56587721 international accounting 1(fix)

8/6/2019 56587721 International Accounting 1(Fix)

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CHAPTER 1 : OVERVIEW OF FINANCIAL ACCOUNTING

1. Lch s hnh thnh v pht trin ca Hi ng Chun mc K ton Quc t 1/4/2001, Hi ng Chun mc K ton Quc t ( International Accounting Standards Board IASB ) c thnh

lp.

IASB includes a variety of backgrounds with a mix of auditors, preparers of financial statements, users offinancial statements and an academic.

The IASBs predecessor body, the IASC, had found in 1973 and issued 41International Accounting Standards (IASs ) ==>Tin thn ca IASB l y ban Chun mc K ton quc t ( IASC ) thnh lp nm 1973 thng qua 1 tha thun bi

cc t chc ngh nghip.41 IASs c rt nhiu version khc nhau.

Later, the IASB adopted all of these standards and issues its own International Financial Reporting Standards (IFRSs ).

2. S khc bit gia IASv IFRS

IAS ( Chun mc K ton quc t ) cp n

k thut hch ton, quy trnh x l cng vic

IFRS ( Chun mc BCTC quc t ) tp trung vo ngi s dng thng tin, bi

cnh gii ca K ton l thng tin c ch cho ngi s dng. H khng

quan tm n k thut hch ton, min l n lm theo ng nguyn tc, chun

mc l c.

3. S lc v Chun mc K ton Anh - M - Vit Nam

Anh, EU p dng IAS/ IFRS.

M s dng US GAAP ( General Accepted Accounting Principles Cc nguyn tc K ton c p dng rng ri ).As many US and foreign companies operate and raise capital in more than one country, US GAAP is moving toward

Global Accounting Standards.

Vit Nam bn cnh vic ban hnh VAS, MOF cn ban hnh cc ngh nh, thng t hng dn ( circular, decree )c xem nh l Vietnamse GAAP. Cc cng ty K ton, Kim ton a s p dng cc ngh nh, thng t hng

dn, ch khng cn n chun mc. Ch c nhng cng ty ln, to mm, c ci vi B Ti chnh p dng Chun

mc hay Ngh nh/ Thng t c li cho khch hng ca n.


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4. Framework ( Khun mu l thuyt )

Khun mu l thuyt a ra cc hng dn lin quan n BCTC nhm p ng nhu cu thng tin chungca mi itng s dng ( khng th c cc thng tin phc v cho nhu cu ring ca tng i tng ). BC TC theo mc ch c

th nh bng co bch, bo co theo mc ch thu nm ngoi phm vi hng dn ca Framework.

Framework l nn tng ca cc Chun mc K ton. Framework xy dng nhng gi nh ( Assumption ), t nhng ginh ny th IAS/ IFRS mi ng. Trong nhng tnh hung m Chun mc K ton khng cp, ta phi quay v xem

xt Framework.

5. Mc tiu ca BCTC

BCTCc lp vi cc mc tiu ch yu l cung cp thng tin v:


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6. So snh BCTC ca nc ngoi & Vit Nam

Bng Cn i k ton Vit Nam Bng Cn i k ton nc ngoi

- Trnh by theo tnh thanh khon gimdn (Liquidity descending)

- Optional

- Distinguish Current Assets & Non Current Assets.

- C th phn bit r rng gia ti sn ngn hnv ti sn di hn hoc trnh by trn li theo

1 trt t nht nh ( tnh thanh khon tng

hoc gim ). Nu khng phn bit c ngnhn & di hn th phi thuyt minh trn

BCTC.

- Ti khon mang s hiu c nh. - S hiu ti khon ty thuc vo nhu cu qunl ca DN.

- Bo co mang tnh mu biu thngnht.

- Bo co khng mang tnh mu biu thngnht.

Ch : Cc ti sn ti chnh sometimes khng phn bit c ngn hn &di hn.

V d: Khi ngn hng cho vay 3 nm th y l Long term asset. Nhng 3 thng sau khch hng tr n hoc ngn hng bn n

cho factoring comoanies th y l Short term asset.

Goodwill ( Li th thng mi ) ca cng ty khc khi hp nht xut hin Statement of Financial Position ca cng tymnh.

Tnh hnh ti chnh

Ngun lc m n vkim sot

C cu ti chnh

Kh nng thanh khon

Kh nng thch ng

==> Statement of Financial Position

Kt qu hot ng

ca n v

Kh nng sinh lica doanh

nghip==> Statement of ComprehensiveIncome

S thay i tnh

hnh ti chnh

Cc hot ng kinhdoanh, u t, tichnh.

Kh nng to ra tin vcc khon tng ngtin

==> Cash FlowStatement


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Bo co kt qu kinh doanh

Vit NamProfit and Loss Accounts ( phn loi chi ph theo chc nng )

1. Doanh thu bn hng v cung cp dch v2. Cc khon gim tr doanh thu3. Doanh thu thun v bn hng v cung cp

dch v

4. Gi vn hng bn5. Li nhun gp6. Doanh thu hot ng ti chnh7. Chi ph ti chnh

-Trong : Chi ph li vay

8.Chi ph bn hng

9. Chi ph qun l doanh nghip

10.Li nhun thun t HKD

11. Thu nhp khc12. Chi ph khc

13. Li nhun khc

14. Tng li nhun k ton

trc thu

15. Chi ph thu TNDN hin hnh

16. Chi ph thu TNDN hon li

17. Li nhun sau thu TNDN

18. Li c bn trn c phiu

Comprehensive Income (C. I ) Sales Revenue Cost of Goods Sold Gross Profit ( Margin ) Total Operating Expenses

General & Administrative Expenses Selling Expenses .........

O perating Income = Gross Profit Total OperatingExpenses

Income from financial activities Expense for financial activities Extraordinary income Extraordinary expense Earning before tax Income tax expense Income From Continuing Operations Loss ( Gain ) on Discontinued Operations Net Income

OtherComprehensive Income (O.C.I ) TotalComprehensive Income (T.C.I )

Earnings Per Share

7. Characteristics of accounting informationCc c im cht lng l cc thuc tnh cn thit c thng tin hu ch trnh by trn BCTC. Framework a ra 4 c im

cht lng ch yu, l tnh ng tin cy, tnh thch hp, tnh c th hiu c v tnh c th so snh c.

7.1. Tnh ng tin cy ( Reliablity )Thng tin t cht lng ng tin cy khi chng khng c cc sai st hay thin lch trng yu v c trnh by trung thc.

t cht lng ng tin cy, thng tin cn :

Represent faithfully the results and f inancial position ofthe entity

( Trnh by trung thc kt qu, tnh hnh ti chnh ca n v

)

Susbstance over form ( Tn trng ni dung hnhnh thc )


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Pudence (Thn trng ) L vic cn nhc trong cc iu kin khng chc

chn.

Nguyn tc thn trng khng cho php nh gicao ( overstate ) ti sn v thu nhp hay nh gi

thp ( understate ) n phi tr v chi ph.

Neutrality ( Khch quan ) Thng tin trn BCTC phi khch quan, khng

b xuyn tc.

Thng tin khng c trnh by nhm tc 1 kt qu c xc nh trc.

Not have material errors( Khng c sai lch trng yu, tc l c th vn cn c

nhng sai lch khng trng yu ).

Completeness in all material respects ( y trn nhng kha cnh trng yu )

Ch : Vic tn trng ni dung hn hnh thc ( Susbstance over form ) ngha l cc nghip v hay s kin phi c tnh ton

v trnh by theo ni dung v tnh cht kinh t ch khng phi n thun theo hnh thc php l. Ni dung v hnh thc php l

khng phi lc no cng nht qun.

V d:Nghip v thu ti chnh ( Financial Leasing )

ghi nhn nghip v thu ti chnh th phi tha mn 1 trong 3 iu kin sau:

Hin gi cc khon tin thu ln hn hoc bng gi tr th trng hoc gi tr hp l ca ti sn cho thu. Khi chm dt hp ng, bn cho thu chuyn quyn s hu cho bn i thu vi gi thp hn nhiu ( much lower ) so

vi gi tr trng lc .

Thi gian thu ( leasing term ) chim trn 2/ 3 thi gian s dng hu ch ( useful line ). V mt hnh thc ( legal ), ti sn cho thu ti chnh thuc quyn s hu ca ngn hng ( ngn hng gi giy t ). V mt bn cht th y l Purchase with loan nn DN ghi nhn y l ti sn ca mnh trn Bng Cn i k ton

v tnh khu hao bnh thng.

Ti sao DNkhng i vay ngn hng mua ti sn?L do l ngn hng mun nm ng chui.

Nu ngn hng cho DN vay tin mua ti sn gi tr ln trong thi gian di, th quyn s hu ti sn thuc v DN, ngn hng

khng chc chn s thu c vn. Cn nu ngn hng mua ti sn v, nm gi quyn s hu ti sn ri cho DN thu li th

quyn s hu ti sn thuc v ngn hng. Do xt v bn cht, y cng ch l hot ng mua sm ti sn ca DN bng ngun

vn vay. Khi ri ro v li ch ca ti sn thuc v DN nn n v ghi nhn y l ti sn ca mnh

7.2. Tnh thch hp ( Relevance ) Thng tin cn phi thch hp i vi nhu cu ra quyt nh ca ngi s dng. Thng tin thch hp khi chng nh

hng n cc quyt nh ca ngi s dng, gip h nh gi cc s kin qu kh, hin ti v tng lai hoc xc

nh hay iu chnh cc nh gi qu kh ca h.

Tch thch hp ca thng tin c nh gi trn 2 kha cnh:Timeliness ( ng lc ) &Materiality ( Trng yu )

7.3. Tnh c th hiu c ( Understanability )


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Thng tin cung cp trn BCTC phi c th hiu c. Ngi lp BCTC gi nh rng ngi s dng c 1 kin thcnht nh v kinh doanh, cc hot ng kinh t v k ton.

Tuy nhin, cc thng tin phc tp, qu kh hiu i vi ngi s dng nhng thch hp i vi nhu cu ra quyt nhkinh t ca h phi c trnh by trn BCTC.

7.4. Tnh c th so snh c ( Comparability )Ngi s dng BCTC phi c th so snh cc BCTC ca :

Mt n v trong mt khong thi gian nhm xc nh xu hng v tnh hnh ti chnh v kt qu hot ng. Cc n v khc nhau nhm nh gi tnh hnh ti chnh, kt qu hot ng v s thay i tnh hnh ti chnh ca cc

bn.

Ch : Vic p dng Nguyn tc nht qun ( Consistency ) gia k ny ( current period ) & k trc ( prior period )

nhm to ra 1 thng tin c th so snh c gia k ny v k trc.

IAS/ IFRS quy nh D N thay i chnh sch k ton ( accounting pilicy ) khi There is a significant change in thenature of the operations or a review of the financial statements presentation indicates a more appropriate presentation.

Khi thay i chnh sch k ton, DN phi declare ( tuyn b cng khai ) & nh gi trongThuyt minh BCTC s thay iny lm li nhun nm nay b nh hng nh th no.

Bi tp:Nhng trng hp sau ang p dng nhng gi nh, nguyn tc no ?

1. Revenue is recognized only after certain criteria are satisfied.2. Cause and effect relationship between revenue and expense.3. The basis for measurement of many assets and liabilities.4. All economic events can be identified with a particular entity.5. The benefits of providing accounting information should exceed the cost of doing so.6. Assumes the entity will continue indefinitely.7. A common denominator is the dollar.8. The life of an enterprise can be divided into artificial time periods.

PN

1. Realization concept ( Nguyn tc ghi nhn doanh thu ): The earnings process is judged to be complete or virtually complete. There is reasonable certainly as to the collectibility of the asset to be received.


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2. Matching principle : expenses are recorded in the same period in which the revenues they helped produce are recorded (Chi ph phi ph hp vi doanh thu, chi ph do doanh thu quyt nh ).

3. C s o lng gi tr ti sn & n phi tr: Historical principle. Nguyn tc gi gc c lp trn gi nh hot nglin tc ( n v mua ti sn v sn xut, kinh doanh, khng phi bn nn h s dng gi gc, khng quan tm n

gi tr trng ).

4. Assumption Entity Concept - n v kinh doanh phi c lp ( seperate ) vi ch s hu ca n . Tc l k toncung cp cc thng tin v ti sn, n phi tr ca entity, ch khng cng b cc thng tin v ch s hu DN.

5. Materiality principle ( ch cung cp nhng thng tin m li ch ca vic cung cp nhng thng tin ny phi ln hn chiph ca vic lm ny ).

6. Going concern assumption ( Hot ng lin tc ) ==> gi nh thc th, php nhn s tip tc hot ng trong khongthi gian v hn nh.

7. Money measurement concept : accounts will only deal with those items to which a monetary value can be attributed ==> ghi chp, o lng, theo di gi tr bng tin.

8. Accounting period assumption ( Gi nh k k ton ). Nu DN hot ng lin tc, gi nh c th chia ra nhiu k bo co lp BCTC, xem xt hiu qu hot ng

kinh doanh.

Nu my thng na DN sp ng ca, ph sn th phi trnh by thc trng hin ti ca cng ty theo gi thtrng.

Ch v nguyn tc ph hp:Chi ph phi ph hp vi doanh thu, ch khng phi doanh thu ph hp vi chi ph. Xt v d sau: nm 2010 DN thc hin chin dch qung co, khuyn mi nhm gia tng sc tiu th thnh phm,

nhng n nm 2011 th cng ty mi bn c hng. Trong trng hp ny th chi ph qung co, khuyn mi vn

c ghi nhn vo chi ph bn hng nm 2010. V y l chi ph thi k ( periodic cost ). DN hi sinh s ph hp

gia doanh thu v chi ph nhm mc ch g ?

8.Cc yu t ca Bo co ti chnh

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.1. Definition of cc yu t BCTC Ti sn l ngu n lc do n v ki m sot, l k t qu ca s kin qu kh v n v d tnh thu c li ch kinh t trong

tng lai t ti sn.

N phi tr l ngha v hin ti ca n v, pht sinh t cc s kin qu kh, v n v s phi s dng cc ngun lc thanh ton cho cc khon n ny.

Vn ch s hu l phn gi tr cn li trong ti sn ca n v sau khi tr i tt c cc khon n phi tr. Thu nhp l s gia tng li ch kinh t trong k k ton di hnh thc tng ti sn hoc gim n phi tr lm tng vn ch


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Businesstransactions SourceDocuments Accountant

Books of

prime entry( Journal )

s hu, nhng khng bao gm cc khon ng gp ca ngi tham gia gp vn.

Chi ph l s st gim li ch kinh t trong k k ton di hnh thc gim ti sn hoc tng n phi tr lm gim vn chs hu, nhng khng bao gm cc khon phn phi vn ca ngi tham gia gp vn.

8.2. Recognition of cc yu t BCTC

Ghi nhn l 1 tin trnh a vo BCTC 1 khon mc tha mn nh ngha v iu kin ghi nhn c xc lp. Mt khon mc p ng nh ngha ca 1 yu t BCTC ( ti sn, n phi tr, vn ch s hu, thu nhp hay chi ph )

cn c ghi nhn nu tha mn ng thi cc iu kin sau:

Kh nng chc chn v cc khon li ch kinh t lin quan n khon mc s thu c hay s dng bi n v. Khon mc c gi gc hay gi tr c th xc nh ng tin cy.

Ch :

Trong nhiu trng hp, gi gc hay gi tr ca mt khon mc cn phi c tnh. Vic s dng cc c tnh hp l lphn thit yu ca tin trnh lp BCTC v khng lm gim tnh ng tin cy ca BCTC.

Mt khon mc khng p ng c iu kin ghi nhn ti 1 thi im c th ny li c th tiu chun ghi nhn ti1 thi im sau .

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.3. Measurements of cc yu t BCTC

o lng l vic xc nh gi tr tin t m 1 yu t c ghi nhn trn BCTC. Initial Value (Ghi nhn ban u) ==>Ti sn c ghi nhn theo s tin / cc khon tng ng tin tr, hoc gi

tr hp l c xem xt c ti sn ti thi im ghi nhn ( Historical cost ).Ch : ch c Irrecoverable Tax mi

c cng vo gi gc, cn Recoverable Tax th khng c tnh vo gi ph lch s.

Subsequent Value ( Sau ghi nhn ban u ) Cc c s o lng c s dng bao gm:

Gi gc Gi tr hin ti Gi tr c th thc hin Hin gi

8.4. Presentation / Classification / Disclosure

9. The Accounting Process ( Quy trnh k ton ) Invoice, Receipt

Potation/ Listed price ( giy bo gi ) Order Sales Order : khch hng lp


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Books of prime entry ( Journal )

- General Journal- Specific Journal

Total & Record

General Ledger

( NominalL

edger- T

account )

Balancing

Trial Balance

( Bng Cn i s pht sinh )

Adjustments

( thc hin adjusting entries trn Journal )

Post adjusting trial balance

Closing Entry trn Journal

Post closing entries trial balance

Financial statement

Purchase Order : cng ty lp i mua hng Goods delivery note ( Phiu xut kho ) Goods dispatch note ( Phiu nhp kho ) Payment Order ( phiu chi, lnh chi ) , Standing Order

Credit Note/Debit Note

Khi doanh nghip mua hng t nh cung cp, nu

pht hin hng b h hng, li, km phm cht th

DN gi Debit Note cho nh cung cp yu cu

tr li hng v khu tr n phi tr. Nu nh cung

cp ng , h s gi Credit Note cho DN, y l

cn c D N ghi gim Payable ( N 331 / C

152 ).

Khi ngi mua hng overpayment s tin thanh

ton, ngi mua s gi Debit Note yu cu thu

li tin hoc khu tr tin hng ln sau. Nu chpnhn, ngi bn s gi Credit Note.

Remittance advice1 cng ty mua hng n 3 4 chuyn hng, khi

cng ty tr tin hng th s fill in Remittance advice

thng bo s tin tr cho ha n no, ngy

no ngi bn kim sot ha n no c thanh

ton v mi ha n c 1 credit period khc nhau.

Nhng nghip v no thng xuyn xy ra th chng

ta m 1 s theo di ring, l Specific Journal.

Lp S Tng hp ( G/L ) ring cho tt c ti

khon tng hp. Ngoi G/L, n v cn lp thm

Personal Accounts ( S chi tit ).


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S d Ti khon doanh thu, chi ph vn > 0.

Kt chuyn doanh thu, chi ph

Dr Income Summary / Cr Expense

Dr Revenue / Cr Income Summary

( S d DT, CP = 0 )

M t v Journal (SNht k )

Specific Journal thng bao gm cc s sau: General Journal

Cash Book ( ghi chp Cash Transactions , cc hot ng lin quan n thu chitin ).

Petty Cash Book Sales Day Book ( ghi chp Credit Transactions , cc hot ng bn hng tr chm

).

Purchase Day Book ( mua hng tr chm ). Sales Return Day Book ( theo di hng bn b tr li )

Theo di Daily Transactions

cn liV d:

Khu hao D phng cui k Adjusting entries Closing entries ......

Nu nh Journal l 1 quyn s vit tt c ti khon, n c rt nhiu trang, nn phi nh s trang cho Journal. Cn G/Lth theo di ring cho tng ti khon.

Bn cnh G/L, n v cn m cc s chi tit theo di cho tng i tng.

V d: A/R cho tng i tng khch hng A, B, C....

1 nghip v pht sinh phi c post ln ng thi S tng hp v S chi tit.V d: Bn hng cho khch hng A cha thu tin 1000 ng.

Double Entry


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Debit Accounts Receivable ( Customer A ) : 1000

Credit Sales Revenue : 1000

Khon A/R $ 1000 phi c post 2 ln ln S tng hp v S chi tit.

Nhn vin gi S tng hp v nhn vin gi S chi tit phi l 2 ngi khc nhau ( nguyn tc bt kim nhim ). Cui k,i chiu s liu trn ti khon tng hp v cc ti khon chi tit m cho TK tng hp phi bng nhau.

M phng v JournalJOURNAL Page 1

Date 2008 DescriptionPost Ref.

(Account Number)Dr Cr

Jan. 1Expense

Cash

532

111

X

X

JOURNAL Page 2

Date 2008 Description Post Ref. Dr Cr

Jan. 15Cash

Revenue

111

411

Y

Y

......

M phng vG/L

LEDGER

ACCOUNT Cash ACCOUNT NO. 111

Date 2008 Description Post Ref. Dr CrDr/

CrBalance

Jan. 1 Sold merchandise

( trang no trn

Journal ==> i

chiu )

3500

13 Purchase equipment J1 ( Journal page 1 ) 800

.......

Beginning balance X Total Total

S liu t G/L sau khi i chiu vi Personal Account, nu khp s c post ln Trial Balance.

Trial Balance ca nc ngoi ging nh Bng cn i s pht sinh ca VN, ngoi tr :


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TrialBalance ch ghi s d cui k Bng cn i s pht sinh ca VNtheo di s d u k, s pht sinh trong k v s d cui k.

M phng vTrialBalance

Account name Account numberTrialBalance

D

r CrCash

Inventory

.....

Total X X

M phng vBng cn i s pht sinh ca VN

Tn TKS hiu

TK

S d u k S pht sinh trong k S d cui k

Dr Cr Dr Cr Dr Cr

Tin mt 111

.....

Tng cng X X Y Y Z Z

Tc dng ca TrialBalace /Bng cn i s pht sinh ==> gip pht hin c nhng li sau y : Transposition ( o s ) Casting Errors ( Cng sai ) Errors of extraction Two entries on the same side ( 1 bt ton ch c Dr, khng c Cr hoc ngc li ) Errors on bringing forward balance ( kt chuyn s d cui k trc sang s d y k ny sai ).

Tuy nhin, c nhng li m TrialBalace /Bng cn i s pht sinh khng th pht hin c: Errors of commission

V d:

nh khon ng nh khon sai


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Dr Utilities Expense : 100

Dr Rent Expense : 50

Cr Cash : 150

Dr Utilities Expense : 130

Dr Rent Expense : 20

Cr Cash : 150

Compensating errors ( Sai b tr ) Errors of principle ( Sai nguyn tc k ton )

V d:

nh khon ng nh khon sai

Dr Expense : 100

Cr Cash : 100

Dr Fixed Assets : 100

Cr Cash : 100

Complete reversal of entries ( o bt ton ) Errors of omission ( B st nghip v, tc l c Source Documents, nhng k ton khng hch ton ) Errors of original entry ( Sai ngay t nghip v u tin, tc l nhp sai s liu gia Source Documents v s

sch ).

Sau khi Trial Balance cn bng, cui thng, k ton thc hin Adjusting entries. C 4 loi Adjusting entries:

Asset Liability

Expense

1. Dr Depreciation ExpenseCr Accumulated Depreciation

2. Dr ExpenseCr Provision for bad debts

( doubtful accounts )

3. iu chnh gim gi tr ti sn4. Dr Expense

Cr Prepayments

1. Dr ExpenseCr Accruals ( cc ngha v D N phi

thanh ton trong tng lai : Salary, Utility,

Rent, Insurance payable )

2. iu chnh tng li sut tri phiu phthnh so vi li sut th trng.

Revenue

1. Dr Accounts ReceivableCr Revenue

( Doanh thu c tnh )

2. iu chnh tng gi tr ti sn

Dr 3387 ( Doanh thu nhn trc )

Cr Revenue

Nh vy, Adjusting entries s dng 2 nguyn tc : Accure & Defer.


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Accure : cash will be received or paid in the future

V d: Chi ph phi tr ( 335 ) hoc Doanh thu c tnh theo hp ng xy dng.

Defer : cash was received or paid in the past

V d: Doanh thu nhn trc ( TK 3387 ) hoc Chi ph tr trc ( TK 142, 242 ).

Closing Entries ( Bt ton kha s )Sau khi thc hin Adjusting entries th current balance ca Revenue v Expense > 0, k ton thc hin bt ton kha s

kt chuyn doanh thu, chi ph sang 911 xc nh Net Income (khi Ending Balance ca Revenue v Expense = 0)

Kt chuyn Chi ph Kt chuyn Doanh thu

Dr Income Summary ( Income Identification )

Cr Expense

Dr Revenue

Cr Income Summary

( Profit &L

oss account )

T Net Income kt chuyn sang Retained Earning.

Net Income > 0 Net Income < 0

Dr Income Summary ( Income Identification )

Cr Retained Earning

Dr Retained Earning

Cr Income Summary

Slc v Chart of Accounts ( H thng ti khon ) H thng ti khon Vit Nam H thng ti khon nc ngoi

H thng k ton ca Vit Nam phi gnh nhiu mc ch

khc nhau :

y Mc ch k tony Mc ch thng ky Mc ch thu Cc TK ca Vit Nam c s hiu TK nht nh, DN

phi hch ton vo ng TK thun tin cho vic

tng hp, x l s liu.

H thng k ton ca nc ngoi ch s dng cho mc ch

k ton, cn nhng mc ch khc th c 1 h thng x l

khc.

Cc TK ca nc ngoi khng c s hiu TK nhtnh. Vic t s hiu TK nh th no l ty thuc

voDN, min l n p ng iu kin sau :

y Asset : TK 101 TK 199y Liability : TK 200 TK 299y Equity : TK 300 TK 399y Revenue : TK 400 TK 499


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y Expense : TK 500 TK 599

CHAPTER 2 : CASH AND CASH RECEIVABLES

1. CASH

Cash on hand Currency and Coins

Cash in bank

Balances in checking/ current accounts

Items acceptable for deposit in these accounts (checks, money orders received

from customers)

These forms of cash represent amounts readily available to pay off debt or to use in operations without any legal orcontractual restriction.

Some examples about restricted cash ( cash is restricted in some way and not available for current use. It is reported as

investments and funds or other assets )

Sc bo chi => ngn hng phong ta ti khon tin gi thanh ton ca payer m bo ti khon ca payer tin chi tr cho payee.

ML/C, k qu, k cc. Compensating balance ( s d ti thiu duy tr trong ti khon )

The borrower us asked to maintain a specified balance in a low-interest or noninterest-bearing account at the bank to

compensate the bank for granting the loan or extending the line of credit.

V d: vay ngn hng $15000, ngn hng yu cu phi duy tr lng tin ti thiu trong ti khon l $ 1000 ==> Cashin bank : $ 14000.

2. CASH EQUIVALENTS


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The investments have a maturity date no longer than three monthsfrom the date of purchase. For instance: treasury bills,

commercial paper.

Xt 2 tnh hung sau y:

a. Bn ang gi 1 tri phiu mua cch y 5 nm, cn 1 thng na mi ti hn. y khng phi l Cash Equivalent ( v bnkhng mun bn n u, chi ph c hi ca vic bn tri phiu ny l tin li cao m bn khng hng c ).

b. Bn ang gi 1 tri phiu mua cch y 5 ngy, cn 1 thng na l ti hn. y l Cash Equivalent.

ghi nhn Cash Equivalent l phi xem xt loi giy t c gi c d bn khng v bn c mun bn n khng.

3. PETTY CASH

nc ngoi, h giao dch qua ti khon ngn hng rt nhiu, h ch gi 1 t tin mt ( khong vi trm USD ) to payfor low-cost and miscellaneous items such as postage, office supplies, delivery charges and entertainment expenses.

Vit Nam khng c petty cash v tin mt ti qu rt nhiu.Quy trnh x l Petty Cash

Description Double Entry

1. Ngi i din theo php lut ca enterprise writes a check tothe custodian. A petty cash fund is established.

Dr Petty Cash

Cr Cash in bank

2. During the month of the first period No entries ( chi ph nh xu, khng trng yu )

3. At the end of the month, custodian lp Bng k v gi kmcc chng t cho K ton cng ty lp bt ton replenished.

Dr Expense (S tin trn chng t)

Dr Under/ Over petty cash

Cr Cash in bank ( S tin cn chuyn vo Petty Cash

n constant )

4. Nhng thng tip theo, vo cui thng, cn c vo Bng k,cc chng t do custodian cung cp, sau khi owener issued a

new check, K ton nh khon.

Dr Expense (S tin trn chng t)

Dr Under/ Over petty cash

Cr Cash in bank ( S tin cn chuyn vo Petty Cash

n constant )

Period u tin ( khi establish petty cash ) th lp 2 bt ton 1 & 2, nhng perios tip theo ch cn lp bt ton 4.


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Example:

On May 1, 2003, the Hawthorne Manufacturing Company established a $200 petty cash fund. John Ringo is designated as the

petty cash fund custodian. The fund will be replenished at the end of each month. On May 1, 2003, a check is written for $200

made out to John Ringo, petty cash custodian. During the month ofMay, John paid bills totaling $160 summarized as follows:

Postage $ 40

Office supplies $ 35

Delivery charges $ 55

Entertainment $ 30

Total $ 160

May 1, 2003Dr Petty Cash : 200

Cr Cash in bank : 200

During theMay 2003 No entries

At the end ofMay, Petty cash tn qu l 40Dr Expense : 160

Cr Cash in bank : 160

At the end ofMay, Petty cash tn qu l 30 ( d cha

tm ra c nguyn nhn, nhng owner vn phi issue

a check worthing $200 )

Dr Expense : 160

Dr Under petty cash : 10

Cr Cash in bank : 200 30 =170

4. BANK RECONCILIATION

Vit Nam ly Bank Statement lm chun. Nu s liu tin gi ngn hng trn S khng khp vi Bank Statement thK ton Vit iu chnh S :

NTK 112 C TK 3387 NTK 1381 C TK 112

International Accounting realizes that Differences between the cash book and bank balance occur due to differences inthe timing of recognition of certain transactions and errors. Therefore, they adjust the bank balance and the book

balance to the same cash balance.

Bank balance Cash book balance

Unpresented check

( Cheque outstanding )

Non sufficient-fund cheque

( NSF check / Dishonored check )

Payers account khng tin thanh ton ( permanent difference

=> ch khi no payer np thm tin vo ti khon ca h )


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Unclear lodgement

( not credit/debit to the

companys account )

Bank collections

( principal, interest, bank charges )

Standing order / Direct debit

Errors of bank

+ Credit transfer

( Khch hng tr tin trc thi hn, nhn tin c tc, li tin gi

ngn hng )

Errors of entity

Example 1:Gemma is reconciling her cash book to the bank statement. Her cash balance is $2357 and the balance on her

statement is $25 overdrawn. She finds the following differences :

- Bank charges of $23 and direct debit totaling $100 have not been posted to the cash book.- There are unpresented check of $324.- She paid in a batch of check two days ago totaling $2503 and these have not yet been credited to her account.- A check she paid in last week for $80 has been dishonoured.

What will the reconciled balance be ?

Bank balance Cash book balance

-25 324 + 2503 = 2154 2357 23 100 80 = 2154

The reconciled balance is 2154

Example 2:The Captain Manufacturing Company maintains a general checking account at the Pacific Bank. Pacific Bank

provides bank statement and canceled checks once a month. The cutoff date is the last day of the month. The bank statement for

the month ofMay is summarized as follows:

Balance, May 1, 2003 $ 32,120

Deposits $ 82,140

Checks processed ( 78, 433 )

Services charges ( 80 )

NSF checks ( 2

Note payment collected by bank ( includes $ 120 interest ) 1120

Balance, May 31, 2003 34, 680


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The companys general ledger cash account has a balance of $ 35,276 at the end ofMay. A review of the company records and

the bank statement reveals the following :

- Checks not yet deposited totaled $ 2,965- A deposit of $ 1020 was made on May 31 that was not credited to the companys account until June.- All checks written in April have been processed by the bank. Checks written inMay that had not been processed by the

bank total $ 5,536.

- A check written for $ 1,790 was incorrectly recorded by the company as a $790 disbursement. The check was forpayment to a supplier of raw materials.

Requirements : Prepare the bank reconciliation.

Bank balance : 34680 Cash book balance : 35276

Deposits 2965 + 1020 NSF checks 2187

Checks written 5536 Bank collections 1120

Errors 790 1790

34680 + 2965 + 1020 5536 = 33,129 80 2187 + 1120 1790 + 790 = 33, 129

The reconciled balance is 33,1295. ACCOUNTS RECEIVABLE

Accounts receivable are current assets because, by definition, they will be converted to cash within the normal operating cycle.

5.1. Initial valuation of accounts receivable5.1.1. Trade discount ( chit khu thng mi ) A percentage reduction from the list price to change prices or to give quantity discount to large customers. Ghi gim trc tip trn ha n.

5.1.2. Cach discount (Sales discount ) Reduce the amount to be paid if remittance is made within a specified short period of time. Represent reduction not in the selling price of good or service but in the amount to be paid within a specified

period of time to provide incentive for quick payment

V d: 2/10, n/30 ==> Thi gian tr n ti a l 30 ngy, nhng nu tr trong vng 10 ngy th c hng chit khu thanh

ton 2%.


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IncomeS

tatement Vietnamese Net method Gross method

Sales Revenue 20,000 19,600 20,000 120 = 19,720

Interest Revenue 0 120 0

Expense 280 0 0

Clearly, initial valuation of net method and gross method is different. Using either net method or gross method, net sales is reduced by discount taken ( 20,000 280 = 19,720 ). Discounts not taken ( 120 ) are included in sales revenue using the gross method and interest revenue using the net

method.5.2. Subsequent Valuation

Two situations possibly could cause the cash collected to be less than the initial valuation of the receivable:

Sales returns: The customer could return the product. Uncollectible Accounts Receivable: The customer could default and not pay the agreed on sales price.

5.2.1. Sales returns

Xt v d sau : Trong thng 10, cng ty A bn chu mt l hng, gi vn $70, gi bn $100. Vo ngy 5 thng 11, do khch hng

thy l hng khng phm cht nn tr li cho DN.

Thng 10 Khi bn c hng Thng 11 Khi tr li hng

a. Dr A/R : 100Cr Sales Revenue : 100

b. Dr COGS : 70

5/11:

a. Dr Sales Return : 50Cr A/R : 50

b. Dr Inventory : 35

20,000

19,600 ( 98% ) => gi

tr thc ca mn hng

m seller a cho khch

hng

400 ( 2% ) => tin li

cho khch hng hng

Discount taken( within 10 days ) : 280

Discount not taken

( overdue ) : 120


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Cr Inventory : 70 Cr COGS : 35

30/11:

Dr Sales Revenue : 50

Cr Sales Return : 50

Cu hi 1: Ti sao khng ghi gim trc tip Sales Revenue m phi s dng ti khon trung gian ( Sales Return ), cui thng

phi kt chuyn Sales Return sang Sales Revenue ?Bn phn NTK 511 c rt nhiu khon mc :Hng bn tr li, Gim gi hng bn, Chit khu thng mi, Thu xut

khu, Thu tiu th c bit, VAT theo phng php trc tip.Nu ghi gim trc tip TK Sales Revenue th nh qun tr

khng bit tng gi tr ca tng khon mc l bao nhiu.

Vic s dng TK trung gian ( Sales Return ) l 1 k thut k ton, va cung cp thng tin cho i tng bn ngoi (Cc khon gim tr doanh thu ) va cung cp chi tit gi tr ca tng khon mc gim tr doanh thu nh qun tr

c quyt nh ph hp:

Trong khon gim tr doanh thu m khon Chit khu thng mi chim t trng ln => kh nng tiu thsn phm ca cng ty l rt tt, khch hng mua hng nhiu nn chit khu cho khch hng nhiu.

Nu Gim gi hng bn, Hng bn tr li chim t trng cao cho thy cht lng sn phm ca cng ty khngtt, cn phi xem xt li qu trnh sn xut nhm gia tng gi tr khch hng.

Cu hi 2:Vic nh khon nh Vit Nam nh trn s ny sinh vn g ?

Returning goods of October do not make sales revenue ofOctober debit, but Novembers sales revenue => SalesRevenue of October is overstated while Novembers one is understated. Recognizing sales returns when they occur

could result in an overstatement of income in the period of the ralated sale.

Tng t, cng ty bn hng nm 2010 ( doanh thu l 100 ), qua nm 2011, doanh thu bn hng l 100, gi tr hng m

khch hng tr li l 50 th cch hch ton nh Vit Nam s lm doanh thu nm 2010 b nh gi cao v doanh thu nm

2011 b gim tr => khng cung cp thng tin hu ch.

Nu nh vic bn hng nm 2010 v 2011 l do 2 i ng bn hng khc nhau thc hin ( A v B tng ng ) . iuny cng lm cho nh qun tr khen thng cho i ng bn hng A nm 2010, nhng li a ra kin i ng bn

hng B lm vic km hiu qu, nhng thc t i A ch bn c 50 cn i ng B bn c 100 ==> rt bt cng cho

i B.

Cu hi 3:C cch no khc phc vn trn hay khng ?

Yes, International Accounting makes provision for Sales Return as follows

1. Make salesGhi nhn bn

hng

a. Dr A/RCr Sales Revenue

b. Dr COGSCr Inventory

Make a. Dr Sales Return


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allowances at the

end of

accounting

period

Cr Allowance for Sales Return

b. Dr Inventory estimated returnCr COGS

At the end of month :

Dr SalesRevenue /Cr Sales Return

2. Receive a return

a. Dr Sales Return AllowanceCr A/R

b. Dr InventoryCr Inventory estimated return

Nu d phng khng th x l nh cha lp d phng :c. Dr Sales Return

Cr A/R

d. D

r InventoryCr COGS

Nu lp d phng b d th hoc l hon nhp ( reverse bt ton lp d phng ) hoc b tr vi khon d phng cnlp cho nhng k tip theo.

Vic trch lp d phng vo cui k lm cho doanh thu k bn hng hp l hn mt cht nhng khng m bo hp l100%.

Example :

During 2003, its first year of operations, the Hawthorne Manufacturing Company sold merchandise on account for $2,000,000.

This merchandise cost $1,200,000 ( 60% of the selling price ). Industry experience indicates that 10% of all sales will be

returned. Customers returned $130,000 in sales during 2003, prior to making payment. The entries to record sales and

merchandise returned during the year, assuming that a perpetual inventory system is used.

Nghip v bn hng

Dr A/R : 2,000,000

Cr Sales Revenue : 2,000,000

Dr COGS : 1,200,000

Cr Inventory : 1,200,000

Receive a return

Dr Sales Return : 130,00

Cr A/R : 130,000

Dr COGS : 78,000

Cr Inventory : 78,000

Make provisons forSales Return at the end of 2003


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Dr Sales Return : 10% * 2,000,000 130,000 = 70,000

Cr Sales Return Allowance : 70,000

Dr Inventory estimated return : 60% * 70,000 = 42,000

Cr COGS : 42,000

Dr Sales Revenue : 200,000

Cr Sales Return : 200,000

The sales revenue in 2004 was 3,000,000. In 2004, customers returned $ X in sales.

Ending 2004, the company make allowance for10% of all sales will be returned.

a. X = $ 60,000

b. X = $ 80,000

Receive a return

Dr Sales Return Allowance : 60,000

Cr A/R : 60,000

Dr Inventory : 60% * 60,000 = 36,000

Cr Inventory estimated return : 36,000

Make allowances at the end of2004

Dr Sales Return : 3,000,000 * 10% - 10,000 = 290,000

Cr Allowance for Sales Return : 290,000

Dr Inventory estimated return : 60% * 290,000 = 174,000

Cr COGS : 174,000

Bt ton kt chuyn

Dr Sales Revenue : 290,000

Cr Sales Return : 290,000

Receive a return

Dr Sales Return Allowance : 70,000

Dr Sales Return : 10,000


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Income statement approach Balance Sheet approach

Estimate bad debt expense as a percentage of each

periods net sales. The balance sheet amount is an

indirect outcome of estimating bad dent expense.Mun

tng hay gim chi ph th ch cn thay i gi tr d

phng, t tc ng n B/S.

Determine bad debt expense by estimating the net realizable

value of accounts receivable to be reported in the balance

sheet.Income Statement l hu qu ca B/S nn ph thuc vo

B/S, t khng kim sot c chi ph trn I/S.

Vit Nam ang lp d phng cc khon phi thu kh i theo cch tip cn t Balance Sheet. Cui nm mnh r lidanh sch khch hng v tnh ton s tin mnh khng th thu hi c. Measurement the value of uncollective

accounts receivable depends on debt age overdue ( ly s liu t cc ti khon control & detail ) ==> Making

provisons for bad debts by balance sheet approach reflects the value of accounts receivable more exactly than income

statement approach.

Tuy nhin, Income Statement phn nh Bad debt Expense chnh xc hn v y l chi ph cng ty chp nhn b i get sales.

S cn thit phi trch lp d phng:

Khng trch lp d phng Trch lp d phng

D

oanh thu : 1000Chi ph : 700

Net profit : 300

D

oanh thu : 1000Chi ph : 700 + 200 ( d phng )

Net profit : 100

D c trch lp d phng hay khng, th tin li vn khng i ( tng ngn lu rng ging nhau c 2 trng hp ), linhun thc t ging nhau, nhng li nhun k ton trong trng hp lp d phng s thp hn khi khng lp d phng.

Li nhun k ton sau thu thp th chia c tc t => DN gi li c nhiu ti sn, ngun lc kinh t chi xi trong

tng lai, hn ch vic phn phi ti sn nhiu.

Vic trch lp d phng cn gip cho doanh thu v chi ph cc k cng bng, khng c bin ng qu ln.

Example :The Hawthorne Manufacturing Company sells its products offering 30 days credit to its customers. During 2003, its

first year of operations, the following events occurred:

Sales on credit $ 1,2000,000

Cash collections from credit customers ( 895,000 )

Accounts receivable, end of year $305,000


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There were no specific accounts determined to be uncollectible in 2003. The company anticipates that 2% of all credit sales will

ultimately become uncollectible. And $ 20,000 of accounts receivable is considered uncollectible.

Income statement approach Balance sheet approach

Dr Bad debt Expense :

2% * 1,2000,000 = 24,000

Cr Provision for Uncollective Accounts Receivable :24,000

Dr Bad debt Expense : 20,000

Cr Provision for Uncollective Accounts Receivable :

20,000

Balance Sheet as at December 2004

A/R : 305,000

Provision : ( 24,000 )

Net A/R : 281,000

Balance Sheet as at December 2004

A/R : 305,000


Net A/R : 285,000

Income Statement for the year

ended 2004

Bad debt Expense : 24,000

Income Statement for the year

ended 2004

Bad debt Expense : 20,000

Vo nm 2004, mt khon n 10,000 khng th thu hi c.


Dr Provision for Uncollective Accounts Receivable : 10,000

Cr Accounts Receivable : 10,000

Sau khi xa n, The Statement of Financial Position nh sau :


A/R : 305,000 10,000 = 295,000


Net A/R : 281,000

A/R : 305,000 10,000 = 295,000


Net A/R : 285,000

Bit doanh thu nm 2004 l $ 750,000. Cng ty tin hnh lp d phng cc khon phi thu kh i theo 2% tng doanh s bn

hng. Mt khc, cng ty tin hnh r sot li cc khon phi thu v c tnh $ 12,000 khng th thu hi.



2% * 750,000 = 15,000



12,000 10,000 = 2,000


nh khon sau y l sai :


2% * 750,000 14,000 = 1,000

Cr Provision for Uncollective Accounts Receivable :

Do cng ty r sot li danh sch cc khch hng mua chu,

nhn thy s d d phng cui nm 2004 phi l $ 12,000.

Nhng cc nm trc mnh lp d phng $ 10,000 ri

nn by gi ch cn lp d phng thm $ 2000. y l nt

khc bit gia I/S approach & B/S approach.


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1,000

V $ 15,000 mi l chi ph mnh chp nhn b i bn c

hng.

CHAPTER 3 : INVENTORY

Inventory concept ( IAS 2, paragraph 6 )

Assets that:

Held for sale in the ordinary course of business In the production process for sale in the ordinary

course of business.

In the form of materials or supplies to be consumedin the production process or in the rendering of

services.

Hng tn kho l cc loi ti sn:

Gi bn trong qu trnh hot ng kinh doanhbnh thng.

Trong qu trnh sn xut bn.

Nguyn vt liu hay cng c s dng trong qutrnh sn xut hay cung cp dch v.

Xt v d sau: Cng ty Th Ch mua 1 l sa t Nht, nhng sau Nh nc ra quy nh cm nhp khu v bn cc loi sa c

ngun gc t Nht. Trong trng hp ny cng ty c ghi nhn y l hng tn kho hay khng ?

Nu Th Ch ngh rng mnh cn c kh nng thu c future economic benefit t l sa ( cho heo n, internal use... ) => ghi nhn l Inventory.

Nu Th Ch thy rng l sa ny bn khng ai mua, cho ai khng ly, khng ung c, ch c th em tiu hy thkhng ghi nhn l Inventoty (v ngay c iu kin ghi nhn ti sn future economic benefit cng khng tha

mn). Khi k ton nh khon: DrOther Expense / Cr Cash.

Types of inventory Definition

Raw materials Nguyn vt liu ( TK 152 )

S dng cho qu trnh sn xut Intrusments, Tools,

Suppliess

Cng c, dng c

( TK 153 )

Work in progress ( WIP )Chi ph sn xu t, kinh doanh d dang (TK

154 )Sn phm cha hon thnh tin trnh sn xut

Finished goods Thnh phm ( TK 155 ) Sn phm hon thnh v sn sng bn

Merchandise inventory Hng ha ( TK 156 )

Hng mua v gi bn.

V d: hng ha ca cc DN bn l mua v bn

hay bt ng sn ca cc DN kinh doanh bt ng

sn gi bn.

Trong Inventory cn c 2 loi na l :y Goods in transit ( Hng mua ang i ng )y Goods on Consignment ( Hng gi i bn )


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Goods in Transit

Inventory shipped FOB shipping point ( FOB )is included

in the purchasers inventory as soon as the merchandise is

shipped.

Inventory shipped FOB destination (CIF) is included in the

purchasers inventory onlyafter it reaches the purchasers

destination.

Ch : Phn ln ri ro v li ch ca hng ha thuc v ai th hng ha thuc v ngi &xut hin trn BalanceSheet ca n v , khng quan trng Legal form v quyn s hu ca n l g ( p dng cho Leasing v Goods on

Consignment ).

Nu DN gi bn hng cho i l, i l bn ng gi, hng

hoa hng bn hng trn doanh s bn c

Nu DN gi bn hng cho i l, nhng khng quy nh gi

bn, i l thy gi no c th bn ==> i l hng hoa

hng + chnh lch gi

Risk and Award ca hng ha phn ln do cng ty nm

gi => l hng gi bn ny l Inventory ca cng ty. Goods

held on consignment are included in the inventory on B/S ofthe consignor ( the company ) until sold by the consignee.

Risk and Benefit ca hng ha phn ln thuc v i l

=> l hng gi bn ny l Inventory ca i l. Cng ty

khng ghi nhn n trn Balance Sheet ca mnh.L

hngny xut hin Inventory trn B/S ca i l ( agent ).

Chu trnh ca hng tn kho:

Purchase ==> Issue/Use ==> Sold ==> Revaluate at the end of the year.

1. PURCHASING PROCEDURE&DOCUMENTATIONStep 1 :

Production

department

Material

requisitionStore

Purchase

requisition form

Purchasing

department

Purchasing order

Manager

ratify

Explanation:

( 1 ) A materials requisition will be completed when materials are needed from stores by the production department. An

official from production ( trng b phn sn xut ) will sign the form to authorize it.

It is then used as a source document for:

a. Updating the bin card in stores

b. Updating the stores ledger account in the costing department ( k ton qun tr )

1 2 3


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c. Charging the job ( tnh gi thnh ), overhead or department that is using the materials ( so snh vic s dng chi ph ca tng

b phn so vi li nhun m b phn lm ra xem b phn c lm vic hiu qu hay khng ).

( 2 ) Th kho sau khi i chiu th kho v yu cu cung cp nguyn vt liu t b phn sn xut, nu thiu s lp ra n thng

bo mua hng.

Gii thiu v Bin Card ( Th Kho )

y Description ( tn hng )yInventory code ( m nguyn liu )yInventory units ( n v tnh )y Bin number ( m s th kho )y Issues to production ( lng xut )y Receipts ( s lng nhp )

Trn Bin Card khng th hin gi tr ca vt t,hng ha.

N c th kho lp, gi v s dng nn ch cntheo di s lng.

y Balance ( tn trong kho )( 3 )Purchasing department ( phng vt t ) i chi u gia thng bo mua hng v material buget c b phn k ton

qun tr lp d ton cui nm trc:

Nu yu cu mua hng ph hp vi material budget th trng b phn mua hng ph duyt vic mua hng =>a ln cho gim c approve / authorise ln cui.

Nu yu cu mua hng khng nm trong material budget hoc gi tr vt qu thm quyn th trng phng phixin kin gim c. Nu c php th trng phng mua hng hon chnh h s, ph duyt, sau chuyn cho

gim c k duyt cui cng.

Sau khi c gim c chp thun, Purchasing department finds & contacts the best supplier and order products.

Cu hi: Ti sao khng giao cho b phn sn xut hoc kho i mua hng lun, m li giao cho b phn mua hng ?

y l 1 th tc kim sot trong kim sot ni b ( Internal Control ) vi nguyn tc bt kim nhim : ngi yu cu mua hng,

ngi ph duyt mua phi c lp vi ngi i mua. Purchasing department khng c t i mua hng m khng c s yu

cu t Production department & Store v khng c s ph duyt ca gim c.

Supplier s gi Potation/ Listed price ( giy bo gi ) cho cng ty. Sau khi la chn c vt t, hng ha phhp, Purchasing department s fill in Purchase Order v gi cho suppiler.

Step 2 :

( 4 ) Products (6)Goods Delivery

+ Goods Delivery Note Note ( copy )

+

Supplier The

company

Supplier


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( 5 ) Dispatch Note Goods Received Note

Explanation:

( 4 ) The supplier sends products along with Goods Delivery Note to the company. Delivery Note is a written document fromthe seller to the buyer that specifies type of goods and quantity. Price may be included or not.

( 5 )After that, the seller sends Dispatch Note ( thng bo gi hng ) by email to the enterprise in order to inform that the

goods are on their way and when they will be delivered.

An example of Dispatch Note:

We are pleased to inform you that yourgoods were sent today. We hereby inform you that your goods will be delivered tomorrow. We hope that the goods will arrive in perfect condition. We look forward to doing business with you again.

( 6 ) When gooods are received into the company, Purchasing department signs on the Delivery Note ( one side keeps a

Delivery Note ). After that, store keeper or Purchasing department produced Goods ReceivedNote ( Phiu nhp kho).

Goods ReceivedNote usually accompanies goods to any inspection. In addition, it must have thestore keepers signature.

( 7 ) Purchasing department makes copy of Invoice, Purchase Order (contract), Goods ReceivedNote, Potation and sends

all of them to the Accounting department.

( 8 ) Accountants have to check 3 things:

Check the Invoice and Goods Received Note to guarantee that goods have been delivered and are in satisfactorycondition ( m bo mua c th cn mua trong tnh trng tt nht ).

Check the Invoice and Purchase Order to make sure that the price and terms are as agreed ( ch thanh ton nhng gcng ty t hng thi ).

Check the Invoice that the calculations on the invoice are correct ( including sales tax, VAT ). If everything is in order, the accountants will record figures in the Stores Ledger Accounts, Cash Book or

Payables Ledger.


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y 1 kg rau mua v, qua s ch thu c 0,7 kg rau sch cn 0,3 kg rau a vng, b su n phi b i ==> 0,3 kg rau ny lhao ht trong nh mc ( normal waste ). Nhng hao ht bt thng ( abnormal waste ) khng c tnh vo gi gc

inventories.

Chi ph qun l khng lin quan n qu trnh a hng tn kho vo v tr v iu kin sn sng s dng. Chi ph lu kho, bo qun sn phm ( Storage ) m khng phc v cho qu trnh sn xut tip theo.

Theo nguyn tc, sn phm khi ri vo trng thi available for use th Storage Cost khng c tnh vo gi thnh, m avo Selling Cost.

Chi ph bn hng ( transportation out, freight out, carriage outward .... )

Two inventory accounting system

Perpetual inventory system

( K khai thng xuyn )

Periodic inventory system

( Kim k nh k )

A perpetual inventory system continuously

records both changes in inventory quantity and

inventory cost.

A periodic inventory system adjusts inventory and records cost of goods sold

only at the end of each reporting period.

Mi khi xut hng, tnh gi hng xut khotheo 1 trong 3 phng php sau ( theo IAS

2 version 1/1/2003 )

y FIFO First in, first outy Weighted average pricing methody Specific cost

Khi xut hng khng nh khon. Cui k, tnh gi tr hng xut kho nh sau:- Kim k bit s lng hng tn kho cui k.- Dng 4 phng php tnh gi tnh gi tr hng tn kho cui k.

Cost of goods sold = Beginning inventory + Net purchases Ending inventory

Example 1:The Anna Wholesale Beverage Company purchases soft drinks from producers and sells them to retailers. The

company begins 2003 with merchandise inventory of $120,000 on hand. During 2003 additional merchandise is purchased on

account at a cost of $600,000. Sales for the year, all on account, totaled $820,000. The cost of the soft drinks sold is $540,000.

Anna uses the perpetual inventory system to keep track of inventory quantities and inventory costs.

Purchased

Inventory

Dr Inventory : 600,000

Cr Payable to suppliers : 600,000

Sold

Inventory

a. Dr COGS : 540,000Cr Inventory : 540,000

b. Dr A/ R : 820,000Cr Sales Revenue : 820,000

Example 2:The Anna Wholesale Beverage Company purchases soft drinks from producers and sells them to retailers. The

company begins 2003 with merchandise inventory of $120,000 on hand. During 2003 additional merchandise is purchased on

account at a cost of $600,000. Sales for the year, all on account, totaled $820,000. The cost of the soft drinks sold is $540,000. In

addition, ending inventoy is $ 180,000. Anna uses the periodic inventory system.

Purchased

Inventory

Dr Purchase : 600,000

Cr Payable to suppliers : 600,000


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Sold

Inventory

Dr A/ R : 820,000

Cr Sales Revenue : 820,000

End of period

Dr COGS : 120,000 + 600,000 180,000 = 540,000

Dr Inventory : 180,000 120,000 = 60,000

Cr Purchase : 600,000

A comparison of two inventory accounting systems

A perpetual inventory system provides more timely information but generally is more costly than a periodic inventory system.

Pricing techniques ( Phng php tnh gi xut kho )

Phng php tnh gi hng tn kho cn p dng nht qun i vi tt c loi hng tn kho c cng bn cht v tnhhu dng.

IAS 2 version c hiu lc t ngy 1/1/2003, tch bit 2 nhm hng tn kho vi 3 phng php tnh gi khc nhau:a. Chi ph hng t n kho ca cc loi hng khng c sn xu t hng lot hay khng th thay th &cc hng ha ( dch

v ) sn xut c th cho nhng n t hng c th, v d: trang sc, cc thit b c th... cn s dng phng

php thc t ch danh.

b. Chi ph hng tn kho ca cc mt hng khc c xc nh theo phng php nhp trc xut trc ( FIFO ) hocbnh qun gia quyn.

FIFO First in, first out Definition Advantages Disa

Values issues at the price of the oldest

items in inventory at the time the issues

were made.

It is logical as the oldest stock is likely

to be used first: Easy to understand

and explain.

Cumbersome to operate because of

the need to identify each batch of

material separately.

The remaining inventory thus will be

valued at the price of the most recent

purchases.

Closing stock is valued near

replacement cost.

Variety of price for the same material

may make it difficult to compare cost

and make decision.

Weighted average pricing method Phng php ny s dng gi bnh qun cho cc n v hng t n kho trong k. Thng c s dng cho cc loi hng

tn kho thng thng, c th thay th nh hng may mc.

Issue price

C 2 cch tnh bnh qun gia quyn:y Cumulative weighted average pricing ( bnh qun lin hon ) : calculating average cost whenever a new delivery is

received ( mi khi hng nhp v phi tnh gi bnh qun cho cc loi hng trong kho ).

y Periodic weighted average pricing ( bnh qun gia quyn 1 ln cui k ): calculating average cost at the end of agiven period.

IAS 2 version trc nm 2003, cho php tnh thm phng php LIFO. It is the oposite of FIFO.


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FIFO is based on the price of the oldest items, not close to market value. Therefore it is difficult for the managersto make dicisions.

Using LIFO, issues will be valued at the price of the most recent purchases; hence the remaining inventory will bevalued at the price of the oldest items. Because issue at cost close to current market value, which makes it easy for

decision making.

However,

L

IFO

has disadvantages galore.

y Cumbersome to operate because of the need to identify each batch of material separately: Difficult to explain asit is opposite to what is physically happening.

y Variety of price for the same material may make it difficult to compare cost and make decision.

Purchase discount

On October 5th

2003, the Anna Company purchased merchandise at a price of $20,000. The repayment terms are stated as 2/10,n/30. Lothridge paid $13,720 ($14,000 less the 2% cash discount) on October 14 and the remaining balance of $6,000 on

November 4. Anna employs aperiodic inventory system.

Vietnamese Net method Gross method

October 5:

Dr Purchase : 20,000

Cr A/ P: 20,000

Dr Purchase: 19,600

Cr Accounts Receivable :

20,000 * ( 1-2%) = 19,600

Dr

Purchase : 20,000

Cr A/ P:20,000

October 14

Dr A/P : 14,000

CrFinancial Income : 280

Cr Cash : 13,720

Dr A/P : 13,720

Cr Cash : 13,720

Dr A/P : 14,000

CrDiscountReceived ( Interest

Income ) : 280

Cr Cash : 13,720

November 4

Dr A/P : 6,000

Cr Cash : 6,000

Dr A/P:

19,600 - 13,720= 5880

Dr Interest expense :

6,000 * 2% = 120

Cr Cash : 6,000

Dr A/P : 6,000

Cr Cash : 6,000


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Inventory Evaluation

Bo co ti chnh cn phi phn nh trung thc v hp l tnh hnh ti chnh ca n v. Do vic nh gi li hng tn kho

cui k nhm khng nh gi cao ( oversteted ) gi tr ti sn ( accoring to the prudence principle ).

Gi tr hng tn kho cui k c th hin trn Bo co ti chnh

CARRYING AMOUNT= MIN ( HISTORICAL COST, MARKET VALUE )

Vietnamese&IAS

US

Market value = Net realizable value ( NRV ) = Expected

selling price Cost incurred in getting them ready for sale

Selling Cost = Gi bn c tnh trong iu kin bnh thng

Chi ph c tnh hon thnh sn phm Chi ph c

tnh cho vic bn hng.

Market value is defined as replacement cost (RC) which

should not :

Exceed the net realizable value Be less than net realizable value reduced by an

allowance for an normal profit margin ( PM ).

Xc nh Market value theo USnh sau:

NRV PM NRV

RC thc t RC thc t RC thc t

Market value Market value Market value

y Nu RC thc tNRV PM thMarket value xc nh theo US = NRV PMy Nu NRV PMRC thc t NRV thMarket value = RC thc ty Nu NRV RC thc t thMarket value xc nh theo US = NRV

CHAPTER 4: NON-CURRENT ASSETS