Loan funds. Funds raised

The funds of borrowed funds include: consumption funds - a monetary fund formed from net profit and used to meet the material and social needs of the enterprise's employees; dividend payments; revenue of the future periods; reserves for future expenses and payments.

10) In property insurance, the object of insurance is property interests related to the possession, use and disposal of property.

11) Money turnover- This is the process of continuous movement of banknotes in cash and non-cash form.

12) gold exchange - monometallism. Those. foreign currency is exchanged for gold.

1) 1. organization of exchange meetings for public public trading, including: organization of exchange trading; development of exchange trading rules; logistical support of tenders; attraction of qualified personnel;

2. development of exchange contracts, including: unification of requirements for the quality of exchange goods; standardization of the sizes of consignments of goods; development of uniform requirements for settlements on exchange transactions;

3. resolution of disputes on exchange transactions;

4. identification and regulation of exchange prices;

5. exchange insurance (hedging) of participants in exchange trading against unfavorable price fluctuations;

6. guaranteeing the execution of transactions through exchange-based clearing and settlement systems;

7. information support exchange activity;

8. control and regulation of the circulation of securities;

9. registration of the movement of property and distribution of property rights;

10. actual implementation of the interests of the state, institutional and private investors in the securities market. State regulation the activities of stock exchanges is one of the aspects of managing the economy as a whole, with the goal of creating a single exchange space. State regulation is implemented in the formation of a reliable legal framework and includes the licensing of both exchanges and organizations included in its infrastructure, as well as professional intermediaries of the exchange market.

Exchanges account for approximately 1/3 of all traded securities.

2) The tax period is the period during which the tax base is formed and the amount of the tax liability is determined.

3) Tax paid = 136600*0.2=27320.

4) The non-oil and gas deficit of the federal budget is the difference between the volume of federal budget revenues, excluding oil and gas revenues of the federal budget, and the total volume of federal budget expenditures in the corresponding financial year.

5) about 3 years.

6) State credit is a set of monetary relations between the state and individuals and legal entities associated with the mobilization by the state of temporarily free Money and use them to perform state functions. The money borrowed by the state is placed at the disposal of the state and has no designated purpose. Most often, they cover the budget deficit or are used for large capital investments. Interest and repayment on government loans comes at the expense of budgetary funds. State credit is inherent in: repayment, urgency and payment (maybe interest-free). Credit functions: Fiscal. It participates in the formation of a centralized monetary fund; Regulatory. The state affects the economy as a whole (money circulation, interest rates, employment, etc.).

7) Calculation methods:

1. Direct counting method: with a small assortment: P \u003d ∑ (C * V-C * V) \u003d ∑ (V`-V``), where C is the price, C is the cost price, V` is the volume at the price, V`` - volume at cost. Amount by various types products.

With a large assortment: P \u003d (O n + V-O k) ` - (O n + V-O k) ``. With one stroke - it means at a price. With two, at cost. O n - balances in the warehouse at the beginning of the year, O to - balances in the warehouse at the end of the year. B-released products.

2. Basic profitability method: R basic = 100 * P of the current year (actual + planned) / C full of the current period

R-profitability. P future (planned) \u003d R basic * C full. future *k1*k2…,

where k2 and k2 are correction coefficients.

9) In liability insurance, the object of insurance is property interests related to compensation by the insured for the harm caused by him to the person or property of an individual, as well as damage caused to a legal entity.

10) Money circulation is a process of continuous movement of money in cash. Only cash can be circulated.

12) The main instruments of the monetary policy of the Central Bank are:

· Setting the required bank reserve ratio (what part of their funds should commercial banks keep in the Central Bank to ensure the reserve);

regulation of the official discount rate (at what percentage the Central Bank gives loans to other banks);

open market operations (buying and selling government securities: bonds, treasury bills…)

foreign exchange interventions (purchase and sale by the Bank of Russia of foreign currency on the foreign exchange market to influence the ruble exchange rate and the total money supply)

1. Regulation is to coordinate the functioning various parts economy and is achieved through redistribution financial resources. This leads to a change in pace various areas. All spheres are involved in regulation financial system. Methods include: self-regulation and state. regulation. With self-regulation, the financial base is formed independently and used at its own discretion. State. regulation is used when solving the problems of society, a large capital construction, during a crisis. When the market mechanism is inappropriate to use.

2. All changes in the economy are due to changes in the money supply. Taxes should not be considered a regulatory tool.

3. Rate - 26%. Tax base=15000. Then the tax itself \u003d 15000 * 0.26 \u003d 3900 rubles.

4. The structure of the budget is formed by 3 blocks:

2. Costs

3. Sources of financing budget deficits.

5.B) no more than 10%

Refinancing of public debt is the repayment of old debt by issuing a new loan.

7. In 1998, a reform was carried out, which provides for the transition from a pay-as-you-go system to a mixed system (both pay-as-you-go and funded). In this regard, personalized accounting was introduced. Personalized accounting involves the creation of a database, for each working person an individual personal account with an individual insurance number is opened.

Principles of personalized accounting:

Unity of state pension insurance

· Universality and mandatory payment of insurance premiums.

· Accounting for the whole process labor activity insured person

· Compliance of information on assessed contributions with the amounts actually transferred.

8. Methods of non-linear depreciation:

1. The method of decreasing balance - depreciation is carried out on the basis of the residual value of fixed assets at the beginning of the depreciation period and the depreciation rate.

2. By the sum of the numbers of years of the term beneficial use- the amount of depreciation deductions is determined based on the initial cost of the object and the depreciation rate.

The numerator is the number of years remaining until the end of the term, and the denominator is the sum of the numbers of years of useful life.

3. In proportion to the volume of production - depreciation is charged based on the natural indicator of the volume of production in the reporting period and the ratio of the initial cost and the estimated amount of work for the entire period of use.

10. Reinsurance is the insurance of an insurer when an insurer transfers part of its liability to another insurer in order to ensure financial stability.

11. Means of payment. It manifests itself in settlements with financial authorities in the payment of taxes, debts, loans. It can be carried out in both national and foreign currencies. Form of payment: cash and non-cash money.

Test #27

1) Ministry of Finance of the Russian Federation, Federal Treasury of the Russian Federation (subdivision of the Ministry of Finance of the Russian Federation), federal Service insurance supervision (also MinFin), Federal customs Service, Extrabudgetary funds, Federal tax office(MinFin), Department of Tax Revenues (subdivision of the Ministry of Internal Affairs of the Russian Federation), Accounts Chamber, Federal Service for Financial and Budgetary Supervision (MinFin), Federal Service for Financial Monitoring, federal agency for the management of the state property (Ministry of Economic Development), Federal Tariff Service, Federal Financial Markets Service, Federal Agency for State. reserves (subdivision of the Ministry of Economic Development).

2) UST - unified social tax. This is a repealed federal tax in Russian Federation, credited to the Federal budget and state off-budget funds (Pension Fund of the Russian Federation, Fund social insurance of the Russian Federation and the compulsory medical insurance funds of the Russian Federation) and intended to raise funds for the realization of the right of citizens to state pension and social security and medical care. Since January 1, 2010, the unified social tax has been abolished; instead, former tax payers pay insurance premiums in the PFR, FSS, federal and territorial MHIFs in accordance with Law No. 212-FZ of July 24, 2009.

3) 450 thousand rubles Tax rate = 2.2%. The average annual value of taxable property for the 1st quarter: (A1 + A2 + A3 + A4) / 4 = A1 = 450 thousand rubles. Then the advance tax payment = ¼ * 450 * 0.022 = 2.475 thousand rubles. Answer: b

4) tasks before budget process: identification of all reserves; distribution of income and expenses; coordinating the budget with the program for stabilizing the economy and finances; deficit management; control over financial activities; automation of the budgeting process.

5) Regulating budget revenues: grants and subventions from the higher budget, subsidies from the financial support fund of the subjects of the federation, as well as transfers. - all these funds are means of budgetary regulation. They account for 20-40% of the higher budget.

6) Restructuring (“re”-repeat) is the termination of the debt obligations constituting the debt, based on an agreement, with the replacement of these debt obligations with other debt obligations, providing for other conditions for servicing and repaying the debt. Those. is changing structure.

7) Non-commercial activities - organizations that do not have the main goal of making a profit and do not distribute the profits among the participants. Funding sources - paid and free services - national resources, revenue from core activities, subsidies, revenue from renting premises, bank loans, voluntary contributions. Financing options: 1. Estimated - ie. basic services are free, budgeted (income and expenses/expenses) 2. Self-financing and self-supporting – ie. costs are fully covered by the sale of services. 3. A combination of the first two.

8) answer: a

9) The risk of loss or shortfall in profit - insurance against loss of profit due to a violation of the production process.

10) Money - economic category, with the participation of which economic relations are built related to the distribution of the product, the determination of the price, the exchange for the goods and which contribute to the conservation of value and are a universal equivalent.

11) answer: a. Yes, they have been used.

12) I would answer: a- administrative. But not sure.

Test #28

1) Financial policy - the activities of the state for the purposeful use of finance. Tasks financial policy: creation of conditions for the formation of financial resources, rational distribution and efficient use of resources, choice of methods, mechanisms for regulating socio-economic processes.

2) The optimality of taxation as a principle is the scientific validity of the composition of taxes and the magnitude of rates.

4) Government Reserve Fund and supreme bodies executive power- no more than 3% of the costs.

The President's Reserve Fund - no more than 1% of approved expenditures.

5) Treasury - a family of bodies included in Federal Treasury Ministry of Finance and territorial bodies. Tasks: work on execution and control over the execution of the budget, collection and analysis of information on the state of finances and forecasting, together with the Central Bank, servicing internal and external public debt. Execution is carried out according to the budget list - an operational quarterly plan for the distribution of income and expenses according to extra-budgetary classification. The budget list provides the dates of receipt and direction of funds. It is envisaged that all incoming funds will be credited to a single account - the budget (the principle of unity of the cash desk).

6) Domestic public debt - debt obligations of the state in the national currency.

7) insurance and accumulative. (from 1.01.2010)

8) Profit calculation methods:

Direct account (with a small and large assortment)

According to basic profitability

11) Payment turnover - the process of continuous movement of all means of payment existing in the country.

Test #29

1) FinSist
FinPredpr / GosFin/ Fear
FinComPr, FinNecomPr, FinSocietyOrg / State Budget, GosKred, VnebudzhFunds / Personal Str, Property Str, Social Str, Str Prof Responsibility, Str Entrepreneur Risks

2) Tax - a mandatory individual gratuitous payment collected from organizations and individuals in the form of alienation of their property, on the right of economic management, property or operational management funds for the purpose financial support activities of state-va or municipalities.

4) Based on economic opportunities and norms, which are established on the basis of an analysis of consumption or experience of previous years. Norms of 2 types: based on in-kind purchases, individual payments.

8) Circulating capital makes a circuit between its two stages: circulating production assets and financial circulation.

9) Insurance tariff rate - the price of insurance risk, payment per unit of the sum insured (100 monetary units or %).

10) money accumulates.

12) Monetary policy - a set of measures for the economic regulation of money circulation and credit by influencing investment activity, inflation and various macroeconomic processes. D-k p is carried out by the Central Bank on behalf of the state.

Test #30

1) Professional stock market participants: broker, (dealer, manager, clearing, depository...)

4) Fixed income budget system- these are incomes that, in accordance with the law, in full or in a firmly fixed share (as a percentage) on a permanent or long-term basis (at least five years) go to the relevant budget. Fixed income: taxes received by the budget, as well as income from the privatization of state and municipal property.

5) The consolidated budget is a set of budgets for the whole of the Russian Federation or a separate territory, without the budgets of extra-budgetary funds and interbudgetary transfers. The consolidated budget combines the federal and territorial budgets (subjects of the Russian Federation). It is not subject to approval (does not have the force of law), is used for calculations and analysis.

6) Principal public debt - the amount of debt, the maturity of which has not come.

8) The authorized capital is included in the equity fund - organizational legal form. If the organization is a JSC, then the UK reflects the amount of issued shares. The Criminal Code may be changed based on the results of the year after changes are made to the constituent documents.

Minimum value determined by law depending on the type of organization:

OJSC - 1000 * minimum wage; CJSC - 100 * minimum wage; state enterprises - 1000 * minimum wage; enterprise with the participation of foreign invest. - 1000 * minimum wage; the rest - 100 * minimum wage.

The value of the UK reflects the minimum amount of property that guarantees the interests of creditors.

An increase in the authorized capital by issuing new shares (for JSCs) or by increasing the par value of already issued shares. Decreasing the charter capital by buying back shares or reducing the par value.

9) The composition of circulating production assets: objects of labor, part of the means of labor.

10) Sum insured - the amount of money for which property, life, health are actually insured.

Insurance indemnity is the amount in which the damage is assessed and which is due for payment.

11) SDR - an artificial collective monetary unit, the rate of which is determined on the basis of the weighted average rate special set currencies. US dollar - 41.9%, Euro - 37.4%, Yen - 9.4%, Pound sterl. - 11.3%.

1.1 The concept and essence of the enterprise's monetary funds, their formation and use

Enterprise Finance- set economic relations arising in connection with the formation, distribution and use of funds in the process of production and economic activity enterprises of all forms of ownership. They are the starting point of the entire financial system, because they function directly in the sphere material production where sources of financial resources, total social product and national income are created. The variety of monetary relations, the formation and use of a whole system of funds in the process of circulation of funds creates a complex set of relationships between an enterprise and suppliers - the acquisition material assets, services necessary for its activities; contractors - payment for construction and installation, repair and other works; with buyers - in the sale of goods and the provision of services; with the budget - for taxes, deductions, payments and appropriations; with the bank - for loans, storage of funds, execution of settlement operations; with workers and employees - on wages and other calculations.

The main sources of the organization in acquiring property and financing the production process are the funds of the owners, accumulated in the form authorized capital, other types of capital formed by the organization in the prescribed manner, as well as the profit left by the participants to expand production - the so-called own funds of the enterprise. Along with these funds, the enterprise uses funds borrowed from banks and other legal entities and individuals to finance its activities - these are borrowed funds.

For persons, participation in the authorized capital of an enterprise differs in economic terms from granting loans by the fact that participants in the activities of the organization are entitled, in particular, to remuneration for participation - in the form of a certain share of the earned profit remaining with the organization after settlements with the budget. The amount of this share of income depends on the amount of net profit.

The most important aspect of the financial activity of enterprises is the formation and use of various monetary funds. Through them, economic activity is provided with the necessary funds, as well as expanded reproduction; financing of scientific and technological progress; development and implementation new technology; economic incentives; settlements with the budget, banks.

Cash enterprise funds can be divided into 4 groups:

1. Own funds:

Authorized capital;

Extra capital;

Reserve capital;

Investment fund;

Monetary Fund;

2. Funds of attracted funds:

consumption fund;

Dividend calculations;

Revenue of the future periods;

Reserves for future expenses and payments.

3. Funds borrowed money:

Bank loans;

Factoring;

4. Operational cash funds:

For payment wages;

To pay dividends;

For payment to the budget;

The first group of cash funds of the enterprise is the funds of own funds. They play a decisive role in its activities, as the requirements for their volume and organization are quite unambiguous.

Equity is the difference between the assets and liabilities of an enterprise. The capital of any enterprise has at least two features. Firstly, it always acts as a source of assets of an economic unit, and, therefore, is intangible (it cannot be touched by hands). Secondly, capital is by no means synonymous with the concept
“own funds”, it includes only those own funds that change their form (from cash to material and vice versa), and are not spent by the enterprise irrevocably.

Authorized capital- this is the amount of contributions initially invested by the owners in the property of the enterprise to ensure its statutory activities. Its size is always clearly defined in founding documents enterprises. The authorized capital is the basis of all activities of any enterprise, it is of great economic importance.

Reserve capital is the insurance capital of the enterprise, intended to compensate for losses from economic activities, as well as to pay income to investors and creditors in case there is not enough profit for these purposes. Reserve capital funds act as a guarantee of the uninterrupted operation of the enterprise and the observance of the interests of third parties.
The presence of such a source betrays the latter's confidence in the repayment of the company's obligations.

Unlike reserve capital, the concept of additional capital is not defined by civil law. The concept of additional capital is revealed normative documents on accounting. Additional capital is one of the sources of the organization's own funds. It is formed in the course of the economic activity of the enterprise as a result of an increase in the value of the enterprise's assets, as well as as a result of the addition of property received free of charge to the assets industrial purpose. Additional capital includes revaluation capital, share premium, accumulation capital. Revaluation capital - an increase in the value of property as a result of revaluation of fixed assets and construction in progress of the organization, carried out by government decisions. Share premium is the money and property received in the amount of the increase in their value over the value of the transferred shares. Accumulation capital - the increase in assets as a result of the investment activity of the organization, financed from profits.

The investment fund is intended for the development of production. It concentrates:

1) A sinking fund intended for the simple production of fixed assets;

2) The accumulation fund, formed at the expense of deductions from profits and intended for the development of production. This part of income is used to increase production and non-production fixed assets, as well as to create insurance stocks and reserves.

3) Borrowed and borrowed sources.

The role of this fund is obvious. The truth in this case is this: the enterprise must be able and obliged to ensure growth at the expense of its own profits and other sources. working capital and financing of capital investments. This should always be taken into account by the enterprise when distributing net profit and deciding how much of it should be directed to the payment of dividends and to the development of production.

The Monetary Fund is formed at enterprises that receive foreign exchange earnings from export operations and for import operations. This fund does not have an independent target value. It stands out insofar as currency transactions have their own characteristics. For these purposes, the enterprise opens foreign currency accounts in commercial banks licensed by the Central Bank to conduct foreign exchange transactions.

The second group of monetary funds is the funds of borrowed funds. They are of a dual nature. On the one hand, these funds are in the turnover of the enterprise, and on the other hand, they belong to its employees (dividends and consumption fund). Their duality is confirmed by the fact that, firstly, in the balance sheet of the enterprise they are in the fifth section of the liability, that is, among short-term liabilities, and secondly, in some calculations they are excluded from the obligations of the enterprise.

The consumption fund is a monetary fund formed from the net profit of an enterprise, which is a set of direct and indirect payments to employees of an enterprise, regardless of their organizational and legal form of ownership. According to Professor M.G. Lapusta, the consumption fund is intended to pay dividends, in some cases to pay fines, penalties, for violations due to the fault of the enterprise. The author allocates the calculation of remuneration of employees in a separate operational fund. And according to S.V. Ryzhikova, V.G.
Zolotogorova and V.S. Ryzhikov, the wage fund is part of the consumption fund.

The third group of enterprise cash funds is debt funds. In conditions market economy No company can do without borrowed funds. The variety of funds makes it possible to use them in various situations. Borrowed funds in normal economic conditions contribute to increasing the efficiency of production.
Borrowed funds - part of the working capital received by the enterprise in the form of a short-term bank loan. Their presence is due to the fact that own funds cover only the minimum need of the enterprise necessary for the normal implementation of its activities.
Additional demand arising from overfulfillment of the production plan, delay in dispatch finished products, uneven production or supply of raw materials, is temporary and can be covered by short-term bank loans. A loan is a loan in cash or natural form provided by one legal or individual- to the lender, to another person - to the borrower.

Leasing is also referred to as borrowed funds. Leasing - the use by a legal or natural person of means of labor that do not belong to him instead of acquiring them in his own property; a form of lending for durable goods.

Factoring is a type of intermediary activity in which an intermediary firm (factoring company) for a certain fee receives from the enterprise the right to collect and credit to its account the amounts of money due to it from buyers (the right to collect receivables). At the same time, the intermediary lends to the client's working capital and assumes its credit and currency risks.

Operational cash funds of the enterprise, which form the fourth group of cash funds, are created by it periodically. These cash funds can be created in all enterprises. These include the wage fund, the fund for payments to the budget, the fund for the development of new technology, deductions from a higher organization.

Pavlova L.N. allocates another fund - the compensation fund, which provides coverage for the costs of simple reproduction and depreciation. This includes rent and depreciation. From the professor's point of view
Lapusty M.G., the compensation fund is part of the investment fund.

Thus, despite the contradictions of opinions, all authors and economists single out the main funds of funds: authorized, additional, reserve capital, consumption and accumulation funds, borrowed funds. And enterprises in the course of their activities can create other monetary funds to finance various operations.

An important aspect of the financial activity of the company is the formation and use of various monetary funds in the process of carrying out production and economic activities. With their help, economic activity is provided with the necessary funds, as well as expanded reproduction; financing of scientific and technological progress; development and implementation of new technology; economic, stimulation; settlements with the budget, banks.
The funds generated by enterprises can be divided into three groups:

own funds;

Funds of attracted funds;

Loan funds.

When organizing an enterprise, it must have an authorized capital, at the expense of which fixed assets and working capital are formed.

1. Authorized capital- the main source of own funds of the enterprise. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and of a state and municipal enterprise - the amount of the authorized fund. The authorized capital of an enterprise determines the minimum amount of its property that guarantees the interests of its creditors. Its minimum size is determined in accordance with the statutory minimum wage in the country.

2. Extra capital accumulates cash from the revaluation of fixed assets, share premium, budget allocations, etc.

3. Reserve capital formed by deductions from profits in the amount determined by the charter.

4. Investment fund intended for the development of production. The investment fund is a source of increasing the authorized capital of the enterprise, since investments in the development of production increase the property of the enterprise.

5.Monetary Fund is formed at enterprises that receive foreign exchange earnings from export operations and buy foreign currency for import operations.

Funds of borrowed funds include: consumption fund, dividend payments, deferred income, reserves for future expenses and payments. These are miscellaneous funds. On the one hand, these funds are in the turnover of the enterprise, and on the other hand, they belong to its employees (dividends and consumption fund). The consumption fund is a cash fund formed from the net profit of the firm. It is intended primarily for the satisfaction material needs employees of the company, for the payment of dividends (in joint-stock companies), to pay in some cases fines, penalties for violations due to the fault of the company.

Debt funds are bank loans, commercial loans, factoring, leasing and other borrowed funds. In a market economy, no enterprise can do without borrowed funds. The variety of funds makes it possible to use them in various situations.

Management of the financial flows of the enterprise

Cash flow- this is the receipt (positive cash flow) and expenditure (negative cash flow) of funds in the process of carrying out the economic activity of the enterprise.

Rationally organized cash flow is a sign of the financial health of the enterprise. Efficient Management flows provides financial balance, the rhythm of production, reducing the need for borrowed capital, accelerating turnover, normal solvency and additional profit.

Classification cash flows

The cash turnover of an enterprise consists of the cash flow as a result of various business operations that make up current(operating room) investment and financial activity.

Current activity associated with the production and sale of products and provides the main cash flow.

Investment activities includes receipts and use of cash associated with the purchase and sale of long-term assets, capital investments and investment income.

Financial activities - these are short-term financing operations, loans and borrowings, sale and redemption of shares, bonded loans and their redemption, foreign exchange obligations, payment of bills, etc. Cash flows generated by current activities can be partially directed to investment or financial. It also happens the other way around when Current activity supported by financial and investment.

The purpose of cash flow analysis is:

the first is to identify the causes of the shortage (surplus) of funds and

the second is to determine the sources of their receipt and directions of use.

The main document for studying cash flows is the "statement of cash flows".

A shortage of funds indicates a decrease in liquidity and a loss of solvency of the organization, an excess indicates an irrational spending of funds and a shortfall in profit due to a slowdown in their turnover.

The goal of cash flow optimization is to ensure the financial balance of the enterprise and maintain its solvency as in short term, as well as in the long term.

Cash flow optimization involves:

Ensuring the balance of payment flows and receipts in terms of volume;

Ensuring the balance of cash flows over time;

Ensuring net cash flow growth.

Balancing the flow of payments and receipts in terms of volume with a scarce cash flow (when payments exceed receipts) is achieved through the use of the "System of Accelerating - Slowing down the Payment Turnover". The essence of this system is to develop organizational measures to accelerate the attraction of funds and slow down payments.

imbalance cash flow in time may create a serious threat of bankruptcy for the enterprise, even if high level CHDP. Therefore, when optimizing cash flows over time, 2 main methods are used:

Alignment of their volumes at certain time intervals;

Synchronization of positive and negative flows.

The growth of net cash flow can be achieved through the implementation of the following measures:

Cost reduction;

efficient pricing policy;

Application of the accelerated depreciation method;

Sales of unused equipment and excess inventory;

Timely collection of debts, fines.

The results of cash flow optimization are reflected in the system of financial planning and forecasting.

Profitability indicators and the procedure for their determination: profitability of products, profitability of sales, profitability of assets, profitability of current assets, return on equity.

Profitability- This relative indicator, which determines the level of profitability of the business. Profitability indicators characterize the efficiency of the enterprise as a whole, the profitability of various activities (production, business, investment), cost recovery, etc. They reflect the final results of management more fully than profit, because their value shows the ratio of the effect to the cash or resources used. They are used to evaluate the activities of the enterprise and as a tool in investment policy and pricing.

1. Return on assets- the ratio of net profit to assets:

Net profit / Amount of assets.

The coefficient shows how many rubles of net profit received per ruble of assets. If the return on assets is less than the interest rate for long-term loans, then the company cannot be considered safe.

2. Return on current assets- the ratio of net profit to the value of current assets:

Net income / Current assets.

The coefficient shows how many rubles of net profit received per ruble of current assets - working capital.

3. Return on long-term assets- the ratio of net profit to long-term assets: Net profit / Long-term assets.

The ratio shows how many rubles of net profit received per ruble of long-term - non-current assets.

The third group of coefficients characterizes the degree of profitability of funds invested in the enterprise.

1. Return on total investment- the ratio of profit before taxes and the amount of interest paid on long-term liabilities to total investments - long-term liabilities and equity:

(Earnings before taxes + Interest paid) : (Long-term liabilities + Equity).

This coefficient shows how efficiently the invested funds were used, what income the enterprise receives per ruble of invested funds.

2. Return on equity- the ratio of net profit to equity:

Net income / Equity.

This ratio shows how effectively equity. It is especially important for shareholders, as it can influence share prices on the stock exchange.

Profitability of sales

Profitability of sales - profitability ratio, which shows the share of profit in each earned ruble. Usually calculated as the ratio of net income (profit after tax) for certain period to cash-denominated sales for the same period.

Return on Sales = ( net profit/ volume of sales)

loan funds:

– bank loans, – commercial loans, – factoring, – leasing, – lenders, – others.

raised funds:

- consumption funds, - settlements on dividends, - deferred income, - reserves for future expenses and payments

operating funds:

- for payment of salaries, - for payment of dividends, - for payments to the budget, - others.

Leveraged Funds. In a market economy, no enterprise can do without borrowed funds. The variety of funds makes it possible to use them in various situations. Borrowed funds in normal economic conditions contribute to increasing the efficiency of production.

Borrowed funds- part of the working capital received by the enterprise in

short-term bank loan. Their presence is due to the fact that own funds cover only the minimum need of the enterprise necessary for the normal implementation of its activities.

Additional need arising from overfulfillment of the plan

production, delay in sending finished products, uneven production or supply of raw materials, is temporary and can be covered by short-term bank loans. Credit - a loan in cash or in kind, provided by one legal or natural person - the creditor, another person - the borrower.

Leasing is also referred to as borrowed funds. Leasing–

the use by a legal or natural person of means of labor that do not belong to him instead of acquiring them in his own property; a form of lending for durable goods.

Factoring is a type of mediation

which the intermediary firm (factoring company) for a certain fee receives from the enterprise the right to collect and credit to its account the amounts of money due to it from buyers (the right to collect receivables). At the same time, the intermediary lends to the client's working capital and assumes its credit and currency risks.

Funds raised.

They have a dual character. On the one hand, these funds are

turnover of the enterprise, and on the other hand, they belong to its employees (dividends and consumption fund). Their duality is confirmed by the fact that, firstly, in the balance sheet of the enterprise they are in the fifth section of the liability, that is, among short-term liabilities, and secondly, in some calculations they are excluded from the obligations of the enterprise.

Consumption fund - a monetary fund formed from the net profit of an enterprise, which is a set of direct and indirect payments to employees of an enterprise, regardless of their organizational and legal form of ownership

Operational funds of the enterprise, created periodically. These cash funds can be created in all enterprises. These include the wage fund, the fund for payments to the budget, the fund for the development of new technology, deductions from a higher organization. Pavlova L.N. allocates another fund - the compensation fund, which provides coverage for the costs of simple reproduction and depreciation. This includes rent and depreciation. From the point of view of Professor Lapusta M.G., the compensation fund is part of the investment fund.

Borrowed capital is the provision of funds by creditors on the terms of urgency, repayment and payment. This is a conventional credit relationship between a borrower and a lender.

Granting a loan to an enterprise involves additional costs for the borrower to repay it and pay interest, as well as lowering taxable profits by including the amount of interest on the loan in production and circulation costs (within the discount rate of the NBU).

Debt financing is divided into two types:

Loan funds include:
bank loans;
o at the expense of a short-term loan;
o at the expense of a long-term loan.
commercial loans;
factoring;
· leasing;
· other.

In a market economy, no enterprise can do without borrowed funds. Their diversity makes it possible to use them in various situations. Borrowed funds in normal economic conditions contribute to increasing the efficiency of production.

Short-term borrowed capital serves as a source of financing for current assets (inventory, work in progress, seasonal costs, etc.). Prepayment by the customer of goods generates non-payments in the economy and can be considered as an interest-free loan to the supplier. Western firms rarely work on deferred payment for goods (commercial credit) or on a system of discounts on the price of products (spontaneous financing).

Short-term attracted capital is provided by banks on the terms of a loan agreement with the borrower against the real security of his property.

Long-term attracted capital (in the form of a loan) is directed to the renewal of fixed assets and the acquisition of intangible assets.

Among borrowed sources of financing, the main role is usually played by long-term bank loans. This is the most common way to finance businesses. However, a Ukrainian enterprise applying for a loan from a foreign bank must not only have high solvency and liquidity, but also present financial statements corresponding international standards confirmed by one of the leading international audit firms. At the same time, the most an important factor when the bank decides to grant a loan, there was and remains the presence of liquid collateral or reliable guarantees. It is also necessary to take into account the fact that Ukrainian banks practically do not have cheap resources that they can provide to enterprises at a relatively long term 3-5 years. AT recent times there were examples of successful financing of long-term industrial projects, for example, by Sberbank. Thus, if the enterprise has liquid collateral and the terms of the loan are acceptable from an economic point of view, then bank loans can be resorted to. However, they can hardly be the only long-term financing tool. Usually a combination of equity and debt capital is used.

Commercial credit is the provision of commodity forms of social wealth on the terms of the onward transfer of equivalents in fixed time in the future, as well as the counter movement of equivalents within the framework of the exchange of goods at different times. This is a deferred payment for purchased goods or an advance payment for purchased goods. The purpose of a commercial loan is to accelerate the sale of goods and profit. The size of this loan is limited by the amount of reserve loans to industrial and trading capital. A commercial loan has limited possibilities, since it can not be obtained from any lender, but only from the one who produces the goods himself. It is limited in size (temporary free capital), has a short-term character, and the borrower often needs a long-term loan.

material basis a commercial loan is a set of interdependent business transactions: acts of transfer of goods or money separated in time and the counter movement of their equivalents, i.e. acts of substitution of equivalents. So this form lending can be briefly defined as mutual replacement lending - borrowing.

Capital investments - investments in fixed assets (in fixed assets) include the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of machinery, equipment, design and survey work, etc. Capital investments are financed both at the expense of own (net profit and depreciation), and at the expense of borrowed funds (funds of investors).

Compared to financing through loans obtained from the stock market (issuance of corporate bonds), the use of long-term debt secured loans provides the borrower with the following advantages:

1. funds are not spent on printing securities or their registration on electronic media, on issue, advertising and placement;
2. legal relations between the borrower and the lender are known to a limited circle of persons;
3. the conditions for granting a loan are determined by the partners in each transaction;
4. shorter period between application and receipt of a loan compared to the receipt of funds from the stock market;
5. restrictions on the issue of bonds of a joint-stock company.

FACTORING (English factoring) - a kind of trade and commission operation, combined with lending working capital client, the type of financial services provided by commercial banks, their subsidiary factor firms to small and medium-sized firms (clients). The essence of the services is that the factor firm acquires the right to collect debts from clients and partially pays the clients claims against their debtors, returning debts in the amount of 70 to 90% before the due date for their payment by the debtor. The rest of the debt, minus interest, is returned to customers after the debtor repays the entire debt. As a result, the client of the factor firm gets the opportunity to repay debts faster, for which he pays a certain percentage to the factor firm. When factoring is carried out, the client transfers his right to receive a debt from the debtor to the factor firm.

Benefits of factoring over lending

Unlike a loan, which is issued for a predetermined amount, the amount of financing in factoring is not limited, and increases as the client's sales increase.

The absolute advantage of factoring is unsecured financing, which compares favorably with an ordinary loan.

The bank takes over possible risks: credit (non-payment by buyers of supplies), liquid (late payment for supplies), interest (a sharp change market value resources) and foreign exchange (change in the exchange rate during the period of deferment of payment for the supply).

Disadvantages of factoring

1. Factoring is a rather expensive service compared to the same loan. However, by paying a higher rate, the client receives a whole range of services in return.
2. The client's debtors must meet the criteria dictated by the factor bank. A long process of checking the state of the enterprise for solvency.
3. Establishing a financing limit for each debtor based on the financial analysis activities of the client and the debtor.
4. The presence of contradictions in regulations on the issue of taxation factoring operations in Ukraine. However, the lack of clear rules allows the company to prove the legitimacy of any of its positions, using different wordings of laws.
5. Lack of clear guidelines on the reflection of the factoring operation in accounting.

Leasing (English leasing - rent) - long-term (for a period of 6 months or more) rental of machinery, equipment, vehicles, industrial facilities, providing for the possibility of their subsequent redemption by the tenant. Leasing is carried out on the basis of a long-term agreement between a leasing company (lessor), which purchases equipment at its own expense and leases it out for several years, and a tenant company (lessee), which gradually pays rent for the use of leased property. Upon the expiration of the contract, the tenant either returns the property to the leasing company, or extends the term of the contract (concludes a new contract), or redeems the property at the residual value.

Leasing is one of the most promising forms of borrowing. It is considered as one of the varieties of long-term credit provided in kind and repaid in installments.

Other sources of borrowed funds are accounts payable - this is the organization's debt to fulfill its obligations, or obligations, the fulfillment of which is provided for by current legislation (civil, tax, labor, etc.) and is a liability of the organization. It is also considered as a tool for managing the organization's working capital, as it is a source of relatively cheap short-term financing (commercial credit) of the organization's working capital, although with high proportion risk. It includes accounts payable for: