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Accounting Regulations of the People's Republic of
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 @@  Article  49.  A joint venture must distinguish the costs and
expenses of the  current  period from that of the ensuing period.
Neither accrual nor amortisation shall be made arbitrarily. The costs
and  expenses  of  different  internal  departments  shall  be
distinguished from each other and shall not be mixed up. An industrial
joint venture shall distinguish the cost of work in process from the
cost of finished goods and the cost of one product from that of the
other.  Neither  the cost of work in process nor the cost of finished
goods shall be arbitrarily increased or decreased.
 @@  Article  50.  The  joint venture shall select the methods of
costing and of expense allocation appropriate to the characteristics
of its production and operation, its type of product and its purpose of
service.
 An  industrial joint venture may select one or more than one
of the following  methods  for  its  cost accounting: product type
costing, process costing,  job  order  costing,  product category
costing, norm costing and standard costing.
  For  enterprises adopting norm costing or standard costing in
accounting for product cost, the variances between actual cost and
norm cost or between actual cost and standard cost shall generally be
allocated according to the proportion of the products sold during a
month and the products held at the end of the month.
 Once  the  cost  accounting method or the cost variance allocation
method is adopted,no  arbitrary change shall be allowed. If a change
is necessary, it shall  be  approved by the board of directors,
reported to the local tax authority for examination and disclosed in
the accounting report.
 @@ Article 51. Joint ventures shall strengthen their control over
costs  and  expenses,  establish  a  responsibility cost system,
formulate plans on costs  and expenses, control expenditure at all
times in accordance with the plans,  evaluate  the condition in
implementing  the  plans  periodically, analyse  the  cause  of
fluctuation in costs and expenses, take appropriate action to reduce
the  costs and expenses and to improve the operation and administration
of the enterprise.
CHAPTER XI ACCOUNTING FOR SALES AND PROFIT
 @@ Article 52. The sales of merchandise, products and services of a
joint venture  shall  be regarded as realised after merchandise and
products are shipped,  services  are rendered, invoices, bills and
bills of lading issued by  the  shipping  agency  and all other
shipping documents are sent to the buyers or are accepted by the bank
for collection.
 Under  the  condition  of  delivery  upon payment, if the sales
proceeds are received,  invoices and delivery orders are sent to the
buyers, sales shall be regarded as realised whether the goods are
actually issued or not.
 @@ Article 53. All the sales of a joint venture realised in a month
shall be  recognised in the month, and the relevant cost of the sales
and expenses shall  be  transferred  simultaneously. Revenue from
sales must be matched with  the  cost  of  sales  and expenses
attributable. It is not allowed to recognise merely the sales revenue
and disregard the relevant cost of sales and expenses. On the other
hand, it is not allowed to charge the cost of sales and expenses
without crediting the relevant revenue from sales.
 @@ Article 54. The sales returns of a joint venture occurring in a
month shall  reduce  the  sales  revenue and cost of sales of the
current month, regardless of to which year the returned sales belong.
 Sales  allowances  given  to  the buyers through negotiation
due  to unsatisfactory  quality of the merchandise or products sold
or due to some other reasons shall be deducted from the sales revenue
of the current month.
 @@  Article 55. A joint venture shall account for its profit every
month.  Joint  ventures  in  agriculture,  animal  husbandry,
aquaculture and other business  that  cannot  account for profit
monthly shall at least do their accounting for profit at the end of a
fiscal year.
 @@  Article 56. The elements of the profit of a joint venture
are as follows:
 (1)  The profit of an industrial joint venture includes profit from
sales of the products, profit on other operations, non-operating income
and expenses.
 Profit  from  sales  of the products refers to the profit derived
from the products sold by the joint venture (including finished goods,
semi-finished goods and industrial services).
 Profit  from  other operations refers to those profits of a joint
venture derived  from  rendering  non-industrial services (such as
transportation, etc.) and from sales of purchased merchandise and
surplus materials, etc.
 Non-ope

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