What is meant by financial resources. Abstract: Financial resources of organizations
Finance1. The essence of finance, their place and role in the system of commodity-money relations of the market economy.
Finance(French finances - cash, from Old French finer - pay, pay), aggregate economic relations in the process of creating and using centralized and decentralized cash funds
Finance is a den system. relations associated with the formation and use of cash funds. funds.
Den. funds are formed at the macro and micro levels. At the macro level, these include state. budget, government off-budget funds, state. insurance funds, which are a system of den. relations between the state, on the one hand, and jur. and physical faces on the other. Via public finance the process of formation and use of state revenues and expenditures is studied.
At the micro level, these are funds of own, borrowed and borrowed funds. Den. relations at the micro level include relations between a supplier and a consumer, between an enterprise and its structural divisions, between the administration of an enterprise and its employees, between enterprises and the financial and credit system, etc. The object of studying the finances of economic entities is the formation and use of their capital, income and monetary funds (consumption, accumulation and reserve).
^ Signs of finance :
1) monetary nature: finance is always den. relationship, but not any den. an attitude is always a financial attitude.
2) distributive (re-) character (2nd stage of the reproductive process)
The sphere of emergence and functioning of finance is the second stage of social reproduction, where the distribution of GDP for its intended purpose (for reimbursement funds, consumption and profit) and economic entities takes place. Thanks to finance, various processes of redistribution of the value of the social product are carried out in all links of the national economy and in the non-productive sphere.
3) stock character (money funds): the use of fin. resources are provided through special purpose funds.
4) the formation of income in the form of financial resources
5) state regulation (taxes, discount rate)
An important condition for the emergence and development of finance is the sphere of distribution of commodity-money relations. The wider this area is represented, the greater value in the household the system also has finances.
^ The role of finance: 1) financial security - the enterprise and the state need finance to ensure reproductive processes; 2) necessary for social development (defense of the country, state administration, environmental protection); 3) financial regulation of economic processes;
4) financial stimulating effect. use of all types of economic resources
2. Financial resources, their types, sources, growth factors. Reserves for increasing the financial resources of Russia in modern conditions.
Financial resources- this is the totality of all funds that are at the disposal of the state, enterprises, organizations, institutions for the formation of the necessary assets in order to carry out all types of activities both at the expense of income, savings and capital, as well as due to different kind receipts. They are formed:
- enterprises in the form of profit remaining at their disposal and depreciation (net cash flow);
-workers (households)) in the form of net wages remaining after taxes and mandatory payments, payments from net profit shareholders and participants, wages to state employees, payments from non-budgetary social funds;
- at the state- fin. resources take the form of budgetary and extrabudgetary funds that have a strictly designated purpose
^ Fin. resources are generated from business entities (enterprises and corporations) from the proceeds from the sale of goods (works, services), and from the state through taxes and fees levied on legal entities. and physical persons without question.
^ Types of financial resources:
1) by right of ownership
a) own financial resources belong to the economic entity itself and their use does not entail the possibility of losing control over the activities of the enterprise (profit, A-th deductions)
b) borrowed resources are not property this enterprise and are provided on the terms of urgency, payment, repayment (loans)
c) attracted resources - funds that do not belong to the enterprise, but are temporarily in its circulation (arrears in wages to employees, debts to the budget and extra-budgetary funds).
^ At the enterprise base normal. functioning - the presence of a sufficient volume financial resources- these are all sources of funds accumulated by the enterprise to form the assets it needs in order to carry out all types of activities both at the expense of its own income and savings, and at the expense of various types of income. Initially Finnish. resources appear at the moment of creation of the enterprise and are reflected in statutory fund. Based on expediency, enterprises may or may not create funds and reserves from retained earnings used as additional sources of financing costs: 1) accumulation fund - used for research. work, development of new types of products, technological. processes, i.e. to expand production. 2) the consumption fund is a source of enterprise funds for social development, material incentives for workers. 3) reserve or insurance funds - is formed by the enterprise in the amount of 10-50% (with the appropriate forms of ownership, the creation of a reserve is mandatory, for example - joint-stock companies). The need to create a reserve lies in the fact that in a market economy, enterprises are subjects of risky activity, therefore, a reserve is created in case of termination of the enterprise's activities to cover possible accounts payable. In addition to profit, an enterprise can credit share premium to the fund - the difference between the nominal and selling price of shares ( Extra capital) and etc.
3. The main directions of the use of financial resources by business entities and government entities. Ways to optimize the structure of spending financial resources.
^ Business entity: in the process of using the income of the enterprise occurs:
♦ its distribution (primary division into constituent elements (С + V+m));
♦ redistribution - when paying taxes from profits to the state budget system;
♦ specific spending of money funds formed at the expense of profit, which is accompanied by a counter movement of value in the form of commodities (D - C and C - D);
♦ acquisition of design estimates, materials and equipment for construction at the expense of funds allocated for capital investments. In this function, finance determines the transformation of the monetary form of value into a commodity form and vice versa.
^ Enterprise costs carried out in the process economic activity:
1) for the reproduction of production assets, they ensure the continuity of production and create conditions for the sale of products; 2) for social and cultural events - advanced training of workers, training, etc. 3) operating expenses- to conduct research, invention, reassessment of the main. funds, etc.4) for the production and sale of products (works, services) occupy the greatest share. weight in all expenses of the enterprise.
^ Subject of power: the state at the expense of the income received (in the form of taxes and fees) uses them for the purposes provided for in the federal and regional budgets.
^ State. expenses designed to meet the needs of society in the development of eq and social. spheres, state management, strengthening its defense capability and national security, etc. At the same time, specific areas of state. expenditures are determined by various functions (economic, social, managerial, defense, political) performed by the state.
Fin-ing budget expenditures in terms of the excess of their volume over the amount of income carried out at the expense of revenues from sources of financing the budget deficit: attracting money. funds in the form of loans carried out by placing state. c. b., and loans received from credit institutions; obtaining budget loans and budget credits from the budgets of other levels; proceeds from the sale of property located in the state. property, etc.
Need for municipality expenses due to the satisfaction of the needs of citizens related to the place of direct residence (maintenance of the municipal housing stock, transport service population, improvement of territories, protection of public order, etc.). Variety of municipalities. expenditure depends on the functions of local governments; the level of socio-economic development of the municipality. education; tasks solved by local governments at a particular stage of development.
In order to balance local budgets, local governments raise funds from the domestic financial market. market (in the form of placement municipality. central bank, budget loans and budget loans from the budgets of other levels) and paid alienation of the municipality. property (by selling it).
4. Modern financial system of Russia, characteristics of its spheres and links. Prospects for the development of the Russian financial system.
Financial system- a form of organization of monetary relations between all subjects of the reproduction process for the distribution and redistribution of the total social product.
^ Fin. system has many links, each of which represents the sphere of financial relations. She is includes:
1) decentralized finance - at the disposal of the enterprise from income (links - commercial enterprises, non-profit, credit, insurance organizations);
2) centralized finance - accumulates the state at the expense of taxes, customs duties, etc. (state budgets, extra-budgetary funds, state credit, state insurance, state enterprise.)
3) household finance
The purpose of any area of the financial system is determined by its role in manufacturing process:
1) state. finances accumulate and use resources to carry out the state. functions and meet public needs This area of fin. relations takes precedence over others, because as part of the needs of expanded reproduction important place occupy those that are connected with the existence of the state.
2) appointment fin. resources of the insurance sector - the creation of a fund of funds for warnings or minimizing the consequences of insured events that have occurred (personal, property, social, medical insurance);
3) the finances of enterprises, institutions, organizations serve the purpose of production and meeting the needs of society in goods, services, etc. The basis of the Russian financial system is the finances of enterprises and corporate structures (FIGs and holding companies). This statement is due to the fact that the income of entrepreneurs is a source of finance. resources of all links fin. state systems.
4) the allocation of the sphere of households is legitimate, because there is a very definite goal in the reproduction process - the presentation of demand for personal consumption.
prospects: in most modern national fin. systems dominated by one of the two main models of fin. markets: banking (continental European) or stock (American). The banking model of financial markets is characterized by the predominance as the main fin. intermediary depository institutions (commercial and savings banks, credit unions), concentrating savings flows and financing investments in the economy. In countries where the stock model of the fin. markets, the transformation of savings into investments takes place in the stock markets. The main financial intermediaries are Insurance companies, pension, venture, mutual funds, investment banks.
The main role in the development of the Russian financial system should be played by the improvement of financial information support. market and its segments: it is necessary to create an extensive market infrastructure that allows the borrower to find the appropriate investor, the investor - the debt for the effective placement of their funds and, possibly, its refinancing without spending too much time and money on it.
5. Financial regulation, its role and forms. The mechanism of state financial regulation at the macro- and micro-levels.
State financial regulation- this is a method for the implementation by the state of the functions of managing economic and social processes when using finance. The object of its application is the budget, state. debt, tax and banking systems, market, credit relations. Fin. regulation This is government regulation. budget, its deficit or surplus, as well as state. debt. Economic (indirect) regulation in the broad sense of the word includes fiscal and monetary policy.
1) fiscal
Finnish process. regulation is based on the use of a system of accumulation of funds and their spending. Forte withdrawal policies - the effectiveness of the impact on market fluctuations. Politics is Finnish. costs allows you to maintain general development countries.
2) monetary, main directions:
The most important stabilization tool den. policies are operations on open market c.b. The object of transactions, as a rule, are short-term government debt obligations or short-term debt obligations - bonds. With the need to shrink the credit mass, the Central Bank decides to sell a certain amount of government bonds;
Discount rate policy (discount policy) or refinancing rates
Change in the norm of required reserves of banks, i.e., the amount that commercial. banks are required to keep in the CBRF
The impact of the state-va on the economy is carried out through a system of legislative acts, state. and municipality. legislative and representative authorities, through prices and tariffs, export and import duties. State.ffinancial regulation is to regulate distribution relations in society and at individual enterprises. So, when creating and distributing the value of GDP within a particular enterprise of the Russian Federation, the state today regulates:
1) the composition of the costs attributable to the cost of production;
2) the amount of certain types of costs attributable to the cost of production for the purpose of calculating taxable profits (expenses for business trips, hospitality, advertising, education, payment of interest on a bank loan);
3) methods of applying depreciation deductions for fixed assets, intangible assets, low-value and wearing out
items, as well as time beneficial use depreciable fixed assets for the purpose of calculating taxable profits;
4) objects and rates of taxation, including social tax;
5) the terms and procedure for writing off the enterprise's liabilities from the balance sheet;
6) the composition of non-operating expenses taken into account in the taxable
A significant part of the financial relations of enterprises is regulated by civil law: the amount and procedure for the formation of authorized and reserve capital for enterprises of various organizational and legal forms; procedure for placement and redemption of shares,
privatization, liquidation, merger and division of enterprises; order of priority for debiting funds from the current account, etc.
^ 6. Objective prerequisites and possibilities for using finance in social reproduction. Characteristics of finance as an economic instrument.
Primary financial instruments, financial resources in their purest form are modern money. As already mentioned, finance in reality does not function as a set of abstract monetary relations, but in the form of the movement of financial resources in the economy.
In turn, financial resources are the totality of the money resources of the economy, which can potentially be used and are actually used to implement financial activities and execution of financial (any monetary) transactions by public authorities, local governments and business entities (organizations and households).
Financial resources are simultaneously all monetary resources, and vice versa. In fact, all cash flows, or flows of financial resources in the continuous process of their formation and use, constitute material basis finance.
Financial resources provide financial support for the reproduction process and social sphere as a result of the activities of state authorities and local governments, organizations and households.
At the same time, financial support should be understood as a two-way process of formation and use of financial resources, since both of its sides are essential, interdependent and inseparable from each other.
The financial resources of the economy are the only monetary
a source of coverage of expenses for the implementation of the economic and financial activities of all economic entities, the expansion and modernization of production, the solution of social problems and the livelihood of the population. The constant replenishment of this source is carried out in the process of direct use of financial resources, i.e. spending, financing and lending public and private expenses. As a result, the continuity of the process of reproduction (production, exchange, distribution and consumption) of the gross social product and public goods is ensured.
Financial support can be provided in three ways (in three forms): self-financing, budget financing, lending.
Self-financing involves the use of their own financial resources of economic entities received by them in the process of financial and economic activities.
Budget financing is carried out on an irrevocable and non-repayable basis at the expense of budgets and extra-budgetary funds.
Lending is made on a repayable, urgent and paid basis.
Since the financial system is heterogeneous, financial resources are also heterogeneous in composition. Consider the composition of financial resources in more detail.
Stages of the process of formation and distribution of financial resources:
Creation of financial resources
Stage 1. Creation of financial resources.
1. It is carried out by legal entities and individuals in the course of their production, economic and labor activities.
2. The sources of financial resources are:
Revenue from the sale of products and services;
Non-operating receipts;
Salary and other income individuals.
Distribution of financial resources
Stage 2. Distribution of financial resources.
Characteristics of the distribution of financial resources:
Distribution is carried out between the direct creators and the state.
The object of distribution is profit, as well as some other elements of the activities of legal entities and individuals.
The instrument of distribution is the tax system.
The financial resources remaining at the disposal of legal entities and individuals are distributed by them independently
Tasks of the state at the stage of distribution:
1. Fiscal, associated with the forced mobilization by the state of a part of the created ND to provide resource support for directly state functions
2. Regulatory, providing the ability to effectively adjust the development of the economic system of society without the use of purely administrative methods.
Reallocation of financial resources
Stage 3. Redistribution of financial resources.
It is carried out centrally at the state level through the system of federal and territorial finances, i.e. through budgets and target extra-budgetary funds of various levels.
The principal amount of the redistributed national income returns to the level of specific legal entities and individuals in the form of payment government orders, budget subsidies and subventions, salaries to public sector employees, pensions, and other social payments.
The effectiveness of the centralized distribution of ND determines the macroeconomic results of the development of the country's economy as a whole.
The financial resources of a society are a set of funds of funds at the disposal of the state, subjects of the federation, municipalities, business entities, and households.
The volume of financial resources depends on the value of the created GDP and ND.
The volume of financial resources of specific entities is determined by market relations, the magnitude of their economic independence.
Structure of financial resources:
1. Centralized finance - necessary to ensure the public interest:
Incomes of budgets of all levels and incomes of off-budget funds
Tax and non-tax payments
Non-tax payments and fees to off-budget funds
Compulsory state property and personal insurance
2. Decentralized finance - focused on making a profit, income:
at the enterprise level:
Profit
Sinking fund
Credit resources
at the household level:
Monetary incomes and savings of the population Composition of financial resources (by the nature of education):
1) Own funds:
at the level of enterprises and households - profit, wages, household income;
Rice. 1.4. Income of subjects of economic relations
The financial resources of organizations (enterprises) are a set of funds accumulated by enterprises to form the assets they need in order to carry out all types of activities, both at the expense of their own income, savings and capital, and from outside receipts (Fig. 1.5).
Main sources and types of financial resources non-profit organizations depending on their organizational and legal form and type of activity, they can be (Fig. 1.6):
■ founders' funds (contributions, voluntary transfers, etc.);
■ funds from budgets and extrabudgetary funds (appropriations, grants, transfers, etc.);
■ income and proceeds from entrepreneurial and other activities
income-generating activity (revenue from the provision of paid services population, income from the sale of property rights,
depreciation deductions, income received in the financial market, etc.);
Rice. 1.5. Sources of formation of financial resources of commercial
organizations
■ gratuitous assistance, donations and transfers of legal entities and individuals, including funds within the framework of charitable activities;
■ other financial resources.
The specificity of the financial resources of households lies in the fact that they include income (cash receipts) and expenses of individual individuals or their aggregates, leading
individual or joint (family) household, and individual entrepreneurs leading entrepreneurial activities without education legal entity. At the same time, the household can, in terms of composition, also unite persons receiving income from the line social security(insurance), and employees who receive wages, and self-employed persons who receive business income, and dependents who do not have their own income, but require certain expenses.
Sources and types of financial resources of households can be:
■ own funds earned in the course of economic activity in the form of wages, material assistance from organizations, income from subsidiary farming, from the sale of property rights, entrepreneurial income, etc.;
Rice. 1.6. Sources of formation of financial resources of non-commercial
organizations
■ funds mobilized in the financial market in the form of bank loans, insurance payments, income, dividends and interest on securities and bank deposits, etc.;
■ budgetary and non-budgetary funds, in particular pensions, allowances, scholarships, subsidies, tax and monetary social benefits, including the return of part of the paid personal income tax on property and social tax deductions, monetary compensation from the budget system, etc.;
■ other expenses.
at the state level - income from state-owned enterprises, privatization, as well as from foreign trade activities.
2) Funds mobilized in the market:
at the level of enterprises and households - sale-purchase of securities, bank credit;
at the state level - issuance of securities and money, state credit;
Rice. 1.7. Sources of formation of financial resources of household
farms
3) Funds received in the order of redistribution:
at the level of enterprises and households - interest and dividends on securities issued by other owners;
at the state level - mandatory payments (taxes, fees, duties).
Rice. 1.8. Sources of formation of public financial resources
The formation and use of financial resources is reflected in the balance sheets.
The use of public financial resources is carried out by various authorities for the purpose of producing and providing public goods within the spending powers of public law entities (rights, obligations, issues of jurisdiction) established by budget legislation (Fig. 1.9). A specific list and grouping of budget expenditures according to their functional nature and departmental affiliation are established in the budget classification.
Rice. 1.9. The main areas of use of public
financial resources
Consolidated financial balance countries - the main document that reflects the amount of financial resources of the country, region and the direction of their use (revenues and expenses)
Consolidated financial balance Russian Federation includes financial resources from three sources:
1 - resources used by the enterprises themselves (profit, depreciation);
2 - funds accumulated by the budget system;
3 - funds from extrabudgetary funds, primarily social ones.
(the financial resources of households are not included in the consolidated financial balance sheet).
The use of financial resources of enterprises is carried out in the following main areas:
Financing the costs of production and sale of products, works, services;
Financing the investment activity of the enterprise (real and financial investment);
Payments to the budget and off-budget funds;
Repayment of credits and loans;
Funding for charitable activities, etc.
Fig.1.10. Main Directions for the Use of Financial Resources
commercial organizations
The formation and use of financial resources are mediated by cash flows in the context of three types of activities of the organization (enterprise): current, investment, financial.
The financial resources of non-profit organizations are used in the following areas:
■ financial support for the core (statutory) activities, including remuneration of employees, maintenance of buildings and premises, purchase of inventory, etc.;
■ financing of entrepreneurial and other income-generating activities;
■ tax and other obligatory payments to the budget and off-budget funds;
■ other expenses.
Household financial spending is also diverse, including:
■ expenses associated with meeting the current vital needs of a person in food, clothing, housing and communal services, etc.;
■ capital expenditures related to the acquisition (construction) of housing, utility rooms, equipment,
machines, etc., including for the implementation entrepreneurial activity;
■ expenses for the purchase of goods, raw materials, materials, energy, etc. for business activities;
■ social, medical, cultural, sports and similar expenses;
■ expenses associated with activities in the financial market: payment of interest on loans, repayment of loans, payment of insurance premiums, purchase of securities, bank deposits to deposit and savings accounts, etc.;
■ other expenses.
The concept of financial resources of the enterprise. Capital.
Fixed assets of the enterprise. Main capital. Circulation of fixed assets.
Intangible assets of enterprises. Their circulation.
Working capital of the enterprise. Working capital. Circulation of fixed assets.
Authorized capital.
The material basis of finance is financial resources.
Enterprise financial resources- these are the funds at his disposal and intended for the implementation of expenses for expanded reproduction, maintenance and development of the non-productive sphere, consumption.
Financial resources are intended for the development of the production and trade process, i.e., funds for the purchase of raw materials and materials, goods and other items of labor, for the acquisition of tools, for payment work force represent capital in cash.
Thus, capital is part of the financial resources of the enterprise.
Capital- this is money put into circulation and generating income from this turnover.
Capital is wealth used for its own increase.
The turnover of money can be carried out by investing them in business or lending money.
Only investing money in economic activity, only investing can create profit and turn money into capital. At the same time, the money invested in the production and trade process is not completely spent, it is only advanced into this process in order to return with additional income after completing the circuit:
According to the form of investment, they distinguish:
1 - entrepreneurial capital;
2 - loan capital.
Entrepreneurial capital is the capital invested in various enterprises. Such an investment of money is carried out for the purpose of obtaining profit and rights to manage the enterprise.
Loan capital- this is money provided on a loan on terms of repayment and payment. Unlike entrepreneurial loan capital, it does not give its owner any rights to manage the enterprise. The owner lends money to another entrepreneur, and this entrepreneur becomes an investor. The price of loan capital, as a commodity, is the interest on the loan.
Structurally, the capital of an enterprise consists of cash funds, i.e., cash invested in fixed assets, intangible assets, working capital of the enterprise, as well as cash in circulation.
The material and technical basis of the production process at any enterprise are the main production assets.
fixed assets- this is money invested in fixed assets for production and non-production purposes.
At the time of acquisition of fixed assets and their acceptance on the balance sheet of the enterprise, the value of fixed assets quantitatively coincides with the value of fixed assets. In the future, as fixed assets participate in the production process, their value bifurcates:
one part, equal to depreciation, is transferred to the cost of finished products in the form of depreciation;
the other part reflects the residual value of fixed assets.
The depreciated part of fixed assets, as the finished product is sold, is accumulated by the enterprise in cash.
In this case, a so-called "amortization fund" is formed. In accounting, this fund is not accounted for in a separate account. However, the Appendix to the balance sheet (Form No. 5) regularly reflects the accrual and use of depreciation.
The depreciation fund is used for simple and, in part, expanded reproduction of fixed assets.
The use of depreciation for the expanded reproduction of fixed assets is explained by the specifics of depreciation charges. Depreciation is charged monthly for all fixed assets, and the need to use it for its intended purpose, i.e. for the restoration of these fixed assets, arises after their complete depreciation. Up to this point, the company has free cash at the expense of revenue, which it can use for other purposes.
Tax legislation encourages enterprises to expand their production base. The Law “On Income Tax” provides for an income tax relief in the event that an enterprise, using all accrued depreciation for the reconstruction and expansion of production, acquires fixed assets also at the expense of profit.
For the reproduction of fixed assets, very often the enterprise does not have enough accrued depreciation. In this case, to expand the production base, the enterprise can use other sources of capital investment financing.
Circulation of the value of fixed assets
Information about residual value fixed assets is contained in the first section of the balance sheet of the enterprise. At the same time, it should be noted that fixed assets are taken on the balance sheet from the first day of the month following the date of acquisition, and written off from the balance sheet from the first day of the month following the date of liquidation or sale or gratuitous transfer of the fixed asset object.
The same goes for depreciation. In this case, depreciation can be charged by the enterprise using one of the following methods:
linear method;
decreasing balance method;
in proportion to the sum of the numbers of years of useful life;
in proportion to the volume of production.
The enterprise has the right to choose independently one of the listed depreciation methods for different groups of fixed assets, without fail having fixed this choice in the order on the accounting policy.
For tax purposes, an enterprise must accrue depreciation to calculate the cost only on a straight-line basis.
Intangible assets- this is the investment of the enterprise's funds in intangible objects used for a long time in production and economic activities and generating income.
Such intangible objects include:
software products;
licenses;
certificates;
new technologies (“know-how”);
organizational expenses during the organization of the enterprise;
rights to use land plots;
By the nature of use, intangible assets are similar to fixed assets. They are used in economic activities for a long time (more than 1 year) and transfer their value to the cost of finished products gradually over the entire service life.
Acquired intangible assets are included in the company's property at historical cost. At the same time, the initial cost of intangible assets is determined by the enterprise itself based on:
The cost of their acquisition - when acquiring an object of intangible assets on the side. At the same time, the initial cost of an object of intangible assets includes not only the costs of their acquisition, but also the costs associated with fine-tuning these intangible assets to a state suitable for use;
The actual costs of the enterprise for the creation of this object of intangible assets (for example, payment for various services of employees);
Possible effect from the use of this object of intangible assets.
Objects of intangible assets are taken to the balance sheet at their original cost. In the process of service, this value is circulated by transferring it to the cost of finished products through depreciation.
Depreciation of intangible assets is charged as follows:
C p ON - the initial cost of intangible assets;
On NA - the depreciation rate of intangible assets.
At the same time, the depreciation rate reflects the annual percentage of the value of intangible assets established by the enterprise, which is transferred to the cost of finished products, i.e., is included in its cost.
In this case, the company can set the depreciation rate based on:
validity period (for licenses and rights to use land plots);
estimated useful life of this object of intangible assets.
It is legally established that this expected period should not be more than 20 years.
Depreciation deductions of intangible assets become a source of financing for simple reproduction. They can be used, first of all, for the acquisition of other objects of intangible assets. If during the entire depreciation period no other objects of intangible assets were acquired, this means that the accumulated depreciation of intangible assets is constantly in the company's turnover and is used for other purposes.
Thus, intangible assets, just like fixed assets, make a circuit, and this circuit is similar to the circulation of fixed assets.
Information on the presence of intangible assets by groups is contained in the assets of the enterprise's balance sheet. It reflects the residual value of intangible assets.
Information on the accrual and use of depreciation of intangible assets is provided by the enterprise in the Appendix in the balance sheet Form No. 5.
Any enterprise in the practice of economic activity has trading partners. The created economic ties are a consequence of the social division of labor.
With the social division of labor, the product of labor of one economic entity becomes an object or means of labor for others.
Therefore, to ensure the continuity of production and consumption of goods, almost every economic entity needs to have stocks of items and products of labor, as well as the presence of such items and products of labor in transit from one economic entity to another. At the same time, a greater or lesser number of objects and products of labor in stocks can be caused by a combination of various factors.
Stocks of objects of labor are material elements of working capital.
Wherein revolving funds consist of 2 parts.
The first part is the objects of labor that are already at the disposal of the economic entity, but have not yet entered the production process (raw materials; basic, auxiliary, additional materials; fuel; MBP; spare parts; containers). The formation of stocks of objects of labor requires the investment of certain funds in them. At the same time, the economic entity makes these costs in advance.
The other part is the objects of labor already put into production. As they are processed, they turn into finished products. Here, too, there is an advance of certain funds. This part of working capital, located at the enterprise in the form of work in progress and its own semi-finished products, is formed at the expense of the cost of objects of labor fully transferred to them, partially transferred cost of fixed assets in the form of depreciation and part of the income created in the production process in the form wages and social contributions. Thus, the monetary costs of production are already added to the previously advanced value of the objects of labor.
The difference between these two parts of working capital is expressed in the fact that the funds invested in inventories are part of the (hidden) property of the enterprise, and the funds invested in work in progress are intended to ensure the rhythm, continuity of the labor process.
Consequently, the main purpose of the funds allocated to working capital assets is to ensure the continuity and rhythm of production.
Under the conditions of commodity-money relations, stocks of objects of labor act, on the one hand, as a set of material values, property of a given production entity, and on the other hand, as the sum of the costs of a given enterprise in monetary form.
Revolving production assets take a single part in the production process, while changing their natural form.
At the same time, their cost is fully transferred to the cost of finished products. Some objects of labor (for example, fuel) are fully used in the production process and are not materially included in the product of labor. Others (for example, raw materials, basic materials) materially enter into the product of labor and acquire in the process of production a form in which they can be used in the future.
circulation funds associated with servicing the process of circulation of goods, i.e., the process of trade. They include 2 relatively independent groups:
1 - finished products in the process of implementation;
2 - funds of enterprises in cash, in settlements and on the current account.
The main purpose of circulation funds is to provide funds for the rhythmic process of circulation of goods.
Circulation funds do not participate in the formation of new value. They are the bearer of this new value.
Information about the working capital of the enterprise is contained in the asset balance of the enterprise.
At the same time, the information is located in the asset in such a way that it clearly reflects the current assets of the enterprise at various stages of the cycle: in the form of inventories, work in progress, finished products in the warehouse, shipped finished products (accounts receivable), cash on accounts and at the cash desk.
Thus, as a result of the asset of the balance sheet of the enterprise (in the balance sheet currency), the amount of money invested in the turnover of the enterprise is reflected. It includes: the amount of money invested in non-current assets, i.e., in real estate (in fixed assets, intangible assets, etc.), as well as the amount of money invested in current assets, i.e. into current assets.
The balance sheet reflects the amount of financial resources of the enterprise.
The security of the enterprise with working capital, the efficiency of their use affects the reproduction process, its continuity, rhythm and, ultimately, the financial results of the enterprise.
There are the following indicators characterizing the working capital of the enterprise and the efficiency of their use:
own working capital,- since the working capital of an enterprise can be formed both at the expense of its own sources and at the expense of borrowed funds, then, as a rule, not all working capital at the disposal of the enterprise is its property. The higher the share of own working capital, the weaker the dependence of the enterprise on creditors, the greater the autonomy of the enterprise. But in world practice it is considered normal when the ratio between own and borrowed funds is approximately 1/3 or ½;
the ratio between borrowed and own working capital;
solvency of the enterprise- this indicator determines the ability of the enterprise to fully fulfill payment obligations arising from trade, credit and other business transactions. This indicator affects the forms and terms of commercial contracts, including the very possibility of obtaining a loan and the conditions for its provision, i.e., determining the terms for which a loan is issued and interest on loans.
Thus, solvency is the ratio between the amount of upcoming payments to the enterprise and current cash receipts .
Solvency in the field of repayment of debt obligations of the enterprise expresses its liquidity.
Liquidity is the ability of the enterprise to make the necessary expenses at any time.
Liquidity depends on:
on the one hand, the amount of debt of the enterprise;
on the other hand, the volume of liquid assets of the enterprise.
According to the degree of liquidity, assets, in turn, are divided into hard-liquid, medium-liquid and quick-liquid.
To hardly liquid assets include non-current assets of the enterprise.
To medium liquid assets include the stocks of the enterprise in the form of raw materials, fuel, replacement equipment, IBE, finished products in the warehouses of the enterprise and goods in warehouses.
To highly liquid assets include receivables from buyers, the company's investments in short-term financial investments (bills and other securities) and cash on accounts and on hand.
This division is rather conditional and depends on the conditions of economic activity of a particular enterprise.
working capital turnover- this indicator characterizes the efficiency of the use of working capital and is determined by the time during which the funds complete the full cycle, starting from the acquisition of inventories and ending with the receipt of funds for finished products.
The concepts of "working capital" and "working capital" are almost identical.
Another thing is that the company's own working capital, as a rule, is less than the amount of working capital by the amount of the company's accounts payable.
Own working capital is equal to the amount of working capital minus accounts payable.
The economic organization of any economic entity begins with the formation of fixed and working capital, intangible assets necessary to start economic activity.
Their value is reflected in the charter of the enterprise and is called Authorized capitalenterprises.
The authorized capital is the sum of the contributions of the founders of an economic entity to ensure its vital activity. The amount of the authorized capital is fixed in founding documents for any enterprise.
The authorized capital may be reviewed in the course of economic activity with the obligatory reflection of the new amount of the authorized capital in the constituent documents, which are subject to mandatory state re-registration.
Information about the size of the authorized capital is reflected in the liability of the balance sheet of the enterprise.
Thus, authorized capital is a specific, one-time source of financial resources of the enterprise.
The financial resources of an organization (enterprise) are a set of own cash and non-cash income and receipts from outside (attracted and borrowed), accumulated by an organization (enterprise) and intended to fulfill financial obligations, finance current costs and costs associated with the development of production.
The notion of " capital"- part of the financial resources invested in production and generating income at the end of the turnover. In other words, capital is a converted form of financial resources.
By sources of education financial resources are divided into own(internal) and involved on different conditions (external), mobilized in the financial market and received in the order of redistribution.
The main share in own financial resources is the profit remaining at the disposal of the organization (enterprise) and distributed by the decision of the governing bodies. Depending on the financial policy of the organization (enterprise), the profit remaining at its disposal can be used as follows:
- aimed at consumption in full;
- fully invested in other projects not related to the activities of the organization;
- reinvested in the development of the organization in full;
- divided into the first three areas.
Obviously, the latter option is the most preferable, it is only important to observe economically justified proportions of its distribution.
The second most important source of own financial resources are depreciation deductions - monetary value the cost of depreciation of fixed production assets and intangible assets. They are of a dual nature, as they are included in the cost of production and then, as part of the proceeds from the sale of products, they enter the settlement account of the enterprise, becoming an internal source of financing for both simple and expanded reproduction.
Accumulated depreciation charges form a depreciation fund intended for the reproduction of depreciated fixed assets.
Not all profit remains at the disposal of the organization (enterprise), part of it in the form of taxes and other obligatory payments goes to budget system. The profit remaining at the disposal of the organization (enterprise) is distributed by the decision of the governing bodies for the purpose of accumulation and consumption and reserves. The profit allocated for accumulation is used for the development of production and contributes to the growth of the property of the enterprise. Profit directed to consumption is used to solve social problems.
Attracted, or external, sources of formation of financial resources can be divided into own, borrowed, received in the order of redistribution and budget allocations. This division is due to the form of capital investment. In the capital market, there are two options for raising funds: equity and debt financing. With equity financing, the issue and placement of its shares on the stock market is carried out. The second option involves the issuance and placement of bonds (term securities), i.e. provision of capital on the basis of a bonded loan. If external investors invest money as entrepreneurial capital, then the result of such an investment is the formation of attracted own financial resources.
Entrepreneurial capital represents the capital invested in the authorized capital of another organization (enterprise) in order to derive profit or participate in the management of the organization (enterprise).
Loan capital is transferred to an organization (enterprise) for temporary use on terms of payment and repayment in the form of bank loans issued for different periods, funds of other organizations (enterprises) in the form of promissory notes, bonded loans.
Funds raised in the financial market include funds from the sale of own shares and bonds, as well as other types of securities.
Funds received in the order of redistribution include insurance compensation for emerging risks, financial resources from concerns, associations, parent companies, dividends and interest on securities of other issuers, and budget subsidies.
Budget allocations can be used both on a non-refundable and reimbursable basis. As a rule, they are allocated to finance government orders, individual investment programs or as a short-term state support organizations (enterprises) whose products are of national importance.
Financial resources are used by the organization (enterprise) in the process of production and investment activities. They are in constant motion and remain in cash only in the form of cash balances on the current account in commercial bank and at the cash desk of the organization (enterprise).
Taking care of financial stability and a stable place in the market economy, the organization (enterprise) distributes its financial resources by type of activity and in time. The deepening of these processes in the modern market economy leads to the complication financial work, use in practice of special financial instruments.
For the implementation of production, research and commercial activities enterprises use certain types resources: material, labor, financial, as well as cash. Material composition resources provide the basis of the production process. Their formation is carried out, as a rule, at the expense of various sources: the company's own capital, borrowed and attracted financial resources (Figure 818.1).
Wherein own funds - these are funds of enterprises that are constantly in circulation and the deadline for use of which is not established. They are formed at the expense of own capital, i.е. that part of the enterprise's assets, after fulfilling its obligation.
. Borrowed funds - these are those that the company receives for a certain period of time for a fee and on a return basis. They are formed mainly at the expense of short-term and long-term bank loans.
. Involved funds- these are funds that are not the property of the enterprise, but due to the current settlement system, are constantly in their circulation. They are formed at the expense of all types of accounts payable of the enterprise
All types of the above sources are involved both in the formation of the assets of the enterprise, and in the implementation of its production and economic activities in order to obtain the appropriate income, profit
So in financial resourcesshould be understood as the total amount of own, borrowed and attracted capital, which is used by enterprises to form their assets and carry out production and economic activities in order to receive income.
There are the following main components of financial resources enterprises:
Profit;
Depreciation deductions;
Budget allocations;
Income from trust funds;
Receipts from centralized corporate funds;
Loans
Let us briefly characterize these types of financial resources and the sources of their formation.
. Profit- this is the monetary expression of financial resources created by enterprises of any form of ownership and belongs to them after the distribution of income from economic activities. Profit is the most financial category on the level business structures reflecting positive financial results economic activity of the enterprise, which characterizes the efficiency of production and ultimately speaks about the volume and quality of products, the state of labor productivity, the level of cost. At the same time, profit influences the strengthening of commercial calculation, the intensification of production in any form of ownership. Profit is also not only a source of ensuring the intra-economic needs of enterprises, but also a source of formation of the budgetary resources of the state.
. Depreciation deductions- this is a type of target financial resources, reflecting the transfer to finished products of a part of the cost of the fixed assets used and are the financial resources of the enterprise for their reproduction
. working capital- part of the financial resources that are constantly in economic circulation. These include funds and their equivalents (short-term highly liquid financial investments), not limited and in use, as well as other assets of the enterprise (raw materials, materials, finished products, etc.), which are intended for sale or consumption during the operating cycle or during twelve months from the balance sheet date.
. Budget appropriations always have a strictly defined order of use and can be provided to the enterprise in the form of:
- budget investments- allocation of funds in the form of capital investments for the development of production in priority areas that affect the efficiency of the country's economy as a whole;
- budget loans- provided to enterprises of the public sector of the economy for temporary needs in case of financial difficulties. They are carried out, as a rule, on a returnable basis for approved projects of use in; may be interest-free or low interest rate;
- government subsidies- allocation of funds to compensate for the losses of enterprises, when unprofitability is a consequence of market conditions or state policy;
- government subsidies- allocation of funds from the budget to business entities to solve specific problems within the framework of special government programs development
Proceeds from centralized corporate funds characterize the intra-corporate redistribution of financial resources according to the principle of the balance of relationships
. Loans- financial resources temporarily provided for the use and disposal of the enterprise to cover the temporary and seasonal needs of production
Credit comes in two forms:
- commercial (commodity) credit- is the purchase of goods or services with a deferred payment;
- Bank loan- a loan from a bank or other institutions in cash at a certain percentage
The composition of financial resources, their volumes depend on the type and size of the enterprise, the type of its activity, production volumes. The greater the volume of production and the higher the efficiency of the enterprise, the greater is the volume of its own financial resources, and vice versa.
The presence of a sufficient amount of financial resources and their effective use determine the satisfactory financial condition of the enterprise: solvency, financial stability, liquidity and profitability. Given this, the most important task of enterprises is to find reserves to increase their own financial resources and better use them to improve the efficiency of the enterprise.
