The structure of the working capital of the organization. Current assets of the enterprise and their composition

Working capital - these are the funds used by the enterprise to carry out its ongoing activities, working capital includes the enterprise's inventories, work in progress, stocks of finished and shipped products, receivables, as well as cash on hand and cash in the accounts of the enterprise.

Composition of working capital:

The composition of working capital should be understood as the elements included in their composition:

Production stocks (raw materials and basic materials, purchased semi-finished products, auxiliary materials, fuel, spare parts…);
unfinished production;
Future expenses;
finished products in warehouses;
products shipped;
accounts receivable;
cash in the cash desk of the enterprise and in bank accounts.

Materials are divided into basic and auxiliary.
The main ones are materials that are directly included in the composition of the manufactured product (metal, fabrics). Auxiliary - these are materials necessary to ensure a normal production process. They themselves are not included in the composition of the finished product (lubricant, reagents).
Semi-finished products - products finished by processing at one stage and transferred for processing to another stage. Semi-finished products can be own and purchased. If semi-finished products are not produced at their own enterprise, but are bought from another enterprise, they are considered purchased and are included in the inventory.
Work in progress is a product (work) that has not passed all the stages (phases, redistributions) provided for by the technological process, as well as incomplete products that have not passed quality control.
Deferred expenses are the expenses of a given period that are subject to repayment at the expense of the cost of subsequent periods.
Finished products are fully finished finished products or semi-finished products received at the warehouse of the enterprise.
Accounts receivable - money that is physical or legal entities owed for the supply of goods, services or raw materials.
Cash means cash held in the company's cash desk, in bank settlement accounts and in settlements.

On the basis of the elemental composition of working capital, it is possible to determine their structure, which is the share of the cost of individual elements of working capital in their total cost.

Working capital turnover

The criterion for the effectiveness of working capital management is the time factor. The longer working capital stays in the same form (cash or commodity), the lower the efficiency of their use, ceteris paribus, and vice versa. The turnover of working capital characterizes the intensity of their use.

The efficiency of the use of working capital of enterprises (organizations) is characterized by three main indicators:

turnover ratio;
Working capital utilization factor;
Duration of one turn.

The turnover ratio of working capital (rate of turnover) characterizes the amount of proceeds from the sale of products to the average cost of working capital. The duration of one turnover in days is equal to the quotient of dividing the number of days for the analyzed period (30, 90, 360) to the turnover of working capital. The reciprocal of the turnover rate shows the amount of working capital advanced for 1 rub. proceeds from the sale of products. This ratio characterizes the degree of loading of funds in circulation and is called the working capital loading factor. The lower the value of the load factor of working capital, the more efficient use of working capital.

The main goal of managing the assets of an enterprise, including working capital, is to maximize the return on invested capital while ensuring a stable and sufficient solvency of the enterprise. To ensure sustainable solvency, the company must always have a certain amount on the account Money actually withdrawn from circulation for current payments. Part of the funds should be placed in the form of highly liquid assets. An important task in terms of managing the working capital of an enterprise is to ensure the optimal balance between solvency and profitability by maintaining the appropriate size and structure of current assets. It is also necessary to maintain the optimal ratio of own and borrowed working capital, since the financial stability and independence of the enterprise, the possibility of obtaining new loans directly depend on this.

The turnover ratio is determined by dividing the volume of sales of products in wholesale prices by the average balance of working capital at the enterprise:

Kob \u003d Q / Fob, where
Cob - turnover ratio of working capital, turnover;
Q - volume products sold, rub.;
Fob - the average balance of working capital, rub.

The turnover ratio characterizes the number of circuits made by the current assets of the enterprise for a certain period (year, quarter), or shows the volume of sales per 1 rub. working capital.

Comparison of turnover ratios in dynamics by years reveals trends in the efficiency of the use of working capital. If the number of turnovers made by working capital increases or remains stable, then the enterprise works rhythmically and uses financial resources rationally. The decrease in the number of turnovers made in the period under review indicates a decrease in the pace of development of the enterprise, an unfavorable financial condition.
Coefficient of fixed working capital means - value, the reciprocal of the turnover ratio. It characterizes the amount of working capital spent on 1 rub. products sold:
Kz \u003d Fob / Q, where
Kz - the coefficient of fixing working capital.
The duration of one turnover in days is found by dividing the number of days in the period by the turnover ratio Tob:
Tob \u003d D / Kob, where
D is the number of days in the period (360, 90).

Analysis of the volume and structure of working capital with their division into standardized and non-standardized is carried out according to the balance sheet data in comparison with the beginning of the reporting period. In the process of analysis, it is advisable to study the change in the reporting period of standardized funds both in general and for individual elements: stocks of raw materials and materials in stock, stocks of finished products in stock, on the way, cash and securities in cash, goods shipped under contracts commissions and orders, services rendered. Then you need to analyze non-standard working capital: cash on the current account, receivables, other funds. Particular attention should be paid to changes in the absolute amount and specific value of funds invested in goods shipped and accepted for safekeeping, including under commission and commission agreements, as well as receivables.
The structure of working capital is the proportion of the distribution of resources between the individual elements of current assets. It reflects, in particular, the specifics of the operating cycle, as well as what part of current assets is financed from equity and long-term loans, and what part is financed from borrowed funds, including short-term bank loans.

Standardized working capital is planned by the enterprise, while non-standardized working capital is not an object of planning.

Working capital is a certain amount of cash. In order to know how much working capital an enterprise needs, their volumes are normalized and the amount of normalized working capital is determined.

Normalized working capital includes: raw materials and materials, components and semi-finished products, fuel and technological raw materials and work in progress, as well as finished products in stock.

Not standardized: goods shipped, cash, receivables, funds in settlements.

Rationing of working capital is a complex, time-consuming process that takes into account the influence of numerous factors (prices, tariffs, duration of the technological cycle, forms of payment, and much more). The normalization process consists of several stages:

1. Determination of standard stocks in days by groups of commodity material values. The stock rate in days is made up of: transport stock (time inventory items are on the way), current stock (stock required for the normal production process between two deliveries, this stock is set at 50% of the transport stock), technological stock (preparation of raw materials , materials, components for production) and safety stock.
2. Determination of private standards for specific groups of inventory items by multiplying the standard in days by the consumption rate of a certain stock required for the product (in physical terms).
3. Recalculation of private standards in cash.
4. Summation of private standards into the general standard of working capital.

Calculations of normalization of working capital are carried out by quarters (the IV quarter of the last year is taken as a basis).

Introduction.

Working capital is one of the components of the property of the enterprise. The condition and efficiency of their use is one of the main conditions for the successful operation of the enterprise. The development of market relations determines the new conditions for their organization. High inflation, non-payments and other crisis phenomena are forcing enterprises to change their policy in relation to working capital, look for new sources of replenishment, and study the problem of the effectiveness of their use.

One of the conditions for the continuity of production is the constant renewal of its material basis - the means of production. In turn, this predetermines the continuity of the movement of the means of production themselves, which occurs in the form of their circulation.

In their turnover, working capital consistently takes on a monetary, productive and commodity form, which corresponds to their division into production assets and circulation funds.

The material carrier of production assets are the means of production, which are divided into objects of labor. Finished products, together with cash and funds in settlements, form circulation funds.

The circulation of enterprise funds begins with the advance of value in cash for the purchase of raw materials, materials, fuel and other means of production - the first stage of the cycle. As a result, cash takes the form of inventories, expressing the transition from the sphere of circulation to the sphere of production. In this case, the value is not spent, but is advanced, since after the completion of the circuit it is returned. The completion of the first stage interrupts commodity circulation, but not circulation.

Second stage of the cycle It takes place in the process of production, where the labor force carries out the productive consumption of the means of production, creating a new product that carries in itself the transferred and newly created value. The advanced value again changes its form - from a productive one it passes into a commodity one.

The third stage of the circuit consists in the sale of manufactured finished products (works, services) and the receipt of funds. At this stage, working capital again moves from the sphere of production to the sphere of circulation. The interrupted circulation of commodities is resumed, and value passes from the commodity form into the monetary form. The difference between the amount of money spent on the manufacture and sale of products (works, services) and received from the sale of manufactured products (works, services) is the cash savings of the enterprise.

Having completed one circuit, working capital enters a new one, thereby carrying out their continuous circulation. Exactly constant movement working capital is the basis of an uninterrupted process of production and circulation.

An analysis of the circulation of enterprise funds shows that the value advanced not only consistently takes various forms, but also constantly in certain sizes remains in these forms. In other words, the advance value for each this moment The circulation of various parts is simultaneously in monetary, productive, commodity forms.

The circulation of the funds of an enterprise can only take place if there is a definite value to be advanced in the form of money. Entering the circuit, it no longer leaves it, consistently changing its functional forms. The stated monetary value is working capital of the enterprise.

Current assets act primarily as a cost category. In the literal sense, they are not material values, since they cannot be used to produce finished products. Being value in monetary form, working capital already in the process of circulation takes the form of inventories, work in progress, finished products. Unlike inventories, working capital is not spent, not expended, not consumed, but advanced, returning after the end of one cycle and entering the next.

The moment of advance payment is one of the essential and distinguishing features working capital, as it plays an important role in establishing their economic boundaries. The temporary criterion for advancing working capital should not be the quarterly or annual volume of funds, but one cycle, after which they are reimbursed and enter the next.

The study of the essence of working capital involves the consideration of working capital and circulation funds. Working capital, working capital and circulation funds exist in unity and interconnection, but there are significant differences between them, which boil down to the following: working capital are constantly in all stages of the enterprise, while working capital goes through the production process, being replaced by new batches of raw materials, fuel, basic and auxiliary materials. Inventories, being part of working capital, go into the production process, turn into finished products and leave the enterprise. Working capital is completely consumed in the production process, transferring its value to the finished product. Their sum per year can be dozens of times greater than the amount of working capital, which ensures the processing or consumption of a new batch of objects of labor during each circuit and those remaining in the economy, making a closed circuit.

revolving funds directly participate in the creation of new value, and working capital - indirectly, through working capital.

In the process of circulation, working capital embodies its value in working capital and therefore, through the latter, they function in the production process and participate in the formation of production costs.

If working capital directly and directly participated in the creation of a new product, then they would gradually decrease and by the time the cycle ends, they would have to disappear.

Revolving funds, representing use value, act in a single form - productive. Circulating assets, as noted, not only consistently take on various forms, but also constantly in certain parts remain in these forms.

These circumstances create an objective need to distinguish between the turnover of working capital and working capital.

Comparison of working capital with circulation funds, which are a functional form of working capital at the stage of circulation, leads to the following results. The circulation of enterprise funds ends with the process of selling products (works, services). For the normal implementation of this process, they, along with fixed and circulating funds, must also have circulation funds.

The turnover of circulation funds is inextricably linked with the turnover of circulating production assets and is its continuation and completion. Making a circuit, these funds are intertwined, forming a common turnover, in the process of which the value of circulating funds, transferred to the product of labor, passes from the sphere of production to the sphere of circulation, and the value of the circulation funds in the amount of the advanced value - from the sphere of circulation to the sphere of production. This is how a single turnover of advanced funds is carried out, passing through different functional forms and returning to the original monetary form. Working capital, making a circuit, from the sphere of production, where they function as working capital, pass into the sphere of circulation, where they function as circulation funds.

The definition of working capital as advanced funds into the created stocks of working capital and circulation funds does not reveal the full economic content of this category. It does not take into account that, along with the advance of a certain amount of money resources, the process of advancing into these stocks of the value of the surplus product created in the production process takes place. Therefore, in profitable enterprises, after the completion of the circulation of funds, the amount of advanced working capital at the completion of the circulation of funds decreases due to the losses incurred.

Working capital is often equated with cash. The funds employed in production and circulation should not be identified with money. The total value is advanced in the form of money and, having gone through the process of production and circulation, again assumes this form. Cash is an intermediary in the movement of funds. The total value, expressed in money, turns into real money only at times and in parts.

So, working capital is a value advanced in cash for the systematic formation and use of working capital and circulation funds in the minimum required amount to ensure the implementation of the production program by the enterprise and the timeliness of settlements.

Working capital of the enterprise performs two functions: production And estimated. Performing a production function, circulating assets, being advanced in circulating production assets, maintain the continuity of the production process and transfer their value to the manufactured product. Upon completion of production, working capital enters the sphere of circulation in the form of circulation funds, where they perform a second function, which consists in completing the circulation and converting working capital from a commodity form into a monetary form.

Rhythm, coherence and high performance of the enterprise largely depend on its availability of working capital. The lack of funds advanced for the purchase of inventories can lead to a reduction in production, non-fulfillment of the production program. Excessive diversion of funds into reserves that exceed the actual need leads to the deadening of resources, their inefficient use.

Since working capital includes both material and monetary resources, their organization and the efficiency of using envy is not only a process material production but also the financial stability of the enterprise.

Chapter 1. Organization of working capital of enterprises.

The organization of working capital is fundamental in the general complex of problems of increasing their efficiency. Organization of working capital includes:

• determination of the composition and structure of working capital;
• determination of the enterprise's need for working capital;
• determination of sources of working capital formation;
• disposal and maneuvering of working capital;
• responsibility for the safety and efficient use of working capital.

The composition of working capital is understood as a set of elements that form working capital and circulation funds, that is, their placement in separate elements.

The structure of working capital is the ratio of individual elements of working capital assets and circulation funds, that is, it shows the share of each element in the total amount of working capital.

The predominant part of circulating production assets are objects of labor- raw materials, basic and auxiliary materials, purchased semi-finished products, fuel and fuel, packaging and packaging materials. In addition, working capital assets include some tools- low-value and wearing items (IBE), tools, special devices, replaceable equipment, inventory, spare parts for current repairs, special clothing and footwear. These tools are less than a year old or have cost limits. The limits on the value of funds in circulation change periodically, which is associated with ongoing revaluations of fixed assets and the period of their acquisition.

In addition, at enterprises, these tools of labor often number in the thousands, which makes it technically difficult to account for their wear and tear. Therefore, in practice they are not classified as fixed, but as revolving funds.

The listed items and tools make up a group of circulating production assets - production reserves. In addition to them, working capital includes work in progress and deferred expenses.

The main purpose of funds advanced to working capital assets is to ensure a continuous and rhythmic production process.

In addition to circulating production assets, enterprises form circulation funds. These include: finished products in stock; goods shipped; cash in the cash desk of the enterprise and in bank accounts; accounts receivable; funds in other accounts.

The main purpose of circulation funds is to provide resources for the circulation process.

The composition and structure of working capital are not the same in various sectors and sub-sectors of the economy. They are determined by many factors of industrial, economic and organizational order. So, in mechanical engineering, where the production cycle is long, the proportion of work in progress is high. At the enterprises of the light and food industries, the main place is occupied by raw materials and materials (for example, in the textile industry). At the same time, the food industry (for example, dairy, butter and cheese) has relatively high stocks of auxiliary materials, containers, and finished products.

In enterprises where a large number of tools, fixtures, instruments, the proportion of low-value and wear items is high (for example, in mechanical engineering and metalworking).

In the extractive industries, there are practically no stocks of raw materials and basic materials, but the proportion of deferred expenses is large. In addition, for example, in the oil industry, an increased share is made up of auxiliary materials, spare parts for the repair of basic backgrounds.

The value of finished products, goods shipped, receivables is influenced by such factors as the terms of sale of products, forms and condition of accounts.

1.1. The concept, composition and structure of working capital.

working capital- this is a set of funds advanced to create circulating production assets and circulation funds, ensuring a continuous circulation of cash funds.

The circulating assets of industry are part of the production assets, which is entirely consumed in each production cycle, immediately and completely transfers its value to the products being created, and changes its natural form in the process of production. Their material content is the objects of labor. In the process of production, they turn into finished products, constituting its material basis or contributing to its maintenance.

Revolving funds cover the movement of objects of labor from the moment they enter the warehouse of the enterprise until they are converted into finished products and transferred into the sphere of circulation. Due to the fact that the output of products is continuous, a certain part of the working capital constantly functions in the sphere of production, which are at various stages of the circulation and are represented by the following relatively homogeneous groups:

1. Production stocks, constituting the bulk of working capital. They include raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packaging materials, spare parts for the repair of fixed assets, low-value and wearing items: tools and household equipment worth up to 100 minimum wages per unit and for a period service up to a year.

2. Unfinished products, that is, objects of labor that entered the production process and are subject to further processing at subsequent stages technological process. It can be in the form of work in progress and semi-finished products of its manufacturer.

3. Deferred expenses do not serve as a material element of working capital, but represent the costs of designing and developing new types of products, carrying out mining and preparatory work at enterprises in the extractive industries, organized recruitment at seasonal enterprises, and others. These expenses are incurred in this period, and repaid in installments at the expense of cost in subsequent periods. Manufactured products enter the sphere of circulation, and after the sale of its value takes the form of money. Consequently, for the normal activity of the enterprise, in addition to working capital funds, funds are needed that serve the sphere of circulation - circulation funds. These include finished but unsold products and funds needed to purchase materials, payments wages, fulfillment of financial obligations to suppliers and financial authorities, and others.

Thus, the totality of funds of industrial enterprises intended for the formation of circulating production assets and circulation funds constitute their circulating assets.

In the working capital of industry, the main part is occupied by working capital assets. Their share in the total amount of working capital in inventories is about 85%.

The ratio between the constituent elements of revolving funds in their total value represents the structure of revolving funds. Their structure in various industries is determined by the technological level of production, degree of specialization, cycle time, composition of consumed materials, geographical location in relation to suppliers.

In its movement, working capital goes through three stages in sequence - monetary, production And commodity.

Monetary the stage of circulation of funds is preparatory. It takes place in the sphere of circulation, where the transformation of money into the form of production reserves takes place.

productive stage is the direct production process. At this stage, the cost of created products continues to be advanced, but not in full, but in the amount of the cost of used production stocks, the costs of wages and related costs are additionally advanced, as well as the transferred

The cost of fixed production assets. The productive stage of the circuit ends with the release of finished products, after which the stage of its implementation begins.

On commodity the stage of the circuit continues to advance the product of labor (finished product) in the same amount as at the productive stage. Only after the transformation of the commodity form of the cost of manufactured products into cash, the advanced funds are restored at the expense of a part of the proceeds received from the sale of products. The rest of its amount is cash savings, which are used in accordance with the plan for their distribution. Part of the savings (profit), intended for the expansion of working capital, joins them and makes subsequent cycles of turnover with them.

The monetary form that current assets take at the third stage of their circulation is at the same time the initial stage of the circulation of funds.

The circulation of working capital occurs according to the scheme:

where - funds advanced by an economic entity; - means of production; - production; - finished products; - cash received from the sale of products and includes realized profits. Points (...) Mean that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.

Working capital is simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise.

1.2. Full list working capital.

A distinctive feature of working capital is that they are constantly in circulation, constantly changing their natural form. Below is a list of accounts that are classified as working capital. It will be divided into sections taken from the balance, with explanations for each account.

IIth Section of the balance sheet - Inventories.

? Account 10 "Materials". This account is intended to summarize information on the availability and movement of raw materials, materials, fuel, spare parts, containers, etc. belonging to the enterprise. values. Materials on this account are recorded at the actual cost of their acquisition (procurement) or accounting prices. The actual cost of acquisition (procurement) of materials consists of the cost at acquisition (procurement) prices and the costs of procurement and delivery of these valuables to the enterprise. The list of expenses included in the expenses for the procurement and delivery of materials to the enterprise is regulated by the relevant regulations.

? Account 11 "Animals for growing and fattening." Designed to summarize information about the presence and movement of young animals belonging to the enterprise; adult animals that are fattening and fattening; birds; animals; rabbits; families of bees; adult cattle culled from the main herd for sale (without putting on fattening); livestock accepted from the population for sale. The costs of growing or fattening these animals are accounted for on account 20 “main production” or 29 “Serving industries and farms”.

? Account 12 "Low value and wearing out items" (IBE). This account is intended to summarize information on the presence and movement of the IBE belonging to the enterprise, household equipment, tools and devices of general and special purpose and other means of labor, which, in accordance with the established procedure, are included in the composition of means in circulation. It also takes into account the temporary (non-title) structures, fixtures and devices operated by the enterprise. Ready-made uniforms intended for issuance to employees of the enterprise are subject to accounting on account 12 "IBE"; materials for tailoring the specified clothes are accounted for on account 10 "Materials".

? Score 13 "Depreciation of low-value and wearing items." This account is intended to summarize information on the depreciation of the MBP in operation and other property accounted for on account 12 "IBP", as well as rental items accounted for on account 03 "Profitable investments in material assets". The procedure for calculating depreciation for the IBP is regulated by legislative and other regulations. The accrued amounts of depreciation are reflected in the credit of account 13 “Depreciation of the IBE” in correspondence with the accounts for accounting for production costs (distribution costs) and other relevant accounts.

? Account 15 "Procurement and purchase of materials." This account is intended to summarize information on the procurement and acquisition of material assets related to the means in circulation (including the BCH, etc.). The debit of account 15 “Procurement and purchase of materials” includes the purchase cost of material assets for which the enterprise received settlement documents from suppliers. The credit of account 15 “Procurement and purchase of materials” in correspondence with account 10 “Materials” or 12 “IBE” includes the cost of material assets actually received by the enterprise and credited.

? Account 16 "deviations in the cost of materials". This account is intended to summarize information on the difference in the cost of acquired material assets, calculated in the actual cost of acquisition (procurement) and accounting prices. This account is used by enterprises that record materials on account 10 "Materials" and IBE on account 12 "IBE" at accounting prices. The amount of the difference in the cost of acquired material assets, calculated in the actual cost of acquisition (procurement) and accounting prices, is written off to the debit or credit of account 16 "Deviations in the cost of materials" from account 15 "Procurement and purchase of materials".

? Account 19 "Value added tax on acquired values" (VAT). The account was introduced by the Order of the Ministry of Finance of the Russian Federation of December 28, 1994 No. 173. This account is intended for generalization of information on the amounts of value added tax (VAT) paid (due to be paid) by the enterprise on acquired valuables. Sub-accounts can be opened for account 19 “VAT on acquired values”:

19-1 "VAT in the implementation of capital investments";

19-2 "VAT on acquired intangible assets";

19-3 "VAT on acquired material resources";

19-4 "VAT on acquired IBEs", etc.

IIIth Section of the balance sheet - Production costs.

? Account 20 "Main production". It is intended to summarize information about the costs of the main production, that is, production, the products (works, services) of which were the purpose of creating this enterprise. In particular, this account is used to record costs:

• industrial and agricultural enterprises for the production of products;
• contracting, geological and design and survey enterprises for the implementation of construction and installation, geological exploration and design and survey work;
• transport and communication enterprises for the provision of services by them;
• research enterprises for the implementation of research and design work;
• public catering enterprises for the production of their own products (in particular, raw materials and materials);
• road facilities for the maintenance and repair of roads.

? Account 21 "Semi-finished products own production». Designed to summarize information on the availability and movement of semi-finished products of own production at enterprises that keep separate records of them. In particular, the following semi-finished products manufactured by the enterprise (with a full production cycle) can be reflected on this account: pig iron in ferrous metallurgy; crude rubber and glue in the rubber industry; sulfuric acid at nitrogen fertilizer plants of the chemical industry; yarn and raw materials in the textile industry, etc. At other enterprises, these values ​​are reflected as part of work in progress, that is, on account 20 “Main production”.

? Account 23 "Auxiliary production". This account is intended to summarize information and production costs that are auxiliary (auxiliary) to the main production or the main activity of the enterprise. In particular, this account is used to record the costs of production, providing:

• service various types energy (electricity, steam, gas, air, etc.);
• transport service;
• repair of fixed assets;
• production of tools, stamps, spare parts; building parts, structures or enrichment of building materials (mainly in construction companies);
• extraction of gravel, sand and other non-metallic materials;
• logging, sawmilling;
• salting, drying and conservation of agricultural products (mainly in trade enterprises), etc.

? Account 29 "Serving industries and farms" (OPKh). Designed to summarize information about the costs associated with the release of products, the performance of work and the provision of services by service industries and farms of the enterprise. Under the OPH enterprises understand production and farming, whose activities are not related to the production of products, performance of work and provision of services that were the purpose of creating this enterprise. In particular, this account may reflect the costs of the enterprises on the balance sheet: housing and communal services (operation of residential buildings, hostels, laundries, baths, etc.); sewing and other workshops for consumer services; canteens and buffets; preschool institutions (gardens and nurseries); rest home, sanatoriums and other institutions of health-improving, cultural and educational purposes; research and design departments.

? Account 30 "Non-capital work". Designed to summarize information on the costs associated with the implementation of non-capital works (construction of temporary title and non-title structures, etc.). This account is used by contracting enterprises, as well as by construction companies that carry out construction in an economic way.

To account 30 "Non-capital works" sub-accounts can be opened:

• 30-1 “Construction of temporary (titular) structures;
• 30-2 “Construction of temporary “non-title” structures;
• 30-1 "Other non-capital works", etc.

? Account 31 "Deferred expenses". This account is intended to summarize information on expenses incurred in this reporting period, but related to future reporting periods. In particular, this account may reflect the costs associated with mining and preparatory work; preparatory work for production in seasonal industries; the development of new enterprises, industries, installations and units; land reclamation; uneven repairs of fixed assets during the year (when the enterprise does not create an appropriate reserve or fund); payment of rent for subsequent periods. The terms during which such expenses are subject to write-off to production (circulation) costs or other sources are regulated by legislative and other regulatory acts.

? Account 36 "Completed stages of work in progress." The account was introduced by the Order of the Ministry of Finance of the Russian Federation of December 28, 1994 No. 173. It is intended to summarize information about the stages of work completed in accordance with the concluded agreements, which have independent significance. This account is used by enterprises performing long-term work (construction, scientific, design, geological, etc.).

IVth Section of the balance sheet - Finished products, goods and sales.

? Account 40 "Finished products". Designed to summarize information about the availability and movement of finished products. This account is used by enterprises in the branches of material production. Finished products are recorded on account 40 "Finished products" at the actual production cost. Agricultural enterprises take into account the movement of crop production, animal husbandry and processing of raw materials during the year at the planned cost; the difference between the actual and planned cost of finished products, revealed at the end of the year, is credited to the production account in the share related to the balance of the specified products at the end of the reporting year.

? Account 41 "Goods". Designed to summarize information on the availability and movement of inventory items purchased as goods for sale. This account is mainly used by supply, marketing and trade enterprises, as well as public catering enterprises. These enterprises on account 41 "Goods" also take into account purchased containers and containers of their own production, except for inventory, serving for production or economic needs and accounted for on account 01 "Fixed assets" or 12 "IBE".

? Account 44 "Distribution costs". Designed to summarize information about the costs of supply, marketing, trade, other intermediary and other similar enterprises. Enterprises that procure and process agricultural products (beets, milk, wool, cotton, raw hides, flax, livestock, poultry, etc.), as well as construction enterprises that procure materials and structures, use account 44 "Distribution costs" to account for expenses for the procurement and delivery of these valuables to the enterprise before being included in the actual cost of acquiring (procuring) the valuables (if the enterprise has a special procurement apparatus).

? Account 45 "Goods shipped". It is intended to summarize information on the availability and movement of shipped products (goods), if the supply contract stipulates a different from the general procedure for the moment of transfer of the right of possession, use and disposal of it and the risk of its accidental loss from the enterprise to the buyer, customer (for example, when exporting products). This account also takes into account finished products transferred to other enterprises for sale on a commission and other similar basis. Goods shipped are recorded on account 45 "Goods shipped" at the actual production or standard (planned) cost.

Vth Section of the balance - Cash.

? Account 50 "Cashier". Designed to summarize information about the availability and movement of funds at the cash desks of the enterprise. The procedure for making and processing cash transactions is regulated by the Central Bank Russian Federation. The debit of account 50 "Cashier" reflects the receipt of funds in the cash desk of the enterprise. The credit of account 50 "Cashier" reflects the payment of funds from the cash desk of the enterprise. When, in cases permitted by law, an enterprise performs cash transactions with foreign currency, then appropriate sub-accounts must be opened for account 50 “Cashier” for separate accounting of the movement of cash foreign currency.

? 51 "Settlement account". Designed to summarize information on the availability and movement of funds in Russian currency on the company's bank account. The procedure for making and processing transactions on a current account is regulated by the Central Bank of the Russian Federation. Operations on the current account are reflected in accounting on the basis of bank statements on the current account and the monetary settlement documents attached to them. The debit account 51 "Settlement account" reflects the receipt of funds to the settlement account of the enterprise. For a loan, the write-off of funds from the current account of the enterprise is reflected.

? Account 52 "Currency account". The currency account is designed to summarize information on the availability and movement of funds in foreign currencies and on foreign currency accounts in banks in the country and abroad. The procedure for making and processing transactions on foreign currency accounts is regulated by the rules of banks. Operations on foreign currency accounts are reflected in accounting on the basis of bank statements and monetary settlement documents attached to them. The debit of account 52 "Currency account" reflects the receipt of funds in the currency accounts of the enterprise. On credit - write-off of funds from the foreign currency accounts of the enterprise.

? Account 55 "Special accounts in banks". This account is intended to summarize information on the availability and movement of funds in Russian and foreign currencies located on the territory of the country and abroad in letters of credit, check books, other payment documents (except bills of exchange), on current, special and other special accounts, as well as on the movement of funds for targeted financing (revenues) in that part of them that is subject to separate storage. To account 55 "Special accounts in banks" sub-accounts can be opened:

• 55-1 "Letters of credit"
• 55-2 "Checkbooks", etc.

? Account 56 "Money documents". Designed to summarize information about the presence and movement monetary documents, located at the cash desk of the enterprise (postage stamps, state duty stamps, promissory notes, paid air tickets, paid vouchers to rest houses and sanatoriums, etc.). Monetary documents are recorded on account 56 “Money documents” at their nominal value. Analytical accounting of monetary documents is carried out by their types.

? Account 57 "Transfers on the way." It is intended to summarize information on the movement of funds (transfers) in Russian and foreign currencies in transit, that is, amounts of money (mainly trade earnings) deposited in cash desks of banks, savings banks or post office cash desks for crediting to a settlement or other account of an enterprise, but not yet enrolled.

VIth Section of the balance sheet - Calculations.

? Account 61 "Calculations on advances issued." It is intended to summarize information on settlements on advance payments issued for the supply of material assets or for the performance of work, as well as on payment for products and works accepted from customers on partial readiness. The amounts of advances issued, as well as payments made in case of partial readiness of products and works, are reflected in the debit of account 61 “Settlements on advances issued” in correspondence with cash accounts. The amounts of advanced payments and payment for partial completion of work, set off by the supplier when paying for completed work, are reflected in the credit of account 61 “Settlements on advances issued” in correspondence with account 60 “Settlements with suppliers and contractors”.

? Account 62 "Settlements with buyers and customers." Designed to summarize information about settlements with buyers and customers. To account 62 "Settlements with buyers and customers" sub-accounts can be opened:

• 62-1 "Settlements in the order of collection"
• 62-2 "Calculations by planned payments"
• 62-3 "Promissory notes received", etc.

? Account 75 "Settlements with founders". Designed to summarize information on all types of settlements with the founders of the enterprise (Shareholders of a joint-stock company, participants in a general partnership, members of a cooperative, etc.): on contributions to the authorized (share) capital of an enterprise, on payment of income (dividends), etc. To the account 75 "Settlements with founders" sub-accounts can be opened:

• 75-1 "Calculations on contributions to the authorized (share) capital
• 75-2 "Calculations for the payment of income", etc.

? Account 76 "Settlements with different debtors and creditors." Designed to summarize information on settlements for all kinds of transactions with debtors and creditors: with different organizations for transactions of a non-commercial nature ( educational institutions, scientific organizations, etc.); with transport (railway and water) organizations for services paid by checks; on deposited amounts of wages, bonuses and other similar payments; on amounts withheld from the wages of employees of the enterprise in favor of various organizations and individuals on the basis of executive documents or judicial orders, etc. Analytical accounting for this account is maintained for each debtor and creditor.

? Account 78 "Settlements with subsidiaries (dependent) companies". Account 78 in red. Order of the Ministry of Finance of the Russian Federation dated July 28, 1995 No. 81. Designed to summarize information on all types of settlements (with the exception of settlements on contributions to the authorized capital) of an enterprise with its subsidiaries and affiliates and the latter with enterprises that created them (participated in the creation), as well as accounting for transactions related to the implementation of an agreement on joint activities. The following sub-accounts can be opened for this account:

• 78-1 "Settlements with subsidiaries"
• 78-2 "Settlements with dependent companies"
• 78-3 “Settlements under a joint activity agreement”, etc.

VIIth Section of the balance sheet - Financial results and use of profits.

? Account 82 "Estimated reserves". Designed to summarize information about the reserves created to refine the estimate individual objects accounting from the company's profits . The list and procedure for the formation of valuation reserves are regulated by the legislation of the Russian Federation and other regulations. Sub-accounts can be opened for this account:

• 82-1 "Provisions for doubtful debts"
• 82-2 "Provisions for depreciation of investments in securities", etc.

1.3. Classification of working capital.

Working capital can be classified according to the following criteria:

I. According to the place and role in the process of reproduction, working capital is distinguished in the sphere of production and the sphere of circulation.

Consideration of the composition and structure of working capital allows us to touch upon such an important problem of organizing working capital as their rational placement between the spheres of production and circulation.

Establishing the optimal ratio of working capital in production and circulation has importance to provide funds for the implementation of the production program, and is also one of the main factors in the efficiency of the use of working capital.

II. According to the degree of planning, working capital is divided into standardized and non-standardized.

Domestic practice involves rationing, that is, the establishment of planned stock standards and standards for the elements of working capital, with the exception of goods shipped, cash and funds in the calculations. The amount of non-standardized working capital is determined on an operational basis.

III. According to the sources of rationing, working capital is divided into own, borrowed and attracted.

In modern economic conditions, enterprises have been granted broad rights in the disposal of working capital. Working capital is at the disposal of the enterprise and is not subject to withdrawal. Enterprises can sell them and transfer them to other enterprises, organizations, institutions, citizens, lease, provide for temporary use (with the exception of those that are not owned or used by enterprises).

An important problem in the enterprise is to ensure the safety of working capital. In the process of financial planning, it is important to determine the possible presence of a surplus or shortage of working capital at the beginning of the planning period. For this, the sum of the expected (actual) availability of the company's own working capital at the beginning of the planning period is compiled with its total need for working capital. If the planned demand exceeds the amount of the company's own working capital, there is lack of own working capital. Enterprises that have allowed the formation of a shortage of working capital can fulfill it at their own expense and temporarily at the expense of borrowed funds.

If the ratio is reversed, then surplus of own funds, which can serve as a source of financing for the increase in working capital.

The lack of own working capital may arise as a result of a number of reasons that depend and do not depend on the activities of the enterprise. The enterprise may not ensure the safety of its own working capital, that is, lose a certain amount, allowing excess losses, illegal diversion of working capital, for example, for the needs of capital construction, loss of profit.

The economic conditions in which enterprises operate have a significant impact on the state of working capital. An increase in prices for purchased inventory leads to the formation of a shortage of own working capital in enterprises on a large scale. One of the sources of its replenishment is a bank loan, which, in conditions of inflation, is provided at high interest rates.

The financial policy pursued by the state may impede or stimulate the normal production and financial activities of enterprises, including the rational use of working capital. An important role in this belongs to the tax policy of the state. Thus, the attribution of a number of taxes to the cost of production (works, services), the features of paying VAT to the budget, advance payments of income tax lead to the diversion of working capital of enterprises for non-production costs. This forces enterprises to resort to loans at high interest rates, look for unscheduled sources of funds, and violate financial discipline. The diversion of working capital leads to a slowdown in their turnover, reduces the efficiency of the enterprise, worsens its financial condition.

The organization of working capital of an enterprise necessarily includes systematic monitoring of their safety and efficiency of use through audits and surveys based on statistical data, operational and financial statements.

1.4. Sources of working capital formation.

The working capital of enterprises is designed to ensure their continuous movement at all stages of the circulation in order to meet the needs of production in monetary and material resources, ensure the timeliness and completeness of settlements, and increase the efficiency of the use of working capital.

All sources of financing of working capital are divided into own, borrowed and attracted.

Own funds play leading role in the organization of the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made.

The formation of working capital comes at the time of the organization of the enterprise, when its authorized capital is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the process of work, the source of replenishment of working capital is the profit received, as well as the so-called stable liabilities equated to own funds. These are funds that do not belong to the enterprise, but are constantly in its circulation. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum monthly wage arrears to employees of the enterprise, reserves to cover future expenses, the minimum carry-over debt to the budget and extra-budgetary funds, creditors' funds received as an advance payment for products (goods, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund, etc.

To reduce the total need of farms for working capital, as well as to stimulate their effective use, it is advisable to attract borrowed money. Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied.

Main directions attracting 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;
• implementation of settlements and mediation of payment turnover.

The purpose of finding additional borrowed sources of financing of working capital was devoted decree Presidium of the Supreme Council of the Russian Federation and the Government of the Russian Federation dated May 25, 1992 No. 2837-1 "On urgent measures to improve settlements in national economy and increasing the responsibility of enterprises for their financial condition, as well as Decree of the Government of the Russian Federation and the Central Bank of the Russian Federation of July 1, 1992 No. 458 and subsequent changes and additions. The allocation of the target state loan to replenish the working capital of enterprises and organizations. The source of this loan is a target off-budget fund created in the financial authorities of the territories, regions, autonomous entities, cities of Moscow and St. Petersburg by the ministries of finance of the republics within the Russian Federation, the Ministry of Finance of the Russian Federation. In accordance with these regulations, a loan is allocated on the basis of an agreement between a financial authority and an enterprise or organization. This loan can be received by state enterprises and organizations, joint-stock companies with a state share in the authorized capital of more than 50%, privatized enterprises and organizations, regardless of their organizational and legal norms.

This loan is provided through a credit line opened to the Ministry of Finance of the Russian Federation by the Central Bank of the Russian Federation at a floating interest rate.

Under the conditions of the administrative-command system of economic management, borrowed funds accounted for a fairly large share among the sources of financing of working capital. So, in 1965, the share of loans in the structure of sources of working capital formation accounted for 47.6%, in 1975 - 47.3%, in 1977 - 47.1%, in 1988 - 47.6%. Since 1988, the share of loans in the structure of sources of working capital began to decline. So, in 1989 it was 40.5%, in 1990 - 24.2%. In subsequent years, the share of loans gradually increased and by April 1993 amounted to 40.3%.

The nature of the dynamics of this indicator is due to objective economic processes. The decrease in the share of credit since the end of the 1980s can be explained by the reduction in centralized lending to enterprises in the context of the still undeveloped system of commercial credit. Along with the formation of the system of commercial banks, the growth in the volume of commercial credit, the share of credit resources in the structure of sources of working capital formation also increased.

Thus, with the transition to market system management of the economy, the role of credit as a source of working capital at least has not decreased. Along with the usual need to cover the excess need for working capital of the enterprise, new factors have appeared that increase the importance of bank credit. These factors are primarily related to the transitional stage of development experienced by the domestic economy. One of them was inflation. The impact of inflation on the working capital of an enterprise is very multifaceted: it has a direct and indirect effect. The direct impact is characterized by the depreciation of working capital during their turnover, that is, after the completion of the turnover, the enterprise does not actually receive the advanced amount of working capital as part of the proceeds from product sales.

The indirect impact is expressed in the slowdown in the turnover of funds due to the crisis of non-payments, largely due to inflation. Other causes of the crisis include a decrease in labor productivity; extreme inefficiency of production; the inability of individual leaders to adapt to new conditions: look for new solutions, change product range, reduce the material and energy intensity of production by selling surplus and unnecessary assets; finally, the imperfection of the legislation, which allows not to pay debts with impunity.

In order to combat non-payments and provide financial support, significant funds are allocated to replenish the working capital of enterprises. However, the allocated funds are not always used for their intended purpose, which also has a strong inflationary effect.

These reasons determine the increased interest of enterprises in borrowed funds as a source of replenishment of working capital frozen in long-term receivables. In this situation, the question arises of the limits of the use of credit as a source of working capital. This issue is related to the dual effect that the use of credit has on the financial position of the enterprise in general and on the state of working capital in particular.

On the one hand, without attracting credit resources into circulation in the face of a shortage of own funds, an enterprise needs to reduce or completely suspend production, which threatens with serious financial difficulties up to bankruptcy. On the other hand, the solution of the problems that have arisen only with the help of loans causes an increase in the dependence of the enterprise on credit resources due to an increase in loan debt. This leads to an increase in the instability of the financial condition, own working capital is lost, passing into the ownership of the bank, since enterprises do not provide a rate of return on invested capital, given in the form of bank interest.

Accounts payable refers to unscheduled attracted sources of working capital formation. Its presence means the participation in the turnover of the enterprise of the funds of other enterprises and organizations. Part of the accounts payable is natural, as it follows from the current settlement procedure. Along with this, accounts payable may arise as a result of violation of payment discipline.

Enterprises may have accounts payable to suppliers for goods received, to contractors for work performed, to the tax inspectorate for taxes and payments, and for deductions to off-budget funds.

It should also highlight other sources of working capital formation, which include enterprise funds that are temporarily not used for their intended purpose (funds, reserves, etc.).

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

1.5. Analysis of the availability of working capital sources.

The asset of the balance sheet is a reflection of the investment decisions made by the enterprise during the period of its activity. Investment directions can be distinguished according to various criteria, including their liquidity, which is included as a grouping feature in the balance sheet.

At the present stage economic development one of the most relevant types of investments are current or current assets.

This relevance is caused, first of all, by their acute shortage in almost all sectors of economic activity. The wave of mutual non-payments, the source of which is the monetary policy pursued by the government, caused the practical absence of funds among economic entities, as the most liquid element of current assets, which, in turn, led to fundamental fluctuations in the value of inventories at enterprises.

Inventories (TMZ) should be understood as tangible assets intended for sale during the production and commercial cycle and production consumption within the enterprise in order to develop the production base.

It is well known that an excess of inventory leads to losses in the activities of the enterprise as a result of an increase in the cost of their storage, diversion of funds from circulation, an increase in the risk of losing their consumer properties and, consequently, their depreciation during storage, etc.

The lack of inventory increases the risk of production process failures, which also leads to losses as a result.

The rational value of TMZ in the conditions of a planned socialist economy was determined by their rationing. The fundamental change in the situation in the economy in terms of relations to property, the transition from a scarce market to a consumer-oriented market, have led to the inadequacy of the existing mechanisms for rationing working capital.

The above changes in the economic situation have led to the problem of choosing a methodology for determining the rational value of the TMZ.

In the absence modern methods normalization of working capital, an approach is proposed for determining the rational value of inventory and, accordingly, assessing the ratio of their actual value with the rational one.

The essence of this approach is to determine the rational value of inventory, based on the availability of sources of their formation and the capital structure of the enterprise, and is based on the following assumptions:

Inventories include inventories intended to ensure a normal production and commercial cycle (TMZ PCC), and inventories associated with investments made by the enterprise in non-current assets (TMZ va),

those. TMZ \u003d TMZ pkts + TMZ va.

To ensure normal functioning, an enterprise must have a certain part in its equity capital (IC), to create an inventory - its own sources of working capital (SIOBS).

For various spheres of economic activity, this share of equity, based on the specifics of the production and commercial cycle, is different and has an industry-average rational value (K obs).

In addition to own sources of working capital, inventories can be provided with a part of stable liabilities, equated to own sources (OPL).

In case of insufficiency of own sources to cover inventories associated with investments in non-current assets, targeted borrowings (SL va) can be attracted.

The analysis of the availability of working capital with sources involves the calculation of a number of indicators according to the financial statements of the analyzed enterprise:

1. The value of own sources of working capital according to the balance sheet:

CIOBS \u003d SC - (OS ost + ON ost), Where

SIOBS- own sources of working capital;

SC- equity;

OS ost-residual value of fixed assets of the enterprise;
ON OST– residual value of intangible assets of the enterprise;

2. Provision of inventories with sources of working capital according to the balance sheet(according to well-known formulas for analyzing the financial condition of an enterprise, including):

To provide \u003d TMZ / SIOBS.

3. The value of own sources of working capital, actually used to create inventory items:

SIOBS f \u003d SC - VA, Where

VA- the total value of non-current assets (the result of 1 section of the asset balance).

The possible difference between the values ​​of indicators 1 and 3 is explained by the immobilization of working capital in other types of non-current assets (long-term financial investments, capital investments in progress, etc.).

4. Capital maneuverability ratio:

K manev \u003d SIOBS / SK.

5. Coefficient of ratio of maneuverability to a rational structure:

K rac \u003d K manev / K obs.

6. The rational value of own sources of working capital, based on the industry average rational value:

SIOBS rac = SC * K obs.

7. The rational value of TMZ, defined in the presented approach as equal to the rational value of own sources of working capital:

TMZ rac = SIOBS rac.

8. Excess (lack) of TMZ relative to a rational value:

8.1. as an absolute amount:

DTMZ = TMZ - TMZ rac;

8.2. in the form of a coefficient:

To tmz \u003d tmz / tmz rac.

9. Excess (lack) of own sources of working capital in total relative to a rational value:

9.1. as an absolute amount:

DSIOBS = SIOBS - SIOBS rac;

9.2. in the form of a coefficient:

K c1 \u003d SIOBS / SIOBS rac.

10. Excess (lack) of own sources of working capital, actually aimed at the creation of inventory, relative to the rational value:

10.1. as an absolute amount:

DSIOBS f \u003d SIOBS f + UPZ - SIOBS rac;

10.2. in the form of a coefficient:

K c2 \u003d (SIOBS f + APL) / SIOBS rac.

11. Excess (lack) of own sources of working capital, actually aimed at the creation of inventory, taking into account inventory in non-current assets, relative to the rational value:

11.1. as an absolute amount:

DSIOBS fva \u003d SIOBS f + UPZ + ZS va - SIOBS rac;

11.2. in the form of a coefficient:

K sz \u003d (SIOBS f + UPZ + ZS va) / SIOBS rac.

Using the above approach in combination with previously known generalizing estimates of the availability of working capital sources, we can propose to assess the level of provision of an enterprise with sources of working capital in four groups:

Absolute security - (K c1 > 1; K c2 > 1; K c3 > 1;);

Normal supply - (K s1 > 1; K s2< 1; К с3 > 1;);

Critical security - (K s1<1; К с2 < 1; К с3 >1;);

Crisis security - (K s1<1; К с2 < 1; К с3 <1;).

The proposed analysis methodology will allow not only to compare the value of inventories on the balance sheet with the value of sources of working capital, but also to determine the place of the enterprise in this group of indicators among potential competitors within the industry, which will allow developing a financial management strategy, including in the conditions of the existing shortage of funds.

Chapter 2. Determining the needs of the enterprise in working capital. Determination of the standard of working capital.

Enterprises operating on the principle of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made. Under these conditions, there is an increasing need to determine the needs of enterprises in their own working capital, which play a major role in the normal functioning of enterprises.

Determining the needs of the enterprise in its own working capital is carried out in the process of rationing, that is, determining the standard of working capital.

The purpose of rationing is to determine the rational amount of working capital diverted for a certain period into the sphere of production and the sphere of circulation.

The domestic practice of normalizing working capital at industrial enterprises is based on a number of principles.

The need for own working capital for each enterprise is determined when drawing up a financial plan. Thus, the value of the standard is not a constant value. The amount of working capital depends on the volume of production, conditions of supply and marketing, the range of products, the forms of payment used.

When calculating the need of an enterprise for its own working capital, the following must be taken into account: own working capital should cover the needs of not only the main production for the implementation of the production program, but also the needs of auxiliary and auxiliary industries, housing and communal services and other facilities that are not related to the main activity of the enterprise and not on an independent balance sheet, capital repairs carried out on their own. In practice, the need for own working capital is often taken into account only for the main activity of the enterprise, thereby underestimating this need.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is production cost estimate products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take the data of the 6th quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For enterprises with a seasonal nature of production - the data of the quarter with the smallest volume of production, since the seasonal need for working capital is provided by short-term bank loans.

To determine the standard, the average daily consumption of normalized elements in monetary terms is taken into account. For production stocks, the average daily consumption is calculated according to the corresponding item of the estimate of production costs: for work in progress - based on the cost of gross or marketable output; for finished products - on the basis of the production cost of commercial products.

During the normalization process, private And aggregate standards. The normalization process consists of several successive stages:

1. I. Initially, stock standards are developed for each element of normalized working capital. The norm is a relative value corresponding to the volume of stock of each element of working capital. As a rule, the norms are set in days of stock and mean the duration of the period provided by this type of material assets. For example, the stock rate is 24 days. Therefore, stocks should be exactly as much as will be provided by production within 24 days.

The stock rate can be set as a percentage, in monetary terms to a certain base.

The norms of working capital are developed at the enterprise by the financial service with the participation of services related to production and supply and marketing activities.

II. Further, based on the rate of stock and consumption of this type of inventory, the amount of working capital necessary to create normalized reserves for each type of working capital is determined. This is how private standards are defined.

III. And finally, the total standard is calculated by adding the private standards. The working capital ratio is the monetary value of the planned stock of inventory items, the minimum required for the normal economic activity of the enterprise.

2.1. Methods of normalization of working capital.

The following main methods of normalization of working capital are used:

y direct counting method. This method consists in the fact that at first the value of the advance of working capital in each element is determined, then by their summation the total amount of the standard is determined.

y Analytical Method. It is used in the case when in the planning period there are no significant changes in the conditions of the enterprise compared to the previous one. In this case, the calculation of the working capital ratio is carried out on an aggregate basis, taking into account the ratio between the growth rates of production volume and the size of normalized working capital in the previous period.

y Coefficient method. At the same time, the new standard is determined on the basis of the old one by making changes to it, taking into account the conditions of production, supply, sales of products (works, services), and settlements.

In practice, it is most expedient to use the method of direct counting. The advantage of this method is its reliability, which makes it possible to make the most accurate calculations of private and aggregate standards. The private ones include the norms of working capital in production stocks: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers, IBE, spare parts; in work in progress and semi-finished products of own production; in deferred expenses; finished products. The peculiarity of each element determines the specifics of normalization.

The standard of working capital advanced in raw materials, basic materials and purchased semi-finished products is determined by the formula:

H=R*D, Where

H - the standard of working capital in stocks of raw materials, basic materials and purchased semi-finished products;

P - average daily consumption of raw materials, materials and purchased semi-finished products;

D - stock rate in days.

The average daily consumption for the range of consumed raw materials, basic materials and purchased semi-finished products is calculated by dividing the sum of their costs for the corresponding quarter by the number of days in the quarter.

Determining the stock rate is the most time-consuming and important part of rationing. The stock rate is set for each type or group of materials. If many types of raw materials and materials are used, then the norm is set for the main types, which occupy at least 70-80% of the total cost.

The stock rate in days for certain types of raw materials, materials and semi-finished products is set based on the time required to create transport, preparatory, technological, current warehouse and insurance stocks.

P Transport stock necessary in cases where the time of movement of goods in transit exceeds the time of movement of documents for its payment. In particular, the transport stock is provided in the case of payments for materials on the terms of advance payment. The transport stock in days is defined as the difference between the number of days of cargo run and the number of days of movement and payment of documents for this cargo.

P Preparatory stock. Provided in connection with the costs of acceptance, unloading and storage of raw materials. It is determined on the basis of established norms or actual time spent.

P Technological stock. This reserve is taken into account only for those types of raw materials and materials for which, in accordance with the production technology, preliminary preparation of production is necessary (drying, exposure of raw materials, heating, settling and other preparatory operations). Its value is calculated according to established technological standards.

P Current warehouse stock. It is recognized to ensure the continuity of the production process between the supply of materials, so in the industry it is the main one. The size of the warehouse stock depends on the frequency and uniformity of supplies, as well as the frequency of launching raw materials and materials into production. The basis for calculating the current warehouse stock is the average duration of the interval between two adjacent deliveries of a given type of raw materials and materials. The duration of the interval between deliveries is determined on the basis of contracts, orders, schedules or based on actual data for the past period. In cases where this type of raw materials and materials comes from several suppliers, the current stock rate is taken at a rate of 50% of the delivery interval. At enterprises where raw materials come from one supplier and the number of types of material assets used is limited, the stock rate can be taken as 100% of the delivery interval.

P Insurance stock. It is created as a reserve that guarantees an uninterrupted production process in case of violation of the contractual conditions for the supply of materials (incomplete receipt of the batch, violation of the delivery time, inadequate quality of the materials received). The value of the safety stock is accepted, as a rule, within the limits of up to 50% of the current warehouse stock. It can be more if the enterprise is located far from suppliers and transport routes, if unique, high-quality materials are periodically consumed.

Thus, the total stock rate in days for raw materials, basic materials and purchased semi-finished products as a whole consists of the five listed stocks.

The standard of working capital for auxiliary materials is established in two main groups:

3 The first group includes materials consumed regularly and in large quantities. The standard is calculated in the same way as for raw materials and basic materials.

3 The second group includes auxiliary materials that are rarely used in production and in small quantities. The standard is calculated by analytical methods based on data for previous years.

The general norm of working capital for auxiliary materials is the sum of the norms of both groups.

Working capital ratio for fuel calculated in the same way as for raw materials and supplies. The standard for gaseous fuel and electricity is not calculated. When calculating fuel consumption, the need for fuel for production and non-production needs is taken into account. For production needs, the need is determined based on the production program and consumption rates per unit of output by workshop; for non-production - based on the amount of work performed.

The norm of working capital by container determined depending on the method of its preparation and storage. Therefore, the calculation methods for containers in different industries are not the same.

At enterprises that use large containers for packaging products, the working capital rate is determined in the same way as for raw materials.

For containers of own production used for packaging finished products and included in the wholesale price, the stock rate in days is determined by the time this container is in the warehouse from the moment of its manufacture to the packaging of products into it. If the cost of containers of own production is not included in the wholesale price of finished products, but is included in the cost of gross and marketable products, the standard for it is not set, since it is taken into account in the standard for finished products.

For returnable packaging received from the supplier with raw materials and materials, the working capital rate depends on the average duration of one turnover of the container from the moment the invoice for the container together with the raw materials is paid until the invoice for the returned container is paid by the supplier. The cost of containers intended for the storage of raw materials, materials, parts and semi-finished products in warehouses and workshops is not taken into account when determining the standard of working capital for containers, since they are part of fixed assets or IBE.

Working capital ratio for spare parts is set for each type of spare parts separately based on the timing of their delivery and the time of use for repair. The standard can be calculated on the basis of standard norms per unit of the book value of fixed assets, using the analytical method based on data from previous years.

IBE standard calculated separately for tools and fixtures, low-value inventory, special clothing and footwear, special tools and fixtures.

For the first group, the standard is determined by direct calculation methods based on the set of low-value and high-wear tools and their cost. For the second group, the standard is set separately for office, household and industrial equipment. The standard for office and household inventory is determined based on the number of places and the cost of a set of inventory per place. For production inventory - based on the need for a set of this inventory and its cost.

Working capital standard for overalls and footwear determined on the basis of the number of employees to whom they rely, and the cost of one set. The standard for this group of working capital in the warehouse is determined by multiplying one-day consumption by the stock rate in days, including transport, current and insurance stocks.

For special equipment and devices, the standard is determined based on their set, cost and service life.

At enterprises with a small share of IBE in the structure of working capital, the standard is calculated on the basis of the ratio of average actual stocks to the amount of production costs.

Working capital ratio in work in progress should ensure a rhythmic production process and a uniform flow of finished products to the warehouse. The standard expresses the cost of products that have been started, but not finished, at various stages of the production process. As a result of normalization, the value of the minimum reserve sufficient for the normal operation of production should be calculated.

The amount of working capital advanced into work in progress is not the same for enterprises and industries. The main reasons for the differences are the characteristics of organizations, the volume of production, the structure of products.

Rationing of working capital in work in progress is carried out by groups or types of products for each unit separately. If the range of products is diverse, then the standard is calculated for the main products, which make up 70-80% of its total mass.

The standard of working capital in work in progress is determined by the formula:

N=R*T*K, Where

P - one-day costs for the production of products;

T is the duration of the production cycle in days;

K is the coefficient of increase in costs.

One-day costs are determined by dividing the cost of the gross (commodity) output of the corresponding quarter by 90.

The product of the duration of the production cycle and the cost escalation factor is the stock rate in days for the item "Work in progress".

The duration of the production cycle reflects the time spent by products in work in progress from the first technological operation to the complete manufacture of products and transfer to the warehouse.

The production cycle includes technological stock (product processing time), transport stock (time for transferring the product from one workplace to another and to the warehouse), working stock (the time the product stays between processing operations) and insurance stock (in case of a delay in any operation ). When calculating the standard, the production cycle is determined for each type of product in calendar days, taking into account the number of shifts in the work of the enterprise per day. At enterprises producing a wide range of products, the duration of the production cycle is determined as a weighted average.

The cost escalation coefficient reflects the nature of the increase in costs in work in progress by days of the production cycle.

All costs in the production process are divided into:

F One-time costs. These include costs incurred at the beginning of the production cycle (costs of raw materials, basic materials and purchased semi-finished products).

F Rising costs. The remaining costs are considered accruing (depreciation of fixed assets, electricity costs, wages, etc.). The cost escalation factor is determined by the ratio of the average cost of a product in work in progress to the total cost of production. The coefficient is determined in different ways for production with a uniform and uneven increase in costs.

If the main share of costs goes into production at the very beginning of the production cycle (one-time), and the remaining (increasing) costs are distributed relatively evenly throughout the production cycle (in serial production), the coefficient is determined by the formula:

A+(0.5*B)

K= A+B, Where

A - costs incurred at a time at the beginning of the production cycle;

B - other costs included in the cost of production.

With an uneven increase in costs by days of the production cycle, the coefficient is determined by the formula:

(Ce * E) + (C 2* T2)+( C3* T3)+...+(0,5* cp* T)

K= S*T,Where

Se-one-time costs of the first day of the production cycle;

C2, C3, ... - costs by days of the production cycle;

T2, T3... - time from the moment of one-time operations to the end of the production cycle;

Cp - costs incurred evenly during the production cycle;

C - production cost of the product;

T is the duration of the production cycle.

Costs that increase evenly (Cp) are taken into account in the calculation of the average cost of the product in half, since they are at all stages of work in progress at the same time.

Norm for the article "Expenses of future periods" are calculated according to the formula:

H=Po+Pn-Rs, Where

Ro-sum of deferred expenses at the beginning of the planning period;

Pn - expenses incurred in the planning period according to the estimate;

Рс - expenses included in the cost of production of the planned period.

Finished products manufactured at the enterprise characterize the transition of working capital from the sphere of production to the sphere of circulation. This is the only standardized element of circulation funds.

Working capital ratio for finished products is determined by the formula:

H=R*D, Where

P - one-day release of marketable products at production cost;

D is the stock rate in days.

The rate of working capital for annual production is determined separately for finished products in the warehouse and for shipped goods, for which settlement documents are being processed.

The norm for finished products in a warehouse is determined by the time of picking and accumulating products to the required size, storing products in a warehouse until shipment, packaging and labeling products, delivering them to the station of departure and shipment.

The norm for goods shipped, for which the documents are not submitted to the bank, is determined by the established deadlines for issuing invoices and payment documents, submitting documents to the bank, and the time the amounts are credited to the company's accounts.

Thus, private standards are established for each element of the normalized working capital. Then, the total standard of working capital is determined, reflecting the general need of the enterprise for its own working capital in the planning period, by adding private standards.

Next, you need to compare the received total standard with the total standard of the previous period in order to determine how the company's need for its own working capital changes in the planning period.

The difference between the standards is the amount of increase or decrease in the standard of working capital, which is reflected in the financial plan of the enterprise.

2.2. Efficiency of working capital use.

In the system of measures aimed at improving the efficiency of the enterprise and strengthening its financial condition, an important place is occupied by the issues of rational use of working capital. The problem of improving the use of working capital has become even more urgent in the conditions of the formation of market relations. The interests of the enterprise require full responsibility for the results of its production and economic activities. Since the financial position of enterprises is directly dependent on the state of working capital and involves comparing costs with the results of economic activity and reimbursement of costs with their own funds, enterprises are interested in the rational organization of working capital - organizing their movement with the minimum possible amount to obtain the greatest economic effect.

The efficiency of the use of working capital is characterized by a system of economic indicators, primarily the turnover of working capital.

Under the turnover of working capital is understood the duration of one complete circulation of funds from the moment of the transformation of working capital in cash into inventories and until the release of finished products and its sale. The circulation of funds ends with the transfer of proceeds to the account of the enterprise.

The turnover of working capital is not the same at enterprises of both the same and different sectors of the economy, which depends on the organization of production and marketing of products, the allocation of working capital and other factors. So, in heavy engineering with a long production cycle, the time of turnover of funds is the greatest, working capital is turned around faster in the food and mining industries.

The turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of turnovers for a certain period - a year, half a year, a quarter (turnover ratio), the amount of working capital employed at the enterprise per unit of output (load factor).

The duration of one turnover of working capital in days (O) is calculated by the formula:

T

O=S:D, Where

C- balances of working capital (average or on a certain date);

T is the volume of marketable products;

D is the number of days in the period under review.

Reducing the duration of one turnover indicates an improvement in the use of working capital.

Number of turns for a certain period, or the turnover ratio of working capital (Ko), is calculated by the formula:

T

Ko = C.

The higher the turnover ratio under these conditions, the better the use of working capital.

Load factor of funds in circulation(Kz), the reciprocal of the turnover ratio, is determined by the formula:

WITH

Kz \u003d T.

In addition to these indicators, the indicator of return on working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the balance of working capital.

Indicators of the turnover of working capital can be calculated for all working capital involved in the turnover, and for individual elements.

The change in the turnover of funds is by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the turnover of working capital is its acceleration or deceleration.

With the acceleration of the turnover of working capital, material resources and sources of their formation are released from circulation, with a slowdown, additional funds are involved in the turnover.

The release of working capital due to the acceleration of their turnover can be:

C Absolute Release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review.

C Relative release working capital takes place in cases where the acceleration of their turnover occurs simultaneously with the growth of the production program of the enterprise, and the growth rate of production outpaces the growth rate of working capital balances.

The efficiency of the use of working capital depends on many factors that can be divided into external factors that have an impact regardless of the interests of the enterprise, and internal factors that the enterprise can and should actively influence. External factors include such as the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other factors determine the scope in which the enterprise can manipulate the internal factors of the rational movement of working capital.

At the present stage of economic development, the main external factors affecting the state and use of working capital include such as the non-payment crisis, high taxes, high bank loan rates.

The crisis in the sale of manufactured products and non-payments lead to a slowdown in the turnover of working capital. Consequently, it is necessary to produce those products that can be sold quickly and profitably, stopping or significantly reducing the output of products that are not in current demand. In this case, in addition to the acceleration of turnover, the growth of receivables in the assets of the enterprise is prevented.

At the current rate of inflation, it is advisable to direct the profit received by the enterprise primarily to replenish working capital. The rate of inflationary depreciation of working capital leads to an underestimation of the cost and their flow into profit, where there is a dispersion of working capital into taxes and non-production costs.

Significant reserves for increasing efficiency and using working capital lie directly in the enterprise itself. In the manufacturing sector, this applies primarily to inventories. Being one of the components of working capital, they play an important role in ensuring the continuity of the production process. At the same time, inventories represent that part of the means of production that is temporarily not involved in the production process.

Rational organization of inventories is an important condition for improving the efficiency of working capital. The main ways to reduce inventories are reduced to their rational use; liquidation of excess stocks of materials; improvement of regulation; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their implementation, optimal selection of suppliers, and streamlined transport. An important role belongs to improving the organization of warehouse management.

Reducing the time spent by working capital in work in progress is achieved by improving the organization of production, improving the equipment and technology used, improving the use of fixed assets, especially their active part, saving on all items of working capital.

The stay of working capital in the sphere of circulation does not contribute to the creation of a new product. Excessive diversion of them into the sphere of circulation is a negative phenomenon. The most important prerequisites for reducing investments in working capital in this area are the rational organization of the sale of finished products, the use of progressive forms of payment, the timely execution of documentation and the acceleration of its movement, compliance with contractual and payment discipline.

Accelerating the turnover of working capital allows you to release significant amounts and, thus, increase the volume of production without additional financial resources, and use the released funds in accordance with the needs of the enterprise.

2.3. Accelerating the turnover of working capital. turnover indicators.

The turnover of working capital is an important indicator of the effectiveness of their use. The criterion for evaluating the effectiveness of working capital management is the time factor: the longer working capital stays in the same form (cash or commodity), the lower the efficiency of their use, other things being equal, and vice versa. The turnover of working capital characterizes the intensity of their use.

The role of the turnover indicator is especially great for the sectors of the sphere of circulation: trade, catering, consumer services, intermediary activities, banking business and others.

One of the main indicators of turnover is the duration of one turnover of working capital, calculated in days according to the following formula:

S*T ,

Where S- the average amount of working capital; T- period of time; V- the volume of sales in this period.

Turnover in days allows you to judge how long working capital goes through all the stages of circulation at a given enterprise. The higher the turnover in days, the less money the company needs, the more economically financial resources are used. With a very high turnover, the risk of non-payments and failures in the supply of raw materials, materials, components increases.

Turnover is also measured by the number of turnovers made by working capital for a certain period of time:

Sales volume for a period of time

Average amount of working capital for the same period

Comparison of turnover ratios in dynamics by years reveals trends in the efficiency of the use of working capital. If the number of turnovers made by working capital increases or remains stable, then the enterprise works rhythmically and rationally uses working capital. The decrease in the number of turnovers made in the period under review indicates a decrease in the pace of development of the enterprise and its unfavorable financial condition.

Acceleration of working capital turnover promotes them absolute And relative release from circulation. Under absolute release means a decrease in the amount of working capital in the current year compared to the previous year with an increase in sales volumes. Relative A release occurs when the rate of growth in sales outpaces the rate of growth in working capital. In this case, a smaller amount of working capital provides a larger amount of sales. Due to the growth of the total solvent turnover with high inflation, there can be no absolute release of working capital, therefore, special attention is paid to the analysis and creation of conditions for the relative release of resources.

Important for the enterprise is also the indicator of the availability of own working capital, which is calculated as the ratio of the amount of working capital to the total amount of working capital. The Ministry of Finance of the Russian Federation has set the minimum value of this indicator at the level of 10%. It should be noted, however, that the specified standard for the minimum provision of an enterprise with its own working capital is not differentiated by areas of activity, and in fact what is normal for trade, etc., is often completely unacceptable for industry. Therefore, when analyzing indicators, it is advisable to take into account the situation in the industry to which the enterprise belongs.

2.4. Impact of working capital managementto the end results.

The efficiency of managing the working capital of an enterprise has a great influence on the results of its financial and economic activities.

On the one hand, it is necessary to more rationally use the available working resources - we are talking primarily about optimizing inventories, reducing work in progress, and improving the forms of payment.

On the other hand, at present, enterprises have the opportunity to choose different options for writing off costs to cost, determining revenue from the sale of products (works, services) for tax purposes.

For example, depending on the conjuncture of supply and demand, forecasting sales volumes, enterprises may be interested in intensive write-off of costs or in their more even distribution over a period. To do this, it is important to choose from the list of options the one that will meet your goals. It is necessary to trace the impact of the decisions made on the cost, profit and taxes.

A significant part of these alternative opportunities relates to the field of working capital management of the enterprise. Let's consider some examples of the impact of decisions made on the final financial results (profit, loss).

For low-value and fast-wearing items (IBE), there is currently a limit on the cost of their inclusion in working capital - 100 minimum wages per month. The head of the enterprise has the right to set a lower limit on the cost of the IBE, which will lead to a decrease in costs attributable to the cost in this period as a result of less write-off of depreciation.

In addition, different methods of calculating the depreciation of the IBP are possible:

accrual of 100% depreciation immediately upon transfer to operation, which will increase the costs of the current period;

accrual of 50% depreciation upon transfer of the MBP to operation and 50% depreciation (minus returnable materials at the price of possible use) - upon disposal. IBEs worth 1/20 of the established limit are written off to cost regardless of the chosen depreciation method.

Inventories are the least liquid item among items of current assets. It takes time to turn this article into cash, not only to find a buyer, but also to receive payment for the products from him later.

The analysis of this article is of great importance for effective financial management. Stocks can make up a significant share not only in the composition of current assets, but also in general in the assets of the enterprise. This may indicate that enterprises are experiencing difficulties with the sale of their products, which in turn may be due to low product quality, violation of production technology and the choice of inefficient sales methods, insufficient study of market demand and conjuncture. Violation of the optimal level of inventories leads to losses in the company's activities, since it increases the cost of storing these inventories, diverts liquid funds from circulation, increases the risk of depreciation of these goods and a decrease in their consumer qualities, leads to the loss of customers if this is caused by a violation of any or product characteristics. In this regard, the definition and maintenance of the optimal amount of reserves is an important section of the financial work.

Inventories are reflected in the financial statements in accordance with the rule of the lowest of two estimates - at cost or market price. According to generally accepted standards, the basis for estimating inventories is the cost, which refers to the costs of their acquisition. These costs are not constant and change as a result of price fluctuations for these goods, and therefore the same type of product may have a different cost depending on the period of its purchase. With a large amount of inventory, it is difficult to determine the actual cost of goods already in processing and goods still in stock. To solve this problem, accounting uses the assumption that the sequence of receipt of stocks for processing is treated not as a flow of physical units of goods, but as a movement of their cost (flow of cost). In accordance with this, the following methods of inventory valuation are used: at the cost of each unit of purchased goods (specific identification method); by average cost, in particular by weighted average cost and moving average cost; at the cost of the first purchases (in time) FIFO (first-in-first-out - FIFO); at the cost of the latest LIFO purchases (last-in-first-out - LIFO).

The valuation method based on the determination of the cost of each unit of purchased stocks is the accounting for their movement at the actual cost. This method requires physical identification of all inventory purchases made, which is quite difficult to do in a large-scale production environment. In this regard, this method, despite its accuracy, can only be used by those firms that either fulfill special orders for the production of any product. or make transactions with relatively small losses of expensive goods (jewelry and cars, some types of furniture).

Inventory valuation using the FIFO method is based on the assumption that inventories are used in the same sequence in which they are purchased by the enterprise, that is, the inventories that are first put into production should be valued at the cost of purchases first in time.

The order of valuation does not depend on the actual sequence of expenditure of materials. When calculating, the following formula is used:

where - the cost of materials used, - the balance of materials at the beginning of the period, - the cost of materials received for the entire period, - the balance of material at the end of the period.

The remaining materials at the end of the period are valued at the price of the last purchase:

where is the quantity of materials at the end of the reporting period in real terms, is the price of the last purchase.

The LIFO method provides a more accurate estimate of cost of goods sold and net income from sales, but distorts the cost of inventory at the end of the period. But unlike the FIFO method, the LIFO method provides for linking current income and expenses (the matching principle) and allows you to smooth out the impact of inflation. When prices rise, the profit reflected by the enterprise in the financial statements decreases.

All of the above methods for estimating inventories comply with international accounting and reporting standards.

Chapter 3. Analysis of the financial condition of the enterprise.

3.1. Brief description of the enterprise.

The Association of Nuclear Geophysics of Russia was organized in 1990 (at the time of formation - AGN of the USSR).

AGN was the first association among professional associations of geologists and geophysicists engaged in prospecting, exploration, development and control over the exploitation of ore and hydrocarbon minerals using analytical and borehole methods of nuclear geophysics:

The initiators of the creation and the first members of the Association of Nuclear Geophysics were academicians: the heroes of the Soviet Union Flerov G.N., Mostovoy V.I., member. corr. Karus E.V., prominent scientists - Bespalov D.F., Miller V.V., Blumentsev A.M., Baranovskaya A.V., Grumbkov A.P., Kozhevnikov D.A., Polyachenko A. L., Martyanov I.A., Baikov D.G., Yakubson K.I., Gorbatyuk O.V., Khaikovich I.M., and others.

The first President of the Association was the director of VNIIGeosystems Professor O.L. Kuznetsov, who is elected as the President of the AGN for the fourth time.

For 10 years, the relevance of the existence of AGN has not been lost, and even, on the contrary, in our very difficult time, it has acquired more definite contours of its activity, when professional association and comprehensive support of specialists working both in scientific and industrial organizations involved in nuclear geophysics are required.

On September 9, 1998, the regular IV reporting and election conference of the Association of Nuclear Geophysics was held in Moscow, at which the report of the Executive Directorate on its activities was heard, the Board of the Association was elected and the main directions of work for 1999-2000 were determined.

from 1997 to 2000 As part of the work performed by the association, the following was done:

• articles dedicated to the memory of D.F. Bespalov, one of the first creators of pulsed neutron logging equipment;
• took part in the organization of the International Conference "Nuclear Geophysics-97" (Poland, Krakow), based on the materials of the conference, reports of the conference participants from Russia were prepared and published on the pages of the journal "Geoinformatics", and a collection of proceedings of the conference was published in English in Poland ;
• took part in the organization of the International Conference SPWLA "Moscow-98", within the framework of the conference, an evening of meeting of the participants of the conference was held, dedicated to the memory of outstanding Russian pioneer scientists of nuclear geophysics;
• charitable and patronage assistance was provided to members of the AGN, etc.

The Conference approved the work of the Board and the Directorate of the AGN and determined the following main directions of the Association's activities for the next period:

~ information service for members of the Association;

~ popularization of new methodological, instrumental and technological projects in nuclear and complex geophysics;

~ organization of thematic conferences with wide involvement of specialists from the CIS countries;

~ development of publishing activity: issue of thematic works, proceedings of conferences, abstracts of reports, etc.;

~ promotion of promising Russian developments and technologies in nuclear geophysics in the Russian and foreign markets of geophysical services;

~ support for work on radiation safety and when using sources of ionizing radiation, etc.

The goals and objectives of the AGN are:

n promoting the creation of favorable conditions for the creative and business activity of specialists working in the field of nuclear geophysics, increasing their social security;

n assistance in ensuring a high level of developments that meet world requirements, including the requirements of radiation safety and ecology, their rapid and effective application in the Russian Federation;

n promoting the accelerated development of nuclear geophysics;

n promoting the creation of competitive AGN products.

3.2. The financial condition of the enterprise.

Analysis of the financial condition of the Association of Nuclear Geophysics.

During the analyzed period, the balance sheet increased by 384,373.7 million rubles. or by 30.3% and amounts to 1,652,306 million rubles at the end of the year.

Balance sheet asset structure

(million rubles)

Balance sheet items	as of 01.01.97		as of 01.01.98		deviation (+,-)
	sum		sum		absolute.
Fixed assets
including fixed assets
Construction in progress
current assets
including Stocks
Accounts receivable
Cash
Losses
Currency

The structure of the balance sheet liability

(million rubles)

Balance sheet items	as of 01.01.97		as of 01.01.98		deviation (+,-)
	sum		sum		absolute.
Sources of own funds
including UK
Targeted funding and income
Borrowed funds
including bank loans
Accounts payable
including suppliers and contractors
Currency

The table shows that on the asset side, the increase in balance was due to an increase in work in progress by 406,352 million rubles. (4.5%). Current assets decreased significantly by 18,627 million rubles (3.9%), which affected the overall financial condition of the AGN. There is a decrease in the amount of fixed assets. Accounts receivable decreased by 13,539 million rubles. mainly through subsidiaries and affiliates. At the reporting date, the enterprise had uncovered losses of previous years in the amount of 449.2 million rubles.

On the liability side there was an increase mainly due to a sharp increase in accounts payable by 307,690 million rubles. (17.4). The debt to off-budget funds is 1,291.8 million rubles. and before the budget of 568.8 million rubles. The amount of borrowed funds for the year increased by 80,713 million rubles. During the year, there was a decrease in the share of “Own Funds” in financing. For 1997, the AGN had no profit.

Considering the structure of external sources of financing (targeted financing as a source of own funds), one can notice a drop in the share of advance payments and an increase in debt under items of settlements with creditors. This indicates a decrease in the financial reliability of the enterprise.

Indicators of financial stability

(million rubles.)

	The name of indicators	as of 01.01.97	as of 01.01.98
	Own funds
	The amount of the company's liabilities
	Amount of accounts receivable
	Enterprise property
	Ownership (independence) ratio
	Share of borrowed funds
	Debt to Equity Ratio
	The share of receivables in the value of property
	The share of own and long-term borrowed funds in the value of property

The value of the calculated indicators does not give grounds for a positive assessment of the financial condition of the enterprise.

No excess of liabilities over assets of the Company was found. The value of net assets as of January 1, 1998 is 645,521.9 million rubles.

Assessment of the balance sheet structure

	The name of indicators	as of 01.01.97	as of 01.01.98	norm
	Current liquidity ratio			not less than 2.0(1.5)
	Equity ratio			not less than 0.1
	Solvency recovery ratio			at least 1.0

The financial condition of the enterprise for the reporting period should be characterized as unstable, due to insufficient availability of working capital and cash to cover short-term liabilities. The ratio of accounts receivable and accounts payable shows that accounts payable is 3 times higher than accounts receivable.

Conclusion.

The rational use of working capital predetermines the development of the enterprise as a whole. The formation and use of working capital require careful analysis.

In a market economy, an enterprise should pay great attention not only to marketing research, market research, but also to the effective use of available internal resources. An important indicator of economic analysis is the cost. It largely depends on the methods of inventory management (FIFO and LIFO).

The company must first of all take care of making a profit, since profit is an important indicator of the company's position in the market. The amount of profit depends on the effective use of working capital (their turnover).

Thus, it should be noted that, along with fixed assets, working capital, their optimal amount and efficient use are of great importance for the successful operation of an enterprise.

When talking about fixed assets and working capital, the question of the effectiveness of their use and application necessarily arises.

Improving the efficiency of fixed assets is carried out due to the faster development of new capacities, increasing the shift work of machinery and equipment, improving the organization of the material and technical base, repair services, improving the skills of workers, technical re-equipment of enterprises, modernization and organizational and technical measures.

In the system of measures to improve the efficiency of social production, an important place is occupied by the issues of rational use of working capital in all spheres of human activity, especially in industry.

With the most economical use of working capital, with the freed up resources, it is necessary to strengthen the financial condition of enterprises and associations, to increase the material interest of workers and employees in raising the efficiency of industrial production.

Under the structure of working capital refers to the ratio between the elements in the total amount of working capital. It depends on the sectoral affiliation of the enterprise, the duration of the production cycle, the organizational type of production, and other factors (Fig. 1).

Figure 1 (current assets of the enterprise).

The ratio between the funds invested in the sphere of production and in the sphere of circulation is an important indicator of the structure of working capital. The structure of working capital provides for their material - material form by type.

Properly distributed amounts of working capital between these areas have an impact on the functioning of these areas, the speed of turnover between them, the full performance of production and payment and settlement functions.

Elements of working capital are:

raw materials, basic materials and purchased semi-finished products; auxiliary materials;

fuel and fuel;

container and container materials;

repair parts;

tools, household equipment and other wearing items;

work in progress and semi-finished products of own production;

Future expenses;

finished products;

goods shipped;

cash;

accounts receivable;

By place and role in the process of reproduction, working capital is divided into the following four groups:

funds invested in inventories;

funds invested in work in progress and deferred expenses;

funds invested in finished products;

cash and funds in settlements.

The structure of working capital is characterized by the proportion of individual elements in the total population and is usually expressed as a percentage.

To manage the structure of working capital, their various classifications are of great importance. For this purpose, the following classification features are distinguished:

By sources of formation and replenishment - for own (retained earnings), borrowed (short-term loans and borrowings) and attracted (current accounts payable).

The presence of such funds in the turnover of the enterprise is explained by the peculiarities of the organization of the production process. A constant minimum amount of funds to finance the needs of production is provided by own funds.

Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial calculation must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made.

Own means are funds fixed in the statutory fund, which are allocated by the participants (founders) for the formation of working capital in order to ensure the smooth functioning of their enterprise. The main sources of formation of own working capital are profit, on-farm financial resources and their redistribution.

Equated to own working capital are funds that do not belong to the enterprise, but according to the terms of the calculations are constantly in its circulation. These are the so-called stable liabilities. These include minimum wages, payroll surcharges, provision for future payments, accounts payable and other stable liabilities.

To reduce the overall need of the enterprise for working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds. This need arises under the influence of factors dependent and independent of the enterprise. Borrowed funds are working capital received from financial institutions in the prescribed manner in the form of loans and credits. Therefore, the second most important source of working capital formation is a bank loan.

Attracted working capital act as a source of financing only in connection with the existing peculiarities of settlements, when the delivery of goods is carried out before their payment or is due to a deferred payment. In addition, in the process of circulation, own funds can be partially replaced by funds advanced for wages, as temporarily free due to the one-time payment of wages.

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

According to the planning method - standardized and non-standardized;

Normalized - include the means of labor associated with the implementation of the technological process of production. For example, raw materials and materials that form the basis of the manufactured product.

Non-standardized working capital includes: cash, shipped goods and delivered works, all types of receivables, i.e. all those means that are not directly related to the production of products.

Rationing of working capital ensures the continuity of the production process and the efficiency of the use of enterprise resources.

In a normally operating enterprise, the largest share is occupied by working capital serving the production process and the beginning of the sale. Therefore, when planning, attention should be paid mainly to inventories, work in progress and finished goods in stock. This part of the material working capital should be the object of constant control by the financial services of the enterprise.

To plan the optimal need for working capital, three methods are used: analytical, coefficient and direct counting method. An enterprise can apply any of them, focusing on its work experience and taking into account the size of the enterprise, the volume of the production program, the nature of economic relations, the accounting and qualifications of economists.

According to the degree of liquidity, working capital is divided into: slow-moving current assets (inventory, work in progress and finished products); quickly liquid (accounts receivable, bills for products); the most liquid (money in bank accounts).

Thus, the classification of working capital by spheres of turnover essentially duplicates their division into working capital and circulation funds, and shows the optimal relationship between structural elements that ensure long-term production and effective financial activity of the enterprise.

Working capital of an enterprise is a set of funds of an enterprise intended for the formation of working capital and circulation funds. Working capital includes the funds necessary for the enterprise to create inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages, etc. There are composition and structure of working capital. Working capital, along with the main and labor force, are the most important element (factor) of production. Insufficient security of the enterprise with working capital paralyzes its activities and leads to a deterioration in the financial situation.
Under the composition of working capital understand the totality of the elements that form them. The division of working capital into working capital and circulation funds is determined by the peculiarities of their use and distribution in the areas of production and sales. The amount of working capital employed in production is determined mainly by the duration of production cycles for the manufacture of products, the level of development of technology, the perfection of technology and labor organization. The amount of circulation funds depends mainly on the conditions for the sale of products and the level of organization of the system of supply and marketing of products. The ratio between the individual elements of working capital, expressed as a percentage, is called the structure of working capital. The difference in the structures of working capital by industry is due to many factors, in particular, the peculiarities of the organization of the production process, the conditions of supply and marketing, the location of suppliers and consumers, the structure of production costs.
Consider the composition of the working capital of the enterprise using the scheme (Fig. 8.1):

Rice. 8.1. The composition of the working capital of the enterprise
Working capital is an obligatory element of the production process, the main part of the cost of production. The lower the consumption of raw materials, materials, fuel and energy per unit of output, the more economically the labor expended on their extraction and production is spent, the cheaper the product. The presence of an enterprise with sufficient working capital is a necessary prerequisite for its normal functioning in a market economy. The circulating production assets of industrial enterprises include a part of the means of production (production assets), the material elements of which, in the labor process, in contrast to the main production assets, are spent in each production cycle, and their value is transferred to the product of labor entirely and immediately. The material elements of circulating assets in the process of labor undergo changes in their natural form and physico-chemical properties. They lose their use value as they are consumed in production. New use-value arises in the form of products produced from them.
The working capital of an enterprise consists of three parts:

• productive reserves;
• work in progress and semi-finished products of own production;
• Future expenses.

Production stocks are raw materials, basic materials, purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, low-value and wearing items.
Work in progress and semi-finished products of own production - materials, parts, assemblies and products that are in the process of processing and assembly, as well as semi-finished products of own production, not fully completed by production in one workshop of the enterprise and subject to further processing in other workshops of the same enterprise.
The above-mentioned revolving funds in their "movement" are also associated with circulation funds. These include:

• finished products in warehouses;
• goods in transit - products shipped but not paid for;
• cash on the current account in the bank and cash desk of the enterprise;
• funds in settlements with consumers, in particular, receivables.

According to the sources of formation, OS are divided into own and borrowed.
Own current assets are funds that are constantly at the disposal of the enterprise and are formed at the expense of its own resources (profits, etc.). In the process of movement, own working capital can be replaced by funds that are, in fact, part of their own, advanced for wages, but temporarily free (due to the one-time payment of wages). These funds are called equivalent to own, or stable liabilities.
Borrowed working capital - bank loans, accounts payable (commercial credit), etc.
The process of developing economically justified values ​​of working capital necessary for the organization of the normal operation of the enterprise is called the normalization of working capital. Thus, the rationing of working capital consists in determining the amount of working capital necessary for the formation of constant minimum and at the same time sufficient stocks of material assets, irreducible balances of work in progress and other working capital. Rationing of working capital helps to identify internal reserves, reduce the duration of the production cycle, and more quickly sell finished products.
Normalized working capital includes funds held in inventories, work in progress, the balance of finished products in the warehouses of the enterprise. The remaining elements of working capital are called non-standardized.
The norms of working capital characterize the minimum stocks of inventory items at the enterprise and are calculated in days of stock, norms for the stock of parts, rubles per unit of account, etc.
The working capital ratio is the product of the working capital norm by the indicator, the norm of which is determined. Calculated in rubles.
Rationing of working capital (Nobs.) is the following amount:
Nob.s. = Inv.c. + Hn.pr. + Ng.p., [rub.]
where Nprz, - rationing of inventories; Nnpr. - regulation of work in progress; Ngp. - rationing stocks of finished products.
It is very important to know and analyze the structure of working capital at the enterprise, since it, to a certain extent, characterizes the financial condition of the enterprise at one time or another.
Under the structure of working capital refers to the ratio of their individual elements in the totality.
The structure of working capital at the enterprise is unstable and changes in dynamics under the influence of many reasons. Consider the approximate structure of working capital at a machine-building enterprise (Table 8.1).
Table 8.1
An excessive increase in the share of receivables, finished products in stock, work in progress indicates a deterioration in the financial condition of the enterprise.
Accounts receivable characterizes the diversion of funds from the turnover of the enterprise and their use by debtors, debtors in their turnover. An increase in the share of work in progress of finished products in the warehouse indicates the diversion of working capital from circulation, a decrease in the volume of sales and, consequently, profit. All this indicates that the enterprise needs to manage working capital in order to optimize their structure and increase their turnover. Every possible improvement in the use of working capital is one of the most important tasks of industrial enterprises. The better raw materials, fuel, auxiliary materials are used, the less they are used to produce a certain quantity of products, thereby creating the possibility of increasing the volume of industrial output.

Test

Calculation of the amount of release (additional investment) of working capital as a result of acceleration (deceleration) of their turnover

1. What is included in the concept of "revolving funds of the enterprise"?

B. Part of the means of production that participate in the production cycle once and fully transfer their value to the cost of manufactured products

C. Means of production that repeatedly participate in the production process and transfer their value to the cost of production

D. Tools of labor that repeatedly participate in the production cycle and transfer their value to the cost of finished products not immediately, but in parts, as they wear out

E. Objects of labor necessary for the manufacture of products

2. What material and material elements are included in the composition of the working capital of the enterprise?

A. Inventories of raw materials, materials, semi-finished products, purchased products, spare parts, fuel, work in progress, prepaid expenses

3. Which of the following applies to circulation funds?

B. Enterprise vehicles, industries

C. Finished products, products shipped, in transit, cash in shares, on a current account, at the cash desk, all types of debt

D. Profit

4. Which of the following is included in the working capital of the enterprise?

D. Workshop equipment, finished products in stock

E. Inventories, work in progress, prepaid expenses.

5. What indicator characterizes the material consumption of products?

A. The level of technical equipment of labor

B. Intensity of use of working capital

C. Average duration of one revolution

D. The amount of sales per 1 rub. production assets

6. What indicators characterize the effectiveness of the use of working capital?

A. Profit, profitability of production

B. Return on assets, capital intensity of products, capital-labor ratio

C. Turnover ratio, average duration of one turnover

D. Rate of return on working capital

7. The concept of "working capital of an enterprise" includes:

A. Basic and auxiliary materials, semi-finished products of own production, purchased semi-finished products, components

B. Part of the means of production that participate in the production cycle once and fully transfer their value to the cost of manufactured products

C. Means of production that repeatedly participate in the production process and gradually transfer their value to the cost of output

D. Tools of labor that repeatedly participate in the production cycle and transfer their value to the cost of manufactured products not immediately, but in parts, as they wear out.

8. The composition of the working capital of the enterprise includes material and material elements

A. Inventories, materials, semi-finished products, purchased products, spare parts, fuel, work in progress, prepaid expenses

B. Machine tools, units, fixtures, containers, racks

C. Finished products, cash on hand, on the company's current account

D. Profit of the enterprise, debt to suppliers

9. The circulation funds include:

A. Material resources of an enterprise, industry

B. Finished products in the warehouse of the enterprise, products shipped, on the way, cash and funds in pending settlements (cash at the box office, on a current account, in letters of credit, all types of debt)

C. Finished products shipped to consumers, cash in shares, on a current account, on hand

D. Vehicles of the enterprise, industrial buildings, structures

E. Profit

A. Stocks of materials, spare parts, fuel, finished products in stock

B. Revolving and circulation funds

C. Work in progress, finished goods in stock

D. Inventories, work in progress, prepaid expenses, circulation funds

E. Workshop equipment, finished products in stock