Graduation thesis Academy of Finance Introduction Rationale of study The labor process of human consist of three factors: human, labor tool and labor object Thanks to labor process, human developed our society from primitive one to modern one as nowadays In labor subject, materials make up high proportion Therefore, it is important to pay attention to managing materials Because if there was no material, there would be no labor process, and our society would still be a primitive one In a manufacturing company, the main activity is buying material, processing it to become product then trading So, managing materials economically, effectively and efficiently is the key successful factor for any enterprise One of the most effective ways of managing materials is accounting because it provides people in management with complete, in time, true and fair information about the current situation, the movement of materials that help to plan, control, and make decisions During the time of internship at Hong Phuc Commercial And Production Investment JSC – a leading company in producing glass, I found out that many of manufacturing companies have not really focused on inventory accounting and not taken full advantage of it to have appropriate actions Therefore, I chose Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance “Inventory accounting procedures at Hong Phuc joint stock and some recommendations” as my thesis topic With this study, I would like to give some recommendations to improve the current situation of material accounting procedures at Hong Phuc JSC Aim of study This thesis was written first as a required partial fulfillment for the author’s BA degree Second, the purpose of this study is drawing out the material accounting procedure situation at Hong Phuc JSC The leadership of the company can consult my thesis to aware of some outstanding issues of their accounting activity in order to have solution to deal with it The method of study Research method is used in this thesis is general research that combines theory analysis with current situation analysis by gathering source documents, information from accounting books, financial statements in order to give out the solution improving outstanding issues The scope of study My thesis studies the material accounting at Hong Phuc JSC, a temper glass JSC Because of limited time, I just study the accounting activity from 2009 to 2011 Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance Organization of study This thesis contains three chapters: Chapter 1: Literature review on material accounting procedures at manufacturing company Chapter 2: The current situation of mateial accounting at Hong Phuc JSC Chapter 3: Some recommendations to improve the material accounting at Hong Phuc JSC Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance CHAPTER ONE LITERATURE REVIEW ON MATERIAL ACCOUNTING AT MANUFACTURING COMPANY 1.1 The significant of material and the requirement of material accounting 1.1.1 Responsibility of accounting for inventory The material accounting should fulfill the following missions: - Valuating, classifying materials compatible with VAS and management requirements - Using documents, accounts, accounting books compatible with material accounting method in order to record, classify the movement of material in order to provide information in time for making decision - Analyzing, evaluating the purchase policy, buffer material and consumed amount in manufacturing process - Recording correctly and in time the receipt of material in units, quality, types, value, lead-time - Calculating and allocating exactly the issuing value for different purpose, checking the consumed material amount for each production line, avoiding the waste of material - Checking the buffer inventory, detecting slow-moving material, low quality, having solutions to free the working capital in order to minimize cost Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance 1.1.2 Classification of material 1.1.2.1 In terms of role and requirement of management: - Primary materials: materials directly participate in producing process and compose the entity of product Primary materials also include purchased semiproducts: they are parts and components of product that the business buys from other businesses to process their own products and goods - Subsidiary materials: materials that not compose the entity of product while participating in producing process Those materials may be combined with main materials to change shape of product Subsidiary materials are used to improve quality, features and uses of product, to preserve labor tools and to assist worker’s work - Fuel: is subsidiary material but due to special physical and chemical properties, fuel is classified as a separated category and has special requirements of preservation and using Fuel is material that provides thermal energy for producing process Fuel can be liquid, solid or gas, such as petrol, diesel, coal, wood and gas Fuel is used in for vehicles, machines, devices that participating in producing process - Spare part: including wastage that is rejected after producing process Classification of materials based on above criteria is quietly relative, because a same material may be the primary or subsidiary one depending on each type of business This classification helps accountant to organize ledger control account and detailed account, then reflecting current situation and fluctuation of materials in production process of business The classification also help business to have a good awareness of economic content, role and function Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance of every material, then have appropriate methods of management and using materials 1.1.2.2: In terms of aim and use of materials, as well as regulations of reflecting material cost on accounting account: - Materials are directly used in producing and manufacturing - Materials are used for other needs: management at workshops, production teams, sales, overall management 1.1.2.3: In terms of source of materials: - Purchase - Self-made or self-processed - Outsourcing-processed - Received from joint-venture partners However, to ensure supplying of material for continuous production and close control, it is necessary to have a well-awareness of available amount and fluctuation of every material Thus, the classification should be very detailed based on physical, chemical and specification of material 1.2 Principles and methods for valuing inventory 1.2.1 Principles for valuing inventory As valuing inventory, it is necessary to ensure following principles: • Accrual accounting basis: The transaction incur relating to asset, liability, and owner equity, revenue, cost( including materials) must be recorded at the time the transaction incurred, not at the time of cash inflow or cash outflow Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis • Academy of Finance Historical cost: Materials are booked at their value when they are purchased This means that value of material in accounting book is the cost to purchase them, not their market price In addition, the value of material is not allowed to change unless there is another rule in a specific standard • Consistency: This principle requires that similar items should be haven similar accounting treatment In preparing accounts, consistency should be observed in two respects: similar items within a single set of account should be given similar accounting treatment the same treatment should be applied from one period to another in accounting for similar items This allows valid comparisons to be made from one period to the next Therefore, it is the material managing method, the recognition method, the way calculating cost of goods sold; VAT calculation and declaration… must be applied consistently • Materiality: Under materiality concept, only materiality items should be appeared in financial statement Items are materiality if their omission or misstatement would influence the economic decisions of users based on the financial statements 1.2.2: Methods of valuing materials 1.2.2.1 The value of materials when they are recorded into accounting books Materials are booked at historical cost The historical cost of materials includes the purchase price, conversion cost, and other cost to make material in location and ready for use • In case, the materials are bought outside: Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance +If materials are objects to tax and the company follows the deduction method: Purchase Historical cost of = materials price excluding Trade Import + Ordering + duty cost discount _ or purchase VAT return value +If materials are objects to sale tax or the company applies the direct VAT method: Historical cost of = material Purchase Import duty price and including + VAT + of imported VAT Ordering cost Trade discount _ or purchase return value goods • In case, materials are self-processed materials: The historical The cost value of = material initial Conversion of + cost material • In case, materials are outsourcing processed materials: The The historical cost of = material Student: Bui Thi Ngoc initial value of + Processing cost + Carriage inward material Class: CQ46/51.03 Graduation thesis Academy of Finance 1.2.2.2 Methods for calculating the cost of goods sold There are methods of calculating the cost of goods sold: - LIFO - FIFO - WEIGHTED AVERAGE - SPECIFIC UNIT • LIFO The content of method.: Using this technique, it is assumed that material items are issued in the order in which they are received from suppliers This means that the lasted purchased materials are the first materials issued The cost of goods sold = Number of unit issued The unit cost of x the lasted purchases Strength and weakness - Strength: Value of issuing is the value of the latest purchase, therefore it will be close to the market price, meeting requirement of Matching concept (matching between revenue and cost) - Weakness: value of closing material is value of the oldest purchase Therefore, it will not be close to the market price When preparing financial statement, it is not really compatible with the historical cost and market value principle Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance • FIFO The content of method: This technique assumes that material items are issued in the order in which they are received from suppliers This means that the first material items purchased are the fist items issued The cost of goods sold = Number of issued unit x Unit cost of fist purchases Strength and weakness - Strength: closing material is unit cost of the latest purchase Therefore, it will be close to the market price The figure showed in balance of financial position obeys the historical cost and market value principal - Weakness: the value of issuing material will not close to the market price, therefore it will completely not compatible with the matching principle • WEIGHTED AVERAGE The content of method: As purchase prices change with new consignment, the average price of components is constantly changed Each component in the store at any moment is assumed to have been purchased at the average price of all components The weighted average cost can be applied as continuous or cumulative and periodic - Cumulative or continuous weighted average: the average unit cost of previous accounting period is the opening value of material for this accounting period Each time or receipt, accountants have to recalculate the average unit Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Student: Bui Thi Ngoc Academy of Finance Class: CQ46/51.03 Graduation thesis Academy of Finance CHAPTER 3: SOME RECOMMENDATIONS FOR MATERIAL ACCOUNTING AT HONG PHUC COMMERCIAL AND PRODUCTION INVESTMENT JSC 3.1 Strength and weakness of material accounting at Hong Phuc Commercial And Production Investment JSC Market economy, being a member of WTO at 7/11/2006 as well as the globalization trend gives all of Vietnamese enterprises chances to expand their market and develop However, Vietnamese enterprises are also facing too many challenges, which require them to become competitive, to have a strategic plan for future, and to confirm their position in the market With Hong Phuc Commercial and Production Investment JSC, a new start up company, this challenge is more difficult However, with strong leadership as well as the devotion and effort of staff, Hong Phuc Commercial and Production Investment JSC has overcome the difficulties in the start-up stage, and has kept developing to become one of the top temper glass suppliers in the North Especially, Hong Phuc Commercial And Production Investment JSC has to mention the effort of Accounting Department for their achievements Having finished my internship, basing on the literature on the chapter and observing the reality at Hong Phuc company, I realize that Hong Phuc Commercial and Production Investment JSC has a really strong Accounting Department, which well supports the company’s activity However, Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance accounting activity in general and material accounting in particular, still has outstanding points Strength - The accounting system: Accounting Department is organized in accordance with job requirements, also consistent with the expertise of each accountant Accountant staff is qualified and experienced Moreover, they are flexible, quickly adapt to the application to the computerized accounting system Accounting department is organized scientifically, effectively and economically - The system of accounting books: Because of computerized accounting system, accounting work is mainly done on the computer; the application of general journal is completely suitable It creates the favorable conditions for recording as well as reconciling When the transaction incurs, basing on the available accounting package, the accountant just input the content of transaction: date of incurring, the value, used account… and ensure that the data is inputted in time - System of account: system of used account follows the regulations of the MOF Basing on the regulated system of account, the company builds a system of account that suitable with the company’s activity Moreover, computerized accounting system helps to build a more detailed accounts system - Accounting method: the company uses the perpetual system for accounting inventory is suitable Because glass is purchased for specific Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance order and often consumed completely for that order, so using perpetual system will help to manage material closely - The company calculates the cost of goods sold by the cumulative weighted average which helps to hide the suddenly the fluctuation in price of materials So the company’s price will not be strongly affected, and the company’s activity is stabilized - Company uses the parallel methods for detailed material accounting In general, this method is suitable for the managing materials Moreover, it is simple and easy to apply - Coding system: the company classifies accounting transaction in simple and scientific way It creates condition for the searching, inputting data as well as dealing with issue Therefore, the receipt or issuing material is managed strictly - Accounting documents at company are obeyed the regulations and meet accounting and managing requirements In addition, the document rotating cycle also follows the regulations of Ministry of Finance Documents are transferred among department in a correct order - Documents after being recorded into computer will be stored at accounting department using for the checking, reconciling purpose when needed Weakness: Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance - Material cost makes up a high proportion in the cost of sale However, company has not built the buffer inventory level for specific types of material yet This type of material can be lack of, the others can be in store too long, but there is no demand for them - Materials in store are just classified according to their thinness, not to their sources This can lead to the difficulty in managing For example, when there is a sale order that requires the glasses purchased from Malaysia Storekeeper will have to use the physical checking to know whether they are remained in store or not It is time consuming and unscientific - Because of limited scale (the number of employees is limited), some points in material accounting procedure are not really meet the management requirement For example, storekeeper, material inspector, and material received note issuer are often one person This cannot ensure the transparency in accounting - The spare part of glass from one sale order is not closely managed When there is a sale order from customer, but the size of ordered glass is smaller than the standard size So, that order will not consume completely the material And the spare part remained is not managed strictly It leads to the wastage - Because the factory is in Hung Yen province, meanwhile the office is in Ha Noi The document relating to material accounting: goods received note, material-issuing note… for example, sometimes are not transferred to Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance the office in time Therefore, accountants cannot record the transaction in time - Materials in store are not counted physically each day This mission is often done once a week And material report which lists the materials remained in store is faxed to the office for director to have purchase plan for future 3.2 The needs and requirement of improving material accounting at Hong Phuc Commercial And Production Investment JSC Because of the above outstanding points, the company’s activity sometimes is not really effective So Hong Phuc Commercial And Production Investment JSC is facing with the requirement of improving the material accounting But how to improve in order to really encourage the company’s activity is not simple The improvement must be meet the following point: - The changes and improvement in material accounting must obey the regulations of MOF as well as related legal document In addition, it should toward to common accounting practice and the international principle - The changes and improvement should suitable for the characteristic of the company’s activity Different company has different characteristic in the business activity, organization structure, the ability of staff, the management requirement….Therefore, the improvement can not be the copy the model of the other company, it must base on specific characteristic of the company Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance - Improvement must be economic and effective Any enterprise hopes to have highest output with lowest input and so accounting activity does - Improvement not only helps to reduce the amount of work but also ensures the punctual and precise of accounting information The improvement must be feasible and able to be applied in the company - The improvement must ensure the consistency principle from the system of document, system of accounting book, the system of account to the every point in accounting policy Beside, it is necessary to create the connection between the general accounting and detailed accounting, financial accounting and management accounting This will to provide completed, accurate, and user targeted information These requirements sound to be simple and theoretic but it is not easy for the company to To achieve this requirements, the company must spend time on studing the its outstanding point, having solutions to overcome these point 3.3 Recommendations for material accounting procedure at Hong Phuc Commercial And Production Investment JSC From these above outstanding point, I would like to give out some private opinion with the hope that it can be suggestion for the company - The company should build up a buffer material level for specific type of material With types of material are often demanded by customer, the buffer level should be higher than the buffer level of materials that are rarely demanded At Hong Phuc Commercial And Production Investment, the Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance product temper 12mm, 10mm are often ordered, so the company should store a safety material level for these types - Material should be classified not only in term of their thinness but also in term of their sources For example, glass 12mm, purchased from Malaysia, glass 10mm purchased in Saigon…if there is sale order from customer which requires glass 12mm purchased form Malaysia, the storekeeper doesn’t need to count physically still know whether this type of material is remained in store or not - The company employs more staff to ensure that each stage in material accounting procedure is transparency For example, the storekeeper, the material inspector, and the material goods received note issuer, material issuing note issuer should be different people - Materials should be counted daily and need to be reported to the director daily in order to have clear view on the movement of material as well as production situation - The company should push up the speed of processing documents Currently, documents are sometimes dealt with slowly The company should clearly stipulate how long one document should be processed and deal with If any department or any account disobeys, there will be strong punishment This ensures that the transaction is recorded in time, which provides people in management with up-to-date information Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance - Currently, I realize the wastage of using materials at Hong Phuc Commercial And Production Investment JSC The spare part after production is not closely managed In my opinion, the company should take care of this point Because scrap value of spare part is relatively much If the company finds out ways to deal with this spare part, launch a new product using this material, for example, it will be very useful and save cost 3.4 Conclusion Once again, we must mention the role accounting activity in general and material accounting in the business activity of the company A strong, effective accounting system is the desire of any enterprise With the thesis topic “Inventory accounting material at Hong Phuc Commercial And Production Investment JSC and some recommendations”, I reflected the material accounting situation at Hong Phuc company and give out some private opinion for the improvement of the company’s accounting activity However, with limited time, knowledge as well as experience, my thesis may have mistake I am willing to receive the recommendations from teachers as well all of accountants at Hong Phuc JSC to better my thesis Finally, I would like express my thanks to Mrs Cao Phuong Thao and accountant staff at Hong Phuc JSC for your support and help during the time of internship Thank you very much! Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance References Academy of finance, Accounting Principle, 2009 Academy of finance, Financial Accounting, 2009 Academy of finance, Lecture on English for finance and accounting(volume 1), 2010 Lecture note of T6/F3 subject on the CAT/ACCA certificate Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance NHẬN XÉT CỦA ĐƠN VỊ THỰC TẬP Họ tên người nhận xét: Chức vụ: Nhận xét luận văn, đồ án tốt nghiệp: Sinh viên:Bui Thi Ngoc Lớp: 51.03 Khóa: CQ46 Đề tài: Inventory accounting procedure at Hong Phuc Commercial and Production Investment Join Stock and some recommendations Người nhận xét (Ký tên, đóng dấu) Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance SUPERVISOR JUDMENT Supervisor: Cao Phuong Thao Comment: Student: Bui Thi Ngoc Class: 51.03 Intake: CQ46 Topic: Inventory accounting procedure at Hong Phuc Commercial and Production Investment Join Stock and some recommendations Mark: − In number: − In word: Supervisor Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance CRICTIC EVALUATION Name of reviewer: Comment: Student: Bui Thi Ngoc Class: 51.03 Intake: CQ46 Topic: Inventory accounting procedure at Hong Phuc Commercial and Production Investment Join Stock and some recommendations Mark: − In number: − In word: Reviewer Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance Table of contents Declaration….….….….….….….….….….….….….….….….….….….…… Table of contents….….….….….….….….….….….….….….….….….…… Acknowledgement….….….….….….….….….….….….….….….….….….i Abstract….….….….….….….….….….….….….….….….……… ….… ii List of abbreviation….….….….….….….….….….….….….….….…….…iii List of tables……………………………………………………………… iv Introduction 1 Rationale of study Aim of study .2 The method of study The scope of study Organization of study .3 CHAPTER ONE .4 LITERATURE REVIEW ON MATERIAL ACCOUNTING AT MANUFACTURING COMPANY 1.1 The significant of material and the requirement of material accounting 1.1.1 Responsibility of accounting for inventory 1.1.2 Classification of material 1.1.2.1 In terms of role and requirement of management: 1.1.2.2: In terms of aim and use of materials, as well as regulations of reflecting material cost on accounting account: 1.1.2.3: In terms of source of materials: .6 1.2 Principles and methods for valuing inventory 1.2.1 Principles for valuing inventory .6 1.2.2: Methods of valuing materials 1.2.2.1 The value of materials when they are recorded into accounting books 1.2.2.2 Methods for calculating the cost of goods sold 1.3 General accounting for material according to perpetual method .12 1.3.1: Source documents for material accounting 12 1.3.2: System of accounts for material accounting according to perpetual method: 13 1.3.3 Accounting for the movement of materials according to perpetual method 13 1.4 Accounting for materials according to the periodic method 16 1.5 Accounting for devaluation of materials .17 1.6 Detailed accouting on the movement of material .18 1.6.1 Parallel inventory card method 18 1.6.2 Rotating book recording method 21 1.6.3 Balance book recording method 22 CHAPTER 2: 24 MATERIAL ACCOUNTING PROCEDURES AT HONG PHUC COMMERCIAL AND PRODUCTION 24 Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance INVESTMENT JSC 24 2.1 Introduction to Hong Phuc JSC 24 2.1.1 General information 24 2.1.2 Establishment of the company .25 2.1.3 Business field 25 2.1.4 Potential and outlook of company .26 2.1.5 Organizational management 26 2.1.6 Accounting organization 29 2.1.7 Accounting apparatus in the company 30 2.1.8 Accounting policy 33 2.2 Material accounting procedure at Hong Phuc JSC .37 2.2.1 The characteristic and classification of materials .37 2.2.2: Recognition the value of material when buying 38 2.2.3: Cost of goods sold and value of material remained in store at the end of month 38 2.2.4 Procedure of receiving material 39 2.2.5: Procedure for issuing material 41 2.2.6: Detailed accounting .44 2.2.6.1 Detailed accounting for the receipt of material 44 2.2.6.2 Detailed accounting for the issuing of material 52 2.2.7 General accounting for material 55 2.2.7.1 General accounting for the receiving of material 55 2.2.7.2 General accounting for the issuing of material 63 CHAPTER 3: 68 SOME RECOMMENDATIONS FOR MATERIAL 68 ACCOUNTING AT HONG PHUC COMMERCIAL AND PRODUCTION INVESTMENT JSC 68 3.1 Strength and weakness of material accounting at Hong Phuc Commercial And Production Investment JSC 68 3.2 The needs and requirement of improving material accounting at Hong Phuc Commercial And Production Investment JSC 72 3.3 Recommendations for material accounting procedure at Hong Phuc Commercial And Production Investment JSC 73 3.4 Conclusion 75 References 76 Table of contents 80 Student: Bui Thi Ngoc Class: CQ46/51.03 [...]... PROCEDURES AT HONG PHUC COMMERCIAL AND PRODUCTION INVESTMENT JSC 2.1 Introduction to Hong Phuc JSC 2.1.1 General information - Business name: Cong ty Co Phan Dau Tu & Thuong Mai Hong Phuc - International name: Hong Phuc Commercial And Production Investment Joint Stock - Abbreviation: HIP., JSC - Field of operation: Production and trading of construction material - Headquarters’: A12, block 13, Dinh Cong... between the accounting department and other functional departments - Advising the Director on planning financial strategies, analyzing the financial situation and inspecting budget control of the company - Obtaining information on personnel and operations of the accounting department - Obtaining information on the company's financial situation through the board and create an intimate relationship, support... concentration All accounting work is conducted in the company gathered at the accounting department Hence all the accounting work done concentratively in the accounting department At production teams or plant without its own accounting department, there is only economic statistics staff to guide and conduct the initial accounting of income and checking documents, periodicals send these documents to the accounting. .. company's director + Training accounting personnel and professional skills (2) General accounting: + Subscribing detail of debt situation for supplier + Gathering and allocating production costs and production costs + Accounting for the sales process, determine sales and business results + Preparing financial statements of the company (3) Cashier: responsible for managing inflow and outflow of cash Basing... banks (6) Material, fixed assets accounting: accounting operations related to import, export of raw materials, tools, monitoring details of the situation of import, export and inventory of such materials on the number of and value Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance (7) Wage accountant: collect information, document from HR department in order to calculate the... to the regulations 2.1.8 Accounting policy - Fiscal year: from 1/1 to 31/12 - Accounting mode: Viet Nam accounting system following the decree no 15/2006-QĐ/BTC at 20/3/2006 and adjusted circular - Currency used in accounting is VND - Company applies the deduction method for calculating and declaring VAT - Recording inventory: The COGS and value of closing inventory is determined by cumulative weighted... the accounting department: - Organization of the accounting system, conducting business records and accounting of economic transactions arising during operation of the company, on the basis of continuous improvement of organizational structure to comply with ordinance of statistics - Establish a complete and timely submitted accounting reports, statistics and settlement under the provisions of the State... recording data, the storekeeper sends it to the accountant to check and calculate the gross amount The inventory accountant has to usually guide and check the recording of storekeeper • At accounting department: the inventory accountant receives storage notes and delivery notes of source documents He (she) will checks and collates with the invoices Then, he (she) will calculate the gross amount and record... accounting department Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance Accounting apparatus including 1 chief accountant, 1 cashier and 5 bookkeepers Each employee is in charge of different parts but intimately related with each other • Organization of the accounting apparatus: Table 2.2: Organization of the accounting apparatus (1) Chief Accountant (2) General accountant (3) Cashier... warehouse and the accounting department If there is any error, it is difficult to detect * Applicable scale: enterprises have many kinds of inventories, the volume of storage- issuing inventories is high, the accountants have high professional ability… Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis Academy of Finance CHAPTER 2: MATERIAL ACCOUNTING PROCEDURES AT HONG PHUC COMMERCIAL AND PRODUCTION ...Graduation thesis Academy of Finance Inventory accounting procedures at Hong Phuc joint stock and some recommendations as my thesis topic With this study, I would like to give some recommendations. .. Thuong Mai Hong Phuc - International name: Hong Phuc Commercial And Production Investment Joint Stock - Abbreviation: HIP., JSC - Field of operation: Production and trading of construction material... current situation of mateial accounting at Hong Phuc JSC Chapter 3: Some recommendations to improve the material accounting at Hong Phuc JSC Student: Bui Thi Ngoc Class: CQ46/51.03 Graduation thesis