What is financial management. As an independent scientific direction, financial management has been formed. The internal rate of return is
"Financial management", 16. 02. 2010
Section 1 "Essence and organization of financial management at the enterprise"
1. Financial management is. . . .
1. public administration finance
2. management of financial flows commercial organization in a market economy +
3. management of financial flows of a non-profit organization +
2. What functions do the finances of organizations perform?
1. reproductive, control, distribution.
2. control, accounting
3. distribution, control +
3. Who forms the financial policy of the organization?
1. Chief Accountant organizations
2. financial manager +
3. head of an economic entity
4. The main goal of financial management is. . .
1. development of the financial strategy of the organization
2. growth of dividends of the organization
3. maximization market value organizations +
5. The objects of financial management are. . .
1. financial resources, non-current assets, wage essential workers
2. profitability of products, capital productivity, liquidity of the organization
3. financial resources, financial relations, cash flows +
6. What is the controlling subsystem of financial management?
1. directorate of a commercial organization
2. financial department and accounting +
3. marketing service organization
7. Basic official duties financial management is included. . .
1. management of securities, stocks and debt capital +
2. liquidity management, organization of relationships with creditors +
3. financial risk management, tax planning, development of an organization's development strategy
8. The main concepts of financial management include concepts. . .
1. double entry
2. compromise between return and risk +
3. delegation of authority
9. Treat primary securities. . .
3. forwards
10. Treat secondary securities. . .
1. bonds
2. bills
3. futures +
11. "Golden Rule"Financial management is...
1. a ruble today is worth more than a ruble - tomorrow +
2. income increases as risk decreases
3. the higher the solvency, the less liquidity
12. Equal payments or receipts Money at regular intervals when using the same interest rate is. . . .
1. annunity +
2. discounting
13. If uniform payments of the enterprise are made at the end of the period, then such a flow is called. . .
1. prenumerando
2. perpetuity
3. postnumerando +
14. Derivative securities include. . .
1. company shares
2. options +
3. bonds
15. Can be attributed to the financial market. . .
1. labor market
2. capital market +
3. sectoral commodity market
16. The organization mobilizes its funds for. . .
1. insurance market
2. communication services market
3. stock market +
17. The organization attracts short-term loans for. . .
1. capital market
2. insurance market
3. money market +
18. Of the listed sources of information for a financial manager, external ones are. . .
1. balance sheet
2. Forecast of socio-economic development of the industry +
3. cash flow statement
19. Of the listed sources of information, it refers to internal ones. . .
1. inflation rate
2. income statement +
3. statistical compilation data
20. External user of information are. . .
1. investors +
2. financial manager of the organization
3. chief accountant of the organization
21. Foundation information support financial management is. . .
1. accounting policy of the organization
2. balance sheet +
3. income statement +
22. A financial mechanism is a combination of:
1. forms of organization financial relations, methods of formation and use of financial resources used by the enterprise +
2. ways and methods of financial settlements between enterprises
3. ways and methods of financial settlements between enterprises and the state
23. The financial tactics of an enterprise are:
1. solving problems of a specific stage of enterprise development +
2. setting a long-term course in the field of enterprise finance, solving large-scale problems
3. development of fundamentally new forms and methods of redistribution of the enterprise's funds
24. Financial management is:
1. scientific direction in macroeconomics
2. science of public finance management
3. Practical activities company cash flow management
4. financial management of an economic entity +
5. academic discipline studying the basics of accounting and analysis
25. Components of the financial mechanism:
1. financial methods, financial leverage, financial settlement system
2. financial methods, financial leverage, legal, regulatory and information support
3. financial methods, financial leverage, financial settlement system, information support +
26. Financial managers should primarily act in the interests of:
1. workers and employees
2. creditors
3. government bodies
4. strategic investors
5. owners (shareholders) +
6.buyers and customers
Section 2 "Financial analysis and planning"
1. Turnover indicators characterize. . . .
1. solvency
2. business activity +
3. market stability
2. The indicator of return on assets is used as a characteristic:
1. profitability of capital investment in the property of the organization +
2. current liquidity
3. capital structure
3. Evaluation indicators business activity are. . .
1. turnover working capital +
2. coverage ratio
3. autonomy coefficient
4. The ratio of inventory turnover of raw materials and materials is defined as a ratio. . .
1. the volume of stocks of raw materials and materials for the period to profit from sales
2. the volume of stocks of raw materials and materials for the period to the volume of sales for the period
3. the cost of used materials to the average value of stocks of raw materials and materials +
5. Of the above components of current assets, the least liquid. . . .
1. production stocks +
2. accounts receivable
3. short-term financial investments
4. Prepaid expenses
6. Absolute liquidity ratio shows. . . .
1. what part of all liabilities the organization can repay in the near future
2. what part of the organization's short-term liabilities can be repaid in the near future +
3. what part of the organization's long-term liabilities can be repaid in the near future
7. The critical liquidity ratio shows. . .
1. What part of long-term liabilities can the organization repay by mobilizing absolutely liquid and fast-moving assets
2. what part of short-term liabilities the organization can repay by mobilizing absolutely liquid and quick-selling assets +
3. What part of the organization's short-term liabilities can be repaid by mobilizing all current assets.
8. Current ratio shows. . . .
1. what part of the equity capital the organization can cover by mobilizing current assets
2. what part of long-term liabilities the organization can repay by mobilizing absolutely liquid and quick-selling assets
3. what part of short-term liabilities the organization can repay by mobilizing all current assets +
9. If in the composition of the sources of funds of the enterprise 60% is occupied by equity then it says. . .
1. about a sufficiently high degree of independence +
2. about a significant share of diversion of the organization's funds from direct turnover
3. on strengthening the material and technical base of the organization
10. The accounts payable turnover ratio shows opportunity. . . .
1. increase in commercial credit +
2. reducing commercial credit
3. rational use of all types of commercial loans
11. Under the financial plan is understood. . .
1. cost estimate for production
2. planning document reflecting the costs of production and sales of products
3. planning document reflecting the receipt and expenditure of funds of the organization +
12. The task of financial planning is. . . .
1. development of the financial policy of the organization
2. providing the necessary financial resources for all types of activities of the organization +
3. development of the accounting policy of the organization
13. The process of drawing up financial plans consists of. . . .
1. analysis financial indicators previous period, preparation of forecast documents, development of operational financial plan +
2. determining the profitability of manufactured products
3. Efficiency calculation investment project
14. Drawing up the financial section of a business plan begins with the development of a forecast. . .
1. production volumes
2. sales volumes +
3. cash flow
15. With an increase in the natural volume of sales and other unchanged conditions, the share variable costs as part of sales proceeds:
1. decreases
2. does not change
3. increases +
16. Liquidity ratios show. . . .
1. the degree of profitability of the main operations
2. the ability to cover their current liabilities at the expense of current assets +
3. the company has current debts
17. The highest level of business risk is observed in enterprises that have. . . . . . .
1. equal shares of fixed and variable costs
2. a large share of fixed costs +
3. high level of variable costs
19. When optimizing the assortment, one should focus on the choice of products from. . . . . .
1. the largest share in the sales structure +
2. the minimum value of total unit costs
3. the maximum values of the coefficient "marginal profit/revenue"
20. With additional production and sale of several types of products, the lowest possible price for them is equal. . . . . . . . per item
1. full cost
2. the sum of fixed, variable costs and profits
3. marginal cost(variable costs) +
21. With an increase in sales from sales, fixed costs:
1. increase
2. do not change +
3. decrease
22. Marginal profit- this is. . . . . . .
1. profit after taxes
2. revenue minus direct costs
3. gross profit before taxes and interest
4. revenue minus variable costs +
23. Critical volume of sales in the presence of losses from the sale. . . . . . . . . . . . . . actual sales proceeds
24. The division of the costs of the enterprise into fixed and variable is carried out in order to:
1. determining the amount of revenue required for simple reproduction
2. definition of production and full cost
3. profit planning and profitability +
4. determination of the minimum required volume of sales for break-even activity +
25. The combined impact of operating and financial leverage measures. . . . . .
1. investment attractiveness of the company
2. a measure of the total risk of the enterprise +
3. competitive position enterprises
4. degree of financial stability of the company
26. Fixed costs as part of sales proceeds are costs, the amount of which does not depend on:
1. salaries of management personnel
2. depreciation policy of the enterprise
3. natural volume products sold +
27. The concept of "profitability threshold" (critical point, break-even point) reflects:
1. the ratio of profit from sales to sales proceeds (excluding taxes)
2. proceeds from the sale, in which the enterprise has neither losses nor profits +
3. the minimum amount of revenue required to reimburse the fixed costs of production and sales of products
4. the value of the ratio of profits to production costs
5. net income of the enterprise in cash, necessary for expanded reproduction
28. With an increase in the natural volume of sales, the amount of variable costs:
1. increases +
2. decreases
3. does not change
29. The turnover ratio of working capital characterizes. . . . . . . . . .
1. the ratio of own funds in relation to the amount of funds from all possible sources
2. the amount of proceeds from sales per one ruble of working capital +
3. the ratio of the volume of proceeds from the sale of products to the average annual cost of fixed assets
30. The following are involved in the calculation of the break-even point:
1. total costs and mass profits
2. fixed costs, specific variable costs, sales volume +
3. direct, indirect costs and sales volume
31. With an increase in sales proceeds, the share of fixed costs in the total cost of products sold:
1. does not change
2. increases
3. decreases +
32. Variable costs include:
1. piecework wages of production personnel +
2. material costs for raw materials and materials +
3. administrative and management expenses
4. interest on a loan
5. depreciation charges
33. The share of variable costs in the proceeds from sales in the base period at enterprise A is 50%, at enterprise B - 60%. In the next period, both enterprises are expected to reduce the natural volume of sales by 15% while maintaining the basic prices. The profit of the enterprise is reduced:
1. the same
2. to a greater extent at enterprise A +
3. to a greater extent in enterprise B
34. Operating leverage evaluates:
1. cost of products sold
2. a measure of profit sensitivity to changes in prices and sales volumes +
3. degree of profitability of sales
4. sales proceeds
35. The duration of one revolution in days is defined as. . . . . . . . . . .
1. the product of working capital balances by the number of days in the reporting period, divided by the volume of products sold
2. the ratio of the average annual cost of working capital to the proceeds from the sale of products
3. the ratio of the amount of the average balance of working capital to the amount of one-day revenue for the analyzed period +
Section 3 "Methodological bases for making financial decisions"
1. The financial flow is fully related. . .
1. receipt of loans, issue of new shares, payment of dividends +
2. profit, depreciation, payment of interest on a loan
3. sales proceeds, profits, loans.
2. The market value of securities arises. . .
1. at the time of the decision to issue securities
2. at the initial placement of securities
3. in the secondary financial market +
3. The value of a security in the stock market is affected. . . .
1. the organization's need for additional attraction of cash flows
2. rate of return +
3. marketing policy of the organization
4. Current yield of a bond with a face value of 10,000 rubles. with a coupon rate of 9% per annum, if the purchase price was 9000 rubles. , is equal to. . .
5. If the purchase price of a discount bond was 1000 rubles. , and the redemption price is 1200 rubles. , then its profitability is equal. . . .
6. If the amount of dividends paid is 120 rubles. , and the loan interest rate is 12%, then the market value of the share will be equal to. . .
2. 1000 rub. +
7. Bonds are brought to its owner. . .
1. coupon income +
2. dividends
3. operating income
8. If the amount of expected dividends per share is 50 rubles. , the purchase price of a share is 1000 rubles. , then the preferred stock's dividend yield will be . .
9. If the current dividend is 30 rubles. per share, the purchase price of a share is 1500 rubles. , the expected growth rate of dividends is 3% per year, then the rate of return on an ordinary share will be equal to. . .
10. An indicator that characterizes the quantitative measurement of risk is. . .
1. coefficient of variation +
2. current yield
3. standard deviation of expected return
11. Discounting is:
1. determination of the present value of future cash +
2. accounting for inflation
3. Determination of the future value of today's money
12. The internal rate of return means. . . . . . . . . . . . . . . . . . project
1. unprofitable
2. break even
3. profitability +
13. When comparing alternative equal-period investment projects, the following criterion should be used as the main one:
1. payback period
2. net present value (NPV) +
3. internal rate of return
5. accounting rate of return
6. net discounted cash income ratio (NPVR)
14. Bank deposit for the same period increases more when interest is applied
1. simple
2. complex
3. continuous +
15. The annuity method is applied when calculating:
1. the balance of the debt on the loan
2. equal amounts of payments for a number of periods +
3. interest rates on deposits
16. Leasing is used by the enterprise for:
1. replenishment own sources funding
2. obtaining the right to use the equipment
3. acquisition of equipment and other fixed assets +
17. It is advisable to make investments if:
1. their net present value is positive +
2. internal rate of return is less than the weighted average cost of capital provided to finance investments
3. their profitability index is zero
18. The term "opportunity cost" or "lost profit" means:
1. income that the investor refuses by investing in another project +
2. level of bank interest
3. variable costs of raising a given amount of funds
4. yield of government securities
19. When using a long-term loan, the calculation of annual total payments using the annuity method. . . . . . . . . . . . . . . . . . . . . total loan payments
1. reduces
2. increases +
3. does not change
20. The loan is used by the enterprise for:
1. replenishment of the enterprise's own sources of financing
2. purchase of equipment with insufficient own funds +
3. obtaining the right to use the equipment
Section 4 "Basics of making investment decisions"
1. Investments in fixed capital include. . . .
1. purchase of securities
2. building a workshop +
3. work in progress
2. Investment is. . .
1. funds allocated for capital construction and production consumption
2. capital investment in the development of the organization with the aim of making a profit
3. investment of funds, securities and other property with a monetary value, for profit and (or) to achieve another beneficial effect +
3. Simple rate of return shows. . .
1. the share of current costs in the cash flow of the organization
2. the share of investment costs returned to the organization in the form of net profit over a certain period of time +
3. the share of variable costs in the total costs of the organization
4. The payback period of the project with a uniform cash flow is a ratio. . .
1. clean cash flow to the amount of investment costs
2. total cash receipts to invested costs
3. free cash flow to the amount of investment costs +
5. The current present value of the project NPV shows:
1. average profitability investment project
2. the discounted amount of profit received from the implementation of the investment project +
3. the discounted value of the gross profit from the sale of finished products
1. the level of income from the implementation of the project per 1 rub. investment costs +
2. share of cash receipts
3. share of cash outflows in gross cash flow
7. The indicator of the internal rate of return is. . .
1. the price of capital, below which the investment project is not profitable
2. average discount rate for borrowing
3. investment project discount rate at which the net present value of the project is zero +
8. Modified internal rate of return assumes. . . .
1. discounting of income received during the implementation of the investment project
2. reinvestment of income from the investment project at the cost of capital +
3. discounting of investment costs required for the implementation of the investment project
9. Uncertainty about future cash flows is caused. . .
1. incomplete or inaccurate information about the conditions for the implementation of the investment project +
2. incorrect accounting for the impact of inflation on the amount of cash flow
3. incomplete information about the amount of investment costs
10. Non-standard cash flow suggests. . .
1. the predominance of positive cash flows inflows in the process of implementing an investment project
2. the predominance of negative cash flows inflows in the process of implementing the investment project
3. alternation in any sequence of outflows and inflows in the process of implementing an investment project +
11. Discount rate adjustments are implied. . .
1. introduction of adjustments to the risk-free or minimum acceptable discount rate +
2. determination of the risk-free discount rate
3. achieving the maximum allowable discount rate
Section 5 Capital Structure and Dividend Policy
1. The criteria for dividing the capital of an organization is. . .
1. standardized and non-standardized
2. attracted and borrowed
3. own and borrowed +
2. It affects the volume and structure of own capital. . .
1. organizational and legal form of management +
2. the amount of depreciation
3. amount of working capital
3. Advantages of own sources of capital financing - this. . .
1. high price of attraction compared to the price of borrowed capital
2. Ensuring financial stability and reducing the risk of bankruptcy +
3. loss of liquidity of the organization
4. The disadvantages associated with the attraction of borrowed capital are. . .
1. reduction of financial risks
2. low cost of attraction and the presence of a "tax shield"
3. the need to pay interest for the use of borrowed capital +
5. The elements of capital are. . .
1. long-term credits and loans +
2. fixed capital
3. accounts payable
6. If the amount of the dividend paid on preferred shares amounted to 200 rubles. per share, and the market price of a preferred share is 4000 rubles. , then the price of capital formed at the expense of preferred shares is equal to. . . .
7. If dividends are 300 rubles. per share, the market price of an ordinary share is 6000 rubles. , the annual growth rate of dividend payments is steadily increasing by 5%, the cost of additional emission is 2% of the issue volume, then the price of the source of capital raised through the additional issue of ordinary shares will be equal to. . .
8. If the interest rate for a loan is 10%, the income tax rate is 24%, then the cost of capital raised through loans and borrowings will be equal. . .
9. The price of capital is used in the following management decision. . .
1. Estimating the need for working capital
2. management of receivables and payables
3. assessment of the market value of the organization +
10. Dividends on shares are paid out. . .
1. Sales proceeds
2. net profit +
3. retained earnings
11. The dividend irrelevance theory is characterized by the following type of investor behavior. . .
1. shareholders do not care what form the distribution of net profit will take +
2. Shareholders prioritize current dividend payouts
3. Shareholders prioritize capital gains
12. The "bird in hand" theory is characterized by the following type of investor behavior. . . .
1. shareholders do not care in what form the distribution of net profit will be carried out
2. shareholders prioritize capital gains
3. Shareholders prioritize current dividend payouts +
14. Dividend decisions are subject to the following restrictions. . .
1. depreciation policy chosen by the organization
2. legal restrictions +
3. accounting policy of the organization
15. The dividend yield of an ordinary share is an indicator calculated as. . .
1. the ratio of net income less dividends on preferred shares to the total number of ordinary shares (DPS) +
2. The ratio of the market price of a share to earnings per share
3. the ratio of the dividend paid on a share to its market price
16. Dividend yield shows. . . .
1. the share of returned capital invested in the shares of the organization
2. the share of net profit paid by the shareholders of the organization in the form of dividends
3. share of the dividend paid on ordinary shares, in the amount of earnings per share +
17. Dividend yield is a constant in the following dividend payout methods. . .
1. Residual Dividend Method and Fixed Dividend Method
2. The method of constant percentage distribution of profits and the method of fixed dividend payments +
3. method of payment of the guaranteed minimum and extra-dividends and the method of fixed dividend payments
18. The source of payment of dividends in accordance with the legislation of the Russian Federation is. . .
1. net profit of the current year +
2. gross profit of the organization
3. income from unrealized transactions
19. The following method of dividend payments contributes to smoothing fluctuations in the market value of shares. . . .
1. method of constant growth of dividend payments +
2. Residual dividend method
3. methodology for paying the guaranteed minimum and extra dividends
20. To obtain reliable information about profits joint-stock company should use:
1. balance sheet of a joint-stock company
2. results of audits
3. income statement +
21. Source of payment of dividends on preferred shares in case of a lack of profit from a joint-stock company:
1. issue of bonds
2. additional issue of shares
3. reserve fund +
4. short-term bank loan
5. issue of a bill
22. The effect of financial leverage means:
1. increase in the share of equity
2. increase in return on equity when using borrowed sources +
3. increase in cash flows
4. acceleration of the turnover of current assets
23. Redemption of own shares is carried out in order to:
1. reduce the company's liabilities
2. maintaining the market value of the company +
3. reduce the cost of equity financing
24. financial leverage calculated as a ratio:
1. equity to debt
2. debt capital to equity +
3. earnings to equity
25. An additional issue of shares is carried out:
1. in order to maintain control
2. in order to maintain the market rate
3. in order to minimize taxes
4. in order to obtain additional external funding +
26. Net assets companies are:
1. company equity
2. value of assets available for distribution among shareholders after settlements with creditors +
3. the difference between equity and the amount of losses
Section 6 “Sources of financing economic activity»
1. The main ways of financing economic activities:
1. issue of shares
3. all of the above +
2. Venture capital is used:
1. to finance the activities of fast-growing and high-risk firms +
2. to finance state-owned enterprises
3. to finance companies whose shares are publicly traded on the stock market
3. Upon the expiration of the financial lease, the lessee:
1. retains the rental object
2. buys the leased object from the lessor at the original cost
3. can return the leased object, conclude an agreement or redeem the object at the residual value +
4. For manufacturing enterprise leasing allows:
1. update fixed assets by dispersing costs over time +
2. in case of failure of the equipment, stop leasing payments
3. in case of a production need, sell the leased object at market value
5. Financial leasing is:
1. long-term agreement covering a large cost of rented equipment +
2. short-term rental of premises, equipment, etc.
3. long-term lease, involving partial redemption of equipment.
6. What is not a source of financing for the enterprise:
1. forfaiting
2. depreciation charges
3. R&D costs +
4. mortgage
Section 7 "Management working capital»
1. The cash flow of the organization is. . . .
1. the totality of the financial resources of the organization
2. the presence of an optimal balance of funds on the current account
3. the amount of receipts and payments of funds for a certain period of time +
2. Cash flow from investment activity- this is. . .
1. long-term loans and credits
2. advances from buyers
3. income from financial investments +
3. Cash flow from operating activities is. . .
1. financial investments
2. repayment of receivables +
3. payment of dividends to the owners of the organization
4. The main indirect method for calculating net cash flow are. . .
1. net profit and depreciation charges +
2. cash balance and changes in assets and liabilities
3. liquid cash flow and sales revenue
5. The full production cycle of the organization is determined. . .
1. the period of turnover of work in progress, the period of turnover of stocks of finished products, the period of turnover of receivables
2. turnover period production stocks, the period of turnover of work in progress, the period of turnover of stocks of finished products +
3. the period of turnover of stocks of finished products, the period of turnover of work in progress, the period of turnover of accounts payable
6. The financial cycle is. . .
1. the time interval between the payment deadline for your obligations to suppliers and the receipt of money from buyers +
2. the period during which the receivables are fully repaid
3. the period during which the accounts payable are fully repaid
7. Permanent working capital. . .
1. shows the required maximum working capital for the implementation of uninterrupted production activities
2. shows the average amount of working capital for the implementation of uninterrupted production activities
3. shows a minimum of current assets for the implementation of uninterrupted production activities +
8. The conservative policy of working capital management is characterized. . .
1. a high proportion of current assets in the composition of all assets of the organization
2. low share of short-term loans in liabilities or its absence +
3. average turnover period of working capital
9. Aggressive working capital management policy complies. . .
1. average level of short-term credit in liabilities
2. low share of short-term loans in liabilities or its absence
3. high share of short-term loans in all liabilities +
10. What is the relationship between order lot size and ordering costs?
1. the larger the batch size, the lower the total transaction costs for placing orders +
2. The smaller the batch size, the lower the total transaction costs for placing orders
3. the larger the batch size, the higher the total transaction costs for placing orders
11. The amount of total receivables depends on. . . .
1. amount of accounts payable
2. sales volumes of goods on credit +
3. sales volumes of goods
12. Accounts receivable is considered normal provided that. . .
1. the debt will be repaid in 14 months
2. the debt will be repaid in 12 months +
3. the debt will be repaid in 16 months
13. The following issues are addressed in the process of receivables management. . .
1. control over the growth of labor productivity and cost reduction
2. profit planning and inventory optimization of the organization
3. control over the structure of receivables in the context of debtors and assessment of its liquidity +
Section 8 "Special Sections of Financial Management"
1. Crisis is. . .
1. chronic insolvency of the organization +
2. excess of accounts payable over accounts receivable
3. use of loans for the acquisition of working capital
2. Which of the following crises characterizes the crisis of regular occurrence?
1. short-term
2. disastrous
3. cyclic +
3. Which of the following crises characterizes the crisis by source of origin?
1. elemental +
2. painful
3. short-term
4. Signs of a potential crisis are. . .
1. decrease in free cash flow +
2. destructive impact of the external environment
3. quasi-normal state of the organization
5. Signs of the latent stage of the crisis are. . .
1. no real symptoms of a crisis
2. decrease in free cash flow +
3. Decreased profitability of products and organization
6. The factors causing the crisis and related to the "far" environment of the organization are. .
1. economic growth rates in the country +
2. managerial
3. financial
7. Symptoms of a crisis situation are. . .
1. the presence of overdue receivables
2. excess own working capital
3. decrease in income from the main activities of the organization +
8. An indicator characterizing the entry of an organization into a crisis zone is. .
1. break-even point of manufactured products +
2. the amount of variable costs
3. contribution margin
9. External signs of the organization's insolvency are. . .
1. failure to fulfill the requirements of creditors within two months
2. failure to fulfill the requirements of creditors within three months +
3. unsatisfactory structure of the balance sheet
10. The bankruptcy procedure is carried out for the purpose. . .
1. Sales expansion
2. cost reduction
3. repayment of all types of debts of the organization +
11. The real bankruptcy of the organization occurs when. . .
1. loss of capital +
2. low profitability
3. rising production costs
12. Deliberate bankruptcy of an organization occurs when. . .
1. late payment of debt obligations
2. using the organization's funds for the personal enrichment of its management +
3. intentionally misleading creditors in order to obtain installment payments
13. Bankruptcy reorganization procedures include. . .
1. forced liquidation
2. voluntary liquidation
3. pre-trial sanitation +
14. The two-factor model of E. Altman is based on. . .
1. coefficients of current liquidity and financial dependence +
2. turnover ratios and current liquidity
3. profitability ratios and capital structure
15. The W. Beaver coefficient is based on. . . .
1. Current ratio and capital structure
2. net profit, depreciation and amount of liabilities +
3. profitability and asset turnover
1. current liquidity and profitability ratios
2. coefficients of financial independence and asset turnover
3. liquidity and financial independence ratios +
18. Purpose crisis management from a financial management standpoint,. . . .
1. profit maximization and product portfolio optimization
2. restoration of financial stability and solvency +
3. reduction of accounts payable and receivable of the organization
19. The subsystem of anti-crisis management is formed. . .
1. strategic management, reengineering, benchmarking +
2. tactical control, crisis management, marketing
3. personnel management, restructuring, insolvency management
20. The formation of the "competitive estate" of the organization involves. . .
1. restructuring
2. risk management
3. bankruptcy management +
21. Indicators for monitoring property status are. . .
1. Capacity utilization rate
2. depreciation rate of fixed assets +
3. market value of the organization
22. Evaluation monitoring indicators financial condition organizations are. . .
1. profit +
2. volume of production and sales of products
3. the value of non-current assets and their share in the total assets
23. Bankruptcy prevention includes. . .
1. full mobilization of internal financial reserves
2. organization reorganization
3. Restoring financial stability and ensuring financial balance +
24. The principles underlying crisis management are. . .
1. continuous monitoring of the financial condition of the organization
2. differentiation of symptoms of an uncontrollable crisis according to the degree of their danger to the viability of the organization +
3. "cutting off the excess", leading to a decrease in the size of current external and internal financial obligations in the short term
25. The following measures of financial recovery correspond to the stage of restoring the solvency of the organization. . .
1. acceleration of collection of receivables, use of factoring +
2. prolongation of short-term loans and borrowings
3. acceleration of the turnover of working capital
26. Forms of financial recovery are. . .
1. prolongation of short-term accounts payable
2. optimization of the assortment policy of the organization
3. vertical merger of organizations +
27. Sanitation of an organization without preserving its legal entity is. .
1. transfer of the organization for rent +
2. conglomerate merger of the organization
3. restructuring
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is the management of the company's finances, aimed at achieving the strategic and tactical goals of the functioning of this company in the market.
The main issues of financial management are related to the formation of the enterprise's capital and ensuring its most efficient use.
At present, the concept financial management» implies a variety of aspects of enterprise financial management. A number of areas of financial management have received in-depth development and stand out as relatively independent scientific and educational disciplines:
- higher financial computing;
- investment analysis;
- risk management;
- crisis management;
- company valuation.
A Brief History of Financial Management
Financial management as a scientific direction originated at the beginning of the last century in the United States and, at the first stages of its formation, considered mainly issues related to the financial aspects of creating new firms and companies, and later - financial investment management and bankruptcy problems.
It is believed that the beginning this direction was laid by G. Markowitz, who developed in the late 1950s. portfolio theory, on the basis of which W. Sharp, J. Lintner and J. Mossin created a model for assessing profitability a few years later financial assets(CAPM), linking the risk and return of a portfolio of financial instruments. Further development This area led to the development of the concept of an efficient market, the creation of the theory of arbitrage pricing, the theory of option pricing and a number of other models for evaluating market instruments. Around the same time, intensive research began on the structure of capital and the price of funding sources. The main contribution to this section was made by F. Modigliani and M. Miller. Year of publication of their work “The cost of capital. Corporate Finance. Theory of Investments” in 1958 is considered a milestone, when FM emerged as an independent discipline from applied microeconomics. The portfolio theory and the theory of capital structure can be called the core of financial management, since they allow answering two main questions: where to get money from and where to invest it.
The role of financial management in the management of the organization
Financial management is carried out through financial mechanism, which can be defined as a system of action financial methods, expressed in the organization, planning and stimulation of the use of .
There are four main elements of the financial mechanism:- State legal regulation financial activities enterprises.
- Market mechanism for regulating the financial activity of an enterprise.
- The internal mechanism for regulating the financial activities of the enterprise (charter, financial strategy, internal standards and requirements).
- The system of specific techniques and methods used in the enterprise in the process of analysis, planning and control of financial activities.
constitute a system economic relations associated with the formation, distribution and use of funds in the process of their circulation. The market environment, the expansion of independence of acceptance have led to a sharp increase in the importance of financial management in the management of any economic structure.
The concept of "management" can be considered from three angles:
- as a system economic management company;
- as a governing body;
- like a form entrepreneurial activity.
The development of market relations in our country, which made it possible for enterprises to independently make management decisions and dispose of end result activities, along with a fundamental change, the emergence, introduction of new forms of ownership, improvement of the system accounting, led to the realization of the importance of financial management as scientific discipline and the possibility of using its theoretical and practical results in the management of Russian enterprises and organizations.
Objectives of financial management
The main objectives of financial management:- increase in the market value of the company's shares;
- increase in profit;
- fixing the company in a particular market or expanding an existing market segment;
- avoiding bankruptcy and major financial failures;
- improving the well-being of workers and/or management personnel;
- contribution to the development of science and technology.
1. Achieving high financial stability of the company in the process of its development. This task is implemented by forming an effective policy for financing the economic and investment activities of the company, managing the formation of financial resources from various sources, optimizing financial structure company capital.
2. Optimization of the company's cash flows. This objective is achieved through effective solvency management and absolute liquidity. At the same time, the free balance of cash assets should be minimized in order to reduce the risk of impairment of excess cash.
3. Ensuring the maximization of the company's profits. This task is implemented by controlling the formation financial results, optimization of the size and composition of the financial resources of non-current and current assets of the company, balance of cash flows.
4. Minimization of financial risks. This goal is achieved by developing effective system identification of risks, qualitative and quantitative assessment of financial risks, determination of ways to minimize them, development of an insurance policy.
Some goals and criteria for managing company finances|
Increasing the welfare of company owners |
Consolidation in the market, financial balance |
Maximizing the current |
The economic growth |
|
|
Criteria |
Increase in market value Increasing return on equity |
Positive dynamics and stability of liquidity indicators, financial independence and sustainability |
Growth of indicators of profitability of turnover and Growth of indicators of business activity |
Positive dynamics and stability of capital growth rates, turnover and Growth of economic profitability. Stability of financial indicators |
Functions of financial management
Financial management includes the following aspects of activity:- organization and management of relations of the enterprise in the financial sector with other enterprises, banks, insurance companies, budgets of all levels;
- formation of financial resources and their optimization;
- placement of capital and management of the process of its functioning;
- analysis and management of the company's cash flows.
Financial management includes management strategy and tactics.
Management strategy- the general direction and method of using funds to achieve the goal. This method corresponds to a certain set of rules and decision-making constraints. Management tactics- these are specific methods and techniques for achieving the goal within the framework of certain conditions economic activities of the enterprise in question.
Functions of financial management:
Planning function:
- development of the company's financial strategy; formation of a system of goals and main indicators of its activities for the long and short term; carrying out long-term and short-term financial planning; preparation of the company's budget;
- formation of pricing policy; sales forecast; analysis economic factors and market conditions;
The function of forming the capital structure and calculating its price:
- determination of the total need for financial resources to ensure the activities of the organization; formation and analysis of alternative sources of financing; formation of an optimal financial structure of capital that provides the value of the company;
- calculation of the price of capital;
- formation of an effective flow of reinvested profits and depreciation.
- investment analysis;
Investment Policy Development Function:
- formation of the most important areas for investing the company's capital; grade investment attractiveness individual financial instruments, selection of the most effective of them;
- formation of an investment portfolio and its management.
Working capital management function:
- identifying the real need for certain types of assets and determining their value based on the expected growth rate of the company;
- formation of an asset structure that meets the company's liquidity requirements;
- increasing the efficiency of working capital use;
- control and regulation of monetary transactions; cash flow analysis;
Financial risk analysis function:
- identification of financial risks inherent in the investment and financial and economic activities of the company;
- analysis and forecasting of financial and business risks;
Evaluation and consultation function:
- formation of a system of measures to prevent and minimize financial risks;
- coordination and control of execution management decisions within the framework of financial management;
- organization of a monitoring system for financial activities, implementation of individual projects and management of financial results;
- adjustment of financial plans, budgets of individual departments;
- holding consultations with heads of departments of the company and developing recommendations on financial matters.
Information support of financial management
Specific indicators of this system are formed due to external and internal sources which can be divided into the following groups:
- Indicators characterizing the general economic development of the country (used when making strategic decisions in the field of financial activity).
- Indicators characterizing the conjuncture financial market(used in the formation of a portfolio of financial investments, the implementation of short-term investments).
- Indicators characterizing the activities of competitors and counterparties (used in making operational management decisions).
- Regulatory indicators.
- Indicators characterizing the results of the financial activity of the enterprise (balance sheet, income statement).
- Normative and planned indicators.
Topic 6. Financial planning and forecasting
Question 1. Strategic, long-term and short-term financial planning
Kreinina M.N. Financial management: Proc. settlement - M .: Delo and Service, 1998. - 304 p., P. 195-212.
9.1. Planning of income and expenses of the enterprise
Financial planning covers the most important aspects of the enterprise; it provides the necessary preliminary control over the formation and use of material, labor and monetary resources, creates the necessary conditions to improve the financial condition of the enterprise.
Financial planning at the enterprise is interconnected with the planning of economic activity and is based on other indicators of the plan (volume of production and sales, cost estimates for production, capital investment plan, etc.). However, drawing up a financial plan is not a simple arithmetic conversion of production indicators into financial indicators.
In the process of drawing up a draft financial plan, a critical approach is taken to the indicators of the production plan, intra-economic reserves not taken into account in them are identified and used, methods are found for more efficient use of the production potential of the enterprise, more rational use of material and monetary resources, improving the consumer properties of products, etc. .
In the process of developing a financial plan, the following are determined: the costs of products sold, sales proceeds, cash savings, depreciation, the volume and sources of financing of investments planned for the planned period, the need for working capital and sources of its coverage, the distribution and use of profits, relationships with the budget, extrabudgetary funds, banks.
Financial planning at the enterprise has the following target orientation:
1. Providing financial resources and funds for the activities of the enterprise.
2. Increasing profits from core activities and other activities, if any.
3. Organization of financial relationships with the budget of extra-budgetary funds, banks, creditors and debtors.
4. Ensuring a real balance of planned income and expenses.
5. Ensuring the solvency and financial stability of the enterprise.
The traditional form of a financial plan is the balance of income and expenses. The work on drawing up a financial plan is carried out in several stages:
the first stage is an assessment of the fulfillment of the financial plan for the previous period;
the second stage is the consideration of projected production indicators, on the basis of which a financial plan will be drawn up;
the third stage is the development of a draft financial plan.
In order to be more efficient and take into account inflation, it is advisable to draw up a balance of income and expenses by quarters of the planned year.
To draw up a balance of income and expenses, it is necessary to have the following calculations as a base: sales proceeds; profit and directions of its spending; needs for own working capital; the amount and use of depreciation; sizes and directions of use of the repair fund, etc.
The balance of income and expenses can be drawn up in the context of the following items.
I. Income and receipts.
1. Revenue from the sale of products (works, services)
including: 1.1. Profit from sale.
2. Income from non-operating transactions.
3. Other operating income.
4. Depreciation.
5. Repair fund.
6. Funds deducted from the cost of production:
6.1. To pay taxes and other obligatory payments attributable to cost.
6.2. To pay interest on loans.
7. Growth of sustainable liabilities.
8. Surplus working capital at the beginning of the planning period.
9. Income from the initial issue of shares.
10. Other income.
Total income and receipts.
11. Expenses and deductions.
1. Costs for sold products and services at full planned cost, including losses from sales.
2. Value added tax paid to suppliers.
3. Capital investments.
4. The cost of repairing fixed assets.
5. Deductions from profits for accumulation and consumption.
6. Rent.
7. Contributions to the reserve and other special funds.
8. Other operating expenses.
9. Other non-operating expenses.
Total expenses and deductions.
III. Relations with the budget, off-budget funds and banks.
1. Income tax.
2. Value added tax.
3. Property tax.
4. Other taxes included in the cost and paid out of financial results.
5. Payments to off-budget funds.
6. Repayment of long-term bank loans.
7. Payment of interest on loans.
Total payments.
1. Income and receipts of funds.
2. Expenses, deductions and payments.
The balance of income and expenses is formed on the basis of an analytical generalization of the results obtained in the process of calculations for each of its items. Therefore, the work of compiling a balance of income and expenses is not a simple filling of its articles with the corresponding numerical data obtained as a result of calculations and summing up for each of the sections. With such work, it is impossible to achieve a balance between income and expenses and ensure the targeted and efficient use of financial resources.
In the process of forming the balance of income and expenses, the following tasks should be solved:
- identification of the enterprise's reserves and mobilization of on-farm resources, which make it possible to increase profitability, solvency, accelerate the turnover of assets and capital and solve other issues related to improving the financial condition of the enterprise;
- more efficient use of profits and other income;
- increasing the efficiency of investments and the investment attractiveness of the enterprise.
The work should begin with the compilation of the "Revenues and Receipts of Funds" section, with the determination of their total size, analysis of the composition, structure and rate of change in comparison with similar data for the corresponding period preceding the planned one. In the event of a decrease in any types of income and receipts, it is necessary to analyze the reasons for this, as well as check the calculations in order to avoid errors.
In the process of compiling the "Expenses and deductions" section, it is necessary to check, for a number of its articles, the relationship between the planned amounts of expenses and deductions with the sources of covering them with the corresponding income and receipts of funds provided for in the first section of the balance of income and expenses. The costs of products and services sold, provided for in the second section of the balance sheet, must be fully covered by the proceeds from their sale. If the proceeds from the sale of products and services are less than the costs of the products sold, then in the first section there will be no profit from the sale, and in the second section, in the amount of planned costs for the sold products, losses appear as part of these costs in the amount of excess costs over revenue.
The cost of repairing fixed assets should be equal to the amount of the repair fund shown in the first section of the balance of income and expenses. In the case of planning expenses for the repair of fixed assets in an amount less than the amount of the repair fund, an additional item is provided in the second section of the balance of income and expenses - "Free balance of the repair fund", which reflects the amount of excess of the repair fund over repair costs.
If capital investments are not provided for the planned period or their planned amount is less than the depreciation contained in the first section of the balance sheet, then the free balance of these funds cannot be used to cover other planned costs and payments. Not used for its intended purpose, this balance of funds is shown in the second section of the balance of income and expenses under the item "Balance of funds earmarked for investments".
After filling in all the items of the balance of income and expenses and summing up the results for each of the sections, the degree of balance between them is checked. To do this, you need to compare the result of the first section "Incomes and receipts" with the sum of the results of the second and third sections. In the absence of equality, it is necessary either to find additional sources of income and receipts, or to revise the expenses and deductions planned for the second and third sections of the balance sheet in the direction of their reduction.
9.2. Drawing up a planned balance sheet of an enterprise
The value of assets and liabilities in the planned period may change compared to the baseline under the influence of a number of factors. Each article of assets and liabilities should be calculated taking into account the factors affecting precisely its value. In this case, it is important for us to take into account those factors that are associated with changes in sales proceeds in general, prices for products sold, natural volume of sales, profits from sales and other activities, prices for raw materials, materials and services consumed in the course of the enterprise’s activities, terms of settlements with debtors and creditors.
These factors have a direct impact on the most dynamic elements of assets and liabilities - stocks, receivables, cash, accounts payable. Non-current assets are less affected by these factors, but may also change for some other reason.
Intangible assets, and especially long-term and short-term financial investments, are not directly affected by the dynamics of sales proceeds, prices for the Company's products and raw materials, etc. Fixed assets and construction in progress may change, for example, under the influence of changes in production volume, but this should be very significant qualitative shifts in technology, volume and range of products, etc.
Capital and reserves, long-term liabilities and short-term bank loans also change for reasons of a different nature, however, it is necessary to keep in mind a possible increase in capital and reserves due to the direction of part of the profit received in the planning period.
Considering the balance sheet planning of an enterprise, let's leave aside possible changes in its investment policy, in relations with banks, etc. Let's take into account only those factors that change most often and are directly related to the main activity.
Let's assume that in the planning period it is assumed that prices for the company's products will increase and that the natural volume of production equal to the base volume will be sold. Then the sales revenue will increase by 10%, and the profit from sales will be:
24021 x 1.1 -21599 = 4824 thousand rubles.
Such a calculation is correct if the prices for raw materials, materials and services consumed by the enterprise in the course of its activities, and the level of remuneration of the employees of the enterprise do not change. But, according to experts, prices for consumed resources will be higher than in the base period, on average by 2.7%, and labor costs for various reasons will increase by 23.6%. Deductions to off-budget funds will also grow to the same extent. The rest of the cost elements will not change, since they are not associated with either a change in sales proceeds or a change in prices.
Material costs as part of the cost of sold products are planned in the amount of 4950 thousand rubles, i.e. 18.7% of sales proceeds; labor costs and deductions to off-budget funds - 10,882 thousand rubles, i.e. 41.2% of sales proceeds; depreciation of fixed assets will remain at the base level, amounting to 2,330 thousand rubles, or 8.8% of sales proceeds. Thus, data on the dynamics of sales proceeds and its components can be summarized in the following table.
Table 9.1. – Change in sales revenue, costs of products sold and profit from sales in the planning period compared to the base
Indicators |
Base period, thousand rubles |
Planned period, thousand rubles |
Gr. 3 as a percentage of gr. 2 |
1. Sales proceeds |
|||
2. Costs of products sold - total |
|||
2.1. Material costs |
|||
2.2. Labor costs and deductions to off-budget funds |
|||
2.3. Depreciation of fixed assets |
|||
2.4. Other costs |
|||
3. Profit from sales (p. 1 - p. 2) |
1. The state of the company's stocks: is there a surplus or shortage of stocks compared to the required need, and is it supposed to eliminate the surplus or shortage in the planning period, if they occur in the base period.
2. The state of receivables: are there any overdue or bad debts in it, and is repayment of the overdue expected. In addition, does the composition of debtors or the terms of settlements with them change, leading to an acceleration or slowdown in the turnover of receivables in general.
3. The state of accounts payable: is there any overdue in its composition and is it expected to be repaid, if any. In addition, does the composition of supplier creditors and the terms of settlements with them change, leading to an acceleration or slowdown in the turnover of accounts payable to suppliers. Finally, are there any overdue accounts payable to other creditors (the budget, off-budget funds, etc.).
Depending on the listed circumstances, the planned amounts of stocks of receivables and payables may vary significantly.
In view of the foregoing, we determine the planned size of the reserves. If, as in our enterprise, the vast majority of the reserves are raw materials, then the entire basic balance sheet value of the reserves can be calculated without a large error based on the rate of change material costs and replenishment. If significant reserves are presented finished products or goods shipped, then they must be planned by direct account based on the prospects for selling and paying for the company's products (Table 9.2).
Table 9.2 - Calculation of the planned size of the company's stocks
Indicators |
Basic period |
Planned period |
||
maximum |
||||
1. Book value of stocks |
||||
1.1. Excess inventory |
||||
2. Lack of inventory |
||||
3. Normal inventory value: |
||||
a) page 1 - page 1.1. |
||||
b) page 1 + page 2 |
||||
4. Material costs for sold products |
||||
5. Inventory turnover (page 4: page 3) |
speed |
|||
Explanations for the calculation.
1. In page 5, the normal inventory turnover is calculated, provided that the lack of inventory on the balance sheet is eliminated. Without changes in the technology and composition of products, such a turnover is maintained in the planned period.
2. Required stocks for the planned period in p. 3 gr. 4 and 5 are determined by dividing material costs by normal inventory turnover (4950: 3.55 = 1394 thousand rubles).
3. In the event that the shortage of reserves is eliminated, the balance sheet value of the reserves will be equal to the normal value (line 1, column 5); while maintaining a shortage of stocks, their balance sheet value should, at a minimum, increase in proportion to the growth of material costs for products sold: 1155 x 4950/4818 = 1187 thousand rubles. (This is due to rising prices for raw materials and materials).
If there were excess stocks on the balance sheet of the enterprise, the calculation would be similar, but the minimum result would correspond to the normal, and the maximum - to the actual state of stocks.
We now calculate the planned amount of receivables. Since here it is necessary to take into account both the actual composition and turnover, we will make two calculations.
Table 9.3 - Calculation of the planned amount of receivables, taking into account its condition
Indicators |
Base period |
Planned period |
|
maximum |
|||
1. Balance value of receivables, thousand rubles. |
|||
1.1. Overdue |
|||
1.2. Hopeless |
|||
2. Sales proceeds, thousand rubles. |
|||
3. Turnover of receivables in the base period (number of turnovers) (p. 3: p. 1): |
|||
a) actual |
|||
b) excluding overdue and bad Accounts Receivable |
|||
Explanations for the calculation.
1. The calculation is made on the basis of unchanged contractual terms with Debtors and the previous composition of debtors.
2. It is assumed that the minimum amount of receivables in the planning period is possible in the absence of overdue and bad debts (the first will be repaid, the second will be written off). Page 1 gr. 3 received: (4500 - 300 - 10) x 26423/24021 = 4510 thousand rubles; page 1 gr. 4: 4500 x 26423/24021 = 4950 thousand rubles.
Let's introduce another factor into the calculation of the planned value of receivables: a change in the composition of debtors or the terms of settlements with previous debtors changed the turnover of receivables and eliminated overdue and bad debts. Suppose the turnover will be 6.5 times in the planning period instead of 5.9 times in the base period. Comparison of the planned turnover with the base one in the absence of overdue and bad debts requires taking into account exactly 5.9 times, and not 5.3 times. Then the minimum planned value of receivables is equal to: 4510 x 5.9 / 6.5 = 4094 thousand rubles. instead of 4510 thousand rubles.
Taking into account similar factors, accounts payable to suppliers are planned (Table 9.4).
Table 9.4 - Calculation of the planned amount of accounts payable to suppliers
Indicators |
Base period |
Planned period |
|
maximum |
|||
1. The balance sheet value of accounts payable to suppliers, thousand rubles. |
|||
1.1. Overdue |
|||
2. Material costs for sold products, thousand rubles. |
|||
3. Turnover of accounts payable to suppliers (number of turnovers; p. 2: p. 1): |
|||
a) actual |
|||
b) excluding overdue |
|||
Explanation for the calculation.
Page 1 gr. 3 and 4, taking into account the same turnover and the absence of overdue accounts payable to suppliers, is calculated as follows: 281 x 4950/4818 = 289 thousand rubles.
If in the planning period the composition of suppliers or the contractual terms of settlements with them change, which leads to a change in the turnover of accounts payable, then the calculated value changes inversely with the application of the number of revolutions in the same way as we calculated receivables above.
payables for wages, social insurance and security, as a rule, depends on the established frequency of settlements, respectively, with employees of the enterprise and extra-budgetary funds. Therefore, it can be calculated for the planning period based on the amount at the end of the base period, increased in proportion to the growth of labor costs and deductions to off-budget funds as part of the costs of products sold in the planning period. The basic value of accounts payable for deductions to off-budget funds and wages in accordance with our balance sheet data and the growth rate of these costs is: (384 + 180) x 123.6 / 100 = 697.1 thousand rubles.
It is more difficult and time-consuming to determine the planned amount of accounts payable to the budget with a sufficient degree of accuracy. If the enterprise does not have overdue debts to the budget, then the basic amount reflects the required amount of debts corresponding to the established frequency of payments to the budget for different types taxes. However, due to the change in sales proceeds and profits in the planning period compared to the base period and the preservation of the size of all other objects of taxation, it is necessary to calculate the increase in income tax, VAT and all Other taxes, the amounts of which depend on sales proceeds, the profit of the wage fund. This is done by direct account, based on the specific data of each enterprise. In our case, the increase in income tax, VAT, transport tax, deductions for the maintenance of housing stock and social and cultural facilities will total 236.5 thousand rubles. Then, for the Calculation, it is necessary to determine the percentage of accounts payable for these taxes to the total amount of payments due on them in the base period. At our enterprise it is equal to 11.5%. This means that the increase in accounts payable to the budget is 236.5 x 11.5/100 == 27.2 thousand rubles. Of course, this value is calculated with some tolerance. But for the preparation of the planned balance, the error can be ignored, since the debt to the budget, as a rule, is not a quantitatively decisive part of the accounts payable of the enterprise.
Thus, we calculated the planned size of assets and liabilities, which change under the influence of changes in sales proceeds, prices for purchased raw materials, materials and services, and the level of wages. These factors operate at each enterprise constantly, therefore, they must be taken into account when drawing up any planned balance.
As noted above, other reasons are possible under the influence of which assets and liabilities change, but they are of a different nature and are mainly associated with changes in the investment and financial policy enterprises. If such reasons exist, non-current assets, capital and reserves, long-term liabilities, bank loans, short-term financial investments may change.
In our calculation, we proceed from the fact that there were no such changes in the planning period compared to the base period. If they were, then the calculation of changes in the named elements of assets and liabilities is carried out by direct account and is not difficult.
Based on the calculations made, we will draw up the planned balance sheet of the enterprise. At the same time, it must be borne in mind that in the planned balance sheet, compiled on the basis of only changes in assets and liabilities, the total amounts of the value of property and sources of financing do not necessarily coincide. On the contrary, as a rule, they do not coincide, and either a surplus or a shortage of funding sources is revealed in comparison with the required amount of assets. Only after that it is possible to decide on the direction of the planned profit to replenish the sources of financing, if it turns out that this is necessary. Therefore, for now, at this stage of planning, we do not consider in more detail the size of the planned profit of the enterprise. When compiling the balance sheet, we will also take into account that capital and reserves in the base period occupy a very large share in the sources of financing. The company uses very few borrowed sources. It is hardly advisable to increase capital and reserves even more, even if such a possibility exists.
When drawing up the planned balance, we will take into account that we calculated the stocks and receivables at the minimum and maximum levels. VAT on purchased materials will increase in proportion to the increase in the cost of inventories, i.e., it will be equal to 163 x 1187/1155 = 168 thousand rubles, or 163 x 1394/1155 = 197 thousand rubles. We accept the growth of cash in proportion to the growth in sales proceeds, i.e. 84 x 1.1 \u003d 92 thousand rubles.
Table 9.5 - Estimated planned balance of the enterprise at the end date of the planning period (thousand rubles)
Maximum |
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1. Non-current assets |
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2. Current assets (p. 2.1.-2.6) |
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2.1. Stocks |
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2.2. VAT on purchased assets |
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2.3. Accounts receivable |
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2.4. Short-term financial investments |
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2.5. Cash |
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2.6. Other current assets |
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1- Capital and reserves |
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2. Long-term liabilities |
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3. Short-term liabilities (p. 3.1. - 3.3) |
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3.1 Credits and loans |
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3.2. Accounts payable (lines 3.2.1 - 3.2.4.) |
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3.2.1. Suppliers |
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3.2.2. For wages, social insurance and security |
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3.2.3. budget |
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3.2.4. Other creditors and advances |
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3.3. Other short-term liabilities (funds and reserves of the enterprise) |
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Total assets |
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Total liabilities |
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Excess: |
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assets over liabilities |
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liabilities over assets |
The calculation shows that if all the parameters of the planned balance are determined correctly, then the financial situation in the coming period will be favorable for the enterprise: the amount of funding sources exceeds the cost of the necessary assets, and if the stocks and receivables have a minimum estimated value, then this excess is significant increases. This means that the enterprise does not need to seek additional sources of financing even in the face of an increase in sales proceeds and prices for acquired material resources.
Obviously, there is no need to direct any part of the profit to increase capital and reserves; profits can be used entirely for other purposes.
With a different balance sheet structure, a different increase or decrease in sales proceeds and certain types costs for products sold, a different structure of the costs themselves, etc. the conclusions could be completely different. It could turn out that the excess of funding sources over assets is even more significant, or, conversely, the company needs additional sources. Then it would be necessary to increase equity capital, attract credits and loans, or change the contractual terms of settlements with suppliers.
9.3. Change in financial and cash flows due to changes in sales proceeds
Consider the relationship between changes in sales proceeds, costs and profits, on the one hand, and changes in the assets and liabilities of the enterprise, on the other, according to the largest factor. Such a discussion will be somewhat sketchy, but will allow a clearer understanding of the decisive factors that influence this dependence.
We accept the following conditions.
- Accounts receivable turnover - 45 days;
- Accounts payable turnover -40 days;
- Inventory turnover - 30 days;
- Material costs - 50% of sales proceeds;
- Free profit - 6% of sales proceeds.
Under all these conditions, it is planned to increase the proceeds from sales by 100 thousand rubles. What will happen to balance sheet data?
Accounts receivable will naturally increase. If the additional annual cost of sold products is 100 thousand rubles, then the additional receivables will be:
100 x 45/360 = 12.5 thousand rubles.
Stocks will increase in proportion to the increase in material costs as part of sales proceeds, and taking into account their turnover, the increase in stocks is equal to: 50 x 30/360 = 4.2 thousand rubles.
Accounts payable arising primarily on acquisition material resources, will increase by 50 x 40/360 = 5.5 thousand rubles.
Thus, the increase in assets under the influence of an increase in sales proceeds will be 12.5 + 4.2 = 16.7 thousand rubles; the increase in sources of financing in the form of accounts payable - only 5.5 thousand rubles. The enterprise needs additional sources of financing in the amount of 16.7 - 5.5 = 11.2 thousand rubles. Even if we use the free profit of the enterprise to increase its own sources, then the need for additional borrowed funds will be equal to 11.2 - 6 = 5.2 thousand rubles.
Under the same initial conditions, sales revenue does not increase, but decreases by 100 thousand rubles. in the planning period compared to the base period. Then accounts receivable will respectively decrease by 12.5 thousand rubles, inventories - by 4.2 thousand rubles, and accounts payable - by only 5.5 thousand rubles. Available sources of financing in the amount of 11.2 thousand rubles. turn out to be redundant in comparison with the need for assets, and the profit in full can be directed to other purposes.
The given example does not mean that in all cases the increase in the volume of sales creates the problem of additional sources of financing, and the decrease eliminates this problem. Consider other options in which the situation is different (Tables 9.6 and 9.7).
Table 9.6 - Change in the assets and liabilities of the enterprise when changing the terms of settlements with buyers and suppliers and the growth of sales proceeds
Indicators |
Options |
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6. Increase in receivables (line 1 x line 2: 360), thousand rubles. |
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7. Increase in stocks (line 1 x line 5: 100) x line 3: 360, thousand rubles. |
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8. Increase in accounts payable (line 1 x line 5: 100) x line 4: 360, thousand rubles. |
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9. Lack of funding sources (line 6 + line 7 - line 8), thousand rubles. |
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10. Excess funding sources (p. 8 - p. 6 - p. 7) |
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The calculation shows that with the same increase in sales volume and the same annual inventory requirement, the shortage or surplus of funding sources is determined only by the ratio of the turnover of receivables and payables and stocks. We repeat the conclusion that has already been made earlier: for the financial condition of the enterprise in the case of a prospect of increasing its sales volume, it is favorable when the turnover of receivables is faster than the turnover of accounts payable. The lower the share of material costs in the composition of sales proceeds, the greater the gap in the number of days of turnover of receivables and payables is required to ensure that funding sources cover assets associated with an increase in sales volume. To illustrate this conclusion, in the next calculation, we will take options II and III of the previous table as initial data, where funding sources exceed assets. Let's change only one condition: the share of material costs in the sales proceeds is 40% instead of 55%.
Table 9.7 - Change in the assets and liabilities of the enterprise with a change in the share of material costs in sales proceeds
Indicators |
Options |
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1. Increase in sales proceeds, thousand rubles |
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2. Accounts receivable turnover, days |
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3. Inventory turnover, days |
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4. Accounts payable turnover, days |
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5. Material costs as part of sales proceeds, % |
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(^Increase in accounts receivable, thousand rubles |
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7. Increase in accounts payable, thousand rubles. |
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8 - Increase in stocks, thousand rubles. |
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^Lack of funding sources |
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Y. Surplus funding sources |
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Comparison of the last rows of the two previous tables shows that the decrease in the share of material costs, while maintaining all other calculation conditions, led to a deterioration in the ratio of assets and sources of financing.
It is clear that in each individual case, the growth in sales proceeds will lead either to a shortage or to an excess of sources of financing, depending on other indicators of the enterprise. The same conclusion can be drawn for the case of a decrease in sales proceeds.
Therefore, when forecasting an increase or decrease in sales proceeds, it is necessary to consider whether the available sources are sufficient to cover the growing assets (or whether the decrease in sources will be greater than the decrease in assets). If this is the case, then it is necessary to provide for specific additional sources of financing, or borrowed.
When compiling the planned balance, it is advisable to calculate the planned level of solvency of the enterprise. In our enterprise, as we have seen, overall coefficient coverage and current ratio are quite high in the base period. According to the planned balance, the current liquidity ratio is (minimum) 5957: 2489 = 2.393. This level of solvency does not cause concern, and from this point of view, the balance can not be corrected, especially since the company's need for material reserves is small.
The calculation of the increase in assets and liabilities or their decrease contains information on the increase or decrease in solvency ratios. For example, if current assets increase by 16.7 thousand rubles, and short-term debts by 5.5 thousand rubles, this is a factor in the growth of solvency. And vice versa, with a faster increase in short-term debt compared to the growth of current assets, it is necessary to check how much the overall coverage ratio or current liquidity ratio decreases.
In general, it should be borne in mind that with any improvement in the terms of settlements with creditors compared to the terms of settlements with buyers, i.e., with an acceleration in the turnover of accounts receivable or a slowdown in the turnover of accounts payable, the level of solvency of the enterprise decreases. If before that it was on the verge of being critical, it is dangerous for the enterprise; in other cases, a faster turnover of receivables compared to accounts payable is favorable from the point of view of its financial condition.
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2019-12-16 226
Why study financial management?
Today, one of the main conditions for the stable functioning of any enterprise is a competently and correctly chosen business strategy. And financial management plays a key role in creating this strategy.
Essence of financial management
Financial management is a financial science that studies methods for the effective use of a company's own and borrowed capital, ways to get the most profit with the least risk, and rapid capital growth. Financial management answers the question of how to easily and quickly turn an enterprise from uninteresting to attractive to investors.
This is a certain system of principles, forms and methods that is used to correctly regulate the financial activities of an enterprise. It is financial management that is responsible for making investment decisions and discovering for them financial sources. That is, by and large, it answers the questions of where to get the money and what to do with it. The relevance of the application of financial management is also due to the fact that modern economic realities and the requirements of the world market require constant development. Today successful business cannot stand still, it must grow, expand, find new ways of self-realization.
Goals and objectives of financial management
The main goal of financial management is to maximize the value of the enterprise by increasing capital.
Detailed Goals:
- effective functioning and strengthening of positions in a competitive market;
- prevention of company ruin and financial insolvency;
- achieving market leadership and effective functioning in a competitive environment;
- achievement of the maximum growth rate of the price of the organization;
- a stable growth rate of the firm's reserve;
- maximum increase in profits;
- minimizing the costs of the enterprise;
- guaranteeing profitability and economic efficiency.
Basic concepts of financial management
| Concept | Meaning |
| cash flow |
|
| Trade-off between risk and return | Any income in business is directly proportional to the risk. That is, the higher the expected profit, the greater the level of risk that is associated with the non-receipt of this profit. Most often, goals are set in financial management: maximizing profitability and minimizing costs. But achieving rational proportions between risks and returns is the ideal solution. |
| Cost of capital | All sources of financial security of the organization have their own value. The cost of capital is the minimum amount that is necessary to recover the costs of maintaining a given resource and which ensures the profitability of the company. This concept plays an important role in the study of investments and the selection of fallback options. financial resources. The task of the manager is to choose the most effective and profitable project. |
| Efficiency of the securities market | The level of efficiency of the securities market depends on the degree of its information content and access to information for market participants. This concept is also called the market efficiency hypothesis. The information efficiency of the market occurs in the following cases:
|
| asymmetric information | Some categories of persons may own confidential information, access to which is closed to other market participants. The carriers of such information are often managers, managers, financial directors firms. |
| agency relations | Bridging the gap between ownership, management and control functions. The interests of the manager of the company do not always coincide with the interests of his employees. Owners of organizations do not always need to thoroughly know the methods of business management. This is due to the existence of alternative decision-making options, some of which are aimed at obtaining instant profit, while others are aimed at future income. |
| Opportunity Costs | Every financial decision has at least one alternative. And the adoption of one option inevitably entails the rejection of the alternative. |
A thorough knowledge of the concepts of financial management and their relationship entails the adoption of effective, balanced, profitable and rational decisions in the process of managing the financial flows of an enterprise.
Functions of financial management
Any process or activity assumes the presence of certain functions. Financial management functions are divided into 2 formats:
Financial management - what kind of profession is it?
The relevance and relevance of financial management in modern business leads to a huge demand for qualified specialists, which today significantly exceeds the supply that exists in the labor market. This suggests that a person with knowledge in the field of financial management can count not only on guaranteed employment and stable high earnings but also for rapid career development.
So, what knowledge and skills should a specialist applying for the position of a financial manager have?
You can get the necessary knowledge, as well as systematize existing knowledge without interrupting your main activity, on the course Financial management and financial analysis. The first module of the course is provided free of charge.
Education from the AC "Active" is a convenient remote format, highly qualified teaching staff and the opportunity to take an exam for an international diploma online.
