The size and structure of current assets. The composition and structure of the revolving assets of the enterprise. Financial condition of the enterprise

The composition and structure of the revolving assets of the enterprise

Management of current assets begins with the determination of their composition and structure.

The composition of working capital shows from which parts and individual elements they consist (Figure 1.5).

Coverages
Reversible production funds	Foundations appeal
Funds in stocks	Funds in production	Finished products	Cash and receivables
Main materials Purchased semi-finished products Components Auxiliary materials Fuel Spare parts Low-value and helpful items	Unfinished production	Future spending	Finished products in stock	Goods shipped	Cash	Receivables
Normated current assets	Non-normalized current assets

Figure 1.5 - The composition of working capital

The structure of working capital reflects the relationship (in the form of a fraction, percent), which make up between the components of the company's current resources or their individual elements.

The magnitude of working capital in the composition of current production funds is primarily determined primarily by the organizational and technical level of production and the length of the production cycle of manufactured products.

The value of working capital employed in the field of circulation depends on the conditions for the sale of products, a system of broadcasting, the level of organization of marketing and sales of products.

Policy in the field of working capital management and the main stages of its implementation

The main task of controlling the working capital of the enterprise, as noted by I.A. Blank consists in the formation of the required volume, optimization of the composition and ensuring efficient use current assets. Effective and targeted management is carried out by developing and consistently implemented by working capital management policies. According to Kovalev V.V., "the working capital management policy should ensure the search for a compromise between the risk of liquidity loss and work efficiency." The same point of view adhered to NOVashin TS, Karpunin V.I., Volkin V.A. .

Summarizing the views of various economists about working capital management policies, the following main stages of its implementation can be distinguished.

1) Analysis of the level and structure of revolving assets of the enterprise in the previous period, including:

Determination of the dynamics of the specific weight of the current assets, the pace of changes in their value in comparison with the rate of changes in the value of all assets and the volume of product sales;

Identification of the trend of changes in material consumption of products;

Determination of the specific gravity of each of the types of current assets, analysis of the dynamics of their individual species and comparing it with the pace of changes in the volume of production and sales;

Assessment of the liquidity level of the balance;

Calculation of the operational, manufacturing and financial cycle of the enterprise, identifying factors affecting their value;

Determination of the profitability of current assets;

Analysis of the structure of sources of financing of current assets.

The results of the analysis allow us to determine the overall level of efficiency of working capital in the enterprise and identify the main directions of its increase in the upcoming period.

2) Choosing a policy of forming current assets of the enterprise.

In financial management there are four models of working round management: perfect, aggressive, conservative and moderate.

· With an ideal model of management, current assets are completely covered by short-term obligations. This model is risky in terms of liquidity. In the event of a sudden need for a complete calculation with creditors, the company will have to sell part of the main funds to cover the current accounts payable. The name "ideal" says that in practice this theory is extremely rare.

· The aggressive model of control of working capital is characterized by a high proportion of current assets in all assets of the enterprise and the long period of their turnover, as well as a relatively high proportion of short-term loan in all liabilities. The company has large stocks of raw materials, materials, finished products, essential receivables. Due to the short-term loan, not only the variable is funded, but also a permanent part of current assets. The larger the share of short-term loan in financing constant current assets, the more aggressive financial Policy Enterprises. Such an approach guarantees minimization of operating and financial risksBut adversely affects the efficiency of the use of current assets - their turnover and profitability level.

· When controlling current assets on a conservative model, the proportion of current assets is relatively low, and the period of their turnover is small. The assets of the enterprise are covered in this case only by their own capital and long-term obligations. The share of short-term financing in the total magnitude of all liabilities, respectively, is small. Such an approach to working capital management Enterprise uses under conditions when sales, arrival timing money And payments for obligations, the necessary amount of stocks and the deadlines for their supply are known in advance, or with tight savings of all types of resources. Conservative policy contributes to the increase in the profitability of current assets, but, at the same time, contains elements of the risk of insolvency in the event of unforeseen situations.

· A moderate approach to the formation of current assets is a compromise between the aggressive and conservative model. For him characteristic average level profitability, liquidity and assets turnover. Moderate policy characterizes the neutral share of loans and loans in the balance currency.

Selected fundamental approaches to the formation of current assets of the enterprise, ultimately, determine the amount of these assets and their level with respect to the volume of operating activities.

3) Optimization of the volume of current assets should proceed from the Favorite type of policy of forming current assets, providing a given level of ratio of the efficiency of their use and risk. The means of such optimization is the rationing of the period of their turnover and the amount.

4) Optimization of the ratio of constant and variable parts of current assets. The need for certain types of current assets and their amount will generally fluctuate significantly depending on seasonal features of operating activities. Therefore, in the process of controlling current assets, their seasonal (or other cyclic) component should be determined, which is the difference between the maximum and minimal need for them throughout the year.

1. Based on these past years for each period under study, it is necessary to calculate the non-uniformity distribution coefficients:

2. The size of the constant part in the total volume of current assets is determined by the formula:

Wait post \u003d WA * to min, (1.9)

where foreign post is the amount of the constant part of the current assets in the upcoming period;

PM P - the average amount of current assets in the upcoming period;

MIN is the minimum level coefficient of revolving assets.

3. The average and maximum volume of variable part of current assets in the upcoming period is equal:

P / Max \u003d P * (to Max - to min) (1.10)

PM P / media \u003d military P * (to max - to min) / 2 \u003d (P / Max, WA) / 2, (1.11)

where P / Max is the maximum amount of the variable part of current assets in the upcoming period;

PS / W / Medium - the average sum of the variable part of current assets in the upcoming period;

To max - the coefficient of the maximum level of revolving assets.

5) providing the necessary liquidity of current assets. To do this, it is necessary to rank current assets by categories of funds, highly and secondary assets and determine the shares of the relevant groups in the total volume of current assets. The overall level of their urgent liquidity should provide the necessary level of solvency of the enterprise under the current financial obligation.

6) ensuring an increase in the profitability of current assets. Separate types of current assets are able to bring enterprise direct income in the process financial activities In the form of interest and dividends. Therefore, an integral part of the policy being developed is to ensure the timely use of the temporarily free balance of monetary assets for the formation of an effective portfolio of short-term financial investments.

7). Development of measures to minimize the loss of current assets in the process of their use. All types of current assets are in one degree or another at risk of losses, including: the losses of TMC from natural loss and theft, monetary assets from inflation, the loss of short-term financial investments in connection with the unfavorable conjuncture financial market and inflation accounts receivable from no return, etc. Therefore, the policy of working capital management should be aimed at minimizing the risk of their losses, especially under the conditions of inflation factors.

8) Formation of the optimal structure of sources of financing of current assets.

Sources of financing of current assets are divided into own, borrowed and attracted.

Our own sources of financing of current assets include:

· authorized capital;

· extra capital;

· Reserve capital;

· Reserve funds;

· retained earnings;

· Foundation social sphere;

· special-purpose financing and receipts from the budget, sectoral and inter-sectoral extrabudgetary funds.

Also, sources equal to their own, so-called sustainable liabilities are used to form current assets. Sustainable liabilities include resources for a long time in circulation of the company, increasing its working capital:

· Minimum wage arrears and social benefits;

· Minimum debt on the reserve of upcoming payments;

· Payments of customers for partial product readiness (if this form of calculations is used);

· The minimum debt on consumer advanceders (if provided for by contracts);

· Minimum debt of buyers by collateral for the container;

· Remains of the funds of the social sphere.

The borrowed sources of financing of current assets include:

· short-term loans and loans;

· Commercial loans;

· Investment tax credit;

· Investment fee of workers.

· Release into the circulation of debt securities.

The sources of financing of current assets include: payables, income of future periods, reserves of upcoming expenses, debt to participants (founders) on income payments.

The policy of working capital assets includes, in essence, four main components:

Reserves management policies;

Accounting policy of receivables;

Cash Management Policy;

Policy financing current assets.

1. The essence of current assets, their composition and structure.

2. Organization of current assets and sources of their formation.

3. General order rationing of own revolving assets of enterprises.

4. Calculation of standards of own current assets for their individual elements.

5. Calculation of the norm of its own current assets with an economic method.

6. Determination of the aggregate standard of its own current assets and sources of its coverage.

7. Indicators of the use of current assets and their calculation.

8. Control over the use of current assets.

1. The essence of current assets, their composition and structure

The material basis of any production is the means of production consisting of water and labor items. Both those and others participate in the creation of the product. However, due to differences in the nature of functioning in the production process and the method of transmitting the cost of the product created by the product, the equipment acquire the economic form of fixed assets, and the objects of labor - current assets.

At the same time, in the conditions of the existence of commodity-monetary relations, enterprises are not only in natural, but in value form.

Consequently, labor objects in monetary evaluation Form production current funds . These in industrial enterprises include: raw materials, materials, fuel, spare parts, fuel, other material values.

The composition of production current funds also includes unfinished production, expenditures of future periods.

The main purpose (function) of the production facilities is to ensure the systematic and rhythmic production process in enterprises, in associations.

In addition to production current funds, each enterprise has a part of the assets in the field of circulation. These are finished products, funds in bank accounts and in the office of the enterprise, funds in the calculations, etc. This part of assets in monetary evaluation is called foundations circulation . The main purpose (function) of the appeal funds is to ensure the funds of the planned process of appeal to enterprises.

However, despite some differences in the appointment of current funds and consumption funds, there is a close relationship between them. They serve a single process of reproduction and ensure its continuity.

At the same time, turnover funds and circulation funds are composite parts of current assets that reflect their placement on the areas of reproduction during the movement. At the same time, both those and others are independent economic categories.

Objectively existing economic category There are also current assets that, serving the continuity of the production process, are constantly in motion, passing sequentially three steps of the circuit - monetary, commercial and industrial.

In conditions of commodity-money relations, traffic circuit material values It is determined by their value that is not consumed is not consumed similar to its real media, but remains within the reproduction process and changes only the forms of its movement.

Hence current assets – this is the cost, advanced to the circuit of industrial circulation funds and conversion funds to ensure the continuity of the production process and circulation.

There are other points of view in economic literature on the essence of current assets. Separate economists are interpreted by both "cash flowing into current production funds and circulation funds", others believe that current assets are part of the capital of the enterprise invested in its current assets, or current assets - are funds advanced to create revolving facilities and circulation funds.

However, reverse assets include both material and cash resources. Therefore, the identification of current assets is not economically not substantiated with money.

In the organization of current assets, their composition and structure should be distinguished.

Under the composition of current assets understand the combination of their elements (articles).

The structure of the current assets is the ratio between the individual elements in their total volume.

In various industries national economy The composition and structure of current assets are different and depend on the type of industry, the composition of the costs, the type of products produced, the features of logistics and technical supply, etc. In the production sector, as well as in trade, stocks are held in the largest share in turnover assets.

Stocks – these are assets that are in the production process in order to produce a product and its further selling. In economic activities, stocks are divided into:

raw materials, basic and auxiliary materials, components, etc.;

unfinished production in the form of unfinished handling of parts, nodes, etc.;

finished products produced at the enterprise and intended for sale;

obtained and spending items;

young animals and animals on fattening and others.

In the medium, the structure of current assets in the national economy and in the industry of Ukraine is such (see Table 1).

Table 1.

Structure of current assets,%

The composition and structure of current assets are not once and permanent values \u200b\u200bforever. They change both by year and throughout the year, depending on the change in the nature of the production activities of the enterprise, the features of stock formation and costs.

Data Table. 1 indicates that both the national economy in general and the industry has a tendency to a significant reduction in production reserves, finished products, and on the other hand, to an increase in receivables. Such changes in the structure of current assets affected, first of all, a change in the management of the economy, the transition to market conditions of management. The main reason for reducing production reserves was a reduction in production. The increase in the same receivables can be explained by the crisis of non-payment in the national economy.

Under these conditions, it is necessary to revive, first of all, the production, in appropriate volumes and the ratio of forming current assets, given that both their disadvantage and surplus affect the production and financial activities of enterprises and the national economy as a whole.

2. Organization of current assets and sources of formation

Current assetsBeing the main element of the material basis of the production process, they have a decisive effect on its move. If production is provided in sufficient quantities necessary elements of current assets - it works, as a rule, effectively. Effectively in this case uses the revolving assets themselves.

Installation in the enterprises of the required composition and structure of current assets, determining the need for them and sources of their formation, as well as monitoring the safety and efficiency of their use called organization of turns , asset.

The organization of current assets should be based on the following principles:

creating a minimum amount of current assets ensuring the continuity of the production process and circulation, as well as their effective use;

the rational placement of existing current assets on the spheres of the production process within the enterprise;

formation and replenishment of current assets at the expense of own and borrowed sources depending on production volumes;

education of financial reserves;

control over the safety and efficient use of current assets.

Current assets can be classified according to the following features:

depending on their participation in the circuit of assets;

depending on the planning and regulation methods;

depending on the sources of formation.

In action from participation in the circuit current assets are divided into assets in the field of production and in the field of circulation. The establishment of the optimal ratio of current assets in these areas contributes to more efficient use. At the same time, the more the proportion of current assets in the field of production and less in the sphere of circulation, the more effective they are used. K.Marks, calling assets in the field of circulation inactive part, wrote: "... the less the latter compared to all capital, with other things being equal, more profit" (Marx K., Engels F. Opo., T. 25, h. II. - p. 80).

Consequently, an important direction to increase the efficiency of the use of current assets in enterprises is to improve the distribution of them in the steps of the circuit, reducing the specific weight of the treatment funds.

In action from planning methods and regulating current assets are divided into normalized and non-normalized.

Normated current assets are those for which the standard is calculated. These include production reserves, finished products, incomplete production, expenditures of future periods, etc. The calculation of standards (minimum need) for these types of current assets makes it possible to ensure a normal production process and their effective use.

Non-normalized current assets are such by which the standard is not calculated. These include cash at the box office and bank accounts, accounts payable, etc.

Depending on the sources of formation current assets are divided into their own, borrowed and attracted.

Own funds – these are funds from enterprises with which they cover the minimum size of current assets (stocks and costs) required to ensure a normal, uninterrupted process of production and sales of products. They are constantly at the enterprise and the use of them is not installed.

Borrowed funds– these are funds received by enterprises in the form of bank loans to create seasonal reserves of material values \u200b\u200band coverage of production costs. They are issued to enterprises for a certain period, after which the Bank must be returned.

Involved funds – these are funds that do not belong to the enterprise, but by virtue of the current settlement system constantly in its turnover.

The procedure for the formation of sources of formation of current assets in enterprises depends on the form of ownership, which underlies the functioning of the enterprise, the specifics in organizational construction of the enterprise and other factors.

The sources of formation of their own current assets in state-owned enterprises with their organization are determined by a higher organization. They are usually the funds of the budget, the means of other similar enterprises, centralized funds hasional organs Control.

In enterprises based on the collective form of ownership, at the time of their organization, current assets are formed by the monetary and material contributions of founders, gratuitous contributions of other enterprises and citizens.

In the further work of enterprises, the replenishment of their current assets can be carried out at the expense of its own financial resources (profits) attracted, borrowed and other sources (additional contributions of founders, subsidies from budgets, charitable legal contributions and individuals etc.).

Own sources aimed at the formation of current assets in enterprises are credited to the charter capital (share capital).

The actual presence of own and attracted sources of the formation of current assets is determined by the balance of the annual report of the enterprise as the difference between the result of the first partition of the balance liability and the result of the first section of the balance of the balance sheet.

The composition and structure of sources of formation of current assets is not once and permanent values \u200b\u200bforever. They depend on the state of the economy of enterprises, the features of stock formation and costs and may vary in time. However, the increase in the share of own sources and reducing the share of bank loans in the sources of formation of current assets increases the efficiency of their use and the level of profitability of the enterprise. Therefore, the establishment of a cost-effective ratio between its own and borrowed sources of the formation of current assets is one of the most important conditions for increasing the efficiency of their use and profitability of the enterprise.

3. General procedure for the rationing of own current assets of enterprises

The size of its own current assets required by the enterprise to ensure normal activity is established by normalization.

Rationing – this is the process of calculating the part of current assets (stocks and costs), which requires an enterprise to ensure a normal, uninterrupted process of production, sales of products and calculations.

The main task of rationing is to develop in each enterprise economically sound norms and standards of own current assets, ensuring the acceleration of their turnover and the most efficient use of material and financial resources.

The rationing of current assets includes the development and establishment at each enterprise special standards for certain types of material values, production costs, etc. and the calculation of the norm of its own current assets in monetary terms at the end of the year, quarter.

Norm- this calculated in the prescribed manner for each type of current assets relative or the minimum value required to calculate the standard. According to certain types of current assets, it is calculated in absolute values \u200b\u200b(rubles, kopecks), according to others - in relative values \u200b\u200b(days, percent).

The norms of current assets for their species should be developed at each enterprise by the Special Commission headed by the head, in accordance with the Model Procedure for determining the reserves of inventory of inventories, approved by the Ministry of Finance and the Ministry of Economy of Ukraine 31.05.93.

Developed norms operate for several years and are revised when changing production technology, product range, material and technical supply conditions, etc.

Regulatory – this is minimum size Own current assets in monetary terms necessary to the enterprise to ensure a normal, uninterrupted process of production, sales of products and calculations. The standards of their own current assets should take into account the needs of the enterprise in assets not only for the main activity, but also for overhaul buildings, structures performed by the economic method, as well as for subsidized enterprises and other enterprise services, not consisting on an independent balance sheet.

Norms and standards are calculated by the preparation of special calculations for each type of normalized current assets. The standards at the end of the planned year on certain types of revolving assets by multiplying the norm on the volume (one-day consumption) of the normized values \u200b\u200bor the cost of production taken into account are determined. The data necessary for calculating the norms and standards for individual elements of the normalized current assets is taken from the corresponding species. accounting reporting (Balances, etc.) and the tables of production and financial plan.

The calculation of the norms and standards of its own current assets in enterprises should be paid to special attention. On how economically reasonable, the standards and norms are calculated, the efficiency of the use of current assets depends, accelerating their turnover and financial position of the enterprise.

The rationing of current assets can be carried out by three methods: by direct account, analytical method and method of coefficients.

The direct account method is that it is first determined in accordance with the current procedure of the norm and standards for individual elements of current assets, and then the cumulative standard is determined by their summation.

With an analytical method, the calculation of the standard for individual elements of current assets is eliminated, and the total standard for the planned year is calculated on the basis of the current standard in the current year, adjusted for the change in the volume of production (volume of commercial products) and the size of the acceleration of turnover of current assets in the planned year.

In the coefficient method, the calculation of the norm of its own current assets for the planned year is made on the basis of the standard operating in the previous year, and the amount of changes in the relevant reserves and costs in the planned year.

The use of one or another method of calculating the standards of own current assets depends on the functioning time and level of the economy of enterprises. When creating enterprises, as well as in their functioning, it is most appropriate to calculate the standards of own revolving assets to apply the direct account method.

Current assets Provide continuity Circuit capital.

Current assets - a set of funds advanced to create working capital and circulation funds that ensure their continuous circuit.

Current funds include:

Labor objects (raw materials, materials, etc.)
Works with a service life of not more than 1 year
Incomplete production and expenses of future periods

In its movement, turning assets are consistently three steps of circulation: monetary, productive and commercial.

The first stage Curriculum of working capital - monetary. At this stage there is a transformation of funds in the form of production reserves.

Second stage — production. At this stage, the cost of the production being created, but not completely, and in the amount of used production reserves, continues; Expenditures wage costs, as well as the transferred part of the main funds.

On the Third Stage The circuit continues to be advanced product of labor (finished products). Only after commodity form The newly created value will be translated into monetary, the advanced funds are restored due to the part of the proceeds from the sale of products.

Regulatory Current assets establishes their minimum estimated amount constantly the necessary enterprise to work.

Composition and classification of working capital

Analysis of revolving assets

Current (current, mobile) assets are shown in the second section of the asset. Their analysis should be started with groupings of these assets according to their liquidity. realizability. For this purpose, certain types of current assets must be distributed according to the following groups:

the most easily realized assets having a minimal degree of risk in terms of their liquidity. These include cash and legalized (rapid) short-term;
localized assets having a small risk. This includes: organizations having a sustainable financial condition, reserves of material resources (except for those who are not used for a long time in production), as well as the finished products of mass consumption, which is in demand;
current assets having an average degree of realizability, or average risk. This can be classified improved production, expenditures of future periods, as well as finished production of industrial and technical purposes;
intelligent (minorial) current assets having a high degree of risk in their implementation. This group includes receivables of organizations having an unstable financial condition, the reserves of material resources, reserves of finished products that are not in demand for buyers.

When analyzing, it is necessary to estimate the dynamics of the ratio of the employed assets and the total amount of current assets, as well as the employable and legalized reverse assets. If these ratios increase, this indicates a reduction in liquidity, i.e. The more funds are invested in the current assets that are in the high risk group, the lower the liquidity of the organization.

It should be noted that such a balance sheet as a value-added tax on acquired values \u200b\u200bis not included in the current assets grouped by their liquidity, since this article cannot give the organization of real money.

After studying the liquidity of current assets, it is necessary to proceed to the consideration of the validity of the amounts of stocks of inventory-material values \u200b\u200b(material and industrial stocks).

Organizations are developing reserves for their types.

Compliance with the actual reserves of current assets with regulations has a significant impact on the financial condition of the organization, which is detected during internal analysis. The excess of the actual reserves (residues) above the standards is called excessive reserves (residues). If the actual reserves are fewer standards, then it is customary to be called the standard.

In the process of analysis, it should be revealed by which specific types of stocks have excessive amounts, what are the causes of their education, as well as outline the measures to eliminate them.

With internal analysis, it is necessary to identify the reasons for the existence of the organization of excess reserves. Such reasons can be:

I. In terms of production reserves.

Uneven, early and non-compliant supply of raw materials, materials, purchased semi-finished products, fuel, as well as imports of them on transit standards, significantly exceeding the need for the overestimation of material consumption standards per unit of products, as well as incomplete accounting of materials in stock in stock of material and technical planning Supporting an organization.
Save costs for materials
Failure to fulfill a business plan for the production of products
The appreciation (increase) of the procurement cost of materials compared to the planned one.
Seasonal bridge of raw materials and materials and other reasons.

II. According to the incomplete production and semi-finished products of their own manufacture.

The noncompleteness of parts, nodes, semi-finished products.
Ottage plan on gross products.
The creation of incomplete proceedings on additional and orders not provided for by the annual production plan.
Changing plans for the production of individual products and the timing of manufacturing orders, as a result of which the backs and costs for canceled orders and removed products are formed.
The increase in the cost of the actual cost of incomplete production compared to its planned cost.
Disadvantages in accounting in progress.

III. On finished products.

Nertiminal production of products.
Updating plan for the production of commercial products.
Incomplete availability of the volume of products manufactured by its sales.
Low quality production.
Superplant production of products that use limited demand.
Lack of Tara I. vehicle For shipment of products.
Termination of shipment of products to insolvent buyers or transfer them to preliminary products.
Excess the actual cost of finished products above its planned cost.

To deepen internal analysis, the composition of materials on their types, varieties and profiles should be studied.

Such detailed analysis should also be carried out by incomplete production and finished products.

When analyzing reserves, except absolute, relative indicators are used, for example, reserves in days (residues in reserve days). These indicators express the dependence of the amount of stocks from the change in the volume of production. Reserves in days are calculated on certain types of stocks as the attitude of their residue to one-day turnover. One-day turnover expresses the transition of this type of reserves to the next stage of the circuit and is a turnover on the loan of the account where this type of stock is taken into account.

So, reserves in days will be determined as follows.

Stock in days for raw materials, minus residue (stock) of raw materials and basic main materials of materials to share for one-day consumption of raw materials and basic materials on

Similarly, reserves are determined in days and in other types of production reserves (fuel, containers, spare parts, etc.).

Reserves in the days of incomplete production is the balance (hop) of the in-deployed production to share for a one-day production of commercial production in production costs.

The stock in days on finished products is the balance of finished products to share for one-day shipment of production in production costs.

When analyzing, actual reserves in days are compared with the planned; This comparison shows what the deviation of the actual reserves from the standards, taking into account the actual need for these reserves.

Having studied the state of stocks, we turn to the analysis of funds, which are also part of current assets.

Under the conditions of determining revenue from sales as shipment, there is a discrepancy between the amount of money and the profit gained. Analysis of the cash flow makes it possible to explain the causes of these inconsistencies.

When analyzing, two methods are applied - direct and indirect.

With the direct method, the receipt and disposal of cash is determined;

in this case, the source element is revenue from sales.

With an indirect method, the initial element is profit, which is adjusted due to the flow of money.

Consider the essence of the direct method. As for the main activity of the organization, the amount of funds from its implementation is defined as a difference between the revenue from the sale of products, works, services and spending of funds related to the cost of manufacturing and sales of products. In the process of investment activities, the receipt of funds from the implementation of fixed assets, intangible assetsLong-term securities decreases by the amount of funds spent on the purchase of fixed assets, intangible assets and long-term securities. The amount of funds from the financial activities of the organization is defined as a difference between the receipt of revenues from the implementation of its shares, receiving loans and loans and disposal of funds as a result of dividend payments to shareholders and repayment of loans and loans. Similarly, the amount of cash from other activities is calculated. The total amount of the organization's funds is defined as the sum of these funds from different species Activities.

The direct method makes it possible to characterize the liquidity of the organization, as it depicts in detail the cash flow on its accounts. At the same time, this method does not show the relationship between the financial result obtained (profit) and a change in the amount of funds. The indirect method of analysis makes it possible to explain the reasons for the inconsistency between the profit obtained during the period and the amount of funds. The organization may also have types of income and expenses that affect profits, but do not change the amounts of money. When analyzing the amount of these income and expenses, the organization's net profit is adjusted. So, the disposal of fixed assets can bring a loss in the amount residual value These assets. As a result of this operation, the amount of funds does not change; not fully amortized value of fixed assets should be added to net profit. The depreciation is accrued also causes changes in cash. In addition, when taking into account the sales of products at the time of its shipment, the organization receives financial results (Profit) before the actual receipt of cash.

When analyzing, the indicators of those accounts that affect the amount of profit should be recalculated. An increase in active accounts refers to a decrease in the amount of profit, and the decrease is to increase the profit value. For example, if in reporting period There was an increase in the receivables of buyers and customers, the actual amount of funds decreases. Reducing receivables, on the contrary, increases the amount of money. Therefore, in the first case, the profit should be reduced, and in the second - to increase.

Operations carried out on passive accounts affect the cash in the opposite way. For example, the sums of accrued wear (depreciation) of fixed assets, intangible assets that do not affect the amount of funds, must be added to the amount of net profit. As a result of the recovery in the warehouse of the Organization of materials remaining after the elimination of fixed assets, the profit increases, but since this operation It does not cause cash flow, the amount should be attributed to a decrease in net profit.

Introduction ...................................................................................... ... 3

1 Essence, composition, structure and formation of current assets ....... ...... ... 5

1.1 Essence, composition and structure of working capital ........................ ..5

1.2 Formation of current assets ....................................... ........ 7

2 Current assets of the trade enterprise CJSC Assorted .................. .15

2.1 Characteristics of CJSC Assorted .......................................... ..15

2.2 Analysis of current assets CJSC "Assorted" ............... .. ...... ... ... .16

Conclusion .............................................................................. ... ....... 27

List of sources used ................................................... ... ... 28

Applications ......................................................................... ............ 30

Introduction

Relevance of the topic. Each enterprise, starting its activities, should have a certain monetary sum. Current funds of enterprises are designed to ensure their continuous movement at all stages of the circuit in order to meet the needs of production in monetary and material resources, ensure timeliness and completeness of the calculations, increase the efficiency of working capital.

The problem of efficient economic enterprises includes the best use of their funds, and first of all - working capital. The presence of sufficient working capital has a necessary prerequisite for its normal functioning in a market economy.

The main place in working capital is occupied by funds advanced to commodity and material values. These include goods, production reserves and other commodity and material values.

Production reserves include raw materials, basic materials and purchased semi-finished products, low-value and helpful items.

Some of the working capital of trading enterprises can be in the calculations. This is the debt of buyers for the goods implemented by them (on the settlement documents transferred to the bank); population debt for goods sold by him on credit; complaints amounts; Various receivables (customers for unpaid settlement documents, calculations for compensation for material damage, etc.). As the rules, receivables arise as a result of non-compliance with the financial and payment discipline and weak work on the preservation of ownership, which requires close attention from trade workers.

Curvas are one of component parts Property of the enterprise. The state and efficiency of their use are one of the main conditions for the successful activity of the enterprise. Development market relations Determines the new conditions for their organization. High inflation, non-payment and other crisis phenomena force enterprises to change their policy towards working capital, look for new sources of replenishment, study the problem of the efficiency of their use.

The purpose of the course work is to study the sources of formation of current assets of the organization.

Currency tasks:

Consider the essence, composition and structure of working capital;

Consider the formation of current assets;

Characterize the trade enterprise CJSC Assorti;

Analyze the current assets of the trading enterprise Assorti and the principles of their formation;

An object Studies of current assets of the trading enterprise.

Subject Studies are the sources of the formation of current assets of the Assorti CJSC.

The structure of the work consists of an introduction, three chapters, four paragraphs, conclusion, a list of used sources, applications.

1. Essence, composition, structure and formation of current assets

1.1. Essence, composition and structure of working capital

Current assets - Current funds of enterprises, firms reflected in the assets of their accounting balance.

In the balance sheet of the enterprise, working capital is reflected in the second section of the balance of the Balance of Redevelopment Assets. .

Assets of the enterprise, which, as a result of its economic activities, fully transfer their value to the finished product, take one-time participation in the production process, while changing the natural and real form, are called working capital, and this is their economic essence. .

The material basis of production is the production facilities in the form of waters. In the process of functioning, labor and labor items in different ways and in varying degrees carry their cost on the cost of the product produced. This is due to the division of production assets on basic and revolving.

The function of working capital consists in the payment and settlement service of the circuit of material values \u200b\u200bat the stages of acquisition, production and implementation. In this case, the movement of current production funds at each moment of time reflects the circulation of material factors of reproduction, and the movement of working capital is the turnover of money, payments.

The movement of current production funds and treatment funds is the same character and constitutes a single process. This makes it possible to combine the revolving production facilities and the foundations of the appeal to a single concept - coverage.

Coverages- This is a set of funds advanced to create and use revolving industrial funds and conversion funds to ensure the continuous production process and product sales (Fig. 1).

Coverages

Processing Production Funds (Production Scope)

Foundations appeal

(sphere of appeal)

Current funds B. production reserves

Curvas for production

Finished products

Cash (calculations)

Cash in accounts, in the bank and in the checkout; funds in the calculations; receivables

Figure 1 - Composition and structure of working capital

At each particular enterprise, the value of working capital, their composition and structure depend on the nature and complexity of production, the duration of the production cycle, the value of raw materials, the conditions for its supply, the procedure for calculations, etc. In various industries, the proportion of current funds in the composition of the production funds of the enterprise enterprise. .

The organization of working capital in the enterprise includes determining the need for working capital, their composition, structure, sources of formation and regulation, management of working capital.

Depending on the place in the process of the circuit, the working capital is divided into revolving industrial funds and the foundations of the appeal, on sources of formation - on their own and borrowed.

Processing production facilities- These are labor objects (raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts, etc.); Works with a service life of not more than 1 year or worth no more than 50 times established minimum wages per month (low-value and listening items and tools); Incorrect production and expenses of future periods.

Foundations appeal- These are the funds of the enterprise embedded in the reserves of finished products, goods shipped, but unpaid, as well as funds in the calculations and cash at the box office and on accounts. .

Current production facilities and foundations of circulation, being in constant movement, provide an uninterrupted circuit of funds. At the same time, there is a constant and regular change of forms of advanced cost: it turns into commodity from the money, then in the production, again to commodity and monetary. Thus, there is an objective need to advance funds to ensure the continuous movement of those and others in order to create the necessary production reserves, neglected the improved production, finished products and conditions for its implementation. .

1.2. The formation of circulating assets

The formation of current assets is one of the most important functions of financial management. The management of the formation of current assets of the enterprise is subject to the objectives of ensuring the necessary need for them with relevant financial resources and optimize the structure of sources of formation of these funds. Given this goal, the policy of financing the current assets being developed in the enterprise is being built.

The policy of forming current assets is part of the general policy of managing its turnover assets, which consists in optimizing the amount and composition of financial sources of their formation from the standpoint of ensuring the effective use of equity and sufficient financial stability of the enterprise. .

Development of the policy of forming current assets is carried out in the following basic stages (Fig. 2.)

Figure 2 - The main stages of the development of the financing policy of current assets

Analysis of the state of the formation of current assets of the enterprise in the preceding period. The main purpose of this analysis is to assess the level of sufficiency of funds invested in current assets, as well as the degree of effectiveness of the formation of the structure of sources of funding from the standpoint of influence on the financial sustainability of the enterprise. .

At the first stage Analysis is assessed by the sufficiency of funds invested in current assets, from the standpoint of satisfying the need for them in the preceding period. Such an assessment is carried out on the basis of the cost of funding for the financing of current assets of the enterprise as a whole, including its own current assets. The calculation of these coefficients is carried out according to the following formulas:

;

where kDF OA is the sufficiency ratio of the funding of current assets in the period under consideration;

CDF COA - the coefficient of sufficiency of financing its own current assets;

FPO OA - the actual period of turnover of current assets in days in the period under consideration;

OA NGO - the norm of current assets of the enterprise in days, established for the corresponding period in question;

FPO Soe - the actual period of turnover of their own current assets in days in the period under consideration;

NGOs of COA - the standard of its own current assets of the enterprise in days, established for the relevant period in question. .

In the second stage Analysis is considered the sum and the level of pure current assets (pure working capital) and the pace of changes in these indicators in individual periods. To assess the level of pure current assets (pure working capital), the corresponding coefficient is used, which is calculated by the following formula:

where TO choa - the coefficient of pure current assets (pure labor capital) of the enterprise;

Choa - the average amount of pure current assets (pure working capital) of the enterprise in the period under consideration;

OA - The average amount of current assets (working capital) of the enterprise in the period under consideration.

In the third stage Analysis is studied the volume and level of current financing of current assets (current financial needs) of the enterprise in the reporting period defined by the needs of its financial cycle.

The amount of current financing of current assets (current financial needs) is calculated by the following formula:

OTF oA \u003d Z. tMTS. + DZ - KZ ,

where OTF oA - average amount of current funding of current assets (current financial needs) of the enterprise in the period under consideration;

Z. tMTS. - the average amount of stocks of commodity and material values \u200b\u200bas part of the current assets of the enterprise in the period under consideration;

DZ - the average amount of the receivables of the enterprise in the period under consideration;

KZ. - The average amount of the accounts payable in the period under consideration. .

The level of current financing of current assets (current financial needs) is estimated on the basis of the corresponding coefficient, which is calculated according to the following formula:

where Ktf oA - the coefficient of current financing of current assets (current financial needs) of the enterprise in the period under consideration;

OTF oA - average amount of current financing of current assets (current financial needs) of the enterprise in the period under consideration;

OA - The average amount of the current assets of the enterprise in the period under consideration.

At the fourth stage Analysis is considered the dynamics of the amount and specific gravity of individual sources of financing the current assets of the enterprise in the preceding period. In the process of analyzing the borrowed sources of financing of current assets, these sources are considered in the context of the timing of their use (long-term and short-term) and species of the attracted loan (financial and commercial).

Formation of the principles of financing of revolving assets of the enterprise. These principles are designed to reflect the overall ideology of the company's financial management from the standpoint of an acceptable ratio of the level of profitability and risk of financial activities. In the process of forming the principles of financing of current assets, their classification is used under the functioning period, i.e. In general, their composition is allocated constant and variable of them. .

There are three fundamental approaches to the financing of various groups of revolving assets of the enterprise:

1) Conservative approach to financing current assets It assumes that at the expense of its own and long-term borrowed capital, a constant portion of current assets must be financed and about half of the variable of them. The second half of the variable part of the current assets should be financed by short-term borrowed capital. Such a model (type of policy) financing current assets ensures a high level of financial stability of the enterprise.

2) Moderate (or compromise) approach to financing current assets It assumes that at the expense of its own and long-term borrowed capital, a permanent part of current assets should be financed, while due to short-term borrowed capital - the entire volume of the variable part of them. Such a model (type of policy) financing current assets ensures an acceptable level of financial stability of the enterprise and the profitability of use own capital, approximate to the average market rate arrived at the capital.

3) Aggressive approach to financing current assets It assumes that only a small proportion of their constant part (not more than half) is funded at the expense of its own and long-term borrowed capital, while due to short-term borrowed capital - the preferential share of constant and the entire variable part of the current assets. Such a model (policy type) creates problems in ensuring the current solvency and financial stability of the enterprise. At the same time, it allows operating activities with minimal need for its own capital, and therefore, in other other conditions of equal conditions, the highest level of its profitability. .

At the first stage Calculations predict the volume of the accounts of the enterprise in the upcoming period. The calculation of the projected volume of payables of the enterprise in the upcoming period is carried out according to the following formula:

where KZ. p - the projected volume of the accounts of the enterprise;

KZ. t. - the average actual amount of the accounts payable commodity operations in a similar preceding period;

KZ. vN - the average actual amount of domestic accounts (payables of other species) of the enterprise in the same preceding period;

KZ. etc - the average actual amount of the overdue payables of the enterprise (all species) in the same preceding period;

T. p. - The planned growth rate of the production volume expressed by a decimal fraction.

In the second stage calculations based on previously defined planned volumes of inventory inventory, receivables, as well as the projected volume of payables, determined the projected amount of current financing of current assets (current financial needs) of the enterprise.

The calculation will be implemented according to the following formula:

OTF p \u003d Z. p + DZ. p - KZ. p ,

where OTF p

Z. p - the planned volume of stocks of commodity values \u200b\u200bin the composition of the current assets of the enterprise;

DZ p - planned volume of receivables of the enterprise;

KZ. p - The projected volume of the accounts of the enterprise. .

If in the upcoming period the duration of the financial cycle of the company does not change, then the calculation of the projected volume of current financing of current assets (current financial needs) is carried out under the simplified formula:

OTF p \u003d PFTS × op p ,

where OTF p - the predicted amount of current financing of current assets (current financial needs) of the enterprise;

PFTS - the duration of the financial cycle of the enterprise, in days;

OR p - Planned one-day sales volume.

In the third stage Calculations, taking into account the reserves opened during the analysis, measures are developed to reduce the projected volume of current financing of current assets (and accordingly the duration of the financial cycle) of the enterprise. The focus when developing such events is paid to ensuring the reduction in receivables and especially - an increase in the volume of payables of the enterprise. .

Optimization of the structure of sources of financing of revolving assets of the enterprise. In determining the structure of this financing, the following groups allocate sources:

-Oppical capital of the enterprise;

-Contal financial credit;

- Break-term financial credit;

-Tovar (commercial) loan;

- Innutrient payables of the enterprise.

The volume of financing of current assets at the expense of commodity loan providers (payables for commodity operations), as well as at the expense of internal payables, were defined in the forecasting of the total volume and composition of payable debt. .

The results of the developed policy of forming and policy financing of working capital are reflected in the consolidated planning document - the balance of formation and financing of current assets. .

2. Current assets of the trading enterprise CJSC "Assorted"

2.1. Characteristic of Assorty CJSC

People walk for products daily, shops are becoming an integral part of their lives. Trading personnel "Assorted" tries to make this part of the life of every resident of Dsyktyvkar, the republic as much as possible. With her work, his skill in the stores "Assorted" every home, each family is given the opportunity to choose, joy from a pleasant purchase, a good mood.

But the main achievement is the creation of a team of professionals who unite both business and friendly relations, and most importantly - devotion to the general case. Today, more than ever, the trading network "Assorted" is proud of its veterans, those who stood at the sources of the company, creating her durable foundation who continues to play important role In fulfilling the company's strategic objectives, transferring its invaluable professional and moral experience.

The team, which in 15 years has grown from 80 to 1800 a large future. The company is growing, daily mastering advanced trade technologies, embodying new projects.

In the future, Assorti will send its strength and creative search for improving the quality of work, expanding the range of offered goods and services, a deeper study of customer needs.

The "Assorted" store No. 1 is a private enterprise that specializes in the sale of food products. Individual entrepreneur - Vakhnina T.N. The store is located at the crossroads of the two roads, at the address of Syktyvkar, the prospectus of the wallets, d. 41/12. The store is located in the center of Ezhva, for the convenience of buyers there is a parking lot. The legal address is located at the address: Syktyvkar, ul. Kuratova, 85.

Type of ownership - Private - Individual entrepreneur Vakhnina T.N. Store operation mode - round the clock.

The store "Assorted" carries out the following activities:

▪ orders, purchase, storage of parties of consumer goods and buyers with them;

▪ Purchase of all food and some non-food groups of goods (goods of household chemicals);

▪ sale of food and household chemical goods;

▪ Providing paid services - delivery of goods to the house of buyers.

The store "Assorted" is implemented the main groups of food products and some types of non-food products, in particular, household chemicals, dishes, toys, therefore, the type of store is universal.

Contingent serviced buyers of our store - buyers with medium and high income, as a whole, secured by buyers.

2.2. Analysis of current assets CJSC Assorti

Table 5 analysis “ Analysis of the dynamics and structure of current assets of the Assorted CJSC for the period from 2007-2009. " (see Attachment)

From the given data it can be seen that during the analyzed period from 2007-2009. Current assets have changed positively in 2007. For 1101 thousand rubles or 12.18%, in 2008. Decreased by 887 thousand rubles, i.e. 8.74% and by the end of 2009, the current assets of the enterprise increased by 4436 thousand rubles, or 47.94%, but at the same time the balance sheet structure was not much changed: both in the end of the analyzed period, the share of commercial reserves Enterprises (70.44; 60.28; 70.40, respectively).

As follows from the above data, the reserves of the organization increased in the current rates of current targets. The total volume of reserves at the end of the year amounted to 9637 thousand rubles, from which it follows that the increment of commodity reserves of the trade organization for the year was over 4,000 thousand rubles. Under such circumstances, it can be argued that with such a share of growth, the proportion of increasing assets increased, and with the loss of sales of goods (works, services), such an influx of funds will lead to the making of funds. Significant skews in the structure of assets in the direction of reserves adversely affects the liquidity and financial stability of the organization, for the trade organization CJSC Assortor, this means an incorruptible, unfavorable concentration of goods in warehouses, a drop in sales, etc.

The amount of funds at the box office and banks of the organization increased by 25.53% (430 thousand rubles), in 2008 by 22.28% (471 thousand rubles) and by 2009 by 10.41%, or on 269 \u200b\u200bthousand rubles. Based on previously received data - in view of the fact that cash is occupied by about 20% of the currency of the balance of the balance, it can be argued that this positive factorThe amount of funds in the organization at the end of the analyzed period, in view of the increased payables, is most likely an insurance stock in case of non-balancing cash flows as a result of differences in sales and procurement, as well as other unforeseen expenses.

The growth rates of receivables and payable debts do not give a complete analytical picture. Therefore, to find out whether the organization has its own revolving assets to cover current short-term obligations, calculate the current liquidity ratio:

END 2007:

CT. l. \u003d Outcome of section II of the balance of the balance / total partition V of the balance liability \u003d 10140/6733 \u003d 1.5

End of 2008:

CT. l. \u003d Outcome of section II of the balance of the balance / total partition V of the balance liability \u003d 9253/5126 \u003d 1.81

End of 2009:

CT. l. \u003d Outcome of section II of the balance of the balance / summary V of the balance liability \u003d 13689/9091 \u003d 1.51.

If we consider that the regulatory value of the liquidity coefficient with a satisfactory balance structure should be 2.0, then the Assorted CJSC is not enough liquid assets to repay current short-term liabilities. Consequently, the Administration of the Trade Organization should adhere to the policy of increasing current assets when a decrease in the growth of payables.

The stability of the financial state can be increased by:

acceleration of capital turnover in current assets, resulting in its relative reduction to the ruble turnover;

reasonable reduction in stocks and costs (to the standard);

replenish your own working capital at the expense of internal and external sources.

An important indicator in the analysis of material assets is their turnover, which is expressed by the lastness of turnover in days and the number of revolutions during the reporting period.

The most common is the indicator of turnover in days. It is defined as private from division middle size Material assets on average annual turnover of goods:

OMA \u003d 11471 * 360/13750 \u003d 300.33.

The rate of turnover of material assets \u003d 13750/11471 \u003d 1, 20.

To accelerate the overallness of the organization's material assets, it is necessary to improve the processes of transportation, reducing stocks, an increase in sales, improving the organization of economic activities.

Analyzing receivables, one should compare its amount with the size of payables, determining the debt coefficient:

for the beginning of the year:

KD \u003d 1076/5126 \u003d 0.21

at the end of the year:

KD \u003d 1175/9091 \u003d 0.13.

The amount of receivables directly depends on the sales volume, which reflects the ratio of sales and the average amount of receivables - the turnover of receivables:

ODZR \u003d 13750 / 1125.50 \u003d 12.22 times.

However, the most convenient expression of turnover is the duration of turnover in days:

ODDE \u003d 1125.50 * 360/13750 \u003d 29.47 days.

Thus, the organization should not have greater receivables, as this leads to the abundance of working capital, to delay their turnover, which, ultimately, leads to the formation of need for additional sources of funds and worsens the financial condition of the organization.

The amount of funds in the organization on this moment- this is most likely an insurance stock in case of non-balance of cash flows as a result of differences in sales and procurement, as well as other unforeseen expenses. However, both their excessive presence and disadvantage are not positive moments in the organization. This is explained by the fact that money in itself, without using them in economic activity, do not bring income, and their drawback can lead to insolvency.

Table Analysis of Table 6 "Analysis of the dynamics and structure of non-current assets of Assorted CJSC for the period 2007-2009."

As can be seen from the table, the increment of non-current assets was mainly on the line of increasing fixed assets. So an increase in the cost of OS in 2007. Amounted to 674 thousand rubles, in 2008. There was a decline in the cost of OS by 461 thousand rubles, but by the end of 2009. The increase in fixed assets was 1154 thousand rubles. or 79.97% by the beginning of the year.

Thus, for the analyzed period in CJSC "Assorted" equal capital and attracted funds on equal terms play a decisive role in the composition of funds of funds, it can be concluded that the main component of the sources of funds is precisely these balance sheets.

The distribution of funds is not yet effective. The main mass organization sent to the increase of current assets, which is caused by the specificity of trading activities. But even under such conditions the current liquidity coefficient for 2009. amounted to 1.51, which is lower than the standard, therefore, the trading organization has not yet can overlap with liquid assets of a large inert majority of funds raised.

Table 1 - Movement and availability of fixed assets CJSC "Assorted"

Determine the coefficient of depreciation of fixed assets:

for the beginning of the year:

Kizn \u003d 471/1990 \u003d 0.24

at the end of the year:

Kizn \u003d 946/3661 \u003d 0.26.

Thus, the percentage of updates

OS - 31.52% (COBN \u003d 1154.0 / 3661).

Analysis of the expiration of fixed assets is carried out by calculating the expirational coefficient:

for the beginning of the year:

Kody \u003d 1519/1990 \u003d 0.76.

at the end of the year:

Kody \u003d 2673/3661 \u003d 0.73.

To determine the efficiency of the use of fixed assets, we calculate the following indicators:

fondo studio:

FO \u003d 13750 / 2825.5 \u003d 4.87.

fondancy:

Fe \u003d 2825.5 / 13750 \u003d 0.21 (reporting year);

Fe \u003d 1990/10120 \u003d 0.20 (preceding year).

impact on the average amount of commodity turnover:

(13750-10120) * 0,21 = 762,3

influence on the average amount of fixed assets:

(0,21-0, 20) *13750 = 137,50.

fundsacking:

FV \u003d 2825.5 / 8 \u003d 353, 19.

profondoscience:

FOS \u003d 2825.5 / 12 \u003d 235.46.

Thus, in the trade organization of the Assorti CJSC for each ruble of fixed assets account for 4.87 rubles of trade. The change in the durability shows an increase in the cost of fixed assets per ruble turnover. The stock indicator is high enough, as well as the indicator of equity, defined as the attitude of the average annual value of all fixed assets to the average number of all trade workers.

All of the above allows us to conclude that the financial condition of the analyzed organization is quite sustainable and stable.

At the same time, the results of the analysis show, the organization has even sufficient reserves for a significant improvement in its financial condition. To do this, he should more fully use the production capacity of the organization, reducing downtime of machines, equipment, labor, material and financial resources; To respond more quickly to the market conditions, changing the range of products and price policies in accordance with its requirements. All this will increase profits, replenish your own working capital and achieve a more optimal balance of the balance.

The materials studied in the course preparation process make it possible to conclude that at this stage the balance sheet is the main information source for analyzing the financial and economic activities of the enterprise.

As a result of the work done, the following suggestions can be made and recommendations:

1. In the process of analyzing the trade organization CJSC Assorti, a positive trend is traced expressed in increasing property potential. A special danger to the financial situation of the organization is a significant overcast in the structure of assets and liabilities of the company. So in assets, excessively highly share occupy stocks, and in liabilities - payable debt, which adversely affects the liquidity and financial sustainability of the organization.

2. To eliminate the negative results of the analysis of the organization, it is recommended to establish the optimal level of inventory, eliminating the incorporation and deficit of goods, to promote the acceleration of the turnover of inventories using an automated control system, and reduce working capital, reduce the need for credit resources. Improving the accuracy of the forecasts will qualitatively improve the process of preparing and making decisions, which will help reduce the complexity of data processing and use processes, as well as a decrease in the costs of illiquid goods, increasing daily revenue in the long run.

3. Own capital plays one of the decisive roles in the composition of the sources of funds, the autonomy coefficient is equal to forty-three percent, which is slightly, of course not reaching the standard, but on the basis of it can be argued.

4. The trading organization CJSC Assorti did not resort to short-term borrowings in the form of loans and loans for a period of less than 1 year. Long-term loans make up a slight proportion in the balance currency - 7.18% at the end of 2007, 1.31% at the end of 2008 and 1.40% at the end of 2009. Getting and repayment of loans was stable.

5. The main types of payables for the Trade Organization of Assorti CJSC is debt to suppliers and contractors, the proportion of the 2009 data is the highest at the beginning of the year, 94.77% at the end of the year - 98.03% of the total debt .

6. The predominant part of the balance sheet, reflecting the sources of the organization's funds, make up their own and attracted funds, whose share in the balance currency exceeds 98%. This indicates the dependence of the enterprise from external investors, but at the same time a sufficiently high part of the company's own capital, which is a source of coverage of current assets, and this is a positive indicator.

7. The increment of non-current assets of the trade organization went through the line of increasing fixed assets. So an increase in the value of fixed assets was 1154 thousand rubles for the year, or 75.97% by the beginning of the year.

The distribution of funds is not yet effective. The main mass organization sent to the increase of current assets, which is caused by the specificity of trading activities. But even under such conditions, the current liquidity ratio was 1.51, which is lower than the standard, therefore, the trade organization can still not block the large-inert majority of funds raised by liquid assets.

8. With the current growth rates of short-term borrowing and increasing the growth rates of attracted funds, the organization has no other way to strengthen financial independence, as an increase in equity. It is possible to increase the authorized capital by attracting additional funds of the founders, which will increase the autonomy coefficient.

9. In order to improve the financial condition, in particular an increase in the financial stability of the Assorti Trade Organization, it is necessary to increase material working capital, thereby eliminating the imbalance in assets and liabilities.

10. Direction to prevent or eliminate unfavorable phenomena through the use of the total potential of modern management, development and implementation at the enterprise of a special program that has a strategic nature that allows you to eliminate temporary difficulties, maintain and multiply market positions under any circumstances, based mainly on our own resources .

11. At the same time, according to the results of the analysis, the organization has even sufficient reserves for a significant improvement in its financial condition. To do this, he should more fully use the production capacity of the organization, reducing downtime of machines, equipment, labor, material and financial resources; To respond more quickly to the market conditions, changing the range of products and price policies in accordance with its requirements. All this will increase profits, replenish your own working capital and achieve a more optimal balance of the balance.

12. The development dynamics of the enterprise takes into account an active market research, creating an effective system of promotion and product sales.

14. All of the above suggests that the financial condition of the organization's analyzed is quite sustainable and stable.

Conclusion

It is difficult to overestimate the value of the effective use of working capital. As a result of the study of the topic, the following brief conclusions can be made.

For the normal functioning of each enterprise, working capital is required, which are funds used by the enterprise for the acquisition of current funds and conversion funds.

Curvas - this is an advanced value in cash receiving in the process of planned circuit breakers form of current funds and treatment funds necessary to maintain the continuity of the circuit and returning to the original form after its completion.

Effective use of current assets involves the choice of the policy of managing current assets for a specific period of development of the enterprise. The essence of working capital management policies is to determine the sufficient level and the rational structure of current assets and in determining the magnitude and structure of sources of their financing. Three main models of working rounds can be distinguished: aggressive, conservative and moderate.

The main feature of the modern period is a shortage of working capital enterprises. So it can be noted that a timely and objective analysis of the movement, the presence, efficiency of the use of working capital will allow the management of the enterprise to determine the reserves of the efficiency of the use of working capital of the enterprise.

The acceleration of revolutions of working capital allows you to free up significant amounts, and thus increase the sales volumes of goods without additional financial resources, and the released means to use in accordance with the needs of the Assorti enterprise.

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18. Financial management: Textbook Ed. Kovaleva - M.Infra-M, 2005. - 284 p.

19. Financial Management: Theory and Practice: Textbook / Ed. Stoyanova - 5th ed. - M.: Perspective, 2005. - 656 p.

20. Financial management: studies. Manual / Ed. E.I.Shokhina. - M.: ID FBK-PRES, 2005. - 404 p.

Table 1 - Analysis of current assets CJSC Assorted for 2007-2009.

Identifier

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

The change

Absol. Great.

Swell. weight

Absol. Great.

Swell. weight

Absol. Great.

Swell. Weight (%)

Absol. Great.

Swell. weight

% (respectively by year)

Assets

I. non-current assets

Main cfria (p.120)

Other non-current assets (p.110 + p.130 + pp.140 + p. 18)

TOTAL SECTION I

II. Current assets

Stocks and other current assets (p.210 + p.220 + p.250 + p.270)

Calculations with debtors (p.230 + p.240)

Cash and cash equivalents (p.260)

TOTAL in section II

Total assets

Table 2 - Analysis of the structure of attracted funds of CJSC Assorted for the period 2007-2009.

Types of attracted funds

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

Debt to suppliers and contractors

Labor debt

Debt in social Insurance

Debt to the budget

Debt with other creditors

Total attracted funds

Table 3 - Analysis of the current liabilities of the Assorti CJSC for 2007-2009.

Identifier

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

The change

Absol. Great.

Swell. weight

Absol. Great.

Swell. weight

Absol. Great.

Swell. Weight (%)

Absol. Great.

Swell. weight

Absol. Great. (respectively by year)

% (respectively by year)

Passive

III. Capital and reserves

Charter. Capital (p.410)

Adding Capital (p.420)

Reserve. Capital (p.430)

TOTAL PO section III

IV. Long-term liabilities Long-term liabilities (p.590)

Total to section IV

V. Short-term obligations

Short-term obligations (p.690)

TOTAL SECTION V

Total liabilities

Table 4 - Analysis of the composition and dynamics of equity and obligations of the Assorti CJSC for the period from 2007-2009.

Capital and obligations

Balance at the beginning of 2007

Balance at the end of 2007.

The rest of 2008.

The remainder at the end of 2009.

Growth rate, respectively,%

Growth rates, respectively,%

% to balance currency

Capital and reserves

Loans

Involved funds

Balance currency

Table 5. - Analysis of the dynamics and structure of current assets CJSC Assorted for the period from 2007-2009.

Articles of revolving assets

Balance at the beginning of 2007

Balance at the end of 2007.

The rest of 2008.

The remainder at the end of 2009.

Changes (+, -)

Accordingly, over the years, thousand rubles.

Respectively, by years,% by the beginning of the year

including goods

VAT on purchased assets

Account receivable short-term

Cash

Table 6 - Analysis of the dynamics and structure of non-current assets of the Assorti CJSC for the period 2007-2009.

Articles of non-current assets

At the beginning of 2007

At the end of 2007

At the end of 2008

At the end of 2009

Change (+, -)

% by the beginning of the year

Fixed assets

Other noncurrent assets

assets organizations and his improvement in modern conditionsAbstract \u003e\u003e Finance

Topic: "Management reverse assets organizations And his ... reverse assets organizations And its improvement in modern conditions. " one. Theoretical aspects Office reverse assets Enterprises and composition reverse asset ...

The objects of the short-term capital are short-term (revolving, current) assets, which are also customary to be called working capital. The concept of "working capital" should be distinguished by the concepts of "pure working capital" and "working capital", which in the Russian economic literature are treated quite voluntarily and often unreasonably identified with each other. Consider the listed concepts in the following order:

1) Current assets (working capital);

2) pure working capital;

3) working capital.

As mentioned above, objects, short-term capital investments are understood under the revolving capital - short-term (revolving, current) assets. Under short-term (revolving, current) assets, in turn, the assets are understood, the term of use of which does not exceed the year. To consider the main aspects of the management of short-term investment capital, the term - current assets will be used.

The main characteristics of current assets are:

1) structure;

2) liquidity;

4) sources and financing structure;

1. The structure of current assets is determined by their classification.

Principles of classification of current assets:

1) The sources of funding differ:

Gross current assets (funded both at the expense of own and borrowed capital);

Clean current assets (funded by long-term sources - own and long-term borrowed capital);

Own current assets (funded due to only equity, may be referred to as their own working capital);

2) in the nature of participation in the manufacturing process distinguish:

Current assets involved in the operating (production) cycle (which begins with the receipt of raw materials and materials on the enterprise warehouse and ends at the time of shipment by the buyer of finished products);

Current assets participating in the financial cycle (which begins from the moment of payment suppliers of raw materials and materials and ends at the time of receipt of money from buyers for shipped products);

3) to follow the dynamics of production volume in the composition of current assets, distinguishes:

Constant (system) part, the need for which is relatively constant during the entire operational (or financial) cycle;

Variable (varying) part, the need for which can change during the entire operational (or financial) cycle;

4) In the attachment objects distinguish:

Cash;

Short-term financial investments;

Receivables;

Material production reserves.

The most acceptable classification to determine the structure of current assets is the classification of attachment objects. Under the structure of current assets, the proportions of the distribution of resources between their individual articles are understood. Under the optimal structure of current assets is understood as the allocation of resources between individual articles, in which the share of each article contributes to maintaining the liquidity of the enterprise.

2. The liquidity of current assets is a property inherent in material benefits. Under the liquidity of the material good it is understood as its ability to turn into money without much losses in the cost.

The liquidity of the material good is measured by time:

1) the more time it is required to appeal the benefit of money, the less its liquidity;

2) The less time is required to appeal the benefit into money, the more its liquidity.

The absolute liquidity is cash, since the time required to appeal them into money is zero. The composition of the current assets of the liquid article are free cash, i.e. Cash not related to any assets and intended for current payments. Cashs that have the target direction are accumulated in reserves and enterprise funds and are fixed in the balance sheet of balance - as part of equity. The second liquidity of the referral assets is the short-term financial investments, under which they are understood as legalized state short-term securities (treasury bills, short-term government bonds). Short-term government securities are attachments with a minimum risk, as their provision is the entire solvency of the country. Subject to the inherent short-term state securities Low profitability The time of their implementation on the stock market is extremely insignificant, which makes it possible to attribute them to cash equivalents. The third on liquidity of the current assets is the receivables, which is formed as a result of the sale of the enterprise's products with a delay of payment, i.e. On conditions commercial loan. Low liquidity from current assets have material and production reserves. As part of the current assets of the enterprise, an article "Expenditures of future periods" may be present. As mentioned above, the question of the inclusion of this article in the balance sheet is discusional. Many economists believe that the article "The expenditures of future periods" cannot be included in the current assets, as it does not have liquidity as other articles of this section.

3. The volume of current assets should be optimal, i.e. Complies with the needs of the enterprise in the current period. The needs of the enterprise in current assets are determined at the Financial Planning Stage and are reflected in the relevant budgets that are part of the annual financial plan, including the budget of the implementation, production, materials expenses, etc.

Thus, the volume of current assets affect:

1) forecast production and implementation;

2) the forecast value of raw materials and materials necessary for the planned volume of production and implementation;

3) the duration of the operational and financial cycle; 4) Forecast amount of receivables and so on.

The optimal volume of current assets is under the influence of two opposite trends:

1) the desire to avoid a shortage;

2) the desire to avoid excess.

Both deficiency and excess of working capital have negative consequences. The lack of current assets in general means the inability of the enterprise to fully repay short-term liabilities. Excessive assets means an inefficient distribution of resources, which can be a loss of profits in future periods. The determination of the optimal volume of current assets is reduced to the decision on the ratio of current assets (taking into account their liquidity) and short-term liabilities, taking into account the order of their repayment. The company must maintain the optimal amount of funds during the entire current period in order to maximize profits at an acceptable level of liquidity and commercial risk.

4. Sources and structure of financing of current assets. Sources of financing of current assets can be both long-term and short-term borrowed funds. Short-term liabilities are considered as spontaneous sources of financing, at the expense of which all or part of current assets are financed and which tend to fluctuations coinciding with the cycle of the main production process. Wherein short-term liabilities Increases with the growth of current assets financed. The financing of other assets not supported by spontaneous sources due to their exhaustion is considered as a residual need for financing (net investments in assets). To determine the optimal financing structure in the composition of revolving (short-term, current) assets, the system and varying parts are allocated. Under the system part of the revolving (short-term, current) assets or constant current assets is understood as the part of the current assets, the need for which during the entire operating cycle is relatively constant. Permanent working capital is the minimum of current assets required for the implementation of production activities. Under the varying part of the revolving (short-term, current) assets or variable current assets is understood as the part of the current assets, the need for which occurs in peak periods or as an insurance reserve.

Seasonal (non-cyclic) need for current assets, presented by their variabuding part, should be financed by short-term loans. Permanent (cyclic) need for current assets represented by their system part must be covered at the expense of its own or long-term borrowed capital. At the same time, it is necessary to remember that financing short-term needs due to long-term loans may entail the payments of high interest when there is no need for a loan.

Financial Management developed the following models financing current assets due to short-term, long-term and mixed sources: 1) ideal; 2) aggressive; 3) conservative; 4) compromise.

Balance equations of listed models are built on the basis of the main sections of a financial (aggregated) balance with the breakdown of current assets on the system and variention. At the same time, own and long-term borrowed capital Considered as long-term liabilities. The ideal model is based on the assumption that all short-term assets are financed by short-term sources (liabilities), and the weight of long-term assets, respectively, due to long-term sources (liabilities) (table).

The balance equation of the ideal model has the following form:

Non-defective assets \u003d long-term liabilities (own and long-term borrowed capital) system part of current assets + varying part of current assets \u003d short-term borrowed capital.

The aggressive model is based on the assumption that the non-current assets and system part of current assets (ie, the one minimum, which is necessary for the implementation of the enterprise's production activities) is funded by long-term sources. Sources of financing of the varying part of current assets are short-term liabilities (table).

The ratio of funds of the enterprise and sources of their financing (aggressive model)

The balance equation of the aggressive model has the following form:

Non-defective assets + system part of current assets \u003d long-term liabilities (own and long-term borrowed capital).

Various part of current assets \u003d short-term liabilities.

The conservative model assumes that the company finances its activities only at the expense of long-term sources. There is no short-term debt. Thus, all non-delete assets, as well as the systemic and varying parts of current assets are funded by long-term liabilities (table).

The balance equation of the conservative model has the following form:

Non-current assets + system part of current assets + varying part of current assets \u003d long-term liabilities.

The compromise model assumes that non-current assets, the system part and the varying part of current assets are funded by long-term sources. Another half of the varying part of current assets is funded by short-term sources (table).

The ratio of funds of the enterprise and sources of their financing (compromise model).

The balanceway equation of the compromise model has the following form:

Non-defective assets + system part of current assets + 1/2 of the varying part of current assets \u003d long-term liabilities (own and long-term borrowed capital).

1/2 Various part of current assets \u003d short-term liabilities

5. Risk of liquidity loss. From the standpoint of daily activities the most important indicator The company's activity is its liquidity, i.e. The ability to pay for short-term obligations. In this regard, the management of current assets should include the risk management of liquidity loss. In the economic literature, the risk of loss of liquidity is called liquidity risk. At the same time, it is implied that the risk is associated with the possible loss of liquidity. However, in meaning, the risk is the likelihood of the attack of a negative event, to which liquidity cannot be attributed. In this regard, in the view of the author, the term "risk of liquidity loss" is more appropriate.

Current assets are the most liquid part of the assets, which includes:

1) absolutely liquid funds (cash);

2) Superconductors (short-term government securities);

3) liquid funds (receivables);

4) material and production reserves, the liquidity of which is lower than the liquidity of the other types of current assets, but higher than the liquidity of the articles of non-current assets.

The risk of liquidity loss is due to changes in current assets and sources of their financing. Therefore, financing of current assets should be carried out simultaneously with the hedging of the risk of liquidity loss, in accordance with which each category of assets should compensate for a certain category of liabilities, provided that the use of assets are approximately equal to the periods of repayment of liabilities. In other words, the hedged approach involves synchronization of receipts and cash payments. The risk of liquidity loss can be represented as a totality of left-sided and right-sided risks.

Left-sided risks are associated with changes in current assets that are located on the left side of the balance. Right-sided risks are associated with changes in short-term liabilities, which are located on the right side of the balance. Left-sided risks include:

1) insufficiency of funds;

2) deficiency of their own credit capabilities;

3) insufficiency of material and industrial stocks;

4) Excessive amount of current assets. Insufficiency of money. The company must

5) have a certain cash supply, sufficient for current payments, taking into account unforeseen expenses.

The lack of funds intended to repay current liabilities may result in loss of liquidity. Insufficiency of own credit opportunities. Under its own credit opportunities are the possibility of providing loans to other enterprises. We are primarily about commercial loans, i.e. sale of enterprise products with a delay of payment.

The process of implementing the company's products includes two stages:

1) find the buyer;

2) wait for the payment of shipped products.

Shipped, but unpaid products means the flow of funds in the future. In the current period, funds are relevant in receivables. The more products are implemented on a commercial loan, i.e. With a delay of payment for the goods delivered, the more funds should be received in the future and the more connected in the current period. The company must ensure that the amount of receivables does not exceed its credit opportunities. In other words, it is impossible without finishing the products without the end. Too much money related to receivables can weaken the opportunities of the enterprise to pay off its own short-term liabilities, i.e. lead to loss of liquidity. In addition, the larger the amount of receivables, the more sum possible non-return, i.e. Cash loss.

Insufficiency of logistical stocks. The volume of material and industrial reserves should be sufficient for the implementation of the uninterrupted production process. The disadvantage can lead to a stop of production, non-fulfillment of orders and loss of profit, which, turn, may lead to loss of liquidity. The excess of material and production reserves requires additional funds for servicing their storage and can lead to a damage and moral obsolescence due to long-term storage, which also means loss of funds and, accordingly, weakening liquidity.

Excessive volume of current assets. The volume of current assets determine the costs of financing: the greater the volume of current assets, the greater the cost of financing, and vice versa. Maintaining excessive current assets increases costs that subsequently leads to income reduction.

Right-sided risks include:

1) high level of short-term accounts payable;

2) high level of long-term accounts payable;

3) non-optimal combination of short-term and long-term borrowed money.

High level of short-term accounts payable. Creditative debt is formed when buying products of other enterprises on a commercial loan, i.e. With a delay of payment, as well as upon receipt of short-term bank loans. As a rule, the high level of payable debt is associated with procurement on credit of raw materials and materials in the amount exceeding the current needs and the necessary insurance stock. Unnecessary costs mean the loss of funds, and consequently, a decrease in the liquidity of the enterprise. High level of long-term accounts debt. Long-term loans may be very expensive for two reasons:

1) the more loan period, the greater the risk of no return, which the lender covers a high interest rate;

2) long-term loans Payable by monthly payments during the entire period on which funds are provided, and the amounts of payments include interest accrued on the passing residue.

Thus, the greater the amount of long-term debt, the greater the cost of its service. Large debt service costs reduce enterprise's investment opportunities, which, in turn, leads to a reduction in profits.

Non-optimal ratio of short-term and long-term borrowed funds. The non-optimal volume of articles of external liabilities of the enterprise leads to the non-optimal ratio of short-term and long-term borrowed funds, which threatens the policy of financing current assets.

Methods for reducing the risk of loss of liquidity. As one of the risks increase the loss of liquidity, it is necessary to reduce it with the help of appropriate methods.

The methods of reducing the risk of loss of liquidity include:

1) minimization of short-term payables (in case of excessive volume) through use to finance most of the assets of long-term sources;

2) minimizing the total costs of financing (if they are excessive) through the use of mainly short-term sources;

3) Maximization full value Enterprises.