THE MINISTRY OF FINANCE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 89/2002/TT-BTC
Hanoi, October 09, 2002
 
CIRCULAR
GUIDING THE ACCOUNTING IN IMPLEMENTATION OF FOUR (04) ACCOUNTING STANDARDS ISSUED TOGETHER WITH THE FINANCE MINISTER�S DECISION No. 149/2001/QD-BTC OF DECEMBER 31, 2001
 
Pursuant to the Finance Minister’s Decision No. 149/2001/QD-BTC of December 31, 2001, issuing and announcing four (04) Vietnamese accounting standards (phase 1);
Pursuant to the Enterprise Accounting Regime issued together with the Finance Ministry’s Decision No. 1141/TC/QD-CDKT of November 1, 1995 and circulars guiding the amendments and supplements thereto;
The Ministry of Finance hereby guides the accounting in implementation of the above-mentioned four accounting standards for application to enterprises of all branches and economic sectors nationwide, excluding enterprises applying the Small-and Medium-Sized Enterprise Accounting Regime issued together with the Finance Minister’s Decision No. 1177/TC/QD-CDKT of December 23, 1996 and Decision No. 144/2001/QD-BTC of December 21, 2001.
 
 I. GUIDANCE ON ACCOUNTING OF THE STANDARD "INVENTORY"
1. Accounting of fixed general production costs
- When fixed general production costs are incurred, record:
Debit in Account 627 - General production costs (Details of fixed general production costs)
Credit in Accounts: 152, 153, 214, 331, 334�
- At period-end, to allocate and transfer fixed general production costs into the processing cost of each product unit according to the normal capacity level, and record:
Debit in Account 154 - Incomplete production and business costs