Among the sources used to form working capital, allocate:

Own funds;

Borrowed funds;

Involved funds.

Initially, working capital is formed during the creation of an enterprise as part of its authorized capital. The sources of formation here are almost the same as for fixed assets: equity capital, shares, budgetary funds. They are directed to the purchase of inventories entering production for the manufacture of marketable products. Until payment finished products consumer, the enterprise is in need of cash. Therefore, the company can use other sources of replenishment of working capital - borrowed. These include: accounts payable, bank loans, loans.

Along with profit, stable liabilities are used to replenish their own working capital, which are constantly used by the enterprise in circulation, although they do not belong to it (for example, a reserve of future payments of the minimum debt to workers and employees for wages, contributions to social insurance etc.). Sustainable liabilities are equated to own sources, as they are constantly in the turnover of the enterprise, are used to finance its economic activities, but do not belong to it.

As sustainable liabilities are: normal arrears of wages and social insurance contributions that pass from month to month, the balance of the repair (reserve) fund, consumer funds on pledges for returnable packaging, and a reserve of future payments. Since these funds are constantly in the company's turnover, their size fluctuates significantly throughout the year, and their minimum amount in a given year is used as a source for the formation of equivalent working capital.

During the year, the need of enterprises for working capital may change, so it is not advisable to fully form working capital from their own sources. This would lead to the formation of surpluses of working capital at certain moments and the weakening of incentives for their economic use. Therefore, the company uses borrowed funds to finance working capital. Additional need for working capital, due to temporary needs, is provided by short-term bank loans.

As borrowed sources of formation of working capital, short-term loans of the bank, other creditors, a commercial loan, a targeted state loan for replenishment of working capital are used. The main directions of 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; making calculations.

In addition to own and borrowed funds, borrowed funds are in the turnover of the enterprise. These are accounts payable of all types, as well as funds for targeted financing before they are used for their intended purpose.

Planning credits and loans for the current turnover of funds depends on many external factors, primarily on the state of the loan capital market, inflation rates, interest rates for loans, etc.

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 financial position enterprise in general and 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.

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All financial resources that can be sources of financing to cover the increase in working capital can be divided into:

– own capital, including profit;

- stable liabilities;

- accounts payable;

- loans from banks and other creditors.

Initially, when an enterprise is created, working capital is formed as part of its authorized capital (capital). At this stage, the enterprise needs to start production, but, as a rule, it cannot use external borrowed sources, since it, as a borrower, has no credit history, no work experience, etc. In this case, the company's own capital must cover at least the constant (that is, the minimum necessary) need for current assets.

In the process of activity, the enterprise can finance part of the current assets at the expense of the profit, which is also the enterprise's own source. Among the sources of the formation of working capital can also be called temporarily unused balances of special-purpose funds formed at the expense of profits.

Before making a profit, the company needs the finished product to arrive at the warehouse and be shipped to the consumer. Until the moment of its payment, the manufacturer feels the need for funds, which may appear already in the first production cycle. The value of this need depends not only on the amount of invested funds, but also on the size of the upcoming calculations, it can fluctuate throughout the year for various reasons.

In this regard, stable liabilities can be used as sources of working capital by the enterprise. In fact, they can be equated to their own sources, since they are constantly in the turnover of the enterprise, are used to finance its economic activities, but do not belong to it. Sustainable liabilities include:

– the minimum carry-over debt on wages and social security contributions, in Pension Fund, health insurance, employment fund;

– minimum debt on reserves to cover future expenses and payments;

- debt to suppliers for uninvoiced deliveries and accepted settlement documents, the payment deadline for which has not come;

- debt to customers for advance payments and partial payment for products;

- debt to the budget for certain types of taxes.

When calculating the minimum wage arrears, the period in days between the date of accrual and the date of payment is determined wages. Then the one-day amount of wage arrears is calculated and multiplied by the minimum number of days during which it is listed in the company's turnover.

The minimum amount of debt on contributions to social insurance, to the pension fund, and medical insurance is calculated according to the established percentage of the amount of the minimum wage debt (26%).

As part of reserves to cover future expenses and payments, a reserve is formed for paying vacations for workers and employees and a repair fund. The sums of deductions in equal shares are received monthly into these reserves, which is reflected in the accounting accounts accordingly. The reserve for vacation pay is used at the time of the actual departure of employees on vacation. Since there is a time gap between the accrual and payment of vacation pay, a cash balance is formed, the value of which is relatively stable. This balance is calculated as the minimum debt, taking into account the growth of the payroll in the coming period.

The decision to form this reserve is made by the enterprise independently. Many enterprises do not form it, and vacation pay is included in the costs at the time of accrual. In addition, it is rather difficult to calculate the actual amount of the vacation fund due to changes in the procedure for calculating vacation pay (based on the amount of wages for the last three working months). However, if a significant part of the employees goes on vacation at the same time, the formation of such a reserve is necessary.

The repair fund is also formed at the discretion of the enterprise and is used at the time of payment for the repair of fixed production assets. Until the actual expenditure of the accumulated funds for repairs, they can be used by the enterprise as working capital.

The amount of debt to suppliers for uninvoiced deliveries and settlement documents, the payment deadline for which has not come, can be determined as follows: according to analytical accounting for the previous reporting period the average amount for this article is determined, which is multiplied by the value of the growth rate of production volume for the main activity in the forthcoming period. If there are real prerequisites for reducing the amount of debt, the acceleration of the turnover of working capital is taken into account.

The minimum debt to the budget is determined by those types of tax payments, the accrual period of which occurs earlier than the payment period. This applies to taxes, the payer of which is an enterprise as an economic entity (tax on the property of an enterprise, land tax, tax on road users), as well as to income tax from the wages of workers and employees of this enterprise, which it transfers to the budget.

In addition to own and equivalent funds, the source of the formation of working capital may be the accounts payable of the enterprise (funds that do not belong to the enterprise, but are temporarily in its circulation). If sustainable liabilities can be planned, then accounts payable are an unplanned source of working capital formation. Accounts payable are divided into normal, arising in connection with the peculiarities of the settlements, and abnormal, resulting from the violation by buyers of the terms of payment of settlement documents. In the latter case, the buyer, having received inventory items from the supplier and not paying for them on time, uses funds that no longer belong to him in his turnover. Meanwhile, the speed of payments between enterprises plays an important role. The delay in payments leads to a slowdown in the turnover of working capital and contributes to the deterioration of the financial condition of the supplier.

Finally, the company may resort to borrowed paid sources of working capital formation. As a rule, borrowed funds cover the additional need for the formation of seasonal stocks of material assets and cover the costs of production caused by market fluctuations.

Currently, commercial banks lend to enterprises to replenish working capital secured by property. These loans are short-term, that is, for a period of up to one year (less often up to 1.5 years).

The enterprise also has the ability to borrow from other enterprises, as well as to carry out loans by issuing debt obligations - bills or bonds.

A commercial loan is also issued by a promissory note. This is a supplier's loan to the buyer, when the payment for inventory items is made by the buyer later on the dates agreed with the supplier.

The interest for using a bank and commercial loan is included by the borrower in the cost of production. Interest on overdue loans from the bank and suppliers is paid from the profit.

When deciding on the conditions for providing enterprises with the necessary working capital, the features of the production cycle and sales of products are taken into account, which determine the nature of changes in the need for funds, as well as the satisfaction of this need from two sources: own working capital and borrowed funds provided in the form of short-term bank loans. The constant, irreducible part of working capital consists of own funds, and temporarily increased needs for funds are covered by a loan.

Attention should be paid to common features and features inherent in own working capital trade enterprises, and borrowed funds attracted in the form of bank loans. Common to own and borrowed funds is that they form the basis of the property of the company. Own working capital can be used for numerous successive turnovers.

Borrowed funds are provided to enterprises for a certain period, after which they are subject to return. Providing bank loan allows, in particular, to flexibly meet the changing needs for material resources for the formation of commodity stocks, to link the amount of funds provided and the current situation, to control compliance with the planned parameters of the activities of trade enterprises.

In addition to their own funds and a bank loan, enterprises have creditors' and other funds in circulation (unspent amounts of various funds, profits and depreciation - before they are transferred to their intended purpose, etc.).

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 occurs at the time of the organization of the enterprise, when its authorized capital is created. In this case, the source of formation is the investment funds of the founders of the enterprise. In the course 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 the source of the 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, and others.

To reduce the total need of the economy in working capital, as well as to stimulate their effective use, it is advisable to attract borrowed funds.

Borrowed funds are mainly short-term bank loans, with the help of which temporary additional needs for working capital are satisfied.

The main directions of 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.

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 formation of working capital of enterprises also increased. Thus, with the transition to a market economy management system, the role of credit as a source of working capital, according to at least, did not decrease. Along with the usual need to cover the excess need for working capital of enterprises, new factors have appeared that increase the importance of bank credit. These factors are associated primarily with the transitional stage of development experienced by 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, i.e. after the completion of the turnover, the enterprise actually does not receive the advanced amount of working capital as part of the proceeds from the sale of products.

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 non-payment crisis include:

• 1) decrease in labor productivity;
• 2) extreme inefficiency of production;
• 3) the inability of individual leaders to adapt to new conditions; look for new solutions, change the product range, reduce the material and energy intensity of production by selling redundant and unnecessary assets;
• 4) 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 as a whole.

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 current order calculations. 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, tax office on taxes and payments, on 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.)

Working capital management consists in ensuring the continuity of the production process and the sale of products with smallest size working capital. This means that the working capital of enterprises should be distributed over all stages of the circulation in an appropriate form and in a minimum but sufficient volume.

AT modern conditions When enterprises are fully self-financing, correctly determining the need for working capital is of particular importance.

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 normalization of working capital is to determine the amounts 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.

They normalize working capital in inventories, work in progress, the balance of finished products in the warehouses of the enterprise. These are normalized working capital. The remaining elements of working capital are called non-standardized.

In the process of normalization of working capital, the norm and standard of working capital are determined.

The norms of working capital characterize the minimum stocks of inventory items at the enterprise, they are calculated in days of stock, norms for the stock of parts, rubles per unit of account, etc.

The norm of working capital is the product of the norm of working capital by the indicator, the norm of which is determined. Calculated in rubles.

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

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

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 norm of working capital is carried out, enlarged, taking into account the ratio between the growth rates of production volume and the size of normalized working capital in the previous period.

Coefficient method. With this method new standard is determined on the basis of the old one by making changes to it, taking into account the conditions of production, supply, sale of products (works, services), 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 goods. 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 (1)

where H is 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.

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

The transport reserve is 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.

A preparatory stock is provided in connection with the costs of receiving, unloading and storing raw materials. It is determined based on established norms or actual time spent.

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

The current warehouse stock is designed 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 safety stock 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).

In this way, general norm stock 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:

• - 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;
• - the second group includes auxiliary materials used in production rarely and in small quantities. The standard is calculated analytical method based on data from previous years.

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

The working capital ratio for fuel is calculated in the same way as for raw materials and supplies. Norm is not calculated gaseous fuel and electricity. 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 rate of working capital for containers is 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 including their 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 in 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 medium duration one turn of the container from the moment of payment of the invoice for the container together with raw materials until payment of the invoice for the returned container by the supplier. The cost of containers intended for the storage of raw materials, materials, parts and semi-finished products in warehouses and in prices is not taken into account when determining the standard of working capital for containers, since they are part of fixed assets or IBE.

The 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 repairs. 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.

The standard for IBE (low-value consumable items) is 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 the method of direct calculation 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 production inventory. 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. By production inventory, based on the need for a set of this inventory and its cost.

The working capital ratio for overalls and footwear is determined on the basis of the number of employees who are entitled to them 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.

The standard of working capital 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 standard of working capital in work in progress is determined by the formula (2)

H \u003d p * t * K, (2)

where P - one-day production costs;

T is the duration of the production cycle in days;

K - the coefficient of increase in costs.

The standard of working capital establishes their minimum estimated amount, constantly necessary for the enterprise for work. Actual stocks of raw materials, cash, etc. may be above or below the standard or meet it. This is one of the most volatile indicators of current financial activity. Failure to fill the standard of working capital may lead to a reduction in production, non-fulfillment of the production program due to interruptions in production and sales of products.

Excess stocks divert from turnover cash, testify to the shortcomings of material and technical support, the irregularity of the processes of production and sales of products. All this leads to the deadening of resources, their inefficient use.

Working capital is in in constant motion. During one production cycle, they make a circuit consisting of three stages.

At the first stage, enterprises spend money to pay bills for the supplied objects of labor (working capital). At this stage, working capital is transferred from the monetary form to the commodity form, and funds from the sphere of circulation into the sphere of production.

At the second stage, the acquired working capital goes directly into the production process and is first converted into inventories and semi-finished products, and after the completion of the production process - into finished products (commodity form).

At the third stage, finished products are sold, as a result of which working capital from the sphere of production passes into the sphere of circulation and is again accepted monetary form. These funds are directed to the acquisition of new objects of labor and enter into new turn according to the scheme

D-T-P-G-D",

where D - funds advanced by the enterprise;

T - commodity stocks required by the enterprise;

P - production;

G - finished products;

D - cash received from the sale of products, including profit from sales

Thus, the working capital of the enterprise is one of the most important elements of any production. The condition and efficiency of their use is one of the main conditions for the activity of the enterprise.

Introduction

Chapter 1. Theoretical basis current assets and sources of their formation

1.1 Composition, structure and role of current assets in the process of economic activity of the organization

1.2 General characteristics of the sources of formation of current assets

1.3 Features of the process of managing the sources of formation of enterprise assets

Chapter 2

2.1 Brief organizational and economic characteristics of LLC "Zolotaya Derzhava"

2.2 Analysis of the sources of formation of current assets

2.3 Evaluation of the effectiveness of the management system for the sources of formation of current assets of OOO Zolotaya Derzhava

Chapter 3. Improving the management system for the sources of formation of current assets

3.1 The main ways to improve the mechanism for managing the sources of formation of current assets

3.2 Calculation and justification for attracting credit resources for the formation of current assets

3.3 Reserves and ways to improve the efficiency of the use of sources of formation of current assets

Conclusion

List of sources used

Applications

Introduction

The development of market relations has put business entities of various organizational and legal forms in such tough economic conditions, in which only a balanced economic policy can strengthen the financial condition, solvency and financial stability of the organization. In the world there are modern scientific and highly effective methods financial management of enterprises, united by the concept of "financial management". These methods began to acquire all greater value in our, Russian practice. In the new market conditions, financial resources receive priority and independent importance.

Financial resources are the starting point for the economic circulation of funds; they must be previously "earned" and only after that real capital is set in motion - production assets. Financial resources mobile, their direction and purpose are easily changed in hourly changing situations. It requires intuition, flexibility, maneuverability. Along with forecasting the inflow and outflow of funds, cash savings, investments, constant monitoring (monitoring) of the financial condition of the organization is necessary.

The relevance of the research topic is due to the fact that the management of current assets (property of the organization) occupies a special place in financial management, since it ensures the current activities of the enterprise. The provision with current assets and sources of their financing should be not only sufficient in size, but also favorable in structure. The "heavy structure" of current assets - in terms of their liquidity, profitability, proportionality of investments, has a very negative effect on the efficiency of organizations, even in conditions of normal provision of funds.

During the development of a market economy in Russian Federation there were very negative changes in the state of current assets and working capital enterprises such as significant reduction the share of tangible current assets in the national wealth of the country, the growth of accounts receivable, the deterioration of the structure of accounts receivable; unfavorable changes in the sources of formation of current assets; loss of own working capital by many economic organizations. In this regard, the issues of competent management of current assets and the sources of their formation are currently very relevant.

The financial basis of the enterprise is formed by its own capital. Own capital management is connected not only with ensuring the effective use of its already accumulated part, but also with the formation of its own sources of financing.

Effective financial activities enterprise is impossible without the constant attraction of borrowed financial resources. Use of borrowed sources of financing entrepreneurial activity allows you to significantly expand the volume of economic activity of the enterprise, to ensure more efficient use of equity, accelerate the formation of various target financial funds, and ultimately - increase the market value of the enterprise.

Although the basis of any business is its own sources, at enterprises in a number of sectors of the economy, the amount of borrowed funds used significantly exceeds the amount of equity capital. In this regard, managing the attraction and effective use of borrowed funds is one of the most important functions. financial management aimed at ensuring the achievement of high final results of the economic activity of the enterprise.

The purpose of the thesis is to study the means and methods effective management sources of formation of current assets of the organization.

During the work it is supposed to solve the following tasks:

to give general characteristics current assets of the organization;

review the composition and economic essence sources of formation of current assets;

set out the goals, objectives and methods of managing the sources of asset formation in order to increase the efficiency of activities;

to analyze the sources of formation of current assets;

assess the effectiveness of the management system for the sources of formation of current assets;

outline the main ways to improve the mechanism for managing the sources of formation of current assets;

The object of the study is LLC "Zolotaya Derzhava". The subject of the study is the process of managing the sources of formation of current assets.

The main sources for writing the work are the works of Russian and foreign authors, periodicals, study guides, practical materials LLC "Zolotaya Derzhava".

The study period includes three financial years– 2005-2007

When solving the tasks, the following methods were used: comparative analysis, monographic, abstract-logical, graphic, economic-statistical and other methods of socio-economic research. The practical significance of the final work lies in the fact that the provisions, conclusions and practical advice are of scientific and practical interest for the formation process financial policy at the enterprise.

The structure of the thesis includes an introduction, 3 chapters, 9 paragraphs, a conclusion, a list of references.

1.1 Composition, structure and role of current assets in the course of business activities of the organization

Current (current, mobile) assets are usually called the funds of organizations invested in their economic activity that can be used, consumed or sold in the short run. This period in most sectors of the economy does not exceed 12 months (a year), but in some cases it can be more than 12 months (for example, in heavy engineering, construction). Thus, current assets serve the current business activities during the normal operating cycle.

Working capital has a dual nature. On the one hand, they represent part of the property (assets) of the organization. On the other hand, it is a part of its operating capital, which ensures the economic circulation of funds and is formed at the expense of its own and borrowed resources (liabilities). The totality of current assets and working capital represent the working capital of an economic organization.

For current assets, as part of the property of the enterprise, three main characteristics are applicable: temporary, cost and reproduction.

The time characteristic determines the maximum duration of the cycle of functioning of current assets. This cycle should not exceed the operating period (usually up to a year). The cost characteristic assumes the presence of a cost limit, a unit of stocks related to the means of labor (tool, inventory).

The reproduction characteristic indicates that the source of the renewal of current assets is the current (not investment) income of the enterprise.

The economic cycle, which includes current assets, goes through five successive stages in industry (Fig. 1).

Rice. 1. Static model of the organization's funds circulation

The stage of "cash" is the original, basic in a market economy. It assumes that at the beginning of the circuit there was an advance of money capital or a return from circulation of previously invested funds. Cash represents the most liquid form of working capital, but they do not bring the company any significant income. Therefore, under normal market conditions, business organizations tend to maintain only a minimum cash balance for current settlements and payments.

The stage "production stocks" includes the period from the receipt of material assets at the disposal of the organization to their transfer to production. The purpose of such stocks is to form a "reliability buffer between the purchase of raw materials (goods) and their consumption in production (sales). The duration of this stage is determined by the value of the optimal batches of deliveries, based on minimizing the costs of buyers (customers). Of decisive importance for this stage of the business cycle is the organization of supply activities, as well as relationships with suppliers and commercial banks.

Topic 8. Current assets of the enterprise

1. Composition of current assets and sources of their formation.

2. Determining the need for current assets of the enterprise.

3. Indicators of the efficiency of the use of current assets.

The purpose and objectives of studying the topic: disclosure of the economic content and fundamentals of the functioning of the current assets of the enterprise; consideration of planning and efficient use of current assets of enterprises.

Current (current) assets- this is a part of the property of the enterprise, serving the current production and economic activities and completely consumed (modifying its form) during one operating cycle.

Current assets are accounted for in the second section of the balance sheet and in accounting practice they include the property values ​​of the enterprise of all types with a period of use of up to a year.

Current assets can be classified according to the following criteria

1. According to the functional role in the activities of the enterprise:

1. circulating production assets;

2. means of circulation.

2. By economic content:

3. tangible current assets (inventory, work in progress, finished products);

4. accounts receivable;

5. short term financial investments;

6. cash (in cash, on bank accounts).

3. According to the existing practice of planning and control:

7. normalized;

8. non-standardized.

4. By sources of formation:

9. gross current assets;

10. net current assets;

11. own current assets.

5. According to the degree of liquidity:

12. the most liquid assets (cash, short-term financial investments);

13. fast-moving assets (stocks of finished products, goods shipped, receivables, payments on which are expected within 12 months);

14. slow-moving assets (stocks of raw materials and materials, costs in work in progress, deferred expenses, value added tax on acquired valuables, receivables for which payments are expected in more than 12 months, other current assets).

The production activity of the enterprise, along with fixed assets, must be provided with objects of labor in the form of resources of raw materials, materials, energy, fuel, etc. In the process of manufacturing products (works, services), inventories are consistently converted into elements of work in progress, semi-finished products and finished products. Further, the finished products are sold to consumers and the cycle (circulation) ends with the receipt of funds to the accounts of the enterprise. The company pays for its obligations. Part of the funds received from the sale of products is again directed to finance current production and a new production cycle begins.

However, this does not mean that the beginning of a new production cycle must necessarily be preceded by the completion of the previous circulation of funds: the production process goes on continuously, at every moment something is bought, manufactured, sold and bought again, i.e. the financial resources of the enterprise are in constant circulation and this circumstance is an indispensable condition for the continuity of the production process. In the process of the considered circulation of enterprise resources, two stages can be distinguished - the stage of production and the stage of circulation.

On the production stage resources function in the form of working capital, including inventories, work in progress and deferred expenses. Unlike fixed assets, circulating production assets are entirely consumed in one production cycle, lose their natural-material form and completely transfer their value to manufactured products. Along with this, current production assets, from the point of view of ease of accounting, also include production assets with a service life of not more than one year. .

At the end of the production process, working capital takes the form of finished products, which are subsequently shipped to buyers, from whom funds are received to the accounts or cash desk of the enterprise or receivables arise if the funds are not received by the enterprise. Thus, the current assets of the enterprise are transferred from the sphere of production to sphere of circulation creating means of exchange.

Stocks include production stocks (raw materials, materials and semi-finished products), work in progress, stocks of finished products. From the point of view of finance, the material form of stocks has no special significance, but the total amount of money invested in different kinds stocks. For a financier, stocks are funds diverted from circulation, because cash invested in stocks does not generate direct income. However, none industrial enterprise cannot work normally, smoothly without all listed species reserves, their size is largely determined by the essence technological process. Thus the task financial management reserves is reduced to their reasonable minimization or optimization.

Also accounts receivable diverts funds from circulation. But unlike stocks, its size is determined not by production, but by economic factors. Theoretically, an enterprise can operate without receivables, selling its products on the terms of immediate payment. However, in the conditions of the market, fierce competition and the struggle for the buyer, this is simply impossible. The amount of receivables largely depends on the sales policy pursued by the enterprise.