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CHAPTER 7
VIETNAMESE ACCOUNTING
SYSTEM
MRes Uyen Nguyen

Chapter preview
In the previous chapter, we discussed the accounting cycle in service and
merchandising companies with IFRSs. In this chapter, we introduce the accounting
system in Vietnamese enterprises
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Chapter Outline:
Learning Objectives
LO 1 General Standard
LO 2 Uniform Financial Statements
LO 3 Uniform Chart of Accounts
LO 4 Document System and Booking System
LO 5 Accounting for merchandising companies

Learning Objective 1- General Standard
This is the basic accounting standard, providing a
conceptual framework for formulating and perfecting
specific accounting standards and accounting regimes after
uniform models. This standard specifies and guides the
following:
v 7 accounting principles: accrual basis, continuous
operation, historical cost, matching, consistency,
prudence (conservatism), and materiality.
v 5 accounting requirements: honesty, objective, fullness,
timeliness, understandability, and comparability.
v 5 elements of financial statements: assets, liabilities,
equity, revenues and other income, and expenses.

Learning Objective 2-Uniform Financial Statements
Under Circular No. 202/2014/TT-BTC dated 22 December
2014 of the Ministry of Finance, financial statement system
includes annual financial statements and interim financial
statements. Items without figures shall not be presented in
financial statement, enterprises actively re-number items of
financial statements in accordance with the principle of
continuity in each section.
Annual financial statements include:
v Balance Sheet (Statement of Financial Position)
v Income Statement
v Cash Flow Statement
v Notes to the Financial Statements
Learning Objective 3-Uniform Chart of Accounts
Classification of Accounts

Uniform Chart of Accounts

Chart of Accounts- Permanent Accounts

Chart of Accounts- Temporary Accounts

General Ledger and Subsidiary Ledger
A subsidiary ledger contains detailed information on
specific accounts in the general ledger. Information
systems often include several subsidiary ledgers.
Two of the most important are:
Accounts receivable ledger

- stores transaction data of individual customers.
Accounts payable ledger
- stores transaction data of individual suppliers.
Individual accounts in subsidiary ledgers are often
arranged alphabetically.
General Ledger and Subsidiary Ledger

General and Subsidiary Ledger- Exercise 1
Howe Office Supply had an inventory of 30 items A at a cost of 180,000 VND
each and 10 items B at 100,000 VND each. During September, the following
transactions occurred



Prove the balance/ Equality- Exercise 1

Receivables and Payables

Receivables and Payables- Exercise 2
Beginning balances: Account 331: 500 (A Co. 300, B Co. 200)
Account 131: 800 (A Co. 0, C Co. 500, D Co. 300) There are the following transactions during
the period:
1. Received 500 as cash at bank from C Co.
2. Received 300 as cash on hand from D Co.
3. Billed A Co. 200 and C Co. 300 for service provided with a credit term of n/10.
4. D Co. paid 400 in advance (by cash on hand).
5. Paid the amount owed B Co. Then paid B 300 in advance for future service.
6. Balanced the receivables and payables with A Co.
7. Paid the remaining amount owed A Co.
8. Purchased supplies 500, received a credit from A Co.
Required:
1. Prepare journal entries to record the above transactions and post them to General ledgers.
2. Established Subsidiary Ledgers for 131, 331 (T-account forms).
3. Balance and prove the accuracy between 131, 331 and their subsidiary accounts.
4. Place the specific balance of 131, 331 on the appropriate items in the balance sheet.
General and Subsidiary Ledgers- Exercise 2

Prove for Accuracy- Exercise 2

Balance Sheet- Exercise 2

Value Added Tax (VAT)

Purchase of Inventory

Sale of Inventory

Accounting document

Types of Accounting documents

Accounting document- Contents

Accounting document- Category

Accounting document- Signatures

Invoice

Document Flows

31
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CHAPTER 7

MRes Uyen Nguyen

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Accounts receivable ledger

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