accounting for revenue and expenses and determining business results at tan cang logistics and stevedoring joint stock company

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MINISTRY OF EDUCATION AND TRAINING

HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY AND EDUCATION FACULTY FOR HIGH QUALITY TRAINING

LECTURER: MBA. PHAM HIEU STUDENT: CAO THI MINH

S K L 0 1 2 3 6 3

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MINISTRY OF EDUCATION AND TRAINING

HO CHI MINH CITY OF TECHNOLOGY AND EDUCATION FACULTY OF ECONOMICS



GRADUATION THESIS

Ho Chi Minh City, November 2023

ACCOUNTING FOR REVENUE AND

EXPENSES AND DETERMINING BUSINESS RESULTS AT TAN CANG LOGISTICS AND STEVEDORING JOINT STOCK COMPANY

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Signature

MBA. Phạm Hiếu

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Họ tên sinh viên: ...

Mã số sinh viên: ... Lớp: ... Khóa: ...

thuộc khoa Kinh tế trường Đại học Sư phạm Kỹ thuật Tp.HCM. Thời gian thực tập từ ... đến ngày ...

I. VỀ KẾT QUẢ CÔNG VIỆC 1. Nội dung công việc được phân công: ...

...

2. Xếp loại chung:  Tốt  Khá  Trung Bình  Kém II. VỀ Ý THỨC KỶ LUẬT, TINH THẦN, THÁI ĐỘ TRONG QUÁ TRÌNH THỰC TẬP 1. Việc chấp hành nội quy của cơng ty: ...

(Ký tên, đóng dấu)

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iii

ACKNOWLEDGMENTS

I would like to express my profound gratitude to all instructors from the Faculty of Economics at the Ho Chi Minh City University of Technology and Education, who have devoted their lives to instruct and give me a great deal of knowledge. I want to express my gratitude especially to Mr. Pham Hieu, who gave me direct guidance and assistance in finishing this graduation thesis.

I want to express my gratitude to Tan Cang Logistics and Stevedoring Joint Stock Company's Board of Directors, and my colleagues in the Finance - Accounting Department for enthusiastic mentoring and sharing about useful knowledge, skills, and real-world experience that is necessary for the job.

Due to the internship period restriction and my relevant knowledge and experience, it will be hard to avoid inaccuracies in my report. The opinions of the professors are eagerly anticipated!

Sincerely thanks!

Ho Chi Minh City, November 2023 Signature

Cao Thị Minh

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TTOS TCIS - Terminal Operation Solutions

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LIST OF TABLES

Table 2. 1. Structure of account 511... 18

Table 2. 2. Structure of account 515... 20

Table 2. 3. Structure of account 711... 22

Table 2. 4. Structure of account 521... 24

Table 2. 5. Structure of account 632... 25

Table 2. 6. Structure of account 641... 28

Table 2. 7. Structure of account 642... 30

Table 2. 8. Structure of account 635... 32

Table 2. 9. Structure of account 811... 34

Table 2. 10. Structure of account 821... 35

Table 2. 11. Structure of account 911... 37

Table 3. 1. Table for computing business income tax ... 64

Table 4. 1. Cost of goods sold ratio to Net revenue ... 76

Table 4. 2. Estimated cost of goods sold in 2023 ... 79

Table 4. 3. Growth rate in 2022 ... 79

Table 4. 4. Expected growth rate in 2023 ... 80

LIST OF FIGURES Figure 1. 1. Logo’s Company ... 4

Figure 1. 2. Lemon 3 Accounting Software Interface ... 14

Figure 3. 1. Business income tax ... 65

Figure 3. 2. Income Statements ... 68

Figure 4. 1. Cost of services provided ... 79

LIST OF DIAGRAMS, FLOWCHARTS Diagram 1. 1. Organizational diagram of the company ... 8

Diagram 1. 2. Accounting organization diagram ... 11

Diagram 1. 3. Order of recording accounting books in a diagram ... 13

Diagram 3. 1. Process of circulating revenue vouchers for transportation services, stevedore service, warehousing ... 40

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Diagram 3. 2. Rotation process for revenue from stuffing/unstuffing services iron

coils, machines... 41

Diagram 3. 3. Rotation process for financial activity revenues ... 44

Diagram 3. 4. Process of circulating other income from fuel consumption fines .... 47

Diagram 3. 5. Process of circulating documents of other income from balance handling revenues ... 47

Diagram 3. 6. Process of circulating cost of goods sold documents ... 49

Diagram 3. 7. Process of circulating documents of advertising expenses ... 52

Diagram 3. 8. Process of circulating vouchers of rice wharf commission ... 53

Diagram 3. 9. Process of circulating business management expense documents .... 56

Diagram 3. 10. Process of circulating financial expense documents ... 59

Diagram 3. 11. Process of transferring evidence of other expenses from the fuel consumption bonus ... 61

Diagram 3. 12. Process of circulating evidence of other expenses from the processing of missing balances ... 61

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LIST OF DIAGRAMS, FLOWCHARTS ... v

TABLE OF CONTENTS ... vii

1.1.2. Formation and development... 5

1.1.3. Functions and tasks ... 6

1.1.4. Vision and mission ... 7

1.2. Management apparatus ... 7

1.2.1. Management apparatus diagram ... 7

1.2.2. Functions and tasks of each department ... 8

1.3. Accounting apparatus ... 11

1.3.1. Accounting apparatus diagram... 11

1.3.2. Functions and tasks of departments ... 11

1.3.3. The current accounting policies in the company ... 12

2.1. Concepts and tasks of accounting to determine business results ... 16

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viii

2.1.1. Definition ... 16

2.1.2. Duties of revenue and expenses accounting and determination of business results ... 16

2.1.2.1. Duties of revenue accountant ... 16

2.1.2.2. Tasks of cost accountant ... 16

2.1.2.3. Accounting tasks to determine business results ... 17

2.2. Accounting of revenue and other incomes ... 17

2.2.1. Accounting for turnovers from selling goods and provisions of service 17 2.2.1.1. Revenue recognition principle ... 17

2.2.1.2. Revenue recognition conditions ... 18

2.2.1.3. Documents used ... 18

2.2.1.4. Account applied ... 18

2.2.1.5. Accounting flowchart of turnovers from sales and provisions of services 19 2.2.2. Accounting for revenues from financial activities ... 19

2.2.2.1. Documents used ... 19

2.2.2.2. Account applied ... 20

2.2.2.3. Accounting flowchart of revenues from financial activities ... 20

2.2.3. Accounting for other income ... 21

2.2.3.1. Documents used ... 21

2.2.3.2. Accounts applied ... 22

2.2.3.3. Accounting flowchart of other income ... 22

2.3. Accounting for revenue deductions ... 23

2.3.1. Accounting for trade discount ... 23

2.3.2. Accounting for sales allowances ... 24

2.3.3. Accounting for sales returns ... 24

2.3.4. Documents used ... 24

2.3.5. Accounts applied ... 24

2.3.6. Accounting flowchart of revenue deductions ... 24

2.4. Cost accountant ... 25

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2.4.1. Accounting for cost of goods sold ... 25

2.4.1.1. Documents used ... 25

2.4.1.2. Accounts applied ... 25

2.4.1.3. Accounting flowchart of cost of goods sold ... 27

2.4.2. Accounting for selling expenses ... 28

2.4.2.1. Documents used ... 28

2.4.2.2. Accounts applied ... 28

2.4.2.3. Accounting flowchart of selling expenses ... 29

2.4.3. Accounting for general administration expenses ... 30

2.4.3.1. Documents used ... 30

2.4.3.2. Accounts applied ... 30

2.4.3.3. Accounting flowchart of general administration expenses ... 31

2.4.4. Accounting for financial expenses ... 31

2.4.4.1. Documents used ... 32

2.4.4.2. Accounts applied ... 32

2.4.4.3. Accounting flowchart of financial expenses ... 32

2.4.5. Accounting for other expenses ... 33

2.4.5.1. Documents used ... 34

2.4.5.2. Accounts applied ... 34

2.4.5.3. Accounting flowchart of other expenses ... 34

2.4.6. Accounting for business income tax expenses ... 35

2.4.6.1. Documents used ... 35

2.4.6.2. Accounts applied ... 35

2.4.6.3. Accounting flowchart of business income tax expenses ... 36

2.5. Accounting for income summary ... 37

2.5.1. Definition ... 37

2.5.2. Accounts applied ... 37

2.5.3. Accounting method for determining business results ... 38

SUMMARY OF CHAPTER 2 ... 39 CHAPTER 3: THE COMPANY'S CURRENT REVENUE AND EXPENSES ACCOUNTING SITUATION AND BUSINESS RESULTS DETERMINATION 40

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3.1.1.4. Several major transactions ... 42

3.1.2. Accounting for revenues from financial activities ... 44

3.1.2.1. Documents used ... 44

3.1.2.2. Account used ... 45

3.1.2.3. Several major transactions ... 45

3.1.3. Accounting for other income ... 46

3.1.3.1. Documents used ... 46

3.1.3.2. Account used ... 47

3.1.3.3. Several major transactions ... 48

3.1.4. Accounting for trade discount ... 49

3.2. Cost accountant ... 49

3.2.1. Accounting for cost of goods sold ... 49

3.2.1.1. Documents used ... 49

3.2.1.2. Account used ... 50

3.2.1.3. Several major transactions ... 50

3.2.2. Accounting for selling expenses ... 52

3.2.2.1. Documents used ... 52

3.2.2.2. Account used ... 53

3.2.2.3. Several major transactions ... 53

3.2.3. Accounting for general administration expenses ... 55

3.2.3.1. Documents used ... 55

3.2.3.2. Account used ... 56

3.2.3.3. Several major transactions ... 57

3.2.4. Accounting for financial expenses ... 58

3.2.4.1. Documents used ... 58

3.2.4.2. Account used ... 59

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3.2.4.3. Several major transactions ... 59

3.2.5. Accounting for other expenses ... 60

3.2.5.1. Documents used ... 61

3.2.5.2. Account used ... 62

3.2.5.3. Several major transactions ... 62

3.2.6. Accounting for business income tax expenses ... 63

3.2.6.1. Documents used ... 63

3.2.6.2. Account used ... 64

3.2.6.3. Several major transactions ... 64

3.3. Income summary accountant ... 66

CHAPTER 4: REMARKS AND RECOMMENDATIONS ... 70

4.1. Basis for making remarks ... 70

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INTRODUCTION 1. Reason of study

Currently, the inflation situation in the world continues to be complicated. The International Monetary Fund (IMF) forecasts that global inflation in 2023 will be around 6.6% and in 2024 will be 4.3%. In addition, the World Bank (WB) also pointed out that energy prices will also have many unpredictable fluctuations, namely that the average price of Brent crude oil will fall to about $92 per barrel in 2023, much higher than the five-year average of $60, which leads to unstable supply. In addition, the political instability from the Russia - Ukraine conflict, and the Israel - Hamas conflict is adversely affecting the recovery prospects of the global economy and the Vietnamese economy, which has been heavily affected by the Covid-19 pandemic and can make many countries face a new wave of inflation. Facing the impact of the global economy, many Vietnamese enterprises are facing difficulties when there is a shortage of orders, up to now, only about 60% of textile and footwear enterprises have orders; 30% of enterprises lack orders producing goods (Mr. Pham Xuan Hong, Chairman of the Ho Chi Minh City Association of Garments, Textiles, Embroidery, and Knitting). Not to mention, declining global trade volumes put heavy pressure on manufacturing capacity, logistics, and supply chains. Business disruptions pose challenges to the supply chain that require businesses to make quick decisions to reduce expenses and operate efficiently.

In that context, good control of revenue, expenses as well as business performance has become an urgent and necessary issue for enterprises. In order to control revenue well, accountants need to build a good process of recognizing revenue generated in the period fully and accurately. As for expenses, accountants need to identify and classify expenses in accordance with accounting principles. Therefore, the accounting department in the enterprise plays a very important role and is considered one of the effective tools to manage activities, economic calculations and inspect and supervise the entire production and business process effectively. The full and accurate accounting of revenue and expenses and determination of business results is a necessary condition to quickly provide information on the business results of the enterprise. Accurate and useful information

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about business results will help managers make reasonable business strategies and decisions based on the financial reporting system and management accounting reports. This also requires the accounting work to be meticulous but not cumbersome, it is necessary to monitor all economic transactions arising because these items are directly related to the revenue and expenses of the company. Starting from practical issues related to revenue and expense accounting, the author decided to choose the

topic “Accounting For Revenue And Expenses And Determining Business Results

At Tan Cang Logistics And Stevedoring Joint Stock Company” as the report topic.

− The fourth goal: Learn the differences between theory and practice, from which to draw experiences for myself and make recommendations to enhance and improve the efficiency of accounting work.

3. Research methods

− Data collection method: Collect and synthesize data, accounting vouchers, accounting books, financial statements from the Finance - Accounting Department in 2022 of the company to illustrate the report.

− Synthesis and statistics method: Synthesis and rearrangement of information, vouchers and data collected scientifically and logically.

− Analysis and comparison method: Based on accounting books, financial statements in 2022 and other years to analyze the company's performance; then compare with the theoretical basis, from which to make comments and recommendations.

− Methods of observation and interview: Discuss directly with colleagues at the Finance - Accounting Department of Tan Cang Logistics and Stevedoring Joint Stock

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− Period of time: Collected information, receipts, accounting records, and financial statements of the company in 2022.

5. Structure of study

The study is divided into 4 chapters:

Chapter 1: Introduction about Tan Cang Logistics And Stevedoring Joint Stock Company

Chapter 2: Theoretical Underpinnings of Revenue and Expenses Accounting and Determination of Business Results

Chapter 3: The Company's Current Revenue and Expenses Accounting Situation and Business Results Determination

Chapter 4: Remarks and recommendations

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− Legal representative: Lê Văn Cường

− Address: 470 Dong Van Cong Street, Quarter 2, Thanh My Loi Ward, Thu Duc City, Ho Chi Minh City.

− Charter capital: 301.584.360.000 VND. − Phone number: 028.73073979

− Fax: 028.37423027

− E-mail: − Website:

− Stock symbol: TCL − Tax code: 0304875444 − Company Logo:

+ Customs declaration services

Figure 1. 1. Logo’s Company

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+ Warehousing, inventory, and packaging services (except for pesticide trading)

Source: Finance - Accounting Dept

1.1.2. Formation and development

− In 2006 (predecessor): Tan Cang Logistics & Stevedoring Enterprise was founded under Decision no 82/2006/QD-BQP.

Tan Cang Logistics and Stevedoring Joint Stock Company

was founded in 2007 with the help of a financial infusion from Tan Cang Overland Transportation Joint Stock Company. In 2008 saw the official launch of the customs agent service. In 2009: 17.000.000 shares were listed under the stock symbol TCL, and the first transaction was executed on December 24.

− In 2010, the charter capital was raised to 186.999.050.000 VND by issuing 1.700.000 bonus shares to current owners. In 2011, by issuing 6.300.000 shares to the public, raised the charter capital to 209.438.930.000 VND. In 2012, the company's whole capital investment was assigned to Tan Cang Waterway Transport Joint Stock Company. In 2013, the following things happened: restructuring capital at Tan Cang 128 - Hai Phong Joint Stock Company; providing funding for Tan Cang Offshore Services Joint Stock Company; transferring all the company's capital contributions to Tan Cang Overland Transportation Joint Stock Company.

− In 2014, saw the purchase of 1 container transport ship and a lease from Tan Cang Shipping Service Joint Stock Company, as well as the opening of Depot Tan Cang - My Thuy. In 2015, contributed funds to the establishment of Dong Nai Newport Logistics Joint Stock Company; transferred ownership of the Tan Cang Pioneer ship to Tan Cang Shipping Service Joint Stock Company. In 2016, decided to establish customs clearing facility at Tan Cang - Nhon Trach. In 2017, transferred the full the company's capital contribution to Tan Cang Shipping Service Joint Stock Company; decided to form Professional Team 2 of Nhon Trach Customs Branch working at ICD Tan Cang - Nhon Trach.

− In 2018, opened the 12-story TCL Building and invested in the construction of 5.000 m2 of warehouses at ICD Tan Cang - Nhon Trach. In 2019, restructuring Tan

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Cang Logistics Joint Stock Company in Dong Nai by raising charter capital and launching the cold cargo closure service at Depot Tan Cang - My Thuy. The charter capital was increased to 301.584.360.000 VND. In 2020, Depot Tan Cang - My Thuy 2 was expanded and operational. In 2021, launched the SITC's chilled container operating service at ICD Tan Cang - Nhon Trach and established the freight forwarding zone at Tan Cang - Cat Lai port.

− In 2022, opened the empty container pickup service from the Cai Mep region to ICD Tan Cang - Nhon Trach, as well as offering logistical services for Maersk Shipping Lines in Dong Nai, Binh Duong, and Ba Ria - Vung Tau. It achieved the Top 3 Listed Enterprises with the most popular IR activities - IR Awards 2022 as well as the Top 3 Listed Enterprises with the highest rating of IR activities by financial institutions - IR Awards 2022.

1.1.3. Functions and tasks

Tan Cang Logistics and Stevedoring Joint Stock Company is a subsidiary of Saigon New Port Corporation, operating under the model of parent company - subsidiary company, performing independent business accounting according to the Law on Enterprises and the operating charter of the joint stock company.

The business offers suggestions for carefully controlling personnel and equipment to maximize economic effectiveness. Directly arranged for transportation-related assistance services: Ship supply, customs clearance, logistics, and marine brokerage services are just a few of the services offered for import and export freight forwarding. Ground leveling, building civil engineering projects, trade in machinery and equipment and machine components, as well as services for loading and unloading products and packing. Direct assistance with purchasing and selling containers, trailers, leasing machinery and equipment, and purchasing and selling tangible equipment for canal transport, repair and maintenance of transportation equipment, and road passenger transport.

The company's operating objective is to continuously maintain and develop production, business, trade and service activities in the fields and business lines that the company has registered in accordance with the provisions of law. Current to maximize company profits; improve and enhance the value of the company; improve

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income, working environment conditions, and lives of employees in the company, ensuring the best benefits for shareholders; Carry out obligations to the State budget in accordance with the provisions of law, and at the same time successfully complete economics and defense tasks assigned by Saigon Newport Corporation.

1.1.4. Vision and mission

Concentrate on growing sectors that are related to the business's core, important, and strong skills, such as port operations, warehousing, and support services for port operations. To ensure efficiency and sustained development, investment projects must have a long-term lease and partnership duration. Keep spending money on important projects: Projects to build and operate warehouses at ICD Tan Cang - Nhon Trach and to utilize TCL Depot - Long Binh.

Focus on enhancing service quality; continue to maximize benefits and maintain efficient operations in all areas and business lines of the firm; optimize the performance of the company's services to guarantee efficient production and business operations.

Along with aggressively searching out and creating new business opportunities, long-term, sustainable services, and land funding to keep up the expansion of Depot/ICD exploitation, businesses must also actively seek out and create new business establishments. When planning forwards to invest in infrastructure, we will evaluate the market demands. Develop the Company into a powerful, enduring, and well-known brand in the domestic and regional markets; maintain average growth of at least 5% annually. Using information technology in business administration and management; emphasizing the hiring and training of top-tier staff to be prepared for the company's upcoming initiatives. Enhance management capabilities, ensure efficient use of money, and carry out financial work in a transparent, efficient, and in line with actual company conditions.

1.2. Management apparatus

1.2.1. Management apparatus diagram

According to the business features of the firm and the charter of organization and operations approved by the Board of Members, the management apparatus of the company is divided into departments as illustrated in the diagram below:

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Diagram 1. 1. Organizational diagram of the company

Source: Administration - Warehouse Dept

1.2.2. Functions and tasks of each department

General Meeting of Shareholders: Approving the development orientations of

the company. Making the decisions on amendments and supplements to the charter; Electing, dismissing the Board of Directors and members of the Board of Supervisors. Approving the company's annual financial statements.

Board of Directors: General management of all activities of the company,

supervision of the Director and members of the Board of Supervisors through reports at regular meetings of the Board of Directors, extraordinary meetings,

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implementation of strategies, objectives, contents, and business plans approved by the General Meeting of Shareholders and the implementation and organization of the implementation of resolutions of the Board of Directors.

Supervisory board: Responsible for supervising the Board of Directors in the

management and operation of the company, responsible for the General Meeting of Shareholders for monitoring the financial situation of the company.

General manager: Including the Director and Deputy Director; in the Director

has the right to make decisions about matters pertaining to the company's day-to-day operations without coming under the authority of the Board of Directors, on behalf of the company to actively negotiate, make decisions about, and sign transactions and contracts to ensure the company's effectiveness dependent on the execution of production and business plans. The Deputy Director oversees assisting the Director in running the business, overseeing each distinct area of work, and routinely reporting to the Director on the issues that need to be resolved.

Finance - Accounting Department: Strictly manage and supervise effectively

all economic and financial activities, provide adequate, timely, honest, public, and transparent to meet the requirements of organization, management and administration of the company and financial decisions within the company.

Planning - Business Department: Receiving and synthesizing information,

advising the General manager on the following aspects: Production and business planning, investment and development projects, marketing - external affairs.

Administration - Warehouse Department: Responsible for advising and

assisting the General manager on the organization of administrative - logistical security, performing the management of defense and security tasks fully, timely, and production and business of the company and completing the assigned tasks.

Department of Labor Organization - Salary: It has the function of advising the

General manager on the organization and construction of labor resources, wages, social policies, and labor safety in enterprises in accordance with the provisions of law.

Investment - Legal Department: Ensuring that all activities of the enterprise can

operate in accordance with the law, helping the management to perform tasks such

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as, participating in the negotiation and negotiation of important contracts of the enterprise with partners in business, cooperation contracts, investment projects to ensure that they are not illegal, legal errors can lead to damage to the enterprise.

Technical - Materials Department: Directly organize the implementation of

technical and material assurance, equipment procurement and professional training, to improve the skills of workers, repair quality and efficiency of using technical equipment, meet the requirements of production and business activities of the company and complete other assigned tasks.

Dispatch Department: Advising the Party Committee - General manager on

measures to strictly manage the company's system in lifting, determining the location of containers and managing warehouses.

ICD Tan Cang - Nhon Trach: As a gathering point for import and export goods,

connecting Nhon Trach area with Tan Cang - Cat Lai port, Tan Cang - Hiep Phuoc port, Tan Cang - Cai Mep deep-water port cluster, advising the Party Committee - General manager on strict and accurate management measures of the output of Tan

Cang Nhon Trach.

Mechanical Department: Advising the Party Committee - General manager on

measures to strictly manage and effectively exploit technical means and equipment and directly organize the handling and transportation of internal goods in the port by the crane according to the production and business plan.

Subsidiary & Affiliated companies: Providing the full range of services required

and mobilized by the parent company. In addition, subsidiaries and affiliated companies are also allowed to conduct their own business with their own customers to the extent permitted.

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1.3. Accounting apparatus

1.3.1. Accounting apparatus diagram

Diagram 1. 2. Accounting organization diagram

Source: Finance - Accounting Dept

1.3.2. Functions and tasks of departments

Chief Accountant: Lead and manage the operation of the department according

to its competence and tasks, assign tasks to each accountant in the department. Take responsibility for the operation of the department and be responsible to the General manager as well as the law for the inspection of the financial activities of the company.

General Accountant: Monitor department operations, review and synthesize

data. Directly check, supervise, and monitor the work of everyone in the room. Responsible for checking data, analyzing, preparing general books, preparing accounting documents, ledgers and preparing annual settlement reports, setting up funds, filing of returns and corporate income tax declarations. Prepare value added tax reports and monthly personal income tax reports.

Treasurer: Record and monitor the cash collection and payment situation, check

invoices at Depots before synthesizing monthly tax reports; store documents, economic contracts, vouchers for book entry, accounting books as prescribed, etc.

Cash Accountant: Monitor and manage cash receipts and expenditures at the

fund, check and compare documentary data with data on the cash book to coordinate Revenue -

Cost Accountant

Nhon Trach Area

Revenue Cost Accountant

My Thuy Area

TREASURER GENERAL ACCOUNTANT

CHIEF ACCOUNTANT

Fixed Assets - Capital Construction

Accountant Revenue - Cost

Accountant Cat Lai Area -

Salary Accountant

Revenue - Cost Management

Accountant

CASH ACCOUNTANT

Revenue - Cost Accountant

125 Area, Cash at Bank

Accountant

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cash flow appropriately when paying to company operations. Prepare cash receipts and cash payments.

Revenue - Cost Accountant Nhon Trach Area: A summary of the revenue and

expenses for the Tan Cang Nhon Trach port area's terrestrial port exploitation services, storage services, dry and cold container transportation services, etc.

Revenue - Cost Accountant My Thuy Area: A summary of revenue and

expenses of management services, empty container exploitation (dry and cold),

packing and unloading cold goods at the yard in My Thuy area.

Revenue - Cost Accountant Cat Lai Area, Salary Accountant: A Summary of

revenue and expenses of multi modal transport services combined with other modes of transport in the Cat Lai area; allocating salaries, social insurance, and policies to employees.

Revenue - Cost Accountant 125 Area, Cash at Bank Accountant: A summary

of revenue and expenses of rice packing services at the wharf 125 in Tan Cang - Cat Lai port area; monitor bank accounts, receivables and payable through banks. Closely check the implementation of contracts and bank loan agreements.

Fixed Assets - Capital construction Accountant: In charge of monitoring the

accounting of technical supplies, spare parts, fuel, construction investment, major repair of fixed assets, cost of leasing yards, registration, inspection, cost of tools and tools, office rental, monitoring the situation of fixed assets, monthly depreciation of fixed assets.

Revenue - Cost Management Accountant: In charge of summarizing monthly

service revenue at the company; monitoring transportation, loading, and unloading expenses, telephone expenses, service gap expenses, allowances, receivables from customers, bonus funds, welfare funds, trade union funds; monitoring the company's share book information, etc.

1.3.3. The current accounting policies in the company

1.3.3.1. Accounting policies

− Accounting policies: Circular No. 200/2014/TT-BTC dated December 22, 2014, and Vietnamese Accounting Standards - VAS issued by the Ministry of Finance.

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Diagram 1. 3. Order of recording accounting books in a diagram

Source: Finance - Accounting Dept

The accounting of major operations is carried out as follows:

Every day, relying on the vouchers and the allocation and accounting tables that enter data into the software in a chronological order, the software will automatically update the information in the Ledger and related detailed books.

At the end of the accounting period, the accountant performs the closing operation and prepares financial statements. The reconciliation between aggregated

ACCOUNTING SOFTWARE ACCOUNTING

DOCUMENTS

-Financial Statement -Management accounting

reports

-Financial statement footnotes ACCOUNTING RECORDS -Ledgers or Journals -Subsidiary Ledger

Note:

Daily data entry

Print the data and reportsat the end of the year Comparative test

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data and detailed data is done automatically according to the information entered during the period. Accountants can check and compare data between accounting books and financial statements.

Figure 1. 2. Lemon 3 Accounting Software Interface

Source: Finance - Accounting Dept

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SUMMARY OF CHAPTER 1

Chapter 1 provides an overview of the history of formation and fields of operation of Tan Cang Logistics And Stevedoring Joint Stock Company. Besides, chapter 1 also introduces the detail about the organizational system, functions, and duties of the departments in the company, especially the functions and duties of accounting department, the accounting regimes, policies, forms, and accounting software applied at the company. The organizational structure of the company is very strict and fair, each department is assigned clear functions and tasks.

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− According to Vietnamese Accounting Standard No. 01, “expenses are the total value of amounts which reduce economic benefits in the accounting period in the forms of amounts spent, asset depreciation amounts, or give rise to liabilities leading to a decrease in the owners’ equity, excluding amounts distributed to shareholders or owners”.

− Business result is the amount of profit or loss brought about by the business activities of the enterprise.

2.1.2. Duties of revenue and expenses accounting and determination of business results

2.1.2.1. Duties of revenue accountant

− Calculate all revenue generated in the period, including revenue from sales of goods and services, financial revenue, and other revenue. Then, track revenue by item, region, sales staff according to management standards.

− Monitor and timely record sales discounts, trade discounts, returned sales to calculate reasonable net sales income.

2.1.2.2. Tasks of cost accountant

− Determine the cost of products sold in the period.

− Calculate all expenses incurred in the period, including expenses related to selling expenses, corporate administrative expenses, financial expenses, depreciation expenses, allocation of prepaid expenses, interest expenses, accrued expenses and other expenses.

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2.1.2.3. Accounting tasks to determine business results

Calculate net revenue, gross profit from sales and service provisions, net profit from operations, other profits, total pre-tax profit, and current business income tax expenses. Earnings per share of joint-stock enterprises, profits after enterprise income tax and deferred business tax expenses.

2.2. Accounting of revenue and other incomes

2.2.1. Accounting for turnovers from selling goods and provisions of service

According to Vietnamese Accounting Standard No. 14, “Turnovers from selling goods and provisions of service is defined as the entire amount obtained, or will be obtained, from transactions and transactions that generate revenue such as sales of products and goods, provision of services to customers including surcharges and fees collected in addition to the selling price (if any)”.

2.2.1.1. Revenue recognition principle

According to Article 79, Section 1.6.10 of Circular No. 200/2014/TT-BTC, principle on recording the turnovers for the sale of goods and provisions of services include:

− Accrual basis: Revenue recognized at the time of the transaction, when certain economic benefits are obtained, is determined according to the fair value of the amounts entitled to be received, irrespective of whether money has been collected or will be collected.

− Matching: When recognizing a revenue, an appropriate expense must be recognized.

− Prudence: Revenue and income will be recognized when there is credible evidence of financial gain.

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2.2.1.2. Revenue recognition conditions

According to Article 79, Section 1.3 of Circular No. 200/2014/TT-BTC, an enterprise shall only record turnovers from selling goods if simultaneously satisfies the following conditions:

− The enterprise has transferred the majority of risks and benefits associated with the right to own the products or goods to the buyer.

− The enterprise no longer holds the right to manage the goods as the goods owner, or the right to control the goods.

− Turnover has been determined with relative certainty.

− The enterprise has gained or will gain economic benefits from the good sale transaction.

− It is possible to determine the expenses related to the goods sale transaction.

2.2.1.3. Documents used

− Sales receipt − VAT invoice

− Account 5111: Turnover from sales

− Account 5112: Turnovers from finished goods − Account 5113: Turnovers from service provision − Account 5114: Subsidized or price supported turnovers − Account 5117: Turnovers from investment property − Account 5118: Other turnovers

Table 2. 1. Structure of account 511

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19 + Payable indirect taxes (VAT, excise, export,

Account 511 does not have ending balance.

Source: Article 79, Section 2 of Circular No. 200/2014/TT-BTC 2.2.1.5. Accounting flowchart of turnovers from sales and provisions of services

Flowchart 2. 1. Account 511

Source: The author synthesizes based on Circular No. 200/2014/TT-BTC

2.2.2. Accounting for revenues from financial activities

According to Article 80, Section 1 of Circular 200/2014/TT-BTC, “Revenues from financial activities includes revenues from interests, copyrights, dividends, distributed income, and other income from financial activities of enterprises”.

2.2.2.1. Documents used

− Loan contract, debt agreement − Interest sheet, cash receipts − Sales invoice or VAT invoice

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20 − Credit notice of the bank, etc.

2.2.2.2. Account applied

Account 515 “Revenues from financial activities” does not have ending balances.

Table 2. 2. Structure of account 515

+ VAT payable under direct method (if any).

+ Transferring net revenues from financial activities into account 911 “Income Summary”.

Revenues from financial activities incurred in the

period.

Account 515 does not have ending balances.

Source: Article 80, Section 2 of Circular No. 200/2014/TT-BTC 2.2.2.3. Accounting flowchart of revenues from financial activities

Flowchart 2. 2. Account 515

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Source: The author synthesizes based on Circular No. 200/2014/TT-BTC

2.2.3. Accounting for other income

According to Article 3 of Vietnamese Accounting Standard No. 14, “Other incomes mean revenues contributing to increasing the owner’s capital, which are generated from operations other than turnover-generating operations”.

2.2.3.1. Documents used

− VAT invoice

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22 − Fines against contract violations

− Decision on liquidation or sale of fixed assets − Tax receipt, fines receipt, ect.

2.2.3.2. Accounts applied

Account 711 “Other income” does not have ending balance.

Table 2. 3. Structure of account 711

+ VAT payable (if any) computed under direct method on Other Income of business which pay VAT under direct method.

+ At the end of the account period, posting Other Income generated during the period to Account 911 “Income Summary”.

Other income incurred during this

period.

Account 711 does not have ending balance.

Source: Article 94, Section 2 of Circular No. 200/2014/TT-BTC 2.2.3.3. Accounting flowchart of other income

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Flowchart 2. 3. Account 711

Source: The author synthesizes based on Circular No. 200/2014/TT-BTC

2.3. Accounting for revenue deductions

2.3.1. Accounting for trade discount

According to Article 3 of Vietnamese Accounting Standard No. 14, “Trade discount means a reduction of the listed price granted by the selling enterprises to the buyers of large volumes of goods”.

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2.3.2. Accounting for sales allowances

According to Article 3 of Vietnamese Accounting Standard No. 14, “Sales allowances means a price reduction granted to the buyers due to the goods’ inferior quality, wrong specifications or old-fashionedness”.

2.3.3. Accounting for sales returns

According to Article 3 of Vietnamese Accounting Standard No. 14, “Sales returns means a sum of money reduced by the sellers for the buyers who make full

payment for the goods before the contractual deadline”.

2.3.4. Documents used

− Sales invoice or VAT invoice

− Minutes of agreement of the buyer and seller on the return of goods − Minutes of discount agreement (if any), etc.

Table 2. 4. Structure of account 521

At the end of the account period, transferring the total trade discount, sales allowance, and revenues of sales returns to account 511 - “Revenue from sales and service provisions” to determine net sales of the reported period.

Account 521 does not have ending balance.

Source: Article 81, Section 2 of Circular No. 200/2014/TT-BTC

2.3.6. Accounting flowchart of revenue deductions

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Flowchart 2. 4. Account 521

Source: The author synthesizes based on Circular No. 200/2014/TT-BTC

2.4. Cost accountant

2.4.1. Accounting for cost of goods sold

According to Article 89, Section 1 of Circular 200/2014/TT-BTC, “Cost of goods sold is the actual ex-stock price of the product (or including the purchase cost allocated to the goods sold in the period for commercial enterprises), or the actual cost of services, completed services and other items included in the cost of goods sold in the period to determine the business results in the period”.

Account 632 “Cost of goods sold” does not have ending balances.

Table 2. 5. Structure of account 632

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26 + Cost price of products, goods, services

sold during the period.

+ Expenses of raw materials, materials, part of labor expenses in excess of normal level, and fixed overhead cost unallocated and added to expenses of goods during the period.

+ Waste, loss of inventory after excluding compensation received from responsible individuals.

+ Expenses of building, of business’ own made fixed assets in excess of normal level, which are not added to prime cost of firm’s own made tangible fixed assets. + Provision for devaluation in inventory value (difference between allowances for decrease in inventory value planned for this year and redundancies of allowances planned for last year).

For activities of invested business real estate, this account records:

+ Depreciation of investment real property for lease in the period.

+ Expenses of upgrading and improving investment property which is not eligible to be charged to prime cost of investment property.

+ Expenses incurred from operation of investment property lease in period.

to account 911 “Income Summary.’’

+ Transferring total expenses of investment property business incurred in period to determine trading results.

+ Remission of provision for devaluation in inventory value at fiscal year-end (negative difference between provision planned for this year and that of last year).

+ Sales returns to be stored.

+ Remission of accrued expense for real estate determined to be sold (the difference between the accrued expenses higher than actual expenses incurred).

+ Trade discounts, sales allowance received after purchasing consumed goods.

+ The import tax, special excise tax, environmental protection tax calculated to the value of goods purchased when delivering goods for sale, but such taxes are refunded.

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