loan funds:
– bank loans, – commercial loans, – factoring, – leasing, – lenders, – others.
raised funds:
- consumption funds, - settlements on dividends, - deferred income, - reserves for future expenses and payments
operating funds:
- for payment of salaries, - for payment of dividends, - for payments to the budget, - others.
Leveraged Funds. In conditions market economy No company can do without borrowed funds. The variety of funds makes it possible to use them in various situations. Borrowed funds in normal economic conditions help improve production efficiency.
Borrowed funds- Part working capital received by the enterprise in
short-term bank loan. Their presence is due to the fact that own funds cover only the minimum need of the enterprise necessary for the normal implementation of its activities.
Additional need arising from overfulfillment of the plan
production, shipping delay finished products, uneven production or supply of raw materials, is temporary and can be covered by short-term bank loans. Credit - a loan in cash or in kind, provided by one legal or natural person - the creditor, another person - the borrower.
Leasing is also referred to as borrowed funds. Leasing–
the use by a legal or natural person of means of labor that do not belong to him instead of acquiring them in his own property; a form of lending for durable goods.
Factoring is a variety mediation, at
which the intermediary firm (factoring company) for a certain fee receives from the enterprise the right to collect and credit to its account the amounts of money due to it from buyers (the right to collect receivables). At the same time, the intermediary lends to the client's working capital and assumes its credit and currency risks.
Funds raised.
They have a dual character. On the one hand, these funds are
turnover of the enterprise, and on the other hand, they belong to its employees (dividends and consumption fund). Their duality is confirmed by the fact that, firstly, in the balance sheet of the enterprise they are in the fifth section of the liability, that is, among short-term liabilities, and secondly, in some calculations they are excluded from the obligations of the enterprise.
The consumption fund is a fund of money formed at the expense of net profit enterprise, which is a set of direct and indirect payments to employees of the enterprise, regardless of their organizational and legal form of ownership
Operational cash enterprise funds, created periodically. These funds Money can be created in all enterprises. These include the wage fund, the fund for payments to the budget, the fund for the development new technology, deductions from a higher organization. Pavlova L.N. allocates another fund - the compensation fund, which provides coverage for the costs of simple reproduction and depreciation. This includes rent and depreciation. From the point of view of Professor Lapusta M.G., the compensation fund is part of the investment fund.
Funds own funds enterprises are: authorized capital, additional capital, reserve capital, investment fund, foreign exchange fund and others.
Own funds play a decisive role in its activities, since the requirements for their volume and organization are quite unambiguous.
Authorized capital enterprises determines minimum size his property guaranteeing the interests of his creditors. Thus, the authorized capital is the main source of own funds. Its minimum size is determined by the statutory minimum wage in the country. The minimum amount of the authorized capital of an open joint-stock company is equal to a thousand times the minimum wage, and a closed joint-stock company - a hundred times the amount.
The size of the authorized capital of a joint-stock company is determined by the nominal value of shares acquired by shareholders and issued by the company.
The capital is called authorized because its size is fixed in the charter of the company, which is subject to registration in the prescribed manner.
A joint stock company has the right to issue ordinary shares of a single par value and one or more types of preferred shares. At the same time, the nominal value of preferred shares cannot exceed 25% of the authorized capital. All shares of the company are registered. Shares issued by JSC and acquired by shareholders are called outstanding shares. Their number and nominal value must be determined by the charter of the company.
Shares that the company has the right to place in addition to outstanding shares, the number and par value of which are determined by the charter, are called authorized shares. A joint-stock company is not obliged to define declared shares in the charter. A prerequisite placement of additional shares of each category (type) is the definition in the charter of the rights granted by the placed shares of the company of each category (type). If the company's charter provides for declared shares, in this case additional shares may be placed only within the limits of the number of declared shares. When placing additional shares Joint-Stock Company determines the number of additional ordinary shares and each type of preferred shares, terms and conditions of their placement.
The authorized capital of a joint-stock company may be increased or decreased based on the results of the year's work. This is possible based on the decision of the meeting of shareholders or the board of directors (as defined in the charter) and only after the appropriate re-registration of the enterprise. There are three options for increasing or decreasing the authorized capital of a joint-stock company:
- increase (decrease) in the par value of one share;
- increase (decrease) in the number of issued shares;
- the exchange of bonds issued by the joint-stock company for shares - with an increase in the authorized capital and, accordingly, the exchange of shares for bonds - with its decrease.
The next after the authorized capital is cash own funds fund enterprises is Extra capital which includes the following:
- the results of the revaluation of fixed assets, that is, their revaluation;
- share premium of a joint-stock company (income from the sale of shares in excess of their nominal value, minus the costs of their sale);
- gratuitously received monetary and material values for production purposes;
- appropriations from the budget for financing capital investments;
- receipts for replenishment of working capital.
Extra capital accumulates funds received by the enterprise during the year through the above channels. The main channel here is the results of the revaluation of fixed assets. It is quite natural to increase the authorized capital annually at the expense of additional capital. But, as noted, many enterprises do not do this and, as a result, incur certain losses that arise from the conditions for the formation of the next money fund - reserve capital.
Reserve capital is formed from deductions from profits in the amount determined by the charter, but not less than 15% of its authorized capital. At least 5% of net profit must be deducted to the reserve fund annually until the reserve capital reaches the amount established by the charter. The reserve capital of an enterprise in the narrow sense of the word is intended to cover its losses, and in joint-stock companies also to redeem the company's bonds and buy back their shares in the absence of other means. If the reserve fund is used for the specified purposes, then deductions to it are made from profit before its taxation. This means that the company has a privilege, and deductions to the reserve fund are not subject to income tax. Many enterprises did not use this benefit, as they had a small authorized capital, and did not increase it annually based on the results of revaluation of fixed assets.
In the broad sense of the word, the reserve fund of the enterprise should be used, in accordance with world practice, in two directions:
- with a lack of working capital, it is directed to the formation of inventories, work in progress and finished products;
- with sufficient working capital, it is directed to short-term financial investments.
Currently, enterprises can use reserve capital in a broad sense, but in this case, deductions to it should be made from net profit, that is, without tax benefits. In particular, joint-stock companies can form a special fund for corporatization of company employees from net profit. It is intended for the acquisition of company shares sold by shareholders for subsequent placement with their employees. In the context of the development of production, when highly qualified specialists will be invited, this may be one of the incentives. Shares of a joint-stock company may be one of the options for bonuses to employees. In addition, the concentration of most of the shares issued by the joint-stock company among the employees of the company is a powerful incentive and condition for increasing the efficiency of production.
Investment fund intended for the development of production. It concentrates:
- depreciation fund intended for the simple reproduction of fixed assets,
- an accumulation fund formed from deductions from profits and intended for the development of production,
- borrowed and attracted sources.
The role of this fund is obvious. The truth in this case is as follows: the enterprise must be able and obliged to ensure an increase in working capital and financing of capital investments at the expense of its own profits and other sources. This should always be taken into account by the enterprise when distributing net profit and deciding how much of it should be directed to the payment of dividends and to the development of production.
The investment fund is a source of increasing the authorized capital of the enterprise, since investments in the development of production increase the property of the enterprise. Consequently, the net assets and the book value of the shares of the joint-stock company increase, and with an increase in the authorized capital, their nominal value also increases. Thus, if a joint-stock company prefers to direct most of its profits to development instead of paying dividends, shareholders will not lose anything. For example, when authorized capital 500 million rubles, the par value of shares is 1 thousand rubles. and their number is 500 thousand pieces, the joint-stock company will allocate 100 million rubles for the development of production. Consequently, in a year the authorized capital will amount to 600 million rubles. and with the same number of shares, the par value of each of them will increase to 1.2 thousand rubles. (600 million rubles: 500 thousand units).
It should also be borne in mind that an increase in funds for development contributes to an increase in the volume of sales of an enterprise and an increase in its profits. That is why, in world practice, about half of the joint-stock companies do not pay dividends, but attract shareholders by constantly increasing the value of their shares. In addition, newly created joint-stock companies, as a rule, do not pay dividends in the first 5 years.
Monetary Fund is formed at enterprises that receive foreign exchange earnings from export operations and buy foreign currency for import operations. This fund has no independent target value. It stands out insofar as currency transactions have their own characteristics. For this purpose, foreign currency accounts are opened for enterprises in commercial banks licensed by the Central Bank to conduct foreign exchange transactions.
1.1 The concept and essence of the enterprise's monetary funds, their formation and use
Enterprise Finance- a set of economic relations arising in connection with the formation, distribution and use of funds in the process of production and economic activity enterprises of all forms of ownership. They are the starting point of all financial system, because they function directly in the sphere material production where sources are created financial resources, total social product and national income. Variety of monetary relations, education and use whole system funds in the process of circulation of funds creates a complex set of relationships between the enterprise and suppliers - the acquisition material assets, services necessary for its activities; contractors - payment for construction and installation, repair and other works; with buyers - in the sale of goods and the provision of services; with the budget - for taxes, deductions, payments and appropriations; with the bank - for loans, storage of funds, execution of settlement operations; with workers and employees - on wages and other calculations.
The main sources of the organization in acquiring property and financing the production process are the funds of the owners accumulated in the form of authorized capital, other types of capital formed by the organization in the prescribed manner, as well as the profit left by the participants to expand production - the so-called own funds of the enterprise. Along with these funds, the enterprise uses funds borrowed from banks and other legal entities and individuals to finance its activities - these are borrowed funds.
For individuals, participation in the authorized capital of an enterprise differs economically from the provision of loans in that participants in the activities of the organization are entitled, in particular, to remuneration for participation - in the form of a certain share of the earned profit that the organization has left after settlements with the budget. The amount of this share of income depends on the amount of net profit.
The most important aspect of the financial activity of enterprises is the formation and use of various monetary funds. Through them, economic activity is provided with the necessary funds, as well as expanded reproduction; financing scientific and technological progress; development and implementation of new technology; economic incentives; settlements with the budget, banks.
The company's funds can be divided into 4 groups:
1. Own funds:
Authorized capital;
Extra capital;
Reserve capital;
Investment fund;
Monetary Fund;
2. Funds of attracted funds:
consumption fund;
Dividend calculations;
Revenue of the future periods;
Reserves for future expenses and payments.
3. Loan funds:
Bank loans;
Factoring;
4. Operational cash funds:
For payment wages;
To pay dividends;
For payment to the budget;
The first group of cash funds of the enterprise is the funds of own funds. They play a decisive role in its activities, as the requirements for their volume and organization are quite unambiguous.
Equity is the difference between the assets and liabilities of an enterprise. The capital of any enterprise has at least two features. Firstly, it always acts as a source of assets of an economic unit, and, therefore, is intangible (it cannot be touched). Secondly, capital is by no means synonymous with the concept
“own funds”, it includes only those own funds that change their form (from cash to material and vice versa), and are not spent by the enterprise irrevocably.
Authorized capital- this is the amount of contributions initially invested by the owners in the property of the enterprise to ensure its statutory activities. Its size is always clearly defined in the founding documents of the enterprise. The authorized capital is the basis of all activities of any enterprise, it is of great economic importance.
Reserve capital is the insurance capital of the enterprise, intended to compensate for losses from economic activities, as well as to pay income to investors and creditors in case there is not enough profit for these purposes. The funds of the reserve capital act as a guarantee of the uninterrupted operation of the enterprise and the observance of the interests of third parties.
The presence of such a source betrays the latter's confidence in the repayment of the company's obligations.
Unlike reserve capital, the concept of additional capital is not defined by civil law. The concept of additional capital is revealed normative documents on accounting. Additional capital is one of the sources of the organization's own funds. It is formed in the course of the economic activity of the enterprise as a result of an increase in the value of the enterprise's assets, as well as as a result of the addition of free-of-charge production property to the assets. Additional capital includes revaluation capital, share premium, accumulation capital. Revaluation capital - an increase in the value of property as a result of revaluation of fixed assets and construction in progress of the organization, carried out by government decisions. Share premium - received funds and property in the amount of their increase over the value of the transferred shares. Accumulation capital - the increase in assets as a result of the investment activity of the organization, financed from profits.
The investment fund is intended for the development of production. It concentrates:
1) A sinking fund intended for simple production fixed assets;
2) The accumulation fund, formed at the expense of deductions from profits and intended for the development of production. This part of income is used to increase production and non-production fixed assets, as well as to create insurance stocks and reserves.
3) Borrowed and borrowed sources.
The role of this fund is obvious. The truth in this case is as follows: the enterprise must be able and obliged to ensure an increase in working capital and financing of capital investments at the expense of its own profits and other sources. This should always be taken into account by the enterprise when distributing net profit and deciding how much of it should be directed to the payment of dividends and to the development of production.
The Monetary Fund is formed at enterprises that receive foreign exchange earnings from export operations and for import operations. This fund does not have an independent target value. It stands out insofar as currency transactions have their own characteristics. For these purposes, the enterprise opens foreign currency accounts in commercial banks licensed by the Central Bank to conduct foreign exchange transactions.
The second group of monetary funds is the funds of borrowed funds. They are of a dual nature. On the one hand, these funds are in the turnover of the enterprise, and on the other hand, they belong to its employees (dividends and consumption fund). Their duality is confirmed by the fact that, firstly, in the balance sheet of the enterprise they are in the fifth section of the liability, that is, among short-term liabilities, and secondly, in some calculations they are excluded from the obligations of the enterprise.
The consumption fund is a monetary fund formed from the net profit of an enterprise, which is a set of direct and indirect payments to employees of an enterprise, regardless of their organizational and legal form of ownership. According to Professor M.G. Lapusta, the consumption fund is intended to pay dividends, in some cases to pay fines, penalties, for violations due to the fault of the enterprise. The author allocates the calculation of remuneration of employees in a separate operational fund. And according to S.V. Ryzhikova, V.G.
Zolotogorova and V.S. Ryzhikov, the wage fund is part of the consumption fund.
The third group of enterprise cash funds is debt funds. In a market economy, no enterprise can do without borrowed funds. The variety of funds makes it possible to use them in various situations. Borrowed funds in normal economic conditions contribute to increasing the efficiency of production.
Borrowed funds - part of the working capital received by the enterprise in the form of a short-term bank loan. Their presence is due to the fact that own funds cover only the minimum need of the enterprise necessary for the normal implementation of its activities.
Additional demand arising from overfulfillment of the production plan, delays in dispatching finished products, uneven production progress or supply of raw materials is temporary and may be covered by short-term bank loans. Credit - a loan in cash or in kind, provided by one legal or natural person - the creditor, another person - the borrower.
Leasing is also referred to as borrowed funds. Leasing - the use by a legal or natural person of means of labor that do not belong to him instead of acquiring them in his own property; a form of lending for durable goods.
Factoring is a type of intermediary activity in which an intermediary firm (factoring company) for a certain fee receives from the enterprise the right to collect and credit to its account the amounts of money due to it from buyers (the right to collect receivables). At the same time, the intermediary lends to the client's working capital and assumes its credit and currency risks.
Operational cash funds of the enterprise, which form the fourth group of cash funds, are created by it periodically. These cash funds can be created in all enterprises. These include the wage fund, the fund for payments to the budget, the fund for the development of new technology, deductions from a higher organization.
Pavlova L.N. allocates another fund - the compensation fund, which provides coverage for the costs of simple reproduction and depreciation. This includes rent and depreciation. From the professor's point of view
Lapusty M.G., the compensation fund is part of the investment fund.
Thus, despite the contradictions of opinions, all authors and economists distinguish the main funds of funds: authorized, additional, reserve capital, consumption and accumulation funds, borrowed funds. And enterprises in the course of their activities can create other monetary funds to finance various operations.
The most important aspect of the financial activity of enterprises is the formation and use of various monetary funds. Through them, economic activity is provided with the necessary funds, as well as expanded reproduction, financing of innovations, economic incentives, settlements with the budget, banks.
The cash funds of an enterprise are reflected in its financial reporting, primarily in the asset and liability balance. The balance sheet asset is the property of the enterprise, subdivided into non-current and current assets. Liabilities of the balance sheet are funds grouped according to the sources at the expense of which the property is formed. Liabilities balance is divided into three groups of sources: capital and reserves, long-term liabilities, short-term liabilities.
Enterprise funds can be divided into five groups:
- 1) own funds:
- - authorized capital,
- - revaluation of non-current assets,
- - Extra capital,
- - Reserve capital,
- - savings fund
- - retained earnings,
- - others;
- 2) funds of borrowed funds:
- - bank loans,
- - loans of legal entities and individuals,
- - commercial credit,
- - factoring,
- - leasing,
- - creditors,
- - others;
- 3) funds of attracted funds:
- - consumption funds,
- - dividend payments,
- - revenue of the future periods,
- 4) funds formed from several sources:
- - non-current assets (sources - borrowed and own),
- - current assets (sources - own funds, credit, accounts payable, attracted),
- - investment fund (sources - profit, depreciation fund, borrowed funds),
- - Monetary Fund (sources - own and borrowed funds),
- - others;
- 5) operating cash funds:
- - to pay wages
- - to pay dividends,
- - for payments to the budget,
- - others.
First group cash funds of the enterprise - own funds. They play a decisive role in the activities of the enterprise, since the requirements for their volume and organization are strictly defined. When organizing, an enterprise must have statutory fund, or authorized capital, through which fixed assets and working capital are formed. The organization of the authorized capital, its effective use, management is one of the main and critical tasks financial service enterprises. The authorized capital is the main source of the company's own funds. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the state and municipal enterprise- the amount of the authorized capital. The authorized capital is changed by the enterprise, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents.
The authorized capital of an enterprise determines the minimum amount of its property that guarantees the interests of its creditors. The authorized capital of joint-stock companies is called fictitious capital, since the value of shares, which determines the size of the authorized captain, is subject to constant fluctuations in the stock market. The authorized capital acts as the first monetary fund, reflected in section. 3 liabilities of the company's balance sheet.
The following type of own funds of the enterprise revaluation of non-current assets. This item appeared in the balance sheet from January 1, 2011 in accordance with the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66i "On Forms of Accounting Statements of Organizations". Previously, the results of the revaluation of non-current assets were reflected in the accounts of additional capital, and in the new financial statements - as a separate line in the same section "Capital and reserves". This decision was made in accordance with the standards of the IFRS system, which instead of the profit and loss statement provides for a statement of comprehensive income1, which includes not only profit and loss, but also all transactions of a revaluation nature, i.e. revaluation valuable papers and non-current assets. Revaluation operations of securities bring profit and losses, and revaluation of non-current assets (fixed assets and intangible assets) increases or decreases equity enterprises. Profit and income from the revaluation of non-current assets constitute the total income of the enterprise.
The next cash fund of the enterprise's own funds is Extra capital, which includes share premium of a joint-stock company (income from the sale of shares at a price in excess of the nominal value, minus the costs of their sale), etc.
Additional capital accumulates funds received by the enterprise during the year through the above channels. It is quite natural to annually increase the authorized capital at the expense of additional, but many enterprises do not do this.
reserve fund formed by deductions from profits in the amount determined by the charter or legislation.
Such concepts as net assets are closely related to the company's own funds. In world practice, they are also called share capital. Net assets are real this moment own funds.
The amount of net assets is determined in accordance with Order No. Yun, 03-5/pz of January 29, 2003 of the Ministry of Finance of Russia and the Federal Securities Commission of Russia "On approval of the procedure for assessing the value of net assets of joint-stock companies":
where NA - net assets; A - the total value of the enterprise's balance sheet asset, including the value of deferred tax assets; А|ШЧ - assets subtracted when calculating net assets; at present - this is the debt of participants (founders) for contributions to the authorized capital; P4 - long-term liabilities of the company's balance sheet liabilities, including the amount of deferred tax liabilities; П5vych - short-term liabilities of the company's balance sheet liabilities, deducted when calculating net assets:
- - credits and loans;
- - accounts payable;
- - indebtedness to participants (founders) for the payment of income;
- - reserves for future expenses;
- - others, including reserves in connection with contingent liabilities and termination of operations.
There is a relationship between the net assets of the enterprise and its authorized capital, which is valid starting from the second year of operation.
If CA< УК (уставного капитала), предприятие обязано уменьшить свой уставный капитал до величины чистых активов, т.е. фактически до величины собственных средств. Так, если ЧА = 500 тыс. руб., а УК = 600 тыс. руб., то предприятие обязано уменьшить уставный капитал па 100 тыс. руб.
If CA< УК (минимального), то предприятие обязано принять решение о своей ликвидации, так как сложившаяся ситуация противоречит закону.
where RF - reserve fund; PA - excess over face value the liquidation value of the placed preferred shares determined by the charter of the joint-stock company, then the joint-stock company does not have the right to make a decision on the payment of dividends. It also has no right to do so if the value of net assets may turn out to be less than the specified value after the payment of dividends.
From December 31, 2009 in accordance with federal law dated December 27, 2009 No. 352 "On amendments to certain legislative acts Russian Federation regarding the revision of restrictions for business companies in the formation of authorized capital, the revision of methods for protecting the rights of creditors in the event of a decrease in the authorized capital, changes in requirements for business companies in the event of a discrepancy between the authorized capital of the value of net assets, the revision of restrictions related to the issue of bonds by business companies "the procedure has changed regarding the situation when net assets are less than the authorized capital. The specified law provides for a list of measures that enterprises are required to take before it comes to reducing the authorized capital or liquidating the enterprise.
Second group cash funds of the enterprise - funds of borrowed funds. In a market economy, no enterprise can do without borrowed funds. Borrowed funds in normal economic conditions help to increase the efficiency of production, increase the profitability of own funds.
Credit in the West is often called financial leverage.
Example. Suppose the working capital of the enterprise is 5 million rubles, of which 3 million rubles. - own funds, and 2 million rubles. - borrowed. Profit for the year amounted to 1 million rubles. As a result, the profitability of working capital as a whole amounted to 20% (1: 5 x 100%), and equity - 33.3% (1: 3 x 100%). Thus, using borrowed funds in its turnover, the enterprise thereby uses a smaller amount of its own funds, as a result of which their profitability increases, i.e. returns from every ruble.
This is the effect of financial leverage (EFF), which can be measured using the following formula:
where EFR is the effect of financial leverage; Rcc - return on equity, measured as a percentage as the ratio of net profit to equity; PSF - interest rate for a loan actually offered by the lender when issuing a loan; (SL: SS) - the capital structure of the enterprise, showing the ratio of borrowed funds (SL) to own funds (SS) in the turnover of the enterprise, i.e. amount of financial leverage.
If the difference (Rss - Psf) is positive, then the enterprise, through the use of cheaper borrowed funds, will increase the profitability of its own; if it is equal to a bullet, there will be no effect; if negative, there will be a loss when using the loan. In addition, from the point of view of mathematics, it may seem that the more borrowed funds in the turnover of an enterprise, the greater the effect. But there is a certain limit of borrowed funds, above which the risk increases sharply, and as a result, the bank either stops issuing a loan or raises the interest rate for it, which affects the effect in the direction of its decrease.
There are three indicators of the capital structure of an enterprise, each of which in its own way reflects the amount of financial leverage:
1) the ratio of borrowed and own funds (Ka / s):
where PZ, P4 and P5 - Sec. 3, 4 and 5 liabilities of the balance.
Its maximum value is one. When calculating this coefficient, each enterprise must take into account its individual characteristics;
2) autonomy coefficient (Ka), reflecting the independence of the enterprise from borrowed sources:
where II is the total amount of liabilities, i.e. all funds in circulation of the enterprise.
The minimum value of this coefficient is 0.5. This means that the company must have at least 50% of its own funds;
3) coefficient of financial leverage (Kfr):
This coefficient has no minimum or maximum values, since its role is to show the influence of the return on equity of the capital structure as one of the main factors.
Return on equity (Rcc) is determined by the formula
where PE is the net profit of the enterprise; PZsr - sec. 3 liabilities of balance, arithmetic mean value.
The modified formula, the so-called DuPont formula, shows the factors that affect the return on equity:
where B - sales revenue for the period; Asr - average value of assets; ПЗср - arithmetic mean value of section. 3 passive balance; (PE: B x 100) - profitability
sales, %; (B: Asr) - turnover of funds, times; (Аср: ПЗср) - coefficient of financial leverage or capital structure.
Thus, in order to increase efficiency, profitability, return on equity, an enterprise should use borrowed funds not only when there are not enough own funds, but also when they are sufficient, i.e. as financial leverage if it is profitable.
Accounts payable as an economic category expressing financial relations between the creditor and the debtor, is inherently ambiguous.
Accounts payable are of two types:
- 1) urgent, i.e. formed in accordance with an agreement or on the basis of legislation - advances from customers, advance payment, commercial credit;
- 2) overdue, i.e. debts not paid on time to enterprises and organizations, budgets, employees of enterprises, etc.
Accounts payable are, in essence, attracted funds of the enterprise, i.e. neither own nor borrowed.
When determining financial structure capital of the enterprise, all liabilities of its balance sheet are divided into two parts:
- 1) own funds: Sec. 3 liabilities of the balance sheet "Capital and reserves";
- 2) borrowed funds: Sec. 4 liabilities of the balance sheet "Long-term liabilities" and sec. 5 "Current liabilities", including accounts payable.
In this situation, accounts payable acts as borrowed funds.
Finally, accounts payable essential role source of working capital of the enterprise. Almost any of them defines financial strategy based on the structure of three sources: own funds - loans - accounts payable.
Third group cash funds of the enterprise - funds of attracted funds. Such funds are of a dual nature: on the one hand, these funds are in the turnover of the enterprise, on the other hand, they belong to its owners and employees (dividends and consumption fund).
In addition, these funds are targeted and are not permanent, as they are spent during the year. Funds of borrowed funds include those in sec. 5 liabilities of the balance sheet deferred income, reserves for future expenses, etc.
Fourth group the company's monetary funds (formed from several sources) are fundamental monetary funds, which include a number of previously considered funds. Non-current and current assets are two components of the entire property of the enterprise. Funds for their formation have different sources.
The investment fund is intended for the development of production. It concentrates:
- o depreciation fund intended for simple reproduction of fixed assets;
- o an accumulation fund formed from deductions from profits and intended for the development of production;
- o borrowed and borrowed sources.
The role of this fund is obvious. The enterprise should be able and obliged to ensure an increase in working capital and financing of capital investments at the expense of its own profits and other sources. The investment fund is a source of increasing the authorized capital of the enterprise, since investments in the development of production increase the property of the enterprise.
The currency fund is formed at enterprises that receive foreign exchange earnings from export operations and buy foreign currency for import operations. This fund does not have an independent purpose. It stands out insofar as currency transactions have their own characteristics. For these purposes, enterprises in commercial banks licensed by the Bank of Russia to conduct foreign exchange transactions open foreign currency accounts.
Operating cash funds of the enterprise, forming fifth group cash funds are created by him periodically. So, twice a month the company forms a fund for the payment of wages. To ensure the timely payment of wages, enterprises accumulate the necessary funds on the account, and in their absence apply to the bank for a loan to pay wages. Of no small importance is the determination of the optimal terms for the payment of wages and the number of days required for this.
Periodically, enterprises organize a fund for payments to the budgets of various taxes. Their late payments are subject to penalties.
In addition to those listed at the enterprise, a number of other funds of funds are created: for repaying bank loans, mastering new equipment, research work, deductions from a higher organization.
The borrowed funds include: consumption funds - a cash fund formed from net profit and used to meet the material and social needs of the enterprise's employees; dividend payments; revenue of the future periods; reserves for future expenses and payments.
10) In property insurance, the object of insurance is property interests related to the possession, use and disposal of property.
11) Money turnover is a process of continuous movement of banknotes in cash and non-cash form.
12) gold exchange - monometallism. Those. foreign currency is exchanged for gold.
1) 1. organization of exchange meetings for public public trading, including: organization of exchange trading; development of exchange trading rules; logistical support of tenders; attraction of qualified personnel;
2. development of exchange contracts, including: unification of requirements for the quality of exchange goods; standardization of the sizes of consignments of goods; development of uniform requirements for settlements on exchange transactions;
3. resolution of disputes on exchange transactions;
4. identification and regulation of exchange prices;
5. exchange insurance (hedging) of participants in exchange trading against unfavorable price fluctuations;
6. guaranteeing the execution of transactions through exchange-based clearing and settlement systems;
7. information support of exchange activities;
8. control and regulation of the circulation of securities;
9. registration of the movement of property and distribution of property rights;
10. actual implementation of the interests of the state, institutional and private investors in the securities market. State regulation activities stock exchanges is one of the aspects of managing the economy as a whole, aimed at creating a single exchange space. State regulation is implemented in the formation of a reliable legal framework and includes the licensing of both exchanges and organizations included in its infrastructure, as well as professional intermediaries of the exchange market.
Exchanges account for approximately 1/3 of all traded securities.
2) The tax period is the period during which the tax base is formed and the amount of the tax liability is determined.
3) Tax paid = 136600*0.2=27320.
4) The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget, and the total volume of federal budget expenditures in the corresponding financial year.
5) about 3 years.
6) State credit is a set of monetary relations between the state and individuals and legal entities related to the mobilization by the state of temporarily free funds and their use for the implementation state functions. The money borrowed by the state is placed at the disposal of the state and has no designated purpose. Most often, they cover the budget deficit or are used for large capital investments. Interest and repayment on government loans comes at the expense of budgetary funds. State credit is inherent in: repayment, urgency and payment (maybe interest-free). Credit functions: Fiscal. It participates in the formation of a centralized monetary fund; Regulatory. The state affects the economy as a whole (money circulation, interest rates, employment, etc.).
7) Calculation methods:
1. Method of direct counting: if not large assortment: П=∑(Ц*V-C*V)=∑(V`-V``), where C is the price, C is the cost price, V` is the volume at the price, V`` is the volume at the cost price. Amount by various types products.
With a large assortment: P \u003d (O n + V-O k) ` - (O n + V-O k) ``. With one stroke - it means at a price. With two, at cost. O n - balances in the warehouse at the beginning of the year, O to - balances in the warehouse at the end of the year. B-released products.
2. Basic profitability method: R basic = 100 * P of the current year (actual + planned) / C full of the current period
R-profitability. P future (planned) \u003d R basic * C full. future *k1*k2…,
where k2 and k2 are correction coefficients.
9) In liability insurance, the object of insurance is property interests related to compensation by the insured for the harm caused to him or her person or property individual, as well as harm caused to a legal entity.
10) Money circulation is a process of continuous movement of money in cash. Only cash can be circulated.
12) The main instruments of the monetary policy of the Central Bank are:
· Setting the required bank reserve ratio (what part of their funds should commercial banks keep in the Central Bank to ensure the reserve);
regulation of the official discount rate (at what percentage central bank gives loans to other banks);
operations on open market(buying and selling government securities: bonds, treasury bills…)
foreign exchange interventions (purchase and sale by the Bank of Russia of foreign currency on foreign exchange market to influence the ruble exchange rate and the total money supply)
1. Regulation consists in coordinating the functioning of various parts of the economy and is achieved through the redistribution of financial resources. This leads to a change in pace various areas. All spheres of the financial system are involved in regulation. Methods include: self-regulation and state. regulation. With self-regulation, the financial base is formed independently and used at its own discretion. State. regulation is used when the tasks of society, large-scale capital construction, during a crisis are solved. When the market mechanism is inappropriate to use.
2. All changes in the economy are due to changes in the money supply. Taxes should not be considered a regulatory tool.
3. Rate - 26%. Tax base=15000. Then the tax itself \u003d 15000 * 0.26 \u003d 3900 rubles.
4. The structure of the budget is formed by 3 blocks:
2. Costs
3. Sources of financing budget deficits.
5.B) no more than 10%
Refinancing the public debt is the repayment of old debt by issuing a new loan.
7. In 1998, a reform was carried out, which provides for the transition from a pay-as-you-go system to a mixed system (both pay-as-you-go and funded). In this regard, personalized accounting was introduced. Personalized accounting involves the creation of a database, for each working person an individual personal account with an individual insurance number is opened.
Principles of personalized accounting:
Unity of state pension insurance
· Universality and mandatory payment of insurance premiums.
· Accounting for the whole process labor activity insured person
· Compliance of information on assessed contributions with the amounts actually transferred.
8. Methods of non-linear depreciation:
1. The method of decreasing balance - depreciation is carried out on the basis of the residual value of fixed assets at the beginning of the depreciation period and the depreciation rate.
2. By the sum of the numbers of years of the term beneficial use- the amount of depreciation deductions is determined based on the initial cost of the object and the depreciation rate.
The numerator is the number of years remaining until the end of the term, and the denominator is the sum of the numbers of years of useful life.
3. In proportion to the volume of production - depreciation is charged based on the natural indicator of the volume of production in the reporting period and the ratio of the initial cost and the estimated amount of work for the entire period of use.
10. Reinsurance is the insurance of an insurer when an insurer transfers part of its liability to another insurer in order to ensure financial stability.
11. Means of payment. It manifests itself in settlements with financial authorities in the payment of taxes, debts, loans. Can be performed by both national and foreign exchange. Form of payment: cash and non-cash money.
Test #27
1) Ministry of Finance of the Russian Federation, Federal Treasury of the Russian Federation (subdivision of the Ministry of Finance of the Russian Federation), Federal Insurance Supervision Service (also MinFin), Federal Customs Service, Extra-budgetary funds, Federal tax service(MinFin), Department of Tax Revenues (subdivision of the Ministry of Internal Affairs of the Russian Federation), Accounts Chamber, Federal Service for Financial and Budgetary Supervision (MinFin), Federal Service for Financial Monitoring, federal agency for the management of the state property (Ministry of Economic Development), Federal Tariff Service, Federal Service for financial markets, Federal agency for state. reserves (subdivision of the Ministry of Economic Development).
2) UST - unified social tax. This is a canceled federal tax in the Russian Federation, credited to Federal budget and state off-budget funds ( Pension Fund Russian Federation, Fund social insurance of the Russian Federation and the compulsory medical insurance funds of the Russian Federation) and intended to raise funds for the realization of the right of citizens to state pension and social Security And medical care. Since January 1, 2010, the unified social tax has been abolished, instead of it, former tax payers pay insurance premiums in the PFR, FSS, federal and territorial MHIFs in accordance with Law No. 212-FZ of July 24, 2009.
3) 450 thousand rubles Tax rate = 2.2%. Average annual cost property taxed for the 1st quarter: (А1+А2+А3+А4)/4=А1=450 thousand rubles. Then the advance tax payment = ¼ * 450 * 0.022 = 2.475 thousand rubles. Answer: b
4) tasks before budget process: identification of all reserves; distribution of income and expenses; coordinating the budget with the program for stabilizing the economy and finances; deficit management; control for financial activities; automation of the budgeting process.
5) Regulating budget revenues: grants and subventions from the higher budget, subsidies from the financial support fund of the subjects of the federation, as well as transfers. - all these funds are means of budgetary regulation. They account for 20-40% of the higher budget.
6) Restructuring (“re”-repeat) is the termination of the debt obligations constituting the debt, based on an agreement, with the replacement of these debt obligations with other debt obligations, providing for other conditions for servicing and repaying the debt. Those. is changing structure.
7) Non-commercial activity- organizations that do not have the main goal of making a profit and do not distribute the profits among the participants. Sources of financing - paid and free services- national resources, revenue from core activities, subsidies, revenue from renting premises, bank credit, voluntary contributions. Financing options: 1. Estimated - ie. basic services are free, budgeted (income and expenses/expenditures) 2. Self-financing and self-supporting – ie. costs are fully covered by the sale of services. 3. A combination of the first two.
8) answer: A
9) The risk of loss or shortfall in profit - insurance against loss of profit due to disruption of the production process.
10) Money is an economic category, with the participation of which economic relations associated with the distribution of the product, the determination of the price, the exchange for the goods and which contribute to the conservation of value and are a universal equivalent.
11) answer: A. Yes, they have been used.
12) I would answer: A- administrative. But not sure.
Test #28
1) Financial policy - the activities of the state for the purposeful use of finance. Tasks financial policy: creation of conditions for the formation of financial resources, rational distribution and efficient use of resources, choice of methods, mechanisms for regulating socio-economic processes.
2) The optimality of taxation as a principle is the scientific validity of the composition of taxes and the magnitude of rates.
4) Reserve fund of the government and higher authorities executive power- no more than 3% of the costs.
The President's Reserve Fund - no more than 1% of approved expenditures.
5) Treasury - a family of bodies that are part of the federal treasury of the Ministry of Finance and territorial bodies. Tasks: work on execution and control over the execution of the budget, collection and analysis of information on the state of finances and forecasting, together with the Central Bank, servicing internal and external public debt. Execution is carried out according to the budget schedule - an operational quarterly plan for the distribution of income and expenses according to extra-budgetary classification. The budget list provides the dates of receipt and direction of funds. It is envisaged that all incoming funds will be credited to a single account - the budget (the principle of unity of the cash desk).
6) Domestic public debt - debt obligations of the state in the national currency.
7) insurance and accumulative. (from 1.01.2010)
8) Profit calculation methods:
Direct account (with a small and large assortment)
According to basic profitability
11) Payment turnover - the process of continuous movement of all means of payment existing in the country.
Test #29
1) FinSist
FinPredpr / GosFin/ Fear
FinComPr, FinNecomPr, FinSocietyOrg / State budget, GosKred, VnebudzhFunds / Personal Str, Property Str, Social Str, Str Prof Responsibility, Str Entrepreneur Risks
2) Tax - a mandatory individual gratuitous payment levied from organizations and individuals in the form of alienation belonging to them, on the right of economic management, ownership or operational management of funds in order to financially support the activities of the state or municipalities.
4) Based on economic opportunities and norms, which are established on the basis of an analysis of consumption or experience of previous years. Norms of 2 types: based on in-kind purchases, individual payments.
8) Working capital makes a circuit between its two stages: circulating production assets and financial circulation.
9) Insurance tariff rate- the price of insurance risk, payment per unit of the sum insured (100 monetary units or %).
10) money accumulates.
12) Monetary policy - a set of measures of economic regulation monetary circulation and credit by influencing investment activity, inflation and various processes macroeconomics. D-k p is carried out by the Central Bank on behalf of the state.
Test #30
1) Professional stock market participants: broker, (dealer, manager, clearing, depository...)
4) Fixed revenues of the budget system are revenues that, in accordance with the law, in full or in a firmly fixed share (as a percentage) on a permanent or long-term basis (at least five years) go to the relevant budget. Fixed income: taxes received by the budget, as well as income from the privatization of state and municipal property.
5) The consolidated budget is a set of budgets for the whole of the Russian Federation or a separate territory, without budgets off-budget funds and intergovernmental transfers. The consolidated budget combines the federal and territorial budgets (subjects of the Russian Federation). It is not subject to approval (does not have the force of law), is used for calculations and analysis.
6) Principal public debt - the amount of debt, the maturity of which has not come.
8) Authorized capital included in the own funds fund - organizational legal form. If the organization is a JSC, then the UK reflects the amount of issued shares. The Criminal Code may be changed based on the results of the year after changes are made to the constituent documents.
The minimum value is determined by law depending on the type of organization:
OJSC - 1000 * minimum wage; CJSC - 100 * minimum wage; state enterprises - 1000 * minimum wage; enterprise with the participation of foreign invest. - 1000 * minimum wage; the rest - 100 * minimum wage.
The value of the UK reflects the minimum amount of property that guarantees the interests of creditors.
An increase in the authorized capital by issuing new shares (for JSCs) or by increasing the par value of already issued shares. Decreasing the charter capital by buying back shares or reducing the par value.
9) The composition of circulating production assets: objects of labor, part of the means of labor.
10) Sum insured - the amount of money for which property, life, health are actually insured.
Insurance indemnity is the amount in which the damage is assessed and which is due for payment.
11) SDR - an artificial collective monetary unit, the rate of which is determined on the basis of the weighted average rate of a special set of currencies. US dollar - 41.9%, Euro - 37.4%, Yen - 9.4%, Pound sterl. - 11.3%.
