year.

911

347

The difference between the deferred corporate income tax arising in the year is less than the amount reversed in the year.

911

Transfer of arising difference Credit Transfer of arising difference Credit

greater than the amount incurred in Debit account 8212

less than the amount incurred Debit account 8212

(Source: Financial Accounting, Ho Chi Minh City Economic Publishing House)

2.5 Accounting determines business results

2.5.1 Content

Business results: Is the profit or loss generated by the business activities of an enterprise in an accounting period. At the end of each period, the accountant determines the business results of the period by summarizing the business results of the basic production and business activities and the business results of other activities.

2.5.2 Accounting regulations for determining business results

- Account 911 is used to determine and reflect the business performance and other activities of an enterprise in an accounting period.

- Business performance results are accounted for in detail according to each type of activity, fully and accurately reflecting the business results of an accounting period.

- Revenue and income transferred to account 911 are net revenue and net income.

2.5.3 Accounting accounts

Accounting using account 911: “Determining business results”

2.5.4 Accounting books

- Record keeping documents

- Register of accounting vouchers

- Ledger account 911

2.5.5 Accounting methods for determining business results

Diagram 2.14: Accounting diagram to determine business results 911

632 Determine the results of KD 511

Transfer of cost of goods sold Transfer of net revenue Financial expenses, other expenses for sales and service provision

635 515

Financial expenses transfer Financial activities revenue transfer

Transfer of sales management expenses

642 711

Transfer of management expenses Transfer of other income to enterprises

811

Carry over other expenses

8211, 8212 8212

Carryover of current corporate income tax expenses Carryover of deferred corporate income tax expenses and deferred corporate income tax expenses

421 421

Carry forward of operating profit Carry forward of operating loss during the period Business during the period

(Source: Financial Accounting, Ho Chi Minh City Economic Publishing House)

CHAPTER 3: OVERVIEW OF PV OIL LUBRICANTS JOINT STOCK COMPANY

3.1 Introduction to the company's formation and development process

3.1.1 General introduction to the company's formation and development process

3.1.1.1 General introduction of the company

PV OIL Lubricants Joint Stock Company is the only unit of the Oil and Gas Group that produces and trades lubricants under the brand name PETROVIETNAM - PV OIL LUBE.

- Company name: PV OIL Lubricants Joint Stock Company

- Abbreviation: PV OIL LUBE

- Address: No. 193/6A Nam Ky Khoi Nghia, Ward 7, District 3, HCMC.

- Phone: (84 8) 39326232

- Fax: (84 8) 39326248

- Tax code: 0103100084

- Website: http://www.lube.pvoil.vn

- Email: pvoillube@lube.pvoil.vn

- Charter capital: 89,000,000,000 VND.

- Legal representative: Mr. Nguyen Ngoc Anh, position: Director.

3.1.1.2 History of formation and development of the company

- History of formation:

+ On June 20, 1991, the General Director of Vietnam Oil and Gas Corporation issued Decision No. 470/DK-TC to establish Vidamo Lubricants Enterprise under Vietnam Oil and Gas Corporation.

+ In 1992, the Ministry of Industry allowed Vidamo Lubricants Enterprise to transform into Vidamo Company.

+ In 1996, the Petroleum Products Processing and Trading Company, abbreviated as PV PDC, was established on the basis of merging two companies, the Petrochemical Refinery Company and the Vidamo Lubricants Company, by the Minister of the Government Office, Decision No. 196/BT dated February 16, 1996.

+ On November 6, 2008, the Board of Directors of Vietnam Oil and Gas Group issued Decision No. 2774/QD-DKVN to establish Vidamo Petrochemical Company Limited.

+ On April 28, 2009, Vidamo Petroleum Chemical Company Limited officially converted its operating model to a joint stock company with the name "Vidamo Petroleum Chemical Joint Stock Company".

+ In March 2012, Vidamo Petrochemical Joint Stock Company changed its name to PV Oil Lubricants Joint Stock Company (PV OIL LUBE).

- Company development process:

+ In 1991, Vidamo Lubricant Factory was established with a lubricant production workshop with a capacity of 1,000 tons/year.

+ In 1994, Vidamo company produced lubricants in two workshops with a capacity of 16,000 tons/year, produced lubricants under the Vidamo brand and produced most of the lubricant products according to orders for domestic private enterprises.

+ In 1996, PVDC company produced lubricants under the brand name PETROVIETNAM-PDC and manufactured according to orders of foreign companies such as SHELL, MOBIL, TOTAL in three workshops with a capacity of 18,000 tons/year. From 2000 to 2008, lubricants were produced in two workshops with a capacity of 26,000 tons/year.

+ December 2008, the Company produced lubricants with the brand name PETROVIETNAM- VIDAMO.

+ March 2012, the company produced lubricants with the brand name PETROVIETNAM - PV OIL LUBE.

3.1.2 Characteristics of the company's production and business activities

3.1.2.1 Company's operational objectives

- Maximize profits and increase shareholders' equity.

- Building a distribution system, sustainable development, expanding market share in the Vietnamese oil and grease market.

- Contribute to the state budget.

3.1.2.2 Functions and tasks of the company

- Main fields of operation of the company : PV OIL Lubricant Joint Stock Company operates mainly in the field of manufacturing and trading of lubricant products including:

+ Production and trading of lubricating grease products and specialized lubricating preparations.

+ Production and trading of chemical and petrochemical solvent products.

+ Manufacturing and trading equipment serving the field of oil and grease lubrication in industry and civil use.

+ Consulting, providing lubrication solutions and technical services.

+ Wholesale and retail petroleum agents.

- Functions and tasks of the company:

Since 1991, PV OILLUBE has continuously made efforts and invested in researching a product portfolio that meets most of the usage needs. All PVOIL LUBE lubricants with their characteristics and properties for effective use in industry are described in the company's lubricant handbook.

The company has produced over 140 types of lubricating oils and greases, including engine oils, industrial oils, specialized industrial oils such as: hydraulic oils, transmission oils, extreme pressure gear oils, brake oils, etc.

The products manufactured by the company have been supplied to the market nationwide. The company's customers are enterprises in key economic sectors such as: electricity, coal, mining, heavy industry, light industry, oil and gas.

3.1.2.3 Company's scale of operations

PV OIL Lubricant Joint Stock Company is one of the first enterprises in Vietnam to produce and trade in branded lubricants. Currently, PV OIL LUBE is the only unit of the Vietnam Oil and Gas Group with a large scale of operations from North to South. Currently, the company has 4 branches and 2 lubricant factories:

- Northern branch: Lot 13, building M1, Yen Hoa new urban area, Cau Giay district, Hanoi.

- Da Nang Branch: No. 249 Ngo Quyen, An Hai Bac Ward, Son Tra District, Da Nang City.

- Vung Tau Branch: No. 8, Nguyen Thai Hoc Street, Ward 1, Vung Tau City, Ba Ria - Vung Tau Province.

- Hai Phong Branch: No. 1, Nguyen Binh Khiem, Dong Hai 2 Ward, Hai An District, Hai Phong City.

- Binh Chieu Lubricant Factory: Road No. 3, Lot D, Binh Chieu Industrial Park, Binh Chieu Ward, Thu Duc District, Ho Chi Minh City

- Dong Hai Lubricant Factory: No. 1 Nguyen Binh Khiem, Dong Hai Ward, Hai An District, Hai Phong City.

3.2 Organizational structure and management apparatus at the company

3.2.1 Organizational chart and management apparatus at the company

Diagram 3.1 Organizational chart of the company's management apparatus

GENERAL MEETING OF SHAREHOLDERS

BOARD OF DIRECTORS

BOARD OF DIRECTORS

SUPERVISION BOARD

CONTROL

MANAGEMENT BLOCK

BUSINESS DIVISION

PRODUCTION BLOCK

BRANCHES, SUBSIDIARIES

Administrative Department

Finance and Accounting Department

Investment Planning Department

Safety Engineering Department

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At the end of the survey, after checking and eliminating erroneous questionnaires, the study collected 858 complete questionnaires, equivalent to a rate of about 78%. In addition, the research subjects of the thesis are only people who are using mobile phones, so people who do not use mobile phones are not within the scope of the thesis, therefore, the questionnaires with the option of not using mobile phones were excluded from the scope of analysis. The number of suitable survey questionnaires included in the statistical analysis was 835. 4.1 Demographic characteristics of the sample The structure of the survey sample is divided and statistically analyzed according to criteria such as gender, age, occupation, education level and personal income. (Detailed statistical table in Appendix 6) - Gender structure: Of the 835 completed questionnaires, 49.8% of respondents were male, equivalent to 416 people, and 50.2% were female, equivalent to 419 people. The survey results of the study are completely consistent with the gender ratio in the population structure of Vietnam in general and Hanoi in particular (Male/Female: 49/51). - Age structure: 36.6% of respondents are <23 years old, equivalent to 306 people. People from 23-34 years old accounting for the highest proportion: 44.8% equivalent to 374 people, people aged 35-45 and >45 are 70 and 85 people equivalent to 8.4% and 10.2% respectively. Looking at the results of this survey, we can see that the young people - youth account for a large proportion of the total number of people participating in the survey. Meanwhile, the middle-aged people including two age groups of 35 - 45 and >45 have a low rate of participation in the survey. This is completely consistent with the reality when Mobile Marketing is identified as a Marketing service aimed at young people (people under 35 years old). - Structure by educational level: among 835 valid responses, 541 respondents had university degrees, accounting for the highest proportion of ~ 75%, 102 had secondary school degrees, ~ 13.1%, and 93 had post-graduate degrees, ~ 11.9%. - Occupational structure: office workers and civil servants are the group with the highest rate of participation with 39.4%, followed by students with 36.6%. Self-employed people account for 12%, retired housewives are 7.8% and other occupational groups account for 4.2%. The survey results show that the student group has the same rate as the group aged <23 at 36.6%. This shows the accuracy of the survey data. In addition, the survey results distributed by occupational criteria have a rate almost similar to the sample division rate in chapter 3. Therefore, it can be concluded that the survey data is suitable for use in analysis activities. - Income structure: the group with income from 3 to 5 million has the highest rate with 39% of the total number of respondents. This is consistent with the income structure of Hanoi people and corresponds to the average income of the group of civil servants and office workers. Those People with no income account for 23%, income under 3 million VND accounts for 13% and income over 5 million VND accounts for 25%. 4.2 Mobile phone usage in Hanoi inner city area According to the survey results, most respondents said they had used the phone for more than 1 year, specifically: 68.4% used mobile phones from 4 to 10 years, 23.2% used from 1 to 3 years, 7.8% used for more than 10 years. Those who used mobile phones for less than 1 year accounted for only a very small proportion of ~ 0.6%. (Table 4.1) Table 4.1: Time spent using mobile phones Frequency Ratio (%) Valid Percentage Cumulative Percentage Alid <1 year 5 .6 .6 .6 1-3 years 194 23.2 23.2 23.8 4-10 years 571 68.4 68.4 92.2 >10 years 65 7.8 7.8 100.0 Total 835 100.0 100.0 The survey indexes on the time of using mobile phones of consumers in the inner city of Hanoi are very impressive for a developing country like Vietnam and also prove that Vietnamese consumers have a lot of experience using this high-tech device. Moreover, with the majority of consumers surveyed having a relatively long time of use (4-10 years), it partly proves that mobile phones have become an important and essential item in people's daily lives. When asked about the mobile phone network they are using, 31% of respondents said they are using the network of Vietel company, 29% use the network of of Mobifone company, 27% use Vinaphone company's network and 13% use networks of other providers such as E-VN telecom, S-fone, Beeline, Vietnammobile. (Figure 4.1). Figure 4.1: Mobile phone network in use Compared with the announced market share of mobile telecommunications service providers in Vietnam (Vietel: 36%, Mobifone: 29%, Vinaphone: 28%, the remaining networks: 7%), we see that the survey results do not have many differences. However, the statistics show that there is a difference in the market share of other networks because the Hanoi market is one of the two main markets of small networks, so their market share in this area will certainly be higher than that of the whole country. According to a report by NielsenMobile (2009) [8], the number of prepaid mobile phone subscribers in Hanoi accounts for 95% of the total number of subscribers, however, the results of this survey show that the percentage of prepaid subscribers has decreased by more than 20%, only at 70.8%. On the contrary, the number of postpaid subscribers tends to increase from 5% in 2009 to 19.2%. Those who are simultaneously using both types of subscriptions account for 10%. (Table 4.2). Table 4.2: Types of mobile phone subscribers Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid Prepay 591 70.8 70.8 70.8 Pay later 160 19.2 19.2 89.9 Both of the above 84 10.1 10.1 100.0 Total 835 100.0 100.0 The above figures show the change in the psychology and consumption habits of Vietnamese consumers towards mobile telecommunications services, when the use of prepaid subscriptions and junk SIMs is replaced by the use of two types of subscriptions for different purposes and needs or switching to postpaid subscriptions to enjoy better customer care services. In addition, the majority of respondents have an average spending level for mobile phone services from 100 to 300 thousand VND (406 ~ 48.6% of total respondents). The high spending level (> 500 thousand VND) is the spending level with the lowest number of people with only 8.4%, on the contrary, the low spending level (under 100 thousand VND) accounts for the second highest proportion among the groups of respondents with 25.4%. People with low spending levels mainly fall into the group of students and retirees/housewives - those who have little need to use or mainly use promotional SIM cards. (Table 4.3). Table 4.3: Spending on mobile phone charges Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid <100,000 212 25.4 25.4 25.4 100-300,000 406 48.6 48.6 74.0 300,000-500,000 147 17.6 17.6 91.6 >500,000 70 8.4 8.4 100.0 Total 835 100.0 100.0 The statistics in Table 4.3 are similar to the percentages in the NielsenMobile survey results (2009) with 73% of mobile phone users having medium spending levels and only 13% having high spending levels. The survey results also showed that up to 31% ~ nearly one-third of respondents said they sent more than 10 SMS messages/day, meaning that on average they sent 1 SMS message for every working hour. Those with an average SMS message volume (from 3 to 10 messages/day) accounted for 51.1% and those with a low SMS message volume (less than 3 messages/day) accounted for 17%. (Table 4.4) Table 4.4: Number of SMS messages sent per day Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid <3 news 142 17.0 17.0 17.0 3-10 news 427 51.1 51.1 68.1 >10 news 266 31.9 31.9 100.0 Total 835 100.0 100.0 Similar to sending messages, those with an average message receiving rate (from 3-10 messages/day) accounted for the highest percentage of ~ 55%, followed by those with a high number of messages (over 10 messages/day) ~ 24% and those with a low number of messages received daily (under 3 messages/day) remained at the bottom with 21%. (Table 4.5) Table 4.5: Number of SMS messages received per day Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid <3 news 175 21.0 21.0 21.0 3-10 news 436 55.0 55.0 76.0 >10 news 197 24.0 24.0 100.0 Total 835 100.0 100.0 When comparing the data of the two result tables 4.4 and 4.5, we can see the reasonableness between the ratio of the number of messages sent and the number of messages received daily by the interview participants. 4.3 Current status of SMS advertising and Mobile Marketing According to the interview results, in the 3 months from the time of the survey and before, 94% of respondents, equivalent to 785 people, said they received advertising messages, while only a very small percentage of 6% (only 50 people) did not receive advertising messages (Table 4.6). Table 4.6: Percentage of people receiving advertising messages in the last 3 months Frequency Ratio (%) Valid Percentage Cumulative Percentage Valid Have 785 94.0 94.0 94.0 Are not 50 6.0 6.0 100.0 Total 835 100.0 100.0 The results of Table 4.6 show that consumers in the inner city of Hanoi are very familiar with advertising messages. This result is also the basis for assessing the knowledge, experience and understanding of the respondents in the interview. This is also one of the important factors determining the accuracy of the survey results. In addition, most respondents said they had received promotional messages, but only 24% of them had ever taken the action of registering to receive promotional messages, while 76% of the remaining respondents did not register to receive promotional messages but still received promotional messages every day. This is the first sign indicating the weaknesses and shortcomings of lax management of this activity in Vietnam. 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• Sequence Diagram of Accounting for Other Operating Income
• Accounting for Income and Expenses from Other Activities:
• Law on Corporate Income Tax Management

Dealer Sales Department

Industrial Sales Department

Petroleum Business Department

Binh Chieu Lubricants Factory

Dong Hai Lubricant Factory

Northern Branch

Danang Branch

Vung Tau Branch

Hai Phong Branch

(Source: Company accounting and finance department)

3.2.2 Functions and tasks of each department

- General Meeting of Shareholders: Is the highest authority of the company, with rights and duties as prescribed in the Company Charter. Including the right to elect and dismiss members of the Board of Directors and the Board of Supervisors.

- Board of Directors: Has full authority on behalf of the company to decide and implement all matters related to the purpose, rights and obligations of the company, except for matters under the authority of the general meeting of shareholders.

- Board of Supervisors: Elected by the general meeting of shareholders to represent shareholders in controlling all activities of the company, with the task of checking the reasonableness and legality in the company's business operations.

- Board of Directors:

+ Director: Is the person with the highest executive authority in the company, directly responsible to the Board of Directors for organizing, managing and operating the company's activities.

+ Deputy Director: Is the assistant to the director, assigned and authorized by the director to manage and operate some areas of the company.

- Administrative organization department: Advises and assists the Director in managing, operating and implementing general work, documents, archives, integrated quality - safety - environment system, secretarial, administrative management, information technology, foreign affairs, human resource development, recruitment and training.

- Finance and accounting department:

+ Advise and assist the Director in managing, operating, implementing, inspecting and supervising financial and accounting work, planning financial strategies and organizing, arranging, managing, supervising and coordinating the company's capital investment.

+ Researching tax and state financial policies related to the company's operations.

- Investment planning department:

+ Plan goals, build, check and monitor the implementation of strategies, long-term, medium-term and annual plans for the company's production and business activities. Perform the work of synthesizing, analyzing data and reporting, evaluating the results of assigned tasks and proposing solutions for improvement.

+ Develop, preside over the organization and implementation of investment plans and manage investment portfolios.

Organize and implement investment projects from the opportunity research stage until completion, acceptance, handover and implementation of payment and settlement procedures in accordance with regulations.

+ Establish, deploy and control the implementation of production plans, raw material and supply plans for lubricant production activities to meet the company's business needs.

- Sales department:

+ Plan the company's business goals and strategies.

+ Research and propose operational plans, make periodic plans, monitor operational progress, and coordinate with departments to implement economic contracts.

+ Organization of trade-service-import-export business.

- Safety engineering department:

+ Manage the quality of raw materials and input supplies for production activities and control and ensure the quality of the company's products.

+ Carry out consulting activities, technical support and training in lubricant technical knowledge, ensuring occupational safety.

- Lubricant factories:

+ Manufacture, process and blend lubricants and products according to the company's and customers' requirements according to the company's production processes.

+ Carry out inspection, maintenance and repair of equipment and assets related to factory operations, implement labor safety to ensure stable production operations.

3.3 Accounting organization structure at the company

3.3.1 Organization of accounting department in the company

3.3.1.1 Organizational chart of the accounting department at the company

Diagram 3.2: Organizational chart of the accounting department at the company

CHIEF ACCOUNTANT

DEPUTY DIRECTOR OF ACCOUNTING

DEPUTY DIRECTOR OF ACCOUNTING

Accountant

tax

Accountant

Sales - Warehouse

Accountant

pay

Accounts Receivable -

Treasurer

(Source: Company Accounting and Finance Department)

3.3.1.2 Functions and tasks of each accounting department

- Chief Accountant: Organizes planning, checks reports and analyzes financial activities, is responsible for general management, checks and supervises all work specifically assigned to each person.