Accounting, analysis and control of income and expenditures at «Best logistics group» LLC
Students Name: Kucher Vasyl Bohdanovych
Qualification Level: magister
Speciality: Accounting and Taxation
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2023-2024 н.р.
Language of Defence: ukrainian
Abstract: Kucher V.B., Voskalo V.I. (head). Accounting, analysis and control of rental operations at "Best Logistics Group" LLC. - Lviv Polytechnic National University, Lviv, 2023 In modern economic conditions, the concept of "income" has important not only scientific, but also important practical application. Especially, it is important to use this economic category for the needs of accounting, taxation and reporting [1] The category "income" has been used in scientific and practical activities for a long time. However, approaches to defining this economic category and to its assessment differ significantly. Today, two approaches are used in accounting to estimate income: the accrual method and the cash method. The method of accruals provides accounting of income regardless of the moment of receipt of funds, from the moment of payment for goods (works, services), but only from the moment of performance of works, delivery of goods, provision of services. The cash method is one of the methods of tax accounting, according to which accounting of the income and expenses of the taxpayer when applying this method is carried out based on the coincidence of the moment of acquisition by the taxpayer of the right to use or dispose of income and the time of recognition of expenses incurred by him with the moment of actual receipt of income and implementation of expenses [2]. The subject of the study is a set of theoretical and practical approaches to accounting, analysis and control of income and expenses in "Best Logistics Group" LLC. The object of the study was the economic activity of Best Logistics Group LLC, which operates in Lviv. The purpose of the master’s thesis is to study the theoretical and practical aspects of organization and methods of accounting, analysis and control of income and expenses of "Best Logistics Group" LLC. The category of received income is one of the main indicators, which, in comparison with expenses, characterizes the financial condition of the enterprise. In addition, its size is used as a limiting factor in various taxation systems according to the Tax Code" [3]. 8 In financial reporting, information on income according to synthetic accounts is disclosed in the first section of the Statement of Financial Results (Statement of Comprehensive Income), that is, each type of income is shown in a separate line. NP(S)BO 15 "Income" also provides additional information that must be disclosed in the Notes. The accounting policy for the recognition of income, when work or services are not fully provided during the reporting period, is given in textual form in an arbitrary form. Distribution of income by each group (by types of sub-accounts on which they are recorded); under barter contracts, etc. is disclosed in the Notes to the annual financial statements in Chapter V [4]. IFRS 15 "Revenue from contracts with customers" defines the main objects that must be disclosed in reporting [5]. The enterprise was created with the purpose of obtaining profits, promoting the economic development of the region, selling goods and services. The main type of activity is the provision of premises for rent, as well as trade. In addition to these types of activities, there are 50 others. These include: construction and preparatory construction works; rent and lease of household products, and construction and office machines, equipment; cleaning and maintenance of facilities; various types of repair works; activities related to transport, law, accounting and information technologies, etc. The net income from sales in 2022 increased by UAH 1,555,787, and in 2021 it decreased by UAH 4,265,053. (66.3%). Operating expenses in 2022 increased by UAH 2,256,967 (89.7%), and in 2021 they increased by UAH 1,425,182. In 2020 and 2022, the cost of one hryvnia of sold products (services) is less than hryvnia (17 kopecks and 27 kopecks), and in 2021 it is 116 kopecks more than hryvnia. The average number of employees did not change. Given the small number of employees, the amount of income per person is quite large, and its changes are characteristic of changes in income. In 2020, the income structure changed: income from the sale of goods made up 1.68%, and from rent - 98.32%; in 2021, the situation is different - revenues from the sale of goods are 20.2%, and from rent - 79.8%; and in 2022 - 1.29% goods, rent - 98.71%. 9 In 2022, expenses increased by UAH 1,170,959. However, not all cost elements increased: - banking services decreased by UAH 3,962. (with the beginning of the war, banks reduced the fee for each transfer of funds, but at the moment the prices have returned to the previous level, and the monthly fee for using the account has increased); - the land tax increased by UAH 159,490. (in 2022, as in 2021, the indexation of the land tax began to be calculated again); - wages and benefits decreased by UAH 52,839. and UAH 10,283. (related to the vacation of employees at their own expense due to the war) - expenses of future periods increased by UAH 2,181. - security of objects that are rented increased by 1076372 hryvnias. (the sharp increase is due to the fact that in the previous year, there was not security in all months). The work offers a list for checking the income and expenses of BEST LOGISTICS GROUP LLC, which lists their types, documents for checking and mandatory details. List of used literary sources: 1. Voskalo N.M., Voskalo V.I. Accounting and tax aspects of disclosure of information about the company’s income // Black Sea Economic Studies. – 2020. – Issue 51. – pp. 195–200. 2. Kucheryavenko M. P. Tax Law of Ukraine. Kharkiv: Pravo. 2010. 256 p. 3. Tax Code of Ukraine: Law of Ukraine No. 2755-VI of 02.12.2010 4. NP(S)BO 15 "Income": Order of the Ministry of Finance of Ukraine No. 290 dated November 29, 1999. 5. International financial reporting standard 15 "Income from contracts with clients" [Electronic resource]. – Access mode: https://www.mof.gov.ua/uk/mizhnarodni-standarti-finansovoi-zvitnosti