Revenue and Cost Accounting and Determination of Business Results at Xuan Huy Construction Service Co., Ltd.

1.5.3 Accounting diagram

Diagram 1.13: diagram of accounting for business performance

Account 911

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Account 632

transfer cost of goods sold

Account 511

net revenue transfer

Account 635

transfer of operating expenses

Account 515

transfer of revenue from financial activities

Account 641

Cost of goods sold transfer

Account 711

Other income transfer

Account 642

Account 821

transfer of management costs

Account 811

Other expense transfer

carry forward reduction of corporate income tax expense

Account 421

loss carryover

Account 821

corporate income tax payable

Account 421

interest carryforward

CHAPTER 2: ACCOUNTING FOR REVENUE, EXPENSES AND DETERMINING BUSINESS RESULTS AT XUAN HUY CONSTRUCTION SERVICES AND TECHNICAL SERVICES COMPANY LIMITED.

2.1. General introduction about XUAN HUY Construction Trading Service Co., Ltd.

2.1.1. General introduction of the company

2.1.1.1 History of formation and development process

2.1.1.1.1 History of formation.

XUAN HUY CONSTRUCTION ENGINEERING TRADING SERVICES COMPANY LIMITED was established on May 15, 1996 under Business Registration Certificate No. 4102058257 issued by the Department of Planning and Investment of Ho Chi Minh City with business lines: specializing in construction and installation of electrical systems, water supply and drainage, fire prevention and fighting, busway systems for factory buildings and high-rise buildings.

- Company Name: XUAN HUY CONSTRUCTION ENGINEERING TRADING SERVICES COMPANY LIMITED

- Head office address: 15/3 Street 297, Ward 4, PHUOC LONG B Ward, District 9, HCMC

- Tax code: 0305333162

- Transaction account number: Asia Commercial Joint Stock Bank (ACB) - Saigon Branch Phone: 0862825586

- Fax: 0862825478

- Email: xuanhuyme@yahoo.com

- Charter capital: 1,800,000,000 VND

2.1.1.1.2. Development process .

With the predecessor being a construction team of experienced engineers, technicians and workers, operating since 1996, specializing in the construction and installation of electrical systems, water supply and drainage, fire prevention and fighting, busway systems for factories and high-rise buildings.

The team has completed projects such as:

Construction of electrical items of Petro Tower building at 1-5 Le Duan, District 1.

Installation of fire protection sound busway system for TATUNG VN Group's factory

–My Phuoc 2 Industrial Park, Binh Duong.

Complete installation of electrical system, water supply and drainage, lightning protection, fire protection for Grand Art company's management building

Fire protection system installation for KUMHO building -39 Le Duan

After a period of construction, with the support and encouragement of partners, the team is now XUAN HUY CONSTRUCTION TECHNICAL TRADING SERVICES CO., LTD., continuing to receive the support of partners, Xuan Huy company is increasingly consolidating its organization, improving its qualifications and gaining more experience.

The company would like to introduce more about its expertise and fields of operation:

Installation of electrical systems, lightning protection, busway systems, water supply and drainage systems, fire protection systems, automatic fire alarms, mechanical processing.

Trading in construction materials (main product is Southern steel), providing electrical and water supplies, fire protection, lightning protection, and electrical busbars.

Distributor of PPR eko plastic heat-resistant plastic pipes, PVC double-layer noise-proof drainage pipes and accessories of WAVIN, a brand with top quality in Europe.

Supply and installation of HENIKWON busbar system from 200-6300A. (BUSWAY)

Projects that Xuan Huy company has constructed and is constructing:

Installation of fire protection system for INTEL project - High-Tech Park.

Installing busway system for KHANG PHONG building, HAPPIES SQUARE building, HAVANA building, Vitel IDC building,

Installation of fire protection system for SAILING TOWER building

Installation of fire protection system phase 1 & phase 2 of SAIGON PEARL APARTMENT building

Installation of water supply and drainage system and fire protection system for Vinh Loc B apartment building - Binh Tan.

Along with the development, the Company also encountered many difficulties, but with the wise leadership of the Board of Directors, it has gradually overcome and overcome the difficulties. And now, with the fierce competition of the market economy, the Company has outlined strategies and policies to expand its scale and create a solid position in the future.

2.1.2.1. Company organization

2.1.2.1.1 Company structure

Diagram 2.1 Company structure diagram.

TECHNICAL DEPARTMENT

ACCOUNTING DEPARTMENT

MANAGER

ADMINISTRATIVE DEPARTMENT

Deputy Director

(Source: Company's accounting department)

2.1.2.2.2 Tasks of each department

Manager.

As the person with the highest authority, responsible to the Board of Directors for the management and operation of all business activities of the Company according to the functions, duties and powers obtained. At the same time, he is the legal representative of the Company, responsible before the law for decisions on business results and fulfilling obligations to the State.

Vice president.

Assist the Director in directing the implementation of the Company's business plans, on behalf of the Executive Director, decide and have the right to sign all documents regularly related to all activities of the Company when the Director is absent. Monitor and check the business situation, financial work, regularly report results to the Director to promptly make recommendations and make corrections in accordance with current regulations.

Accounting department.

Responsible for guiding the implementation of policies, accounting regulations, etc. to reflect the Company's business operations objectively, honestly, and absolutely accurately.

Evaluate, classify, process documents, summarize business transactions arising in the Company, provide information to the Director to make decisions.

Implement monthly, quarterly, annual and ad hoc reporting regimes. Report on the implementation of the Company's plans, correct deviations and violations of principles and regulations.

Synthesize, manage and keep all accounting books in the entire Company in accordance with the prescribed bookkeeping regime.

Annually coordinate with sales departments to analyze economic contracts to ensure signing contracts with customers.

Sales department.

Sales Manager

Advise the Director on the Company's business plans, directly implement sales contracts, and develop business plans for the Director's approval.

Research, seek and develop the market. Survey market opinions through agents, retail customers, find customers through business trips, contacts to grasp customer needs and expand the consumption network.

Build a business strategy in stages.

Implement incentives and advertising to build the company's reputation and brand. Thereby creating a competitive advantage and selling more products.

Sales staff.

Research and explore competitors to know how many main distributors there are in the market at present, who are the strongest customers today, from there grasp the business policies, strategies, strengths and weaknesses of competitors to come up with reasonable business directions for each stage.

Find ways to approach new customers to come up with measures to influence purchasing power, satisfy customer needs, contribute to enhancing the company's brand, and expand the business market.

Input supply.

Organize and contact suppliers to stabilize the source of purchased goods for sales, contributing to enhancing reputation.

Output supply.

Working as a collaborator, receiving basic salary + allowance (gas + phone) + 01% of sales revenue, responsible for organizing and arranging the consumption of goods for customers.

Delivery staff.

+ Receive goods, transport goods to the Company's warehouse, deliver goods to the place of consumption when there is a dispatch order from the superior.

Administration office.

The administrative organization department has the function of advising the Company's Board of Directors on organizing and managing the apparatus, managing personnel arrangements, managing labor and wages, inspecting, examining, researching and developing internal regulations and regulations to implement policies and regimes for employees.

Develop plans to establish new, merge, and dissolve functional departments, and complete documents to supplement business lines.

Draft administrative documents, record minutes of company meetings, and develop weekly and monthly work schedules.

The company regularly organizes training courses to improve the skills of its staff and workers.

Organize security and order maintenance, protect the Company's assets, and fire prevention and fighting.

2.1.2.1 Accounting system

2.1.2.1.1. Accounting chart

The accounting model applied by the company is a centralized accounting organization model. According to this form, all accounting work from processing accounting documents, detailed accounting books and financial reports... are centrally performed at the Company's accounting department. Production workshops are responsible for receiving, checking, synthesizing, classifying documents and recording daily economic transactions, then transferring them to the accounting department.

all about the Company's accounting department.

According to this model, the direction and leadership of accounting work is centralized and unified within the Company, convenient for assigning and specializing work for accounting staff.

Diagram 2.2: Company accounting system

(Source: Accounting Department of Xuan Huy Company Limited)

Chief Accountant

Payment accounting

Material accounting

Salary Accounting

2.1.2.1.2. Accounting functions and tasks

General accounting.

- Responsible for operating the entire accounting system of the Company.

- Advise the director on financial activities, development strategies for the company and be responsible to the board of directors for the operations of the departments under his authority.

- Responsible for organizing inspections, directing accounting work for accountants, checking professional qualifications and assigning specific tasks to each accountant.

- Prepare and submit financial reports on time.

- Manage and store accounting documents.

- Fully comply with financial policies and regulations as prescribed by law.

- Dealing with tax authorities.

Payment accounting

Payment accounting: monitor daily payment status and debts, open cash detail book and create receipt and payment vouchers.

Material accounting

Material accounting: promptly reflects the import - export - inventory of raw materials, records the increase and decrease of fixed assets, and creates a fixed asset depreciation allocation table.

Payroll Accounting

Payroll accounting: track workers' working time, check workers' attendance and calculate workers' salaries.

2.1.2.1. Accounting work

2.1.2.2.1. Centralized accounting organization

Organization of application of accounting regimes and methods