Requirements for college graduates in business accounting in Vietnam

Requirements for college graduates in business accounting in Vietnam (Internet image)

The Minister of Labor, War Invalids, and Social Affairs of Vietnam issued Circular 41/2018/TT-BLDTBXH, in which the minimum amount of knowledge is specified and the outcomes that learners must achieve after graduating from the intermediate level to the college level for the fields and professions in the fields of journalism, information, business, and management (Regulation).

1. What is business accounting?

According to subsection 1, Section A, Part 4 of the Regulations issued together with Circular 41/2018/TT-BLDTBXH, college-level business accounting is the profession of collecting and processing accounting information and data; examining, analyzing, and providing information on the use of finance in enterprises, meeting the requirements of level 5 in the Vietnam National Qualifications Framework.

2. Requirements for college graduates in business accounting in Vietnam

2.1. Knowledge requirements for college graduates in business accounting

The minimum amount of knowledge required for college graduates in business accounting is specified as follows:

- Present accounting standards;

- Describe the accounting regime;

- Present the system of legal documents on tax;

- Know the method of using English in communication, in research to draft commercial contracts;

- Identify the position and role of accountants in the economic sector;

- Describe the organizational structure, functions and tasks of the departments in the enterprise, the relationship between the departments in the enterprise;

- Apply documents related to the economic sector;

- Present the names of accounting vouchers used in the job positions;

- Present the method of preparing accounting vouchers; methods of accounting for economic transactions in enterprises;

- Present the process of building cost norms;

- Allocate revenue received first; recognize revenue and income on an accrual basis;

- Allocate prepaid expenses and advance deductions suitable to the business activities of enterprises;

- Adjust exchange rates related to foreign currencies;

- Be able to present the following methods:

+ Methods of recording detailed accounting books and general accounting books;

+ Methods of collecting, arranging, managing, and storing accounting records, books, and vouchers;

+ Methods of checking, comparing, and handling in accounting work;

+ Methods of tax declaration and reporting;

+ Methods of preparing financial statements;

+ Methods of preparing management accounting reports;

+ Methods of analyzing the basic financial situation of the enterprise;

- Present the method of using tax declaration support software and customs declaration software, knowing how to use digital signatures when submitting declarations and paying taxes electronically;

- Present basic knowledge about politics, culture, society, law, national defense and security, and physical education as prescribed.

(Subsection 2 Section A Part 4 Regulations promulgated together with Circular 41/2018/TT-BLDTBXH)

2.2. Skills requirements for college graduates in business accounting

Skills requirements for college graduates in business accounting are regulated as follows:

- Organize financial and accounting work suitable for each enterprise;

- Establish relationships with banks, credit institutions, and functional management agencies;

- Prepare vouchers, check, classify, and handle accounting vouchers according to each job position;

- Be able to use accounting vouchers in detailed accounting books and general accounting books;

- Build a system of cost norms;

- Allocate revenue received first, recognize revenue and income on an accrual basis;

- Allocate prepaid expenses, advance deductions suitable to the business activities of enterprises;

- Adjust exchange rates related to foreign currencies;

- Prepare business financial plan;

- Prepare financial statements and tax reports for enterprises;

- Prepare management accounting reports for the enterprise;

- Analyze a number of economic and financial indicators of enterprises;

- Examine and evaluate the financial and accounting work of the enterprise;

- Provide sufficient economic information on the production and business activities of the unit to serve the requirements of economic leadership and management in the unit;

- Advise business leaders on improvements to make the accounting work and financial management of the business legal;

- Report to the leaders of the units and propose the right solutions so that the economic and financial activities of the unit comply with the law, and at the same time bring higher efficiency;

- Use basic information technology as prescribed; proficiently use 2 to 3 common business accounting software; can use software to support customs declaration and declaration; use digital signatures when submitting declarations and paying taxes electronically;

- Be able to use basic foreign languages, reaching level 2/6 in Vietnam's Foreign Language Competency Framework; to apply foreign languages to professional work in industries and professions.

(Subsection 3 Section A Part 4 Regulations issued together with Circular 41/2018/TT-BLDTBXH)

3. Job position after graduation for college students majoring in business accounting in Vietnam

Pursuant to subsection 5, Section A, Part 4 of the Regulations promulgated together with Circular 41/2018/TT-BLDTBXH, the job positions after graduation of college students majoring in business accounting include:

- Accounting of capital in cash;

- Accounting for inventory and accounts payable;

- Accounting for fixed assets, real estate investments, financial investments, and loans;

- Accounting for sales and receivables from customers;

- Accounting of salary, deductions according to salary;

- Cost accounting and cost calculation;

- Tax accounting;

- General Accounting.

Nguyen Thi Hoai Thuong

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