The composition and structure of the revolving assets of the enterprise. Problem assets of enterprises: formation and use

Under structure current means The relationship between the elements in the total amount of working capital is understood. The structure of current assets is influenced by the peculiarities of the specific production, the supply, adopted procedure for payments with buyers and customers. Studying the structure is the basis for predicting promising changes in the composition of working capital.

The structure of the current assets of the enterprise, first of all, reflects the specifics of the operating, financial cycle of the company. The composition and structure of current assets depends on the production cycle (for example, in mechanical engineering, where the production cycle is sufficiently long, a significant share is in progress, in a food, a significant share is raw materials and materials), as well as factors of economic and organizational order.

The composition and structure of working capital is advisable to consider depending on:

• functional role in the production process (revolving industrial facilities and means of circulation);
• liquidity, that is, the speed of transformation into cash;
• the degree of risk of investment of capital.

Separate authors believe that analysis of the composition and structure of current assets It is necessary to take into account their dependence on the set of factors of production, organizational and economic character, such as:

• industry features of production and nature of activity;
• the complexity of the production cycle and its duration;
• the cost of stocks, the conditions for their supply and its rhythm;
• the procedure for calculations and settlement and payment discipline;
• implementation of mutual contractual obligations

To analyze the structure of working capital, determine the specific weights of the components of working capital elements in the total cost vertical Analysis .

Vertical (structural) analysis is carried out in order to determine the structure of the final financial indicators. Detection swelling Separate reporting articles in the general outcome indicator (identifying the influence of each position on the result as a whole).

This method allows to determine the share of working capital elements:

Di \u003d OSCI / OK

Where,
Di - the proportion of working capital;
OSCI - the value of the component of working capital;
OSCE - the result of working capital enterprises.

Knowing the share of each basic component in current assets can be made of certain conclusions on the quality of resource management in the company. For example, a significant proportion of receivables testifies to ineffective work with buyers and customers, a significant proportion of stocks may be due to:

1. an increase in the volume of procurement of raw materials and materials due to the increase in prices for basic types of raw materials or an inefficient procurement management system;
2. increasing production volume, which, in turn, leads to an increase in material reserves;
3. poor-quality planning, lack of a clear relationship of procurement and production activities, etc.

To estimate the dynamics of the structure used horizontal methodwhich allows you to determine:

1. Absolute change in structure: Di \u003d di1 - di0
2. Relative change: TPR (DI) \u003d (di / di0) x 100%

Consider an example of analyzing the structure of current assets of the enterprise. The results of the calculations will be submitted as a table.

Table 1. Dynamics of changes in the structure of current assets

On the basis of the calculated data it follows that the main share in current assets is reserves, in the past period, their share was 73.8%, in reporting period It decreased to 70.6%.

The share of reserves in current assets depends on the specifics of production activities. A fairly large stock can save the company in the event of an unexpected lack of appropriate reserves from the termination of the production process or purchase of more expensive substitute materials. Unreasonable increase in the share of reserves can lead to a significant increase in the costs associated with their storage.

The share of receivables is insignificant, is not more than 10.6%, and during the reporting period it decreased by 3.3%, which is a positive factor. The share of funds increased significantly, which is positively affected by the enterprise's capabilities to cover their current obligations in a timely manner.

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 the components of the enterprise property. 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 that as a result of it economic activity Fully transferred its cost to the finished product, take one-time participation in the production process, 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 revolutions production Funds At each point in 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 combination moneyAdvanced to create and use revolving industrial funds and conversion funds to ensure the continuous production process and sales process (Fig. 1).

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. 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. - average amount of stock inventory material values as 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 payables of the enterprise for commercial 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 it a solid foundation who continues to play an important role in the implementation of the company's strategic tasks, transferring their 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 trade stocks trade organization For the year amounted to 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 coefficient current liquidity:

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 of the average value of material assets on average annual turnover for the sale 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 it leads to the abundance of working capital, to the delay of their turnover, which ultimately leads to the formation of the need for additional sources 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 covered funds and the conversion funds needed 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.

List of sources used

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3. Georgians V.P., Mushroomov V.D. Enterprise economy: Tutorial. - M.: Finance and Statistics, 1997. - 484 p.

4. Dranco O.I. Financial Management: Financial Management Technologies Enterprise: studies. Handbook for universities. - M.: Uniti-Dana, 2004. - 351 p.

5. Ivanov G.G. Trade economics: Tutorial. - M.: Academy, 2009. - 144 p.

6. Kovalev V.V. Introduction to financial management. - M.: Finance and Statistics, 2006. - 768 p.

7. Kravchenko L.I. Analysis of economic activity in trade: textbook. - M.: New knowledge, 2004. - 544 p.

8. Lebedeva S.N. Economics of the commercial enterprise: a training manual. - Mall: new knowledge, 2003. - 240 p.

9. Moroshkin V.A., Lomakin A.L. Financial Management Workshop: Methods of settlement with interest: studies. benefit. - M.: Finance and Statistics, 2005. - 112 p.

10. Unmarekin V.M., Yurzinova I.L. Finance organization. Management and analysis: studies. benefit. - 2nd edition, recreation. and add. - M.: Eksmo, 2005. - 512 p.

11. Raitsky K.A. Economy Organizations: Textbook. - M.: Publishing and trading corporation "Dashkov and to ", 2006. - 1012 p.

12. Titov V.I. Enterprise Economy: Tutorial. - M: Publishing house "Dashkov and Kº", 2004. - 462 p.

13. Enterprise economy (firms): textbook / ed. prof. O.I. Volkova and Doc. O.V. Devyatkina. - 3rd ed., Pererab. and add. - M.: Infra-M, 2007. - 601 p.

14. Company Economics: Textbook for universities / Ed. prof. V.Ya. Gorphinkel, prof. V.A. Schwardar. - M.: Uniti-Dana, 2007. - 461 p.

15. Economics and organization of the commercial enterprise: Textbook / Ed. A.N. Solomatina. - M.: Infra-M, 2003. - 292 p.

16. Economy of the commercial enterprise. Trade: textbook. / Ed. L.A. Bragin. - M.: Infra-M, 2004. - 314 p.

17. Economics of the enterprise trade and service sector. Tutorial / Ed. Avanesova Yu.A. - M.: MIPP LUX-ART LLP, 1996. - 296 p.

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.

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

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

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

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

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

Bibliographic Description:

Nesterov AK Composition and structure of working capital of the enterprise // Educational Encyclopedia Odiplom.ru

The composition and structure of working capital should be considered, based on the provision that the concept of working capital is broader than current funds, as the formulation of circulation funds.

In its composition, working capital include revolving industrial funds and circulation funds. Respectively:

1. Processing production facilities are occupied in the production area.
2. Creating funds are occupied in the field of exchange.

The composition of working capital is determined exclusively to the peculiarities of their use in the enterprise, taking into account their distribution in various fields of production and sales of products.

In essentially, the composition of the working capital of the company reflects their placement depending on finding in a certain form: monetary, industrial or commodity. What is appropriately shown in the figure.

Composition of working capital enterprises

The composition of the working capital of the enterprise corresponds to their classification by appointment in the production process, i.e. According to elements of current production assets and consumption funds.

1. Production reserves and raw materials

• Basic materials and raw materials are objects of labor from which products are manufactured.
• Semi-finished products are materials that have some degree of treatment, but are not finished products.
• Fuel - includes oil, gas, gasoline, coal, etc. and used for technological, motor, economic and other needs of the enterprise.
• Auxiliary materials are used to influence basic materials, raw materials and semi-finished products in order to give additional, but not the main properties of finished products, as well as for maintenance, repair, care, care and facilitation of production processes.
• Low-value and helpful items - are used in the labor process, for household needs, etc.

2. Incorrect production - products that have passed all production stages, i.e. It did not become finished products, as well as uniform products.

3. Expenditures of future periods - produced in the reporting period, but related to the following reporting periods.

20. Curvas, their composition and structure.

Finished products are part of the finished product, which is in the warehouse of the enterprise. This is completely complete, manufactured and equipped products.

5. Goods shipped - part of finished products that have been shipped to buyers, but has not yet been paid.

6. Accounts receivable - debt of counterparties in front of the enterprise.

7. Cash - funds on settlement accounts and in the enterprise's office.

Structure of working capital

Unlike the composition of working capital, their structure is a more complex category, as it implies the presence of normalized and non-normalized current assets. Normated reverse assets include material working capital, and non-normalized financial resources.

Accordingly, the structure of working capital in addition to current industrial funds and conversion funds takes into account material and financial circulation assets. Structure of working capital Showing in the picture.

Structure of working capital enterprises

According to this structure, revolving industrial funds, as well as the funds of the sphere of treatment, are divided into composite elements Taking into account the fact that they all have a completely specific financial and material essence. With this in mind, structure of working capital at a particular enterprise Formed, taking into account the need to ensure the continuity of the production process. Respectively:

Depending on the industry and the scope of the enterprise, the various structure of working capital is formed, which is determined by the necessary relationship between individual elements and the proportions necessary for the continuous production process.

For a particular enterprise, the structure of working capital is expressed as a percentage ratio of individual elements - this makes it possible to estimate the allocation of resources between the individual elements of current assets.

Information for such an assessment is taken from the second section accounting balance and can be represented graphically, for example, like this:

Structure of working capital of a particular enterprise

When evaluating the structure of working capital of the enterprise is also important to calculate which part of the working capital is formed at the expense of own funds, and which is due to borrowed.

Literature

1. Lyubushin N.P. The financial analysis. - M.: Knorus, 2016.
2. Lyubushin N.P. Economics of the organization. - M.: Knorus, 2016.
3. Mormul N.F. Enterprise economy. Theory and practice. - M.: Omega-L, 2015.
4. Financial management. Finance enterprises. / Ed. A.A. Volodin. - M.: Infra-M, 2015.
5. Sergeev I.V., Veretennikova I.I. Economics of the organization (enterprise). - M.: Yuraight, 2017.

The concept of "revolving assets" and their classification.

Turnover (current, mobile) assets, it is customary to call the means of organizations invested in their economic activities that can be used, consumed or sold in the short term. This period in most sectors of the economy does not exceed 12 months (year), but in some cases it can be more than 12 months (for example, in heavy engineering, construction). Thus, current assets serve current economic activities during the usual operational cycle.

Coverages have a dual nature. On the one hand, they represent a part of the property (assets) of the organization. On the other hand, this is part of its active capital, providing an economic circulation of funds and formed due to its own and attracted resources (liabilities). A combination of current assets and turnover capital Representational funds of the economic organization.

Current assets - characterize the set of property values \u200b\u200bof the enterprise serving current production and commercial (operating) activities and fully consumed during one production and commercial cycle.

By type of current assetsyou can subdivide:

— processing production assets. These include raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts, etc., as well as improved production and expenditures of future periods;

— current assets in circulation .. These are funds from the enterprise embedded in the stocks of finished products, goods shipped, but not paid (receivables) as well as cash at the box office and in accounts (see Fig. 1)

By the degree of liquidity allocate:

— absolutely liquid assets. These include negotiable assets that do not require implementation and are finished means Payment: Cash;

— highly liquid assets. Characterize a group of assets that can be quickly addressed to cash (as a rule, within a month), without tangible losses of their market value: Short-term financial investments, short-term receivables;

— multiliquid assets. This type includes negotiable assets that can be converted into a monetary form without tangible losses of their current market value on time from one to six months: receivables (except for short-term), stocks of finished products;

— weathered assets. These include the current assets of the enterprise, which can be addressed to the monetary form without loss of their current market value only after a significant period of time (from six months and higher): stocks of raw materials and semi-finished products, improved production;

— illiquid assets. Assets that independently cannot be addressed to cash. They can only be implemented as part of a property complex: hopeless receivables, expenditures of future periods.

By the nature of financial sources of formation:

— gross current assets. Characterize the total volume of current assets formed at the expense of its own and borrowed capital;

— clean current assets. These are current assets that are formed at the expense of their own and long-term borrowed capital. Calculated as the difference between current assets and short-term liabilities:

Choa \u003d OA - KFO;

Choa - pure circulating assets;

OA - reverse assets;

KFO - short-term current financial obligations.

— own current assets. Characterize that part of current assets that are formed at the expense of own capital. To calculate, it is necessary from the size of pure current assets to deduct a long-term loan capital aimed at the formation of current assets:

Soa \u003d Choa - Dzk;

Soa \u003d OA - Dzk - KFO;

Soa - the sum of own revolving assets of the enterprise;

Dzk - long-term borrowed capital.

If an enterprise does not use long-term loan capital to finance working capital, the amounts of own and pure current assets coincide.

By the nature of participation in the operational process:

— current assets serving the production cycle: raw materials, materials, work in progress, finished products;

— current assets serving financial cycle: Cash, receivables.

Under the functioning of current assets

— permanent revolving assets. It is a constant part of current assets that does not depend on seasonal and other fluctuations in operating activities, i.e. is an uncompanable minimum of current assets to maintain the operational cycle;

— variable current assets. This is a varientity of current assets, which is associated with increasing production and sales, the need to form seasonal storage reserves, long-term delivery, purpose.

2. Main sources and forms of financing of current assets.

For the enterprise, most importantly, to optimize the investment of a variable part of current assets, the need for which may vary over time for many reasons, such as general growth trends, seasonal variations, unpredictable daily and monthly changes.

Options for investing funds in current assets depend on the chosen type of financial policy.

When conducting conservative Policy The changing part of the current assets is covered by long-term liabilities. Those. The company holds a relatively large reserve of easily implemented securities. When the need for reserves and other current assets begins to grow, the company sells easily implemented securities and uses money to buy all the necessary. When the products and the number of reserves are sold, the firm reinves the free funds in easily implemented securities.

For aggressive Policy The company finances a changing part of current assets due to external loans on a short-term basis. Those. It has relatively small reserves of easily implemented securities, as they are usually low-income. When the need for reserves and other assets begins to grow, the firm just takes the necessary amount of money on a short-term basis. The company pays loans when the cyclic need for assets disappears.

Moderate approach It is that companies make short-term loans to cover financial needs in a peak point, but maintain a cash supply in the form of easily implemented securities over the recession periods. As current assets increase, the firm uses this reserve before making short-term loan. This allows you to slightly increase current assets before resorting to short-term borrowing.

Objectives and nature of use separate species Redempted capital have significant distinctive features. Therefore, in organizations with a large volume of working capital used, an independent policy of managing the individual components of its components: reserves, receivables, cash

Sources of working capital formation are their own, borrowed and additionally attracted funds. Information about sizes own sources Funds are presented mainly in the section "Capital and reserves" section and in section I f. №5 Appendices for Annual Balance. Information on borrowed and attracted sources of funds is presented in section V of the balance sheet, as well as in sections 2, 3, 8 f. №5 Appendices for Annual Balance.

At the expense of own sources is formed, as a rule, the minimum stable part of working capital. The presence of own working capital allows the enterprise to maneuver freely, improve the effectiveness and sustainability of its activities.

The formation of working capital occurs at the time of creating the organization and formation of its statutory fund due to investment funds of the founders. In the future, the minimum need for organization in working capital is covered at the expense of own sources: profits, authorized capital, reserve capital, accumulation fund and targeted financing. However, due to a number of objective reasons (inflation, the growth of production, delays in the payment of customer accounts), the organization has temporary additional needs for working capital, which cannot be covered with their own sources.

The composition and structure of the revolving assets of the enterprise

In such cases for financial support Economic activities are involved borrowed sources: banking and commercial loans, loans, investment tax credit, investment contributions employees of the organization, bond loans, as well as sources equal to their own means, so-called sustainable liabilities. The latter does not belong to the enterprise, but are constantly in its turn and serve as a source of working capital in the amount of their minimum balance. These include: minimal overgoing from month per month, debt payments to employees of the enterprise; reserves to cover upcoming expenses; Minimal Overgoing Debt to Budget and extrabudgetary funds; funds of creditors obtained as a prepayment for products (works, services); funds of buyers by collateral for return packaging; Running remnants of the consumption fund, etc.

Borrowed funds are mainly short-term loans from which temporary additional need for working capital is satisfied. The main directions of the attraction of loans for the formation of working capital are: lending to seasonal stocks of raw materials, materials and costs associated with the seasonal production process; temporary replenishment of the lack of own working capital; Exercising calculations and mediation of payment turnover.

Bank loans are provided in the form of investment (long-term) loans or short-term loans. The appointment of bank loans is to finance the costs associated with the acquisition of basic and current assets, as well as financing the seasonal needs of the organization, temporary growth of inventory, temporary growth of receivables, tax payments, extraordinary expenses.

Short-term loans can be provided: government agencies; financial companies; commercial banks; factoring companies.

Other sources of formation of working capital include the funds of the enterprise, temporarily not obtained by the intended purpose (funds, reserves, etc.).

The correct relationship between own, borrowed and attracted sources of formation of working capital plays an important role in strengthening the financial condition of the organization.

During the analysis, the need for organization of working capital is estimated, which is then compared with the value of the available financial sources. In this case, the analysis of the sources of formation of working capital includes not only the assessment of their dynamics, but the consideration of the structure both in general by type of sources and detailing - according to the components of the internal structure.

Determining the feasibility of attracting one or another financial source It is carried out on the basis of comparison of indicators of profitability of investments of this species and cost (price) of the source. This problem is especially relevant for borrowed money.

In the process of circulation of working capital sources of their formation, as a rule, do not differ. However, this does not mean that the system of formation of working capital does not affect the speed and efficiency of working capital. Excess of working capital means that part of the capital of the organization is inactive and does not bring income. The lack of working capital inhibits the course of the production process, slowing the rate of economic turnover of the organization's funds.

The question of the sources of the formation of working capital is important from one position. The market situation is constantly changing, so the needs of the organization are unstable in working capital. It is usually practically impossible to cover them only at the expense of own sources. The attractiveness of the organization's work at the expense of its own sources goes to the background. Experience shows that in most cases the efficiency of the use of borrowed funds is higher than the effectiveness of the use of own funds. Therefore, the main task of controlling the process of forming working capital becomes the effectiveness of attracting borrowed funds.

The composition and structure of current assets

Under the structure of the revolutions, the ratio of individual elements in their entirety is.

Knowledge and analysis of the structure of working capital at the enterprise are very importantSince it is a certain extent ha-transitizes financial condition at one or another moment of the enterprise. For example, an excessive increase in the share of receivables, finished products in a warehouse, unfinished pro-production indicates a deterioration in the financial condition of the enterprise. Receivables characterizes the distraction from the turnover of this enterprise and the use of their debtors, debtors in their turnover. The increase in the share of necrobal production, finished products in the warehouse indicates the distraction of working capital from turnover, a decrease in sales volume, therefore, and profits. All this indicates that the enterprise requires working capital to optimize their structure and increase their turnover.

Since new material values \u200b\u200b( new value) Created in the production process, the structure of working capital (and, consequently, the effectiveness of their use) will be the more favorable, the biggest share of the production sector, i.e. The greater specific weight in the total amount of working capital occupying reverse funds.

The structure of working capital at the enterprise is impermanent and varies in dynamics under the influence of many reasons.

1. The specifics of the enterprise. In enterprises with long

production cycle (for example, in shipbuilding) a large proportion of incomplete production; At mining profile enterprises a large proportion of future periods.

4.1 Composition, Structure and Classification of Current Assets

In those enterprises in which the process of production is a speed-proof, as a rule, there is a large proportion of production reserves;

2. Quality of finished products. If the enterprise produces low-quality products, which is not in demand from buyers, the share of finished products in warehouses increases dramatically;

3. levels of concentration, specialization, cooperation, and combining production;

4. Acceleration of scientific and technological progress. This factor affects the structure of working capital of diverse and virtually the ratio of all elements. If the company is introduced fuel-saving equipment and technology, waste-free production, this immediately affects the decline in the share of production reserves in the structure of working capital.

An important indicator of the structure of working capital is the relationship between the means embedded in the sphere of production and in the sphere of circulation. From the correct distribution of the total amount of working capital between the production area and the sphere of treatment, their normal functioning, the speed of turning and completeness of the functions inherent in it are largely dependent on: industrial and payment-calculated (Figure 1).

Figure 1 - Structure of current assets of the enterprise

Thus, on economic content, turnover assets can be classified on:

- revolving production funds;

- Funds of circulation.

The division of working capital on the revolving industrial funds and the foundations of the appeal is due to the presence of two spheres of individual circulation of funds: the production and scope of treatment. Reflecting the peculiarities of their field of application, current funds and conversion funds are interconnected and interconnected.

Therefore, the increase in the efficiency of the use of working capital is achieved by the best use of both current funds and circulation funds. Under the composition of working capital means a combination of elements forming revolving production funds and circulation funds.

Elements of working capital are: raw materials, basic materials and purchased semi-finished products; auxiliary materials; fuel and fuel; packaging and tare materials; Repair spare parts; Tools, Hosinventar and other skinny items; incomplete production and semi-finished products of their own production; future spending; finished products; goods shipped; cash; debtors; Others.

At the place and roles in the process of reproduction, working capital are divided into the following four groups:

- Funds invested in productive reserves;

- funds invested in incomplete production and expenses of future periods;

- funds invested in finished products;

- Cash and funds in the calculations.

According to the degree of planning, working capital is divided into normalized and non-normalized. Non-normalized, goods, shipped, cash and funds in the calculations. All other elements of working capital are subject to normalization.

According to sources of formation, working capital are divided into their own (and equivalent) and borrowed.

The presence of own and borrowed funds in the turnover of the enterprise is due to the peculiarities of the organization of the production process. Constant minimum amount funds for financing the needs of production is ensured own means. The temporary need for funds that arose under the influence of reasons dependent and non-enterprise is covered by credit and other borrowed sources.

This article discusses the concept and composition of current assets, as well as their analysis.

Requests are played in the life of each enterprise. Despite the fact that they have an inhomogeneous structure, one cannot deny the fact that OA is located at all stages and forms of the production process and seriously affect the financial condition of the enterprise, the level of work and its ability to introduce innovation.

The purpose of this study is to study the composition of current assets, and for this it is necessary to solve the following tasks:

• reveal the content of the concept of "revolving assets";
• determine the composition of OA.

Current assets are funds providing a continuous production process that serve and pay for a year or work one operating cycle, if it exceeds a period of one year. The essence of working capital is to ensure the following key functions: production, which ensures the continuity of the manufacturing process or service, and a settlement payment, which is determining the combination of funds involved in functional cash flows forming the reserve of material values.

By their composition, working capital can be divided by the following groups:

1. Stocks. The reserve itself can be described as a certain reserve, a combination of goods or resources that the company stores. It includes:
2. production reserves that are negotiable means of enterprises involved in the manufacturing process.
3. incorrect production (NZP) are the goods (services) that have not passed the full production cycle, indicated by the technological map of the enterprise.
4. finished products are the final result of the production cycle, whose qualitative and specifications fully comply with the contract and quality standards established in the enterprise.
5. products that are products of the enterprise and are intended for subsequent sale or exchange.
6. Receivables. It represents the amount of money that needs to pay legal or physical lick For the delivery of goods, raw materials or for the fulfillment of the service.
7. Bill. This is a debt paper that confirms the right of the holder to get a specific amount of money after a certain time at the person who was issued to this bill. It is worth noting that the bill is not loan agreementHe only certifies the availability of debt.
8. Cash and their equivalents. Cash tools include those funds that are at the box office and bank deposits before their demand. Equivalents call short-term highly liquid investments, which are easily converted with a slight risk of value change and serve only for short-term monetary obligations, not for investment.
9. Invested cash. They are receipts and consumption of cash related to the purchase or sale of long-term assets of the enterprise.
10. revenue of the future periods. As a rule, under them is meant the assets already obtained in the current reporting period, in most cases money, however, attributed to future periods.
11. Other revolving assets. These include those economic resources Enterprises that are not reflected in the basic lines of the report. This includes: revenue from the sale of property, the ownership of which has not yet been registered; Accrued VAT for revenue, which is temporarily not taken into account; The cost is spoiled material resources, as well as the shortage, the source of the refund of which is not defined at the time of consideration; VAT with advance and excise taxes that will be reimbursed in the near future; Accrued, but not granted to payment construction contract; The cost of shares or shares redeemed for subsequent resale.

The analysis of current assets itself is carried out on the basis of data 1 of the form 2 of the accounting balance section.

Composition and structure of working capital enterprises

In the course of this work, each level of working capital is analyzed, their dynamics, as well as the impact on the overall condition of the enterprise. To begin with, you can estimate the share of working capital in common Structure Total property at the end of the year. As an example, take the indicators of Kvasar LLC for 2015-2016.

Table 1. The proportion of the current assets of Kvasar LLC.

The ratio of current assets to the balance in 2016: 124 * 100 \u003d 60%;

The ratio of current assets to the balance in 2015: 135 * 100 \u003d 52%.

The data obtained indicate a decrease in the share of OA, which is considered as a negative phenomenon and implies the fall in the production potential of the enterprise.

Now consider the composition of current assets.

Table 2. The composition of current assets.

In our organization, compared with last year, the share of current assets decreased by 11 thousand rubles. This reduction is due to a number of factors: despite a significant increase in short-term fin. Attachments, the remaining components have undergone reduction.

The only growth that is present in short-term financial investments is 18 thousand rubles. Or 14.5%, this suggests that during the reporting period, the enterprise has temporarily free funds, which it placed on a free basis, however, it is necessary for this more detailed analysis of this article. The share of cash decreased by 3%, however, given the growth of short-term financial investments, it does not inspire significant concerns for lack of liquidity. The share of reserves also decreased from 20 thousand rubles. up to 24 thousand rubles.

Receivables decreased compared with last year by 19 thousand rubles. or 14.1%, this is due to the strengthening of the financial situation and a more rational settlement system.

The total amount of abbreviations is 5 thousand rubles. Further analysis should be aimed at more accurate identification and elimination of the reasons for reducing the above indicators.

Summing up, it can be designated that to determine the direction of movement of the enterprise, as well as the quality assessment of the quality of control, it is necessary to know the detailed composition of current assets.

Topic 4 Corporate Corporation Activities

The considerable amount of financial resources invested in current assets, the diversity of their species, which determines the role of these assets in the acceleration of capital turnover and ensure the company's solvency, determine the importance and complexity of the management policy of current assets.

Covenant assets companies- a combination of cash advanced to create revolving industrial funds and conversion funds that ensure their continuous turnover. In practice, the composition and structure of current assets differ.

The composition of current assets -the combination of their elements forming (Fig.).

Processing assets in the field of production (revolving facilities) include labor items (raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts), incomplete production and expenses of future periods. The main appointment of current assets in the field of production is to provide a continuous and rhythmic production process.

Current assets in the field of appeal (reference funds) - the funds of the company invested in the stocks of finished products; goods shipped, but not paid; Means in settlements and cash at the box office and in accounts. Their main purpose is to ensure the resources of the process of circulation.

Structure of current assets- The proportion of each element of current assets in their total volume. It depends on a number of factors:

Production - composition and structure of costs for production, its type, nature of products, the duration of the technological process, etc.;

Features of procurement of material resources - periodicity, regularity, supply of supplies, type of transport, specific gravity of components in consumption volume, etc.;

Depending on the practice of control, planning and management;

Under the functioning period;

By liquidity degree.

By the nature of the sourcesthe formation is isolated gross, clean and own revolving assets.

1. Gross current assets (or current assets as a whole) characterize their total volume formed at the expense of both its own and borrowed capital.

2. Clean current assets (or pure working capital) characterize that part of their volume, which is formed at the expense of its own and long-term borrowed capital.

The amount of net current assets of the company (OAH) is calculated according to the following formula:

OA C.= OAAK.- F OK,

where OA B.- the sum of gross current assets of the company; F OK - short-term current financial liabilities of the company.

This indicator characterizes the value of the need for its own working capital or, more precisely, the need for the financing of working capital associated with the excess of current assets above short-term obligations. For the normal supply of economic activity, current assets are determined within the "/ s equity of equity.

3. Own current assets characterize the part of them, which is formed at the expense of own capital of the company.

Amount of own current assets (OA C)calculated by the formula:

OA S.= OA B - KZD -F OK.

where KzD-long-term borrowed capital, invested in current assets.

Note that long-term borrowed capital in relation to russian companies It is extremely rarely used as a source of financing of current assets. And because the amount of own and clean current assets most often coincide.

By types of current assetsdistinguish:

a) stocks of raw materials, materials and other similar values;

b) costs in unfinished production;

c) the reserves of finished products and goods for resale;

d) goods shipped;

e) expenses of future periods;

e) receivables;

g) short-term financial investments;

h) cash;

and) other types of negotiable assets.

Depending on the functional role in the production processallocate:

a) Current assets serving the production cycle of the company (stocks of raw materials, materials and semi-finished products; the volume of work in progress, stocks of finished products);

b) current assets serving financial (cash) company cycle (receivables, short-term financial investments, cash);

Depending on the practice of control, planning and managementdistinguish:

Normalized working capital, which make it possible to calculate the economically reasonable need for relevant types of working capital;

Non-normalized working capital, which are an element of circulation funds.

Under the functioning of current assetsallocate:

The permanent part of the current assets is not a variable part that does not depend on seasonal and other fluctuations in the company's operating activities and is not related to the formation of stocks of commodity-material values \u200b\u200bof seasonal storage, early delivery and targeted purposes. The constant portion of current assets is considered as an uncompanable minimum of current assets, the necessary company for the implementation of operating activities;

The variable part of the current assets is their varying part, which is associated with a seasonal increase in the volume of production and sale of products, the need to form in certain periods of economic activity of the company inventory of commodity-material values \u200b\u200bof seasonal storage, early delivery and targeted purposes.

By the degree of liquidity of current assetsdistinguish:

Absolutely liquid funds (cash and short-term financial investments (highly liquid securities);

Rapidly realized current assets (goods shipped, receivables, advances issued, other current assets);

Slowly realized revolving assets (stocks of finished products, raw materials, materials);

Illiquid funds (dubious receivables, incomplete production, expenditures of future periods).

The classification of current assets by the degree of their liquidity characterizes the quality of the company's funds in circulation. The task of such a classification is to identify those current assets, the possibility of the implementation of which is unlikely.

The overwhelming part of the revolving production assets is the production reserves

They include the real elements of the production used as labor objects and partially labor instruments that have not yet entered the production process and in the form of warehouse stocks.

Part labor itemsinclude:

· Raw materials and basic materials from which the product is manufactured. They form a material (real) product base. Raw materials are called products agriculture, mining industry, and materials - products manufacturing industries;

· Auxiliary materials - fuel, packaging and packaging materials, spare parts. They are used for service, care of workers, facilitating the production process, to give the product of certain consumer properties;

· Purchased semi-finished products and components. Semi-finished products are not finished products and together with the components play in the production process as the main materials.

In a special group of circulation funds allocate labor,having a short service life, which in economic purposes relate to non-current assets, as they participate in the production process repeatedly and do not immediately lose their material and real form. It can be tools, inventory, spare parts for current repairscalculated in the organization of hundreds of items. They are included in the cutting funds to simplify the accounting of their wear and are written off on the cost of production as materials.

Along with production reserves in revolving industrial funds production facilities,including unfinished products and expenses of future periods. Unfinished productsor partial preparedness products are subjects and equipment that have entered the production process, but who have not passed all the processing operations provided for by the technological process. They are represented by incomplete production and semi-finished products of their own manufacture. These are real elements of circulation funds. As part of current funds in production, the main share falls on unfinished production.

The only one-in-mind element of revolving production funds - future spending.They include the costs of preparing and mastering new products, new technologies that are manufactured in this year, but relate to the products of next year.

Processing production funds create a material basis for the implementation of the production process, but their composition and structure depend on the industry features, the technical level of the organization, the characteristics of the used raw materials and materials.

Funds appealthose. Redeems serving the process of circulation are formed under the influence of the nature of the organization (enterprise), the conditions for the sale of products, the level of organization of the sales system of finished products applied forms of calculations and their condition and other factors.

Depending on the participation in the implementation of the circulation funds include finished products in stock, shipped goods, cash and accounts receivable.

The main part is finished products.It is divided by ready products in stockand shipped goods(for organizations that use cash transactions for accounting).

Other component Consignment Funds - cash and receivables.

Cashmay be in financial instruments - in accounts in credit and banking institutions, securitiesput letters of credit, at the office of the organization (enterprise), in postal translations and other calculations: shortages, losses, overvoltages.

Competent cash management leading to an increase in the solvency of the organization (enterprise), the acquisition of additional income is the most important task financial work. Cash management includes determining the time of consumption of money and their optimal level, the analysis of cash flows and their prediction, monetary control, ensuring the constant solvency of the organization.

Receivablesincludes debt for goods and services, the period of payment of which has not come or overdue, debt on calculating budget when overpaying taxes and other mandatory payments, with personnel, accountable persons, for promissory benefits. It also includes claims for claims and controversial debts.

Accounts receivable always distracts the means of turnover, means their ineffective use and leads to tense financial state Organizations. The level of receivables is associated with the settlement system adopted at the enterprise, the type of product produced and the degree of saturation of the market. The share of receivables in the composition of the conversion funds is large. Management of receivables means control of financial services for the turnover of funds in the calculations, ensuring the timely collection of receivables, the role for compliance with buyers of payment discipline.

In each specific commercial organization The magnitude of working capital, their composition and structure depended on the set of factors of a production, organizational and economic nature, including:

· Industry features of production and nature activity;

· The complexity of the production cycle and its duration;

· The cost of stocks and their role in the manufacturing process;

· Terms of delivery and its rhythm;

· The procedure for calculations and settlement and payment discipline;

· Implementation of mutual contractual obligations.

Accounting for listed factors for determining and maintaining at the optimal level of volume and structure of working capital is the most important goal of working capital management.

Current assets include material and cash resources,

effective management of which provides financial sustainability continuity of the production process and organization.

It is accepted composition and structure working capital. Under the composition of working capitalit should be understood by the combination of elements, articles forming working capital.

In the balance sheet, the composition of working capital is reflected in the 2nd section of the balance of the balance sheet and includes:

Stocks, including

raw materials, materials and other similar values

animals on growing and fattening

expanded production costs

finished products and resale products

goods shipped

future spending

other stocks and costs

Value Added Tax on Acquired Values

Accounts receivable (payments for which are expected more than 12 months after reporting date)

Accounts receivable (payments on which are expected within 12 months after the reporting date), including buyers and customers

Short-term financial investments

Cash

Other current assets

In the process of controlling working capital in their composition, material working capital, receivables, cash, other working capital are distinguished. In turn, working capital in commodity values \u200b\u200binclude:

Productive reserves

Unfinished production.

Finished products.

From the position of the classification of current assets on revolving industrial funds and the funds of circulation of circulation of working stocks include production reserves, improved production, expenditures of future periods. Funds include finished products, goods, cash, financial investments.

Structure of working capital - this is a relationship between articles; It is not the same in various branches of the economy.

The structure of working capital depends on a number of factors:

but ) Production - composition cost production, type

production (mass, serial, single, etc.), the nature of the manufactured products, the duration of the production cycle, etc.;

b) master and Technology Features- periodicity and regularity of supply, specific gravity of components;

in) organization of settlements, form settlements with buyers and

suppliers;

d) accounting policy of the enterprise.

The creation of the most rational structure of working capital in enterprises is important to increase their effectiveness. The optimization of the structure contributes to the release of working capital, obtaining additional income, an increase in solvency and strengthen financial stability.

According to static data, the relationship between reserves, cash, calculations and other assets has changed significantly. So

Ras reserves decreased from 40.7% in 1993 to 23.3% in 1999. Accordingly, cash, calculations and other assets increased to 76.7% in 1997.

Transition to market economy In Russia is accompanied by

considerable inflationary phenomena. Inflation devalues \u200b\u200ball incomes and receipts of the enterprise, is a destabilizing factor in the sustainability of the financial situation, since any postponement of payments leads to inconsistent income, which in turn leads to an unjustified increase in the need for working capital. The cost of raw materials, materials and other elements taken into account in the cost of products at the prices of the previous period do not reimburse the real expenses of the enterprise in current period. The increasing "tax press" leads to the withdrawal of its own tax funds in the treasury of the state.

Planning need for working capital.

The working capital is directed primarily on the formation of the required volume and composition of current assets, optimizing the structure of their financing sources. The need for working capital depends on a number of factors:

Character and types of enterprise activities

production and Duration of Production Cycle

the conditions of material and technical supply and sales of products, as well as forms of calculations with buyers and suppliers

production costs

assortment of products

capital structures and speed of its turnover

accounting Policy etc.

In the process of controlling working capital, financial standards are developed and used. One of the most important such standards is returnative Return Regulations Enterprises (planned need for their own working capital).

Currently, attention to the planning of working capital as a component of financial management has been weakened. This is due to the continuing economic crisisdisorder financial system States, unsatisfactory finance management at enterprises. Excessive complication and detailing of the rationing methodology made it unsuitable for operational management of working capital. As a result, the standard of working capital is excluded not only from the balance sheet, but also from the field of view of the organization's financial services.

Mutual non-payment of enterprises to each other, arrears of payments to the budget, non-return of bank loans, the transition to the barter exchange was a kind of recovery of organizations for the deficit of working capital.

In order to "survive", the need to annually identify the need for working capital not only has been preserved, but is also a priority.

It is believed that due to its own sources should be covered

the minimum (but sufficient) need for working capital, the additional need is covered by attracting

in the turnover of the enterprise of borrowed resources. Availability of own

capital Capital is prerequisite ensuring the financial sustainability of the organization. Minimum value

own working capital is established in the amount of 10% to the total volume of current assets. The calculation of the need for own working capital is carried out in the financial

planning the activities of the enterprise and is to compile a separate calculation to financial Plan. (budget).

The concepts should be distinguished norm and standard. Norm

relative indicator, It is expressed in the days, rubles, percentage. Used to calculate the planned need (standard). For example, for raw materials and materials, the norm is set in days to consumption in the planned period. Regulatory - Planned need for working capital in monetary terms, the required volume of working capital, advanced to the appropriate current assets.

Traditionally, the following practices are applied basic methods planning(rationing) of own working capital: direct account methods, analytical, coefficient.

When calculating the standard analytical method All normalized working capital are combined into two groups: dependent and directly independent of production growth. The first group includes: raw materials, materials, fuel, work in progress, finished products. Under this group, the norms of working capital for the planned year is determined on the basis of the norm of the current year, taking into account the planned growth in the production of products and accelerate the turnover of working capital.

for example: The total standard for the elements of the first group in the base year is defined in the amount of 5000 thousand rubles, the growth of commercial products in the planned year - 4%, acceleration of working capital turnover - 2%. The standards for the planned year is 5100 thousand rubles. (5000 * 104/100 5000 * 2/100).

The second group includes low-value and helpful items, expenses of future periods and other reserves and costs. The cumulative standard for the elements of this group is calculated on the basis of a basic year standards, which increases into a slightly smaller percentage compared to installed percentage Product production in the planned year.

The coefficient method It assumes the adjustment of stocks of commodity and material values \u200b\u200bfrom changing the conditions of supply, production volumes and implementation.

Direct account method Allows you to calculate in the enterprise with sufficient accuracy of the standard for each element, and then by summing them, the cumulative need for working capital is calculated.

Consider the planning of working capital according to some individual items by the method of direct account.

Regulatory of working capital for raw materials, materials and other similar values.This standard is calculated as a product of one-day consumption on the rate of stock in days. One-day consumption in rubles is calculated on the basis of calendar days (year - 360, quarter - 90, month - 30 days).

Nm \u003d ohm * nm where

Oh. - One-day flow

NM - reserve rate in days

The rate of working capital includes: the time of finding materials

on my way, ( N1-Transport stock); Prepayment time - N2; time at acceptance, unloading, sorting and warehousing (NZ Time for acceptance); time. For preparation for production ( N.4Technological stock); Spent time in stock in the form of the current stock ( N5) Insurance stock (N6).

N \u003d N1 + N2 + NZ + N4 + N5 + N6

The need for transport reserve ( N1) due to the incompression of the movement of goods and payment documents in time. In the period between the payment of accounts and the receipt of the cargo, the needs of the enterprise in resources is covered by the transport stock. With a minor nomenclature of consumable materials

and a limited number of suppliers reserve for each material is calculated by the direct method. The basis for determining the magnitude of the transport reserve in days is the calculation of the weighted average supply interval, which is determined by the following formula:

N1 \u003d S (VI D) / S (VI)

VI- Obu ship of deliveries of this type of raw materials from the I -to supplier

D. - Number of days of staying in the path of paid material values

for example

With a large number of suppliers and significant nomenclature of materials

The transport reserve is determined by the analytical method. If the calculations between the enterprise and suppliers of commodity and material values

carried out by prepayment conditions, it is necessary to take into account when calculating the need for working capital time since the transfer of money in the form of a prepayment until the cargo is obtained ( N2).

Time for acceptance, unloading Sorting and warehousing (N3) Material resources are established on the basis of the actual time costs. Some enterprises with high levels of mechanization of loading and unloading operations have developed technical standards of costs. On average, cost rate is set to approximately at the level of 1-2 days.

Technological reserve (N4.) Depends on the specific working conditions of each enterprise. It takes into account the time required for the preparation of raw materials and materials to launch in production (cutting, drying, aging of metal, etc.) or the selection of the start party.

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