Analysis of the dynamics of indicators The horizontal analysis is carried out using two types of indicators. Financial assessment of the enterprise: the main methods of it

Financial analysis in the enterprise is needed for an objective assessment of the economic and financial state in periods of past, present and projected future activities. To determine the weak production places, foci of problems, the detection of strong factors to which manual can rely on, the main financial indicators are calculated.

An objective assessment of the position of the company in terms of farms and finance relies on financial coefficients that are manifestation of the ratio of individual accounting data. The purpose of the analysis of finance is achieved by the decision of the selected set of analytical tasks, that is, a concretized analysis of all the primary sources of accounting, management and economic reporting.

Main objectives of economic and financial analysis

If the analysis of the main financial indicators of the enterprise is considered as identifying the true state of affairs in the enterprise, then as results are answered to questions:

• the possibilities of the firm on the contribution of funds to investing new projects;
• true for business and other assets and liabilities;
• the state of loans and the ability of the enterprise to their repayment;
• the existence of reserves for bankruptcy prevention;
• identifying prospects for further financial activities;
• assessment of the enterprise in terms of cost for sale or re-equipment;
• tracking of dynamic growth or decline in economic or financial activities;
• identifying the reasons negatively affecting the results of the management and search for ways out of the situation;
• consideration and comparison of income and expenses, identifying clean and total profit from sales;
• study of the dynamics of income on the main goods and in general on all implementation;
• determination of a part of the income used to reimburse costs, taxes and interest;
• studying the reason for the deviation of the amount of the balance sheet profit from the amount of income on the implementation;
• study of profitability and reserves for its increase;
• determining the degree of compliance of own funds, assets, enterprise liabilities and borrowed capital.

Stakeholders

An analysis of the main financial indicators of the company is carried out with the participation of various economic representatives of departments interested in obtaining the most reliable information about the affairs of the enterprise:

• internal entities include shareholders, managers, founders, auction or liquidation commission;
• external submitted by creditors, audit offices, investors and employees of state bodies.

Financial analysis features

Not only its representatives, but also employees of other organizations interested in determining the actual creditworthiness and the possibility of investment in the development of new projects are becoming initiators. For example, bank auditors are interested in the liquidity of the company's assets or its ability to pay accounts at the moment. Legal and individuals who want to invest in the development fund of this enterprise, try to understand the degree of profitability and the risks of the contribution. The assessment of the main financial indicators with the help of a special technique predicts the bankruptcy of the institution or speaks of its stable development.

Internal and external financial analysis

Financial analysis is part of the general economic analysis of the enterprise and, accordingly, part of the total economic audit. Full analysis is divided into intra-economic management and external financial audit. Such division is due to two practically existing systems in accounting - management and financial accounting. The division is recognized as conditional, as in practice, external and internal analysis complement each other with information and are logically interrelated. There are two main differences between them:

• in the availability and latitude of the information field used;
• the degree of application of analytical methods and procedures.

Internal analysis of the main financial indicators is carried out to obtain generalized information within the enterprise, determining the results of the last period of reporting, detecting free resources for reconstruction or re-equipment, etc. To obtain results, all available indicators are used, which are also applicable in the study by external analysts.

External analysis of finance is carried out by independent auditors, analysts on the part that do not have access to internal results and indicators of the company. External audit techniques imply some limited information field. Regardless of the type of audit, its methods and methods are always the same. Common in external and internal analysis is the removal, generalization and a detailed study of financial coefficients. These main financial performance of the enterprise give answers to all issues regarding the work and prosperity of the institution.

Four basic financial status indicators

The main requirement of the break-even functioning of the enterprise in the conditions of market relations is economic and other activities that ensure profitability and profitability. Economic activities are aimed at reimbursement of costs of income received, making profit to meet the economic and social needs of the members of the team and the material interests of the owner. There are many indicators for characteristics, in particular, they include gross income, turnover, profitability, profit, costs, taxes and other characteristics. For all types of enterprises, the main financial indicators of the organization's activities are highlighted:

• financial stability;
• liquidity;
• profitability;
• business activity.

Financial sustainability

This indicator characterizes the degree of ratio of own funds of the organization and borrowed capital, in particular, as many funds are accounted for by 1 ruble of money invested in material assets. If such an indicator is obtained by the value of more than 0.7, it means that the financial situation of the company is unstable, the company's activities to some extent depends on the involvement of external borrowed funds.

Liquidity characteristic

This parameter indicates the main financial indicators of the company and characterizes the adequacy of the organization's current assets to repay their own short-term debts. It is calculated as the ratio of the cost of current current assets to the cost of current passive obligations. The liquidity indicator indicates the possibility of turning the assets and values \u200b\u200bof the company in cash capital and shows the degree of mobility of such a transformation. The liquidity of the enterprise is determined by two angles:

• the time interval required to transform current assets into money;
• the possibility of selling assets at the appointed price.

To identify the true indicator of liquidity in the enterprise, the dynamics of the indicator takes into account, which allows not only to determine the financial power of the company or its insolvency, but also to identify the critical state of the organization's finance. Sometimes liquidity indicator is low due to the increased product requirement. Such an organization is quite liquid and has a high degree of solvency, as its capital consists of cash and short-term loans. The dynamics of the main financial indicators demonstrates that the position is worse if the organization has a working capital only in the form of a large number of stored products in the form of current assets. To turn them into capital, a certain time is required for the implementation and availability of the purchasing center.

The main financial indicators of the enterprise, to which liquidity refers, show the state of solvency. The revolving assets of the company should be enough to repay current short-term loans. In the best position, these values \u200b\u200bare approximately at one level. If the working capital enterprises are much longer at cost than short-term loans, this indicates an inefficient money investment by the enterprise in current assets. If the amount of working capital is lower than the cost of short-term loans, it speaks of the rapid bankruptcy of the firm.

As a special case, there is an indicator of fast current liquidity. It is expressed in the ability to repay short-term liabilities due to the liquid part of the assets, which is calculated as the difference between the entire current and short-term liabilities. International standards define the optimal level of the coefficient within 0.7-0.8. The presence of a sufficient number of liquid assets or pure working capital attracts creditors and investors to invest money in the development of the enterprise.

Profitability indicator

The main financial performance indicators of the organization include the value of profitability, which determines the effectiveness of the application of the funds of the company and as a whole shows how profitable the company's work is. The value of profitability is the main criterion for determining the level of exchange quotes. To calculate the indicator, the amount of net profit is divided into the amount of average profit from the implementation of net assets of the company for the selected period. The indicator reveals how many net profit has brought each unit of sold goods.

The coefficient of generated income is used to compare the income of the desired enterprise, compared with the same indicator of another company operating on another taxation system. The calculation of the main financial indicators of this group provides for the ratio of profit gained before taxes and relying interest on enterprise assets. As a result, information appears on how the amount of profit has brought each monetary unit invested to work into the assets of the company.

Indicator of business activity

It characterizes how many finances it turns out from the implementation of each monetary unit of a certain type of assets and shows the rate of turnover of financial and material resources of the organization. For calculation, the ratio of net profit is taken for the selected period to the average cost of costs in material terms, money and securities of short-term character.

For this indicator there is no regulatory limit, but the company's managerial forces seek to accelerate turnover. Continuous use in economic activities of loans from the side speaks of insufficient finance of finances as a result of the implementation that does not cover production costs. In the event that the value of the wrapped assets on the organization's balance sheet is overestimated, this is due to additional taxes and interest on bank loans, which leads to the loss of profits. The low number of active agents leads to proceedings when performing a production plan and loss of profitable commercial projects.

For objective visual consideration of economic indicators, special tables are drawn up, in which the main financial indicators are shown. The table contains the main characteristics of the work in all parameters of the financial analysis:

• reserves turnover coefficient;
• the indicator of the turnover of receivables of the company in the time interval;
• meaning of fund-studies;
• resources rate indicator.

The turnover coefficient of stocks

Shows the ratio of revenue from the sale of goods to the amount in the monetary expression of stocks in the enterprise. The value characterizes the rate of selling material and commodity resources related to the warehouse category. The increase in the coefficient speaks of strengthening the financial position of the Organization. The positive dynamics of the indicator is especially important in conditions of large payables.

Accountability indicator on receivables

This coefficient is not considered as the main financial indicators, but is an important characteristic. It shows the average temporary interval, in which the company expects payment receipt after the sale of goods. To calculate the ratio of receivables for the averaged daily revenue from the sale. The average value is obtained by dividing the total amount of revenue for the year by 360 days.

The value obtained is characterized by contractual working conditions with customers. If the indicator is high, it means that the partner provides preferential working conditions, but it causes alertness from subsequent investors and creditors. The small value of the indicator leads in terms of the market to revise the contract with this partner. An option for obtaining an indicator is the relative calculation that is taken as the ratio of revenue from the sale to the receivables of the company. The increase in the coefficient speaks of a minor debt of debtors and high demand for products.

Value of fund-studies

The main financial indicators of the enterprise most fully complements the indicator of the foundation, which characterizes the speed of turnover of finances spent on the purchase of fixed assets. The rate of revenues from the implemented product averaged for the year of fixed assets is taken in the calculation. Increased indicator indicates a low cost of costs in terms of fixed assets (machines, equipment, buildings) and a high volume of sold goods. The great importance of capital studies indicates minor production costs, and low fund-reading shows the inefficient use of assets.

Relief ratio of resources

For the most complete concept of how the main financial indicators of the organization are developing, there is no less important factor of resource. It shows the effectiveness of the use of all assets on the balance sheet, regardless of the method of acquiring and obtaining, namely, how much revenue is obtained for each monetary unit of basic and current assets. The indicator depends on the amount of depreciation adopted at the enterprise and identifies the degree of illiquid assets, which are disposed of to increase the coefficient.

Main financial indicators Ltd.

Revenue management coefficients show the finance structure, characterize the security of investors' interests that have made long-term infringement of assets in the development of the organization. They reflect the body's ability to pay long-term loans and loans:

• share of loans in the total amount of financial sources;
• property coefficient;
• capitalization coefficient;
• coefficient of coating.

The main financial indicators are characterized by the volume of borrowed capital in the total mass of financial sources. The share of borrowed funds determines the specific amounts of acquisition of assets for borrowed money, including long-term and short-term financial obligations of the company.

The property coefficient complements the main financial performance of the enterprise characteristic of the share of equity spent on the acquisition of assets and fixed assets. The guarantee of obtaining loans and investor investors in the development and re-equipment of the enterprise is the indicator of the share of own funds spent on assets in the amount of 60%. Such a level is an indicator of the stability of the organization and protects it from losses during the decline in business activity.

Capitalization coefficient determines the proportional relationship between borrowed funds from various sources. To determine the proportion between its own means and borrowed finances, the reverse leverage coefficient is applied.

An indicator of interest percent to payment or the coating indicator characterizes the security of all types of creditors from the non-payment of interest rates. This coefficient is calculated as the ratio of the amount of profit before the payment of interest to the amount of money intended for the repayment of interest. The indicator demonstrates how much during the selected period the company helped money to pay for borrowed interest.

Market activity indicator

The main financial indicators of the organization in terms of market activity speak about the situation of the enterprise in the securities market and allow managers to judge the attitude of lenders to the company's overall activity for the past period and in the future. The indicator is considered as the ratio of the initial accounting value of the share obtained on it income and the current market price at this time. If all other financial indicators are in the permissible range, the market activity indicator will also normally be at the highest market value of the action.

In conclusion, it should be noted that the financial analysis of the organization's economic structure is important for all subjects of activities, shareholders, short-term and long-term lenders, founders and management apparatus.

Topic 1 "Fundamentals of the Company's Financial Policy"

1. Financial policy of the enterprise is:

a) science analyzing financial relations of enterprises;

b) the science that studies the distribution relationship of the enterprise carried out in cash;

(c) A combination of measures for targeted formation, organization and use of finance to achieve the goals of the enterprise; +.

(d) Science on the managing finances of the economic entity. Correct answer

2. The main goal of the financial activity of the enterprise is: a) in the organization at the enterprise of financial work;

B) in the correct calculation and timely payment of taxes;

c) in exact fulfillment of all indicators of financial plans;

d) to maximize the welfare of owners in the current and future period; +.

e) to maximize profits;

f) in ensuring the financial stability of the enterprise. Correct answer:.

3. The main purpose of the financial activity of the enterprise is:

a) maximizing the market price of the enterprise. +.

b) profit maximization

c) providing enterprise sources of financing

d) All of the correct answer:

4. The strategic financial objectives of the commercial organization are:

a) maximizing profits; +.

B) ensuring the liquidity of the company's assets;

(c) Organization of financial planning and regulation system;

(d) Providing financial stability +

e) synchronization and leveling of positive and negative cash flows of the enterprise;

f) the growth of the market value of the organization; (g) Providing dividend payments. Correct answer:

5. The following factors affect the strategic direction of development of the enterprise:

a) new in production technology in this market segment;

B) the scale of the enterprise; +.

c) the stage of development of the enterprise; +.

d) the state of the financial market; +.

e) tax system; +.

f) the magnitude of public debt. Correct answer:

6. To the tactical financial goals of a commercial organization include:

a) maximizing profits;

B) reduction of production costs; +.

(c) Ensuring the financial stability of the enterprise;

d) maximizing the welfare of owners in the current and promising period;

e) sales growth;

f) Improving selling prices for produced products. Correct answer:

7. Long-term financial policy includes:

a) Capital Structure Management; +.

B) management of accounts payable; (c) Calculation of working capital standards;

d) Management of receivables.

I.

Correct answer:

8. Long-term financial policy of the enterprise:

a) is determined by short-term financial policies;

b) exists along with it; +.

c) has an impact on short-term financial policies. Correct answer: +

9. The horizontal financial analysis method is:

a) Comparison of each reporting position with the previous period +

b) definition of the structure of the final financial indicators

(c) Determining the main trend change in the dynamics of indicators The correct answer:

10. Assessment of the dynamics of financial indicators is carried out using:

a) vertical analysis

b) horizontal analysis +

c) Financial coefficients Right answer:

11. Educational disciplines with which financial policy is related:

a) financial management; +.

b) statistics; +.

c) finance; +.

d) accounting; +.

e) the history of economic exercises; f) global economy. Correct answer:

12. The company's financial policy management facilities include:

a) financial market;

b) capital; +.

c) cash flows; +.

d) innovative processes. Correct answer:

Tests on the topic 2 "Long-term financial policy"

1. Capitalization is:

a) The amount of works of shares on the number of shares in circulation. +.

b)The cumulative amount of emission of securities in the market.

(c) Cumulative share capital of issuers in nominal value. (d) The total market value of the assets of Issuer companies. Correct answer:

2. Indicate the most likely consequences of significant excess of the company's own capital in relation toborrowed Capital due to the fact that the company prefers the issue of shares by issuing bonds:

1. Acceleration of growth rates for one share.

2. The slowdown in the growth rate of profit per share. 3. An increase in the market value of the company's shares, 4. Reducing the market value of the company's shares

Correct answer:

3. The current yield of bonds with a coupon rate of 10% per annum and market value of 75% is:

Correct answer:

4. Two corporate bonds with the same nominal value are accepted on the market at the same time. Bond JSC "A" has a coupon rate of 5%, the bond of JSC "B" is a coupon rate of 5.5%. If the market value of the Bond AO "A" is equal to the nominal, then without taking into account other factors affecting the price of the Bonds, specify the correct approval regarding the BD ((B ":

a) The market value of the bond of JSC "B" above the nominal value. +

B) the market value of the Bond BD "B" below the nominal. (c) The market value of the bond of JSC "B" is equal to the nominal.

d) the yield of the Bond Bond "in" above the profitability of the bonds of JSC "A". Correct answer:

5. Specify sources of dividend payments on ordinary shares:

but)Retained earnings of this year. +

b)Retained earnings of past years. c) Reserve Fund.

(d) Retained earnings of the current year and past years. +.

Correct answer:

b. The advantages of joint-stock organization business organization include: but)Subsidiary responsibility of shareholders.

b)Extensive access to financial markets. +.

c) all of the above. Correct answer:

7. If the company has no profit, then the owner of preferred shares: but)May require dividend payments for all shares. b)May require dividend payments in part.

c) at all can not require dividend payments +

D) Unity 1 and 2. The correct answer:

8. Specify the financial instrument used to attract your own capital: a) an additional diet payment. +.

b)Emissions of bonds.

c) an increase in extra capital. +

d) leasing.

Correct answer:

9. What types of liabilities do not belong to the company's own capital: but)Authorized capital.

b)Undestributed profits.

from)Bill topay . +

d) long-term loans. +.

e) accounts payable +

Correct answer:

10. The autonomy coefficient is defined as attitudes:

but)Own capital to balance currency. +.

b)Own capital for short-term loans and loans. C) net profit to their own capital. d) equity torevenue. Correct answer:

11. Own capital of the enterprise: but)The sum of all assets.

b)Undestributed profits.

(c) Revenue from the sale of goods (works, services).

d) the difference between the asset and the obligations of the company. +.

Correct answer:

12. Leasing more profitable loan: but)Yes.

b)Not.

c) depending on the conditions of their provision +

D) depending on the provision periods. Correct answer:

13. Financial leasing is:

but)A long-term agreement providing for complete depreciation of leased equipment. +.

b)Short-term rental of premises, equipment, etc.

c) long-term lease, involving partial accuracy of the equipment. - Correct answer:

14. The share of preferred shares in the authorized capital of AO should not exceed:

b) 25%. +

d) The standard establishes the general meeting of shareholders. Correct answer:

15. What article is not included in the section W Accounting "Capital and Reserves"? a) authorized capital.

b)Available and reserve capital.

c) short-term obligations. +.

d) retained earnings. Correct answer:

16. Indicate the financial source of the formation of additional capital:

a) emission income +

b)Profit.

c) Founders. Correct answer:

17. For enterprises of which organizational and legal form, the formation of reserve capital is mandatory in accordance with Russian legislation:

but)State unitary enterprises.

b)Joint stock companies. +

c) partnership on faith. Correct answer:

18. Name the source of financing of the enterprise:

but)Depreciation deductions +.

b)Cash

c) working capital d) fixed assets Right answer:

19. The value of the cost (price) of the attracted capital is defined as:

a.) The ratio of costs associated with attracting financial resources to the sum of the resources attracted. +.

b)The amount of paid interest on loans.

(c) The amount of interest on loans and dividend paid. Correct answer:

20. The effect of the financial lever determines:

but)Rationality of attracting borrowed capital; +.

b)The ratio of current assets to short-term liabilities; c) the structure of the financial result. Correct answer

Tests on the topic 3

1. What is the focus of financial planning in the enterprise:

A. For more efficient use of profits and other income. +.

B. on the rational use of labor resources. B. To improve the consumer properties of goods. Correct answer:

2. What is not a source of financing of the enterprise:

A. FORFITING.

B. Amortion deductions.

B. Volume volume of R & D. +.

Mr. Morty.

Correct answer:

3. From the following sources, select a source of financing long-term investment:

A. Additional capital.

B. Depreciation fund. +.

B. Reserve Fund. Correct answer:

4. What is understood under the sources of funding, which has an enterprise for a planning period:

A. Own funds.

B. The authorized capital of the enterprise.

B. Own, borrowed and attracted funds. +.

Correct answer:

5. What period covers the current financial plan of the enterprise:

A. Year.+

B. Quarter. Per month.

Correct answer:

6. What is the main task of financial planning of the enterprise:

A. Maximization of the company's value.+

B, accounting of products manufactured.

B. Efficient use of labor resources. Correct answer:

7. Which of the listed methods relates to forecasting:

A. Regulatory.

B. Dolphi.+

B. Balance.

Cash flows. Correct answer:

8. Which of the listed methods relates to financial planning:

A. Regulatory+

B. Trend Analysis.

B. Analysis of temporary series. G. Econometric. Correct answer:

9. Is the correct statement that the method of economic and mathematical modeling allows you to find a quantitative expression of the relationship between financial indicators and factors that define them:

Correct answer:

10. Plans to place financial plans in order to reduce the period of action:

A. Strategic plan, promising financial plan, operational financial plan, current financial plan (budget).

B. Strategic plan, promising financial plan, current financial plan (budget), operational financial plan. +.

B. Perspective financial plan, strategic plan, operational financial plan, current financial plan (budget).

Correct answer:

11. The following enterprise data are available: balance assets that change depending on sales - 3000 rubles, balance liabilities that change in

depending on sales - 300 rubles, predicted sales - 1250 rubles,

the actual sales volume is 1000 rubles, income tax rate - 24%, the coefficient of dividend payments - 0.25. What is the need for additional external financing:

B. 532.5 rub. +

B. 623.5 rubles.

12. Sales of the enterprise - 1000 thousand rubles, the equipment load is 70%. What is the maximum volume of sales at full equipment loading:

A. 1000 rub. B. 1700 rub.

B. 1429 rub. +.

G. None of the answers are faithful. Correct answer:

13. Sales of the enterprise - 1000 thousand rubles, the equipment load is 90%. What is the maximum volume of sales at full equipment loading:

A. 1900 rub.

B.1111 rub. +

B. 1090 rubles.

G. None of the answers are faithful. Correct answer:

14. The volume of sales of the enterprise is 1000 thousand rubles, the equipment loading is, - .. 90%, fixed assets - 1SOO thousand rubles. What is equal to the durability coefficient at full: ": equipment loading:

G. None of the answers are faithful. I Correct answer:

15. Is there an interconnection between financial policies and growth:

A. exists in the form of direct dependence. +.

B. exists in the form of the backway.

B. The relationship is missing. Correct answer:

l6. The maximum growth rate that an enterprise can achieve without external financing is called:

A. The coefficient of sustainable growth

B. Internal growth coefficient +

B. Reinvestment coefficient.

G. Dividend payments coefficient. Correct answer:

17. The maximum growth rate that an enterprise can maintain without increasing the financial leverage is called:

A. The coefficient of sustainable growth +

B. The coefficient of internal growth in the reinvestment coefficient.

G. Dividend payments coefficient. Correct answer:

18. The company's net profit amounted to 76 thousand rubles, the total assets - 500 thousand rubles. Of 76 thousand rubles. Net profit was reinvested by 51 thousand rubles. The internal growth coefficient will be:

A. 10%.

19. The company has a net profit of 76 thousand rubles, its own capital is 250 thousand rubles. Capitalization coefficient is 2/3. Sustainable growth coefficient is:

A. 12.4%.

B. 10.3%.

IN.25,4%. +

G. None of the answers are faithful. Correct answer:

20. The company has a financial lever 0.5, the net profitability of sales of 4%, the rate of payment of dividends 30% and the capital intensity ratio 1. The coefficient of sustainable growth is:

G. None of the answers are faithful. Correct answer:

21. With the growth of net profitability of sales, the coefficient of sustainable growth:

A. will increase.+

B. decrease.

B. will not change.

Correct answer:

22. With a decrease in the percentage of net profit paid as dividends, the coefficient of sustainable growth:

A. will increase.+

B. decrease.

B. will not change.

Correct answer:

23. With a decrease in the financial lever of the enterprise (the ratio of borrowed funds to its own) coefficient of sustainable growth:

A. will increase.

B. decrease.+

B. will not change.

Correct answer:

24. With a decrease in the turnover of enterprise assets, the coefficient of sustainable growth:

A. will increase.

B. decrease. +.

B. will not change.

Correct answer:

25. If the value is obtainedZ-accounts in a five-factor model for predicting the bankruptcy of Altman more than 3, this means that the likelihood of bankruptcy:

A. Very high.

B. High.

B. Low

Very low +

Correct answer:

DCF T4 tests

1. The operational budget includes:

A. Budget of direct labor costs.

B. Investment budget.+

B. Budget Money Money. Correct answer:

2. What is the indicator included in the budget of the cash flow, creates a source of direct investment? A. Repayment of bonds.

B. Purchase of material non-current assets. +.

B. Depreciation.

Correct answer:

3. What current budget should be prepared so that the number of materials that must be purchased is to be purchased: A. Budget commercial expenses. B. Sales budget.

B. Production Budget

G. Budget Purchases of Materials. +.

Correct answer:

4. Is the assertion that the initial element of the direct method of drawing up a cash flow budget is profit?

Correct answer:

5. Are commercial expenses reflected in the budget of income and expenses, in the operating expenses of the enterprise? A. Yes.

Correct answer:

6. Detailed scheme of the estimated production costs other than direct material costs and direct labor costs that should take place to fulfill the production plan, are:

A. Budget of all-generated costs.+

B. Investment budget.

B. Budget management seals. Basic budget.

Correct answer:

7. Which of the listed articles of the cash flow plan are included in the section "Receipt from current activities"?

A. Obtaining new loans and loans.

B. Revenue from the sale of products.+

B. Emissions of new shares. Correct answer:

8. Is the approval true that an increase in long-term financial investments creates a flow of funds in the enterprise? A. Yes.

B. No. I. +

Correct answer:

9. Which of the listed budget budget makes money in the section "Investment costs" section? A. Short-term financial investments.

B. Payment of interest on the long-term loan.

B. Long-term financial investments. +

Correct answer:

10. Enter the two methods of drawing up a cash flow plan:

A. Direct.+

B. Control.

V. analytical.

The city is indirect. +.

Correct answer:

11. Is the assertion true that an increase in receivables creates a flow of funds in the enterprise? A. Yes.

Correct answer:

12. In what cases is it appropriate for the release of income (expenses) on investment activities in the budget of cash flow?

A. In any case.+

B. With a significant amount of investment activities.

B. In the separation of depreciation and repair funds. Correct answer:

13. What budget is the starting point in the process of developing a consolidated budget?

A. Budget commercial expenses.

B. Sales budget. +.

B. Budget production.

G. Budget Purchases of Materials. Correct answer:

14. What financial indicator is reflected in the expenditure part of the cash flow budget?

A. Means of targeted financing.

B. Investments in fixed assets and intangible assets +

B. Release of bills.

Correct answer:

15. The budget based on the addition of one month to the budget period as soon as the current is called: A. Continuous.

B. Flexible.+

B. Operative. G. forecast.

Correct answer:

16. Which of the listed articles is included in the expenditure part of the budget of money?

A. Advance received.

B. Long-term loans.

B. Revenues from non-engineering operations ..

G. Advances issued. Correct answer: +

17. What financial indicators are not included in the liabilities of the planned balance of the enterprise?

A. Target financing and receipt. B. Long-term loans and loans.

B. Short-term financial investments. +.

Correct answer:

18. From the company's sales budget it follows that 12,500 pcs are calculated in November. Product A and 33100 pcs. Product V. Sales product price A is 22.4 rub., And product in -32 rubles. The sales department receives 6% of commission from the sale of the product A and 8% - from the sale of the product. How many commission is planned in the budget from sale for the month:

A. 106276 rub.

B. 101536 rub. +

B. 84736 rub.

G. 92436 rub.

Correct answer:

19. What is the best basis for assessing the results of activities for the month:

A. Expected implementation for the month (budget). +.

B. Actual implementation for the same month in the previous year. B. Actual implementation for the previous month. Correct answer:

20. The company sold goods onthe amount of 13400 rubles. in August; in the amount of 22600 rubles. in September and in the amount of 18800 rubles. in October. From the experience of money intake for sold goods, it is known that 60% of sales funds on credit comes to the next month after the sale; 36% - in the second month, 4% - will not be obtained at all. How much money received from sales on credit in October:

A. 18384 rub. +.

B. 19416 rub.

B. 22600 rub.

G. 18800 rub.

Correct answer:

21. In the process of preparing the operational budget, the last step is usually prepared:

A. Budget income and expenses. +.

B. Balance forecast

I.

B. Budget Money Money.

Night of the above-mentioned budgets. Correct answer:

22. The number of materials that must be purchased will be equal to the budget number of materials used:

A. Plus Planned final stocks of materials and minus the initial stocks. +

B. Plus the initial stocks of materials and minus the planned finite stocks. B. Both of the above statements are fair. Night is not true. Correct answer:

23. The company has the initial stocks of a certain product 20000 pcs. At the end of the budget period, it plans final reserves of 14,500 pcs. This product and produce 59,000 pcs. The planned sales volume is:

B. 64500 pcs. +

Night of the listed amounts. Correct answer:

24. During the fiscal period, the production company expects to sell products on a loan in the amount of 219,000 rubles. and get 143500 rubles. It is assumed that other cash receipts are not expected, the total amount of payments in the budget period will be 179,000 rubles, and the balance on the account "Cash" should be equal to at least 10,000 rubles. What amount must be additionally attracted in the budget period:

A. 45500 rub. +.

B. 44500 rub.

B. 24500 rub.

G. None of the listed answers is not true correct answer:

Tests on the topic 5. Current costs and price policy

1, constant cost per unit of products with an increase in the level of business activity of the enterprise:

a) increase;

b) decrease; +.

c) remain unchanged;

d) do not depend on the level of business activity. Correct answer:

Alternative costs:

a) not documented;

b) are usually not included in financial statements; c) may not mean real cash;

d) All of the above is true. Correct answer: +

2. Alternative costs are taken into account when making management decisions: a) in the excess of resources;

b) in the conditions of limited resources; +.

c) Regardless of the degree of resources. Correct answer:

3. The threshold of profitability of products (the point of critical volume of products) is determined by the ratio:

a) constant variable costs

b) constant costs for marginal income per unit of products +

c) constant cost of revenue from product sale. The correct answer:

4. What impact will affect the stock of financial strength at the excretion of permanent costs:

a) the stock of financial strength will increase

b) The supply of financial strength will decrease +

c) The supply of financial strength will remain unchanged correct answer:

6. Determine the threshold of profitability of sales of new products. The estimated price of a unit of products - 1000 rubles. Variable costs per unit of production - 60%. The annual amount of constant costs is 1600 thousand rubles.

a) 4000 thousand rubles. +.

b) 2667 thousand rubles.

(c) 1600 thousand rubles.

Correct answer:

7. At what minimum price, the company can sell products (to ensure break-even sales), if variable costs per unit of products- 500 rubles, the alleged amount of products manufactured 2000 pieces, the annual amount of constant costs is 1200 thousand rubles.

B) 1000 rubles.

c) 1100 rubles. +.

Correct answer:

8. The stock of financial strength is defined as:

a) the difference between revenue and variable costs

B) the difference between revenue and constant cost

c) the difference between revenue and profitability threshold The correct answer: +

9. According to the data below, determine the stock of financial strength: revenue - 2000 thousand rubles, permanent costs - 800 thousand rubles, variable costs - 1000 thousand rubles.

a) 400 thousand rubles. +.

B) 1600 thousand rubles. c) 1000 thousand rubles.

Correct answer:

10. How will the reduction in permanent spending on critical sales affect?

a) critical volume will increase

b) critical volume will decrease +

c) Critical volume will not change the correct answer:

11. According to the data below, determine the effect of the operating lever: the amount of implementation of 11,000 thousand rubles, the constant costs are 1500 thousand rubles, and cost variables - 9300 thousand rubles:

Correct answer:

12. Calculate the expected amount of sales profit with the planned growth of sales revenue by 10%, if in the reporting period sales revenue - 150 thousand rubles, the amount of constant costs is 60 thousand rubles, the amount of variable costs is 80 thousand rubles. .

a) 11 thousand rubles.

b) 17 thousand. rub. +.

(c) 25 thousand rubles.

Correct answer:

13. Determine the value of the stock of financial strength (in monetary terms): Sales revenue - 500 thousand rubles, variable costs - 250 thousand. rubles, constant costs - 100 thousand rubles.

a) 50 thousand rubles.

b) 150 thousand rubles.

c) 300 thousand rubles. +.

Correct answer:

14. Determine how much interest will increase profits if the company will increase sales revenue by 10%. The following data are available: Sales revenue - 500 thousand rubles, Margin income - 250 thousand rubles, permanent costs - 100 thousand rubles.

Correct answer:

15. According to the data below, determine the point of the critical amount of implementation: implementation - 2,000 thousand rubles; Permanent costs - 800 thousand rubles; Variables costs - 1,000 thousand rubles.

a) 1,000 thousand rubles.

b) 1,600 thousand rubles. +.

c) 2,000 thousand rubles.

Correct answer:

16. The effect of the operational lever is determined by the ratio:

A) margin income to profit +

C) constant variable costs

C) constant costs for marginal income per unit of products Right answer:

17. Determine the amount of financial strength (in% of sales revenue): sales revenue - 2000 thousand rubles, costs - 1100 thousand rubles, permanent costs - 860 thousand rubles.

Correct answer:

18. How will affect the growth of constant costs of critical sales?

A) critical volume will increase +

C) critical volume will decrease

C) Critical volume will not change the correct answer:

19. The zone of safe or sustainable work of the organization is characterized by:

A) the difference between the actual and critical sales volume +

C) the difference between marginal income and profit from the sale of products

C) the difference between marginal income and constant expenses the correct answer:

20. Determine the magnitude of margin income on the basis of the following data: sales of products - 1000 thousand rubles; permanent costs - 200 thousand rubles; Variable costs - 600 thousand rubles.

A) 400 thousand rubles. +.

C) 800 thousand rubles. C) 200 thousand rubles. Correct answer:

21. Determine the amount of margin income on the basis of the following data: sales of products - 1000 thousand rubles, constant costs - 200 thousand rubles, variable costs - 400 thousand rubles.

a) 600 thousand rubles. +.

b) 800 thousand rubles. c) 400 thousand rubles.

Correct answer:

22. Total constant costs - 240,000 million RUB. at a production volume of 60,000 units. Calculate constant costs at a volume of production of 40,000 units.

a) 6 million rubles. per unit +.

B) 160,000 million rubles. in sum from) 4 million rubles. The correct answer is correct:

23. Production lever (leverage) is:

a) the potential opportunity to influence profit by changing the structure of production and sales of +

B) the difference between the total and production cost of products C) the ratio of profit from the sale of products to the costs D) the ratio of the borrowed capital to its own correct answer:

24. The following data on the enterprise are: product sales price 15 rubles; variable costs per unit products 10 rubles. The company is desirable to increase profits from sales of production by 10,000 rubles. As far as it is necessary to increase the production of products:

c) 50000 pcs. d) 15,000 pcs.

Correct answer:

25. The impact of the production lever at the company A higher than that of B. Which of the two firms will suffer less at the same reduction in the relative sales volume:

a) firm B. +

B) firm A.

c) equally.

Correct answer:

Tests on the topic 6. "Management of current assets"

1. To absolutely liquid assets belongs:

a) cash;+

B) short-term receivables;

c) short-term financial investments .. +

d) stocks of raw materials and semi-finished products; e) stocks of finished products. Correct answer-

2. Gross current assets, these are current assets formed at the expense: a) equity;

b) own and long-term borrowed capital;

c) own and borrowed capital; +.

d) own and short-term borrowed capital. Correct answer-

3. If an enterprise does not use long-term borrowed capital, then

a) gross current assets are equal to their own turnover assets;

b) Own current assets are equal to pure turnover assets, +

c) gross current assets are equal to pure turnover assets; Correct answer-

4. Sources of formation of current assets of the organization are:

a) short-term loans of banks, accounts payable, equity +

B) authorized capital, additional capital, short-term bank loans, accounts payable

c) equity, long-term loans, short-term loans, accounts payable

Correct answer-

5. The operating cycle will present the amount:

a) production cycle and the reception period of receivables; +.

(B) a financial cycle and a period of accounting of payables; +.

c) the production cycle and the period of accounting of payables; d) financial cycle and reception period of receivables. Correct answer-

b. Mernelization of the current cycle is determined as:

a) operating cycle - the period of turnover of accounts payable; +.

B) the operating cycle - the period of accounting of receivables; c) operating cycle - production cycle;

d) the period of raw material turnover + period of turnover of unfinished production period of turnover of finished products,

e) the period of the production cycle + the period of the ratio of receivables - the period of turnover of accounts payable. +.

Correct answer-

7. Reducing the operational cycle prays due to:

a) preserving the time of the production process; +

(b) Reducing the delivery of sandals,

c) accelerate the turnover of receivables; +.

(d) Increase the turnover of payables. Correct answer-

8 . What is the model of financing of current assets called conservative?

A) the constant part of the current assets and approximately half of the varying part of current assets are funded by long-term sources; +.

(b) The constant part of the current assets is funded by Dolglos | Yachiy sources;

c) all assets are funded by long-term sources; +.

6) Half of constant revolving accumulations are funded by long-term capital sources.

Correct answer-

9. Focusing coefficient of revolving assets, AT ratio:

a) profits to turnover assets;

b) revenue to a revolt shift; +

c) revolving assets to revenue;

d) equal capital to current assets, the correct answer

10. An increase in working capital has contributed:

a) an increase in working capital turnover,

b) an increase in the production cycle; +.

c) increase profits;

(d) Increased loan provision for customers; +.

e) reduction of stocks of finished products. Correct answer-

11. Model of economically informed needs (KOQ) dishonors calculate for the finished predict:

a) the optimal batch of products manufactured +

b) the optimal average size of the finished product stock; +.

c) the maximum production production;

d) the minimum amount of total costs; +.

Correct answer-

12. The optimal will be such a value of tevary and material reserves, which:

a) general costs of formation, content, renewal of reserves will be minimal +

B) the amount for: brief for storage will be minimal;

c) uninterruptible operating core for production and

selling IIPO ~ h.

Correct answer-

13. What is the type of management policy of receivables, "" can be considered aggressive?

a) an increase in the term of granting a loan to consumers;

b) reduction of credit limits; +.

(c) Reducing discounts when paying for delivery. Correct answer-

14. Cash management policy Aktnvamn includes:

a) minimization of current cash balances +

b) ensuring solvency; +.

c) ensuring effective use of temporarily free cash +

Correct answer-

15. The duration of the financial cycle is equal to:

a) the duration of the turnover period of stocks, incomplete production and finished

products,

b) the duration of the production cycle plus the flow rate of receivables minus the period of turnover of accounts payable; +.

c) the duration of the production cycle of the EPOS period of the account of receivables;

d) the duration of the production cycle plus the period of turnover of accounts payable;

Correct answer-

16. The efficiency of using working capital is characterized by:

a) turnover of working capital +

b) the structure of working capital; c) capital structure

17. There may be a next relationship between its own working capital of the negotiable assets:

a) own working capital of the bolmi of current assets; +.

b) own working capital of the MenaP of current assets; from) . Own working capital is equal to turnover assets. Correct answer-

18. The company's working capital does not include:

a) labor objects;

B) finished products in warehouses;

c) machinery and equipment; +.

(d) Cash and funds in the calculations. Correct answer-

19. From the components below, select the most liquid:

a) production reserves

B) receivables

c) short-term financial investments +

d) expenditure of future periods \u003d: "; 6 The correct answer

20. The slowdown in turnover of current assets will lead to:

a) growth of assets balances in balance +

b) reduce balance balances in balance

(c) Reducing the balance currency correct answer

Document

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1.1 Essence of financial analysis and its place in the system of economic knowledge

In a market economy, the problem of assessing the economic development of the enterprise decays a number of individual issues, the key of which is financial analysis.

Analysis - This is the decomposition of the object being studied or the process into individual components, elements inherent in this object.

In a traditional understanding, the analysis is a research method by dismembering complex phenomena to composite parts. In a broad scientific understanding, the analysis is a method of scientific research (knowledge) and evaluating phenomena and processes, which is based on the study of the components, the elements of the system being studied. In the economy, the composite element of which are finance, the analysis is applied to identify entities, patterns, trends and evaluations of economic and social processes, studying financial and economic activities at all levels (at the level of the enterprise, organization, association, industry in the country) and in Different areas of reproduction (material production, distribution, exchanging and consumption).

Financial analysis is part of the analysis of financial and economic activities, which consists of two interrelated sections: financial analysis and managerial.

In a traditional understanding, the essence of financial analysis is to evaluate and predict the financial condition of the enterprise based on financial statements and accounting data.

In market conditions, financial analysis is one of the main tools for financial management of enterprises. It is based on the analysis and evaluation of the effectiveness of managing financial resources of economic entities.

In order for the company to have the opportunity to survive in the face of a tough competition and be profitable, management needs to be owned by the financial analysis methodology, have a specific information base for its holding and qualified analysts to implement this technique in practice.

Financial analysis acts as a method of accumulation, transformation and use of financial information necessary to assess the current and promising financial condition of an enterprise changing under influence: external and internal environment and management decisions in order to assess its financial sustainability and efficiency.

Modern financial analysis covers a fairly wide range of issues that go far beyond the traditional assessment of the financial condition of the enterprise, as a rule, on the basis of financial statements.

Essence, objects and methods for solving financial analysis problems have its own specifics.

Financial analysis is applied by external users of information on the activities of the organization, as well as management personnel of the Organization in order to obtain detailed data contained directly in accounting registers.

Features of financial analysis are as follows:

Multiplicity of subjects analysis (information users);

The variety of purposes and interests of subjects of analysis;

The presence of typical methods, accounting and reporting standards;

Orientation of the analysis to the public and internal statements of the enterprise;

Maximum openness of the analysis results for users of information about the activities of the enterprise.

Financial analysis can be carried out both by management personnel of this enterprise, as well as by any external analyst, since mainly based on publicly available (public) information on the financial and economic activities of the enterprise.

Financial analysis is an important part of economic and financial sciences that make up the theoretical basis for economic work in the organization. It has its own subject, objects of research.

The subject of financial analysis is a set of analyzed financial relations, financial resources and their streams, causal relations and research methods. It includes:

Financial relations that arise as a result of the financial and economic activities of the organization;

Knowledge of causal relations in the financial and economic activities of the organization;

Classification, systematization, modeling, measurement of causal relationships that develop under the influence of objective and subjective factors and reflected in the system of economic information.

The main tasks of financial analysis are:

Study of the theoretical foundations of financial analysis;

The overall assessment of the financial condition of the enterprise (estimate of the composition and structure of sources of financial resources, analysis of sources of own and borrowed funds, analysis of payables, assessment of the composition and structure of assets, their condition and movement, analysis of the main and working capital, analysis of receivables);

Analysis of the market stability of the enterprise;

Analysis of financial sustainability (analysis of absolute and relative indicators, assessment of the stock of financial stability (security zone));

Analysis of solvency and liquidity;

Analysis of cash flows;

Analysis of the efficiency of capital use (analysis of the profitability, turnovering, the study of the effect of financial leverage);

Assessment of the creditworthiness of the enterprise;

Analysis of business activity of the enterprise;

Forecasting financial indicators of the enterprise;

Analysis of the financial condition of insolvent enterprises and search for ways to prevent bankruptcy.

Financial analysis for management personnel of enterprises, organizations, financial accounting workers and analyst professionals is the most important tool for determining the financial condition, identifying reserves of profitability growth, improve the effectiveness of financial and economic activities. It serves as the initial starting point of forecasting, planning and managing economic objects.

The results of the study of existing approaches to financial analysis indicate the availability of different types of financial analysis on such signs: roles in managing and organizational forms of conducting, maintenance and completeness of the study, the nature of the analysis object, the frequency of the study.

1. For role in managing and organizational forms of Allocate external and internal financial analysis of the enterprise.

External financial analysis It is based on financial statements only, which contains very limited information about the activities of the enterprise and does not allow to disclose all the secrets of the success of the company. It is conducted by interested counterparties, owners or government bodies who do not have access to the internal information base of the enterprise.

The peculiarities of external financial analysis are: multiplicity of subjects of analysis, user information on the activities of the organization; the variety of purposes and interests of subjects of analysis; the presence of typical methods, accounting and reporting standards; Analysis orientation Only for public, external reporting of the enterprise; limitation of analytics tasks as a result of the previous factor; Maximum openness of the analysis results for users of information about the activities of the enterprise.

Main content external financial analysisimplemented according to public financial statements, is to analyze absolute profit indicators, relative indicators of profitability, financial condition and market sustainability, solvency of the enterprise and the liquidity of its balance, the effectiveness of the use of borrowed capital, turnover of working capital, the economic diagnosis of financial condition and the rating assessment of the enterprise.

In this way, features of external financial analysis are:

The presence of a wide range of subjects of analysis;

Versatility of information user purposes;

Using public reporting, which leads to a single typical method of analysis;

The solution of only a certain circle of tasks;

Accessibility for all the wishing information about the activities of the enterprise;

Binding a reliable analysis on objective data for reporting deadlines (year, half, quarter).

Internal analysis is carried out by internal services (departments) of the enterprise. The information base of such an analysis is much wider than others of his species, since it implies the use of a variety of information circulating inside the enterprise. The main content of internal financial analysis can be complemented by other aspects that are important to optimize management, such as the analysis of capital advances, analysis of the relationship between costs, income and profits.

The purpose of the internal financial analysis is to ensure the systematic receipt of funds and the placement of its own and borrowed capital in such a way as to create conditions for the normal functioning of the enterprise, obtaining maximum profit and the exclusion of bankruptcy risk.

Features of internal financial analysis are:

Narrow circle of subjects of analysis;

The orientation of the analysis results only on the domestic user, as a rule, on the management of the enterprise; Maximum their closeness;

Use of all existing sources of information for conducting meaningful deep financial analysis;

Application along with typical methods for analyzing non-elected techniques of analytical research; lack of regulatory analysis;

Carrying out deeper analytical work and the adoption of proper management decisions;

Analysis as needed in connection with the needs of management.

A full financial analysis is carried out in order to study all aspects of the financial activity of the enterprise in the complex.

Thematic financial analysis is limited to the study of individual aspects of the financial activity of the enterprise. The subject of thematic financial analysis may be: the effectiveness of the use of assets; The optimality of financing various: assets from individual sources; state of financial sustainability and solvency; the optimality of the investment portfolio; The optimality of the financial structure of capital and a number of other aspects of the financial activity of the enterprise.

3. By the nature of the analysis object Allocate the following types of financial analysis.

Analysis of the financial activities of economic entities in general. In the process of such an analysis, the object of study is the financial activities of the organization (association) as a whole without the allocation of its individual structural units and units.

Analysis of the financial activities of individual structural units and units (Economic Responsibility Centers). Such an analysis is based mainly on the results of management accounting.

Analysis of individual financial transactions. The subject of such an analysis may be separate operations related to short-term or long-term financial investments, with financing individual real projects and others.

4. Under the period of the holding Allocate preliminary, current and consistent financial analysis.

Preliminary financial analysis is associated with the study of financial activities in general or the implementation of individual financial operations of the organization (for example, an assessment of solvency, if necessary, to obtain a large bank loan).

The current (or operational) financial analysis is carried out in the process of implementing individual financial plans or the implementation of individual financial operations in order to promptly affect the results of financial activities. As a rule, it is limited by a short period of time.

A promising financial analysis is that a basis for studying the current trends in the financial condition to substantiate the importance of key indicators that determine the financial condition of the enterprise and its financial sustainability in the future from the position of their compliance with the objectives of the enterprise in the conditions of a changing external and internal environment and under the influence of decisions made .

1.2 Analysis objects, assessment of financial reporting information from the standpoint of the main groups of its users

The basis of financial analysis is its subject, object and research methods. Subject of financial analysis, i.e., what is studied in the framework of this science is financial relations, financial resources and their streams, causal relations and methods of their research. As noted in Section 1.1, the content and main target function of financial analysis are in assessing the financial condition and identifying opportunities to increase the efficiency of the economic entity using rational financial policies. Achieving this goal is carried out using the method inherent in this science.

Financial Analysis Method - This is a system of theoretical and cognitive categories, scientific instruments and principles for studying the financial activities of business entities. The first two elements give the statistical characteristic of the method, and the last speaker.

The main element of the method is the scientific apparatus. The scientific apparatus of financial analysis represents a combination of general scientific and specific scientific ways to study the financial and economic activities of subjects of analysis. Financial analysis categories are a factor, model, percentage, discount, option, cash flow, risk and others. They provide for the use of such procedures as a comparison of calculations, inspections, observations, etc.

Financial Analysis facilities are business entities (enterprise, firm, organization, etc.), specific financial and economic indicators of financial condition.

The distinction of financial and economic processes to the components of the elements allows you to more accurately and detail the nature of their occurrence, features of development and the possibility of influencing the development of one or another phenomenon.

The main task of financial analysis is to build a sequential data set and the choice of such a system of interrelated indicators, which could be most efficiently used to assess the management decision and the financial condition of the business entity.

The process of financial analysis is described depending on the tasks assigned:

As a pre-verification tool when choosing an investment direction or possible mergers of enterprises;

To assess the financial condition of the enterprise;

To assess entrepreneurial risk;

As a tool for predicting future financial conditions and results;

To study production management issues;

To assess the effectiveness of the financial management of the organization;

To assess the activities of the company's management.

The choice of forms, financial analysis methods and the system of indicators is determined by the specific tasks and needs of various groups of users (subjects) of information in the field of management decisions (Table 1.1).

Table 1.1 - Interests of subjects of market relations in the results of financial analysis of the economic entity

Continuing table 1.1

The range of basic users of the results of financial analysis is very wide. Users of the analysis are users of information, both directly and indirectly interested in the activities of the organization (Figure 1.1).

Users of financial analysis can be divided into three groups: internal, interested, third-party.

Internal users include: managers of all ranks, accounting workers, financial and economic department, other enterprise services. Each of them uses information based on their interests.

The interested users are owners of shareholders, founders for which it is important to know the level of efficiency of resources, their investments, to determine the amount of dividends and the prospects for the development of the enterprise.

Figure 1.1 – Financial Analysis Information Users

Third-party users are:

Potential investors who need to accept or reject the decision to invest their funds in the enterprise;

Lenders who should be confident in returning their debt;

Suppliers - with confidence in the solvency of their customers for timely receipt of payments;

Auditors - to assess the effectiveness of the financial condition;

Tax Inspectorate - to fulfill the revenue plan for funds to the budget.

The first group includes those who are associated with the organization of participation in capital, debt and other economic relations. To the second Those who use economic information in purely professional purposes. This part of the information users are not directly interested in the organization's activities, but under the terms of the contract should protect the interests of the first group of users.

There are not only users of information, but also their economic interest (participation) in the company's economic activity and the goal they are achieved when analyzing.

For the owners of the organization, analytical information is necessary to assess the effectiveness of enterprise activities and the rationale for the strategy of its development. The interests of the owners are to receive income into capital, financial stability of the company. For investors, creditors, the purpose of financial analysis is to determine liquidity, solvency and the possibility of organizing a positive cash flow in order to assess creditworthiness. For managers of the company - obtaining maximum information on the organization's business activities in order to make appropriate management decisions, which determines their interests as users of the results of economic analysis. Representatives of government agencies Analytical information is necessary to assess compliance with state interests (timeliness of paying taxes and fees). Thus, tax inspections can apply funds and methods of financial analysis to verify the tax returns and the reliability of the amounts specified in them. Other government agencies and authorities can also use the aforementioned analysis in the process of their authority and performance of functions.

Economic partners (suppliers and buyers of products) and counterparties are interested in solvency and sustainable competitiveness of the organization, which determines the company's position in the market. Specialists in the field of decision-making on acquisitions and mergers of enterprises requires information to assess the cost. Financial analysis in this case in the role of a valuable tool to determine the cost and assessment of the financial compatibility of potential candidates for the merger.

In the process of financial (external) analysis, it is estimated:

Change of absolute profit indicators, revenue, costs;

Dynamics of relative performance indicators of the activities of the economic entity;

Market stability, liquidity and solvency of the organization;

Efficiency of using equity and borrowed funds;

Capital Advance Effectiveness (Investment Analysis).

As a result, financial diagnostics of the organization is carried out and its rating assessment is given. At the same time, the analysis of financial statements is the interests of various groups of users.

1.3 Classification of financial analysis methods and techniques

To achieve the main objective of the analysis of the financial condition of the enterprise - its objective assessment and the impact of the possibilities of improving the efficiency of functioning can be used by various methods of analysis.

Method - This is the path of research, teachings. In a broad sense, the method means paths, methods and means of knowledge of reality, a set of interrelated principles and methods for researching processes, phenomena, objects in nature and society.

Financial Analysis Method This is a systematic, comprehensive study, interconnected study, processing and use of financial information in order to identify and mobilize reserves for the efficiency of financial resources and establishing the optimal structure of their sources to ensure the sustainable development of the enterprise.

There are various classifications of financial analysis methods. The first level of classification allocates informalized and formalized analysis methods. The first are based on the description of analytical procedures on a logical level, and not on strict analytical dependencies. These include: methods of expert assessments, scenarios, psychological, morphological, comparisons, constructing systems of indicators, constructing analytic table systems, etc. The use of these methods is characterized by certain subjectivism, since intuition, experience and knowledge of analytics are of great importance.

The second group includes methods based on sufficiently strict formalized analytical dependencies. They constitute a second level of classification and are divided into statistical, accounting and economic and mathematical.

Financial analysis uses high-quality and quantitative methods.

Qualitative methods make it possible on the basis of analysis to draw conclusions about the financial condition of the enterprise, the level of liquidity and solvency, investment potential, the creditworthiness of the organization.

Methods and methods of high-quality analysis include euristic analysis methodsTo which can be attributed:

Expert estimate method;

Development of scenarios, brainstorming;

Business games.

Euristic methods are used primarily in the process of strategic analysis.

Quantitative methods allow during the analysis to assess the degree of influence of factors on the productive indicator, calculate the regression coefficients for planning and forecast purposes, to optimize the decision on the use of financial resources.

The quantitative methods include:

Statistical;

Accounting (dual recording method and balance method);

Economic and mathematical.

Statistical methods of financial analysis Combine the following methods: comparisons, index, chain substitutions, elimination, graphic, tabular, rows of speakers.

Comparison method Allows you to evaluate the work of the company, determine deviations from planned indicators, establish their causes and identify reserves. Main types of comparisons used when analyzing:

Reporting indicators with scheduled indicators;

Planned indicators with the indicators of the previous period;

Reporting indicators with indicators of previous periods;

Performance indicators for every day;

Comparisons with medium-wide data;

Indicators of product quality of this enterprise with indicators of similar enterprises-competitors.

The comparison method requires the comparability of compared indicators (the unity of the assessment, comparability of calendar terms, elimination of the effects of differences in the amount and assortment, quality, seasonal features and territorial differences, geographical conditions, etc.).

In statistics, planning and analysis of economic activity, the main factors in the assessment of the quantitative role of individual factors are an index method.

The index is a relative indicator characterizing the change in the set of different quantities for a certain period. Thus, the price index reflects the average price change for any period; The index of the physical volume of products or turnover shows the change in their volume in comparable prices. There are chain and basic indexes. The chain index characterizes the change in the indicator of this period, but compared with the previous period indicator, and the base index reflects the change in the indicator of this period compared to the period of the period accepted beyond the comparison base. The product of chain indices is equal to the appropriate basis index.

The index method is used in the study of complex phenomena, the individual elements of which are immeasurable. As relative indicators, indexes are necessary to assess the execution of planned tasks, to determine the dynamics of phenomena and processes. The index method allows to decompose the factors of relative and absolute deviations of the generalizing indicator; In the latter case, the number of factors should be two, and the analyzed indicator is represented as their work.

The essence of the method of chain substitutions is that the reporting value of the first studied factor is substituted into the original base formula of the resulting indicator. The result obtained is compared with the basic value of the resultant indicator, and this gives an assessment of the effect of the first factor. Next, the reportable value of the next studied factor is substituted into the formula obtained when calculating the formula. A comparison of the result obtained with the previous one gives an assessment of the influence of the second factor. The procedure is repeated until the actual value of the latter from the factors entered into the model will not be substituted into the initial base formula.

Elimination method Allows the action of one factor into generalizing indicators of production and economic activity, eliminates the effect of other factors.

Graphic method It is a means of illustration of economic processes and calculating a number of indicators and design results of the analysis. The graphic image of the economic indicators is distinguished by purpose (comparison diagrams, chronological and planning charts), as well as by the construction method (linear, column, circular, volume).

Tabular method It is applied to a visual display of the procedure for calculating indicators, analysis results, execution of the plan, dynamics of indicators, structural changes identified by reserves. Analytical tables are distinguished by a relatively simple structure, compactness and clarity and contain not only the main, but also additional information for comparison (planned and average indicators, data for past periods), as well as intermediate results, deviations, interest.

When using analytical tables, due to the grouping of values \u200b\u200bof indicators and arrangements, the effect of information perception is significantly increasing significantly.

Rows of speakers - This is a number of numbers that characterize the change in time. Analysis of dynamic rows allows you to determine:

Direction of changes in indicators (increase, decrease, constancy or instability);

The presence of trends in changing indicators;

Average level of indicators;

The growth rate and growth of indicators.

There are interval dynamic series, which characterize the results for certain periods (revenue from the implementation for the first, second, third quarter, and in general for the year), and the moment characterizing the economic phenomenon at a certain point in time (the presence of own working capital at the beginning or end of the year).

It is possible to distinguish five main techniques for conducting financial analysis (Figure 1.2): horizontal (trend) analysis, vertical analysis, financial coefficient method, comparative analysis, factor analysis.

Horizontal (trend) analysis It is based on studying the dynamics of individual financial indicators in time. In the process of carrying out this analysis, the growth rates (growth) of individual indicators are calculated and the general trends of their change (or trend) are determined. In financial analysis, the following forms of horizontal (trend) analysis were obtained the most extension:

1) Comparison of financial indicators of the reporting period with the indicators of the previous period (for example, with the indicators of the previous decade, month, quarter);

2) Comparison of financial indicators with indicators of the same period last year (for example, indicators of the second quarter of the reporting year with similar indicators of the second quarter of the previous year). This form applies at enterprises with pronounced seasonal features of economic activity;

3) Comparison of financial indicators over a number of previous periods. The purpose of such an analysis is to identify the trend of the change in individual indicators characterizing the results of the financial activity of the enterprise.

Vertical (structural) analysis - determination of the structure of the final indicators with the identification of the influence of each position of reporting on the result as a whole. In the process of carrying out this analysis, the specific grades of individual structural components of financial indicators are calculated. In financial analysis, the following forms of vertical (structural) analysis were obtained the greatest distribution:

1) Structural Asset Analysis. In the process of this analysis, relationships (specific gravity) of current and non-current assets are determined; The structure of used current assets; structure of used non-current assets; The composition of the enterprise assets according to their liquidity; The composition of the investment portfolio and others;

2) the structural capital analysis provides for the study of the structure of its own and borrowed capital; the composition of the equity used; structures of used borrowed capital by type; The composition of the loan capital of urgency of obligations (return);

structural analysis of revenue from the sale of products. For structural analysis, the financial performance report should be presented in a convenient form, since each article relates to the sales volume. For some exceptions, the turnover to one degree or another affects each cost article, and therefore information on the cost of enterprise costs with the volume of implementation may be useful;

3) Structural analysis of cash flows implies the structuring of cash flows on the current (production), financial and investment activities. Each of these cash flows in turn can be more deeply structured for individual components.

Figure 1.2. – Financial Analysis Systems based on various receptions for its conduct

Comparative (spatial) analysis It is based on comparison of the values \u200b\u200bof individual groups of similar financial indicators among themselves. In the process of carrying out this analysis, the size of absolute and relative deviations of compared indicators are calculated. In financial analysis, the following forms of comparative analysis were most common:

1) a comparative analysis of the financial indicators of the enterprise and the average industry indicators. In the process of this analysis, the degree of rejection of the main results of the financial activity of this enterprise from the average industry to further increase its effectiveness is revealed;

2) a comparative analysis of the financial indicators of this enterprise and enterprises-competitors. During this analysis, the weaknesses of the enterprise are revealed to develop measures to increase its competitive position;

3) a comparative analysis of the financial indicators of individual structural units and divisions of this enterprise. This analysis is carried out in the context of the economic responsibility centers formed at the enterprise in order to compare the effectiveness of their financial activities;

4) Comparative analysis of reporting and planned (regulatory) financial indicators. In the process of this analysis, the degree of deviation of the reporting indicators from planned (regulatory) is revealed, the reasons for these deviations are determined and relevant adjustments are made in subsequent financial activities.

Analysis of financial indicators (coefficients) Based on the calculation of the ratio of various absolute indicators among themselves. Financial coefficients are relative characteristics that make it possible to compare the results of the activities of different enterprises, regardless of the quantitative parameters of absolute indicators in the time section. In the process of carrying out such an analysis, various relative indicators are determined, characterizing various aspects of financial activities. In financial analysis, the following aspects of such an analysis were most common.

1) Analysis of current activities . From the standpoint of a circuit of funds, the activities of any enterprise is a process of continuous transformation of some types of assets to others:

... → DS → SS → NP → GP → Wed → DS → ...,

where DS is cash; CC - raw material in stock; NP - unfinished production; GP - finished products; CP - means in calculations.

The effectiveness of current financial and economic activities can be estimated by the length of the operational cycle, depending on the turnover of funds in various types of assets. Upcable conditions, the acceleration of turning indicates an increase in efficiency. Therefore, the main indicator of this group is the indicators of the efficiency of the use of material, labor and financial resources: development, foundo-student, coefficients of turnover of funds in stocks and calculations.

2) Analysis of liquidity . The indicators of this group make it possible to describe and analyze the ability of the company to respond in their current obligations. The algorithm for calculating these indicators is based on the idea of \u200b\u200bcomparing current assets (working capital) with short-term accounts payable. As a result of the calculation, it is established whether the enterprise is sufficiently provided with working capital required for settlements with creditors for current operations. Since various types of working capital have varying degrees of liquidity (conversion to absolutely liquid funds), several liquidity ratios are calculated.

3) Analysis of financial sustainability . With the help of these indicators, the composition of sources of financing and the dynamics of the relationship of international ratios are evaluated. The analysis is based on the fact that sources of funds differ in the cost level, the degree of availability, the level of reliability, degree, etc.

4) Profitability analysis . The indicators of this group are intended for the total effectiveness of investment in this enterprise. In contrast to the indicators of the second group, it is not abstracts here from specific assets, but analyzes capital profitability as a whole. The fundamentals are therefore profitability of advanced capital profitability of equity capital.

5) Analysis of the situation and activities in the capital market . Within the framework of this, analyzed the spatial-temporal comparisons of the indicators characterizing the position of the enterprise in the securities market: a dividend output, the income per share, the value of the action, etc. This fragment is analyzed mainly in companies registered on burgger securities and implementing their shares. Any enterprise, which is available free cash and wishing to invest them in values, also focus on the indicators of this group.

It should be said that the procedural part of the methodology for analyzing financial and economic activity is regulated by a number of principles: systematic, complexity, unity of the information base, materiality, consistency of analytical procedures, comparability of results , focus.

Conducting an effective financial analysis of the activities of the business entity involves the development of a system of consistently implemented activities based on uniform principles submitting all the elements of the system and allow you to provide a strictly defined circle of users the most relevant information at the moment.

1.4 Control Questions and Tests to Section 1

Control questions

1) Give the definition of the term "analysis".

2) Give the definition of financial analysis, name it object, objects and list the features of its organization.

3) What place is the financial analysis in the enterprise management system?

4) What are the tasks of the financial analysis of the enterprise?

5) What requirements are presented to information used for the needs of financial analysis?

6) What is the difference between retrospective financial analysis from promising?

7) Provide the arguments in favor of the implementation of a promising analysis of the enterprise.

8) What is the main difference between financial analysis from the analysis of economic?

9) What methods inherent in other scientific disciplines are used in the process of financial analysis?

10) Describe the main financial analysis systems. Justify the need for the integrated use of various systems in the implementation of financial analysis of the enterprise.

11) What is a factor analysis? What methods are used as part of a factor analysis?

12) How to spend horizontal analysis?

13) What is the difference between the horizontal analysis of the financial statements from the vertical?

14) Name the main users of financial analysis and determine the specifics of their goals and needs for analytical information.

15) What is financial coefficients and what is their role in the analysis?

16) What groups of coefficients are used in the process of financial analysis?

17) Is it possible to use unreliable, but relevant information for the needs of financial analysis?

18) What principles are the financial analysis of the company's activities? Describe each of them.

19) Describe the statistical methods of financial analysis.

20) How do you think it is necessary to adapt the techniques and methods of financial analysis for individual sectors of the economy? Why?

1. In a traditional understanding, financial analysis is:

a) a set of methods, techniques and procedures for assessing the effectiveness and effectiveness of financial and economic activities of the enterprise;

(b) A method for evaluating liquidity and solvency for making decisions on the recognition of an enterprise bankrupt;

c) the method of assessing and predicting the financial condition of the enterprise based on its accounting (financial) reporting;

(d) The system of indicators that give an accurate and truthful idea of \u200b\u200bthe possibility of the functioning of the enterprise in the near future.

2.Financial analysis is an integral part:

a) analyzing the economic activity of the enterprise;

(b) Analysis of the financial activity of the enterprise;

(c) Analysis of the financial and economic activities of the enterprise;

(d) Analysis of production accounting.

3. What place is financial analysis in the enterprise management system:

a) forms an effective control system;

b) makes it possible to evaluate the effectiveness of activities in the previous period and provides information to make a decision in the future;

c) forms an effective enterprise management system;

d) All the answers are correct.

4. The traditional methods of financial analysis can be attributed to:

a) quantitative and high-quality;

b) measurement, assessment, observation, interviews, verification of documents;

c) horizontal, vertical, comparative, analysis of relative indicators, factorial;

d) organization, planning, control, analysis.

5. The main source of information when conducting external financial analysis are:

a) accounting data and financial statements;

b) operational data of production accounting, standards;

c) data of special examinations;

d) estimates (budgets).

6. Evaluation of the efficiency of the use of financial resources of the company is of particular interest to:

a) employees of the enterprise;

b) managers, owners, company lenders;

c) tax authorities;

d) All the answers are correct.

7. A feature of external financial analysis is:

a) the object of the study - the relationship of the enterprise with external counterparties;

b) legislative regulation;

(c) Analysis of independent analysts;

d) There is no correct answer.

8. Depending on the volume of research, financial analysis is divided into:

a) sectoral and internal;

b) full and thematic;

c) full, thematic and detailed;

d) external and internal.

9. The subject of financial analysis is:

a) financial resources and their streams;

b) cash flows;

c) commodity flows;

d) investment flows.

10. The method of financial analysis is:

a) Building systems of indicators and analytical tables;

(b) Analytical toolkit, which allows to assess the influence of the political situation in the country;

c) financial resources and their streams;

(d) A system of theoretical and cognitive categories, scientific tools and regular principles of research on financial activities.

11. The essence of vertical analysis is:

a) study the dynamics of individual financial indicators in time;

b) determining the structure of the final indicators;

c) comparing certain groups of financial performance among themselves;

d) Calculation of various ratios of absolute indicators among themselves.

12. The horizontal financial analysis method is:

a) Comparison of each reporting position with the previous period;

b) determining the structure of the final financial indicators;

c) determining the main trend change in the dynamics of indicators;

(d) Calculation of financial indicators.

13. Evaluation of the dynamics of financial indicators in time is carried out using:

a) vertical analysis;

b) horizontal analysis;

c) comparative analysis;

d) financial coefficients.

14. Examples of informalized methods can be:

a) expert assessments, building a system of indicators or analytical tables;

b) Building rows of speakers: absolute increase, relative increase, growth rate, growth rate;

(c) Accounting for operations management of stocks, techniques of technical wear and equipment replacement, game theory, methods of economic cybernetics;

d) All answers are true.

15. Which of the types of financial analysis involves grouping assets depending on the speed of their transformation into cash, and liabilities - depending on the urgency of their repayment:

a) liquidity analysis;

b) business activity analysis;

c) profitability analysis;

(d) Analysis of financial stability.

16. Analysis of what indicators allows you to estimate the effectiveness and profitability of the activities of the enterprise:

a) liquidity;

b) profitability;

c) business activity;

d) financial stability.

17. Which of the types of financial analysis allows you to identify and evaluate the influence of individual values \u200b\u200bfor the productive indicator:

a) vertical;

b) horizontal;

c) factor;

d) coefficient.

18. The methodological basis of financial analysis is the following principles:

a) complexity, unity of the information base;

b) systematic, materiality, unity and consistency of analytical procedures;

c) comparability of results, focus;

d) All answers are true.

19. Analytics is calculated the growth rate of revenue from the implementation of the current year compared to the previous one. In this case, the following financial analysis methods must be applied:

a) Comparative analysis;

b) vertical analysis;

c) the financial coefficient method;

d) horizontal analysis

20. Receptions for assessing the financial condition of the enterprise is:

a) analysis of relative indicators;

b) factor analysis;

c) solvency analysis;

d) credit analysis;

e) Comparative analysis.

21. In deterministic modeling of factor systems, such types are allocated:

a) additive models;

b) multiplicative models;

c) multiple models;

d) Combined models.

22. Specify the methods of stochastic factor analysis:

a) correlation;

b) dispersion;

c) Maudent Factor Analysis;

d) cluster analysis;

e) All of the listed.

23. External financial analysis has such features:

a) the orientation of the public reporting of the enterprise and the maximum openness of the results of the analysis;

b) the diversity of the objectives and interests of the subjects of analysis and the presence of a large number of user objects;

c) orientation on external users;

d) analysis of external analysts;

(e) External subject of research.

24. The main content of external financial analysis is:

a) analysis of issues defined by external users;

b) analysis of issues defined by external analysts;

(c) Analysis of absolute profit indicators, profitability and financial stability;

(d) Analysis of liquidity, solvency, efficiency of utilization and capital;

(e) Economic diagnostics of the financial condition of the enterprise.

Analysis of the dynamics of indicators

• Horizontal The analysis is carried out using two types of indicators:

• - absolute indicators of speakers;

• - Relative speakers.

Analysis of the dynamics of indicators

• Modern requirements for analysis require not just a horizontal analysis according to data taken over different periods of time, but its conduct in nominal and real values.

Cutting into comparable

• To estimate the dynamics of indicators in value terms, additional adjustments must be made, that is, lead the figures in comparable view.

• The simplest adjustment option is based on the use of the index. IT. characterizing the change in the time value of money for the period of time t. who passed between Moments of Time t0 and T1. .

• Implementation of adjustments is possible two methods depending on the indicator of which period - x1 or x0. - will be recalculated.

• preceding Period B. pricing prices Period.

Recalculation of the prior period

• Accordingly, this result of the recalculation shows the level of the indicator reporting Period B. prior prices Period.

Assessment of dynamics for comparable indicators

• After bringing indicators to a comparable form to calculate the absolute speaker indicator, the following schemes are used:

Analysis of the dynamics of indicators

Calculation of the index for recalculation of indicators

• If there is an index for any time period t IT. In this case, there are no problems with the recalculation of indicators and their conjugate view.

• However, if for some reason this index notthen it is necessary additionally Calculate in accordance with any algorithm.

• In most cases, if we are talking about economic calculations, then either the calculation option according to the scheme is used. "compound interest"or used chain indices.

The procedure for calculating complex interest

The procedure for calculating complex interest

The procedure for calculating complex interest

The procedure for calculating complex interest

Compound interest

Complicated interest - calculation techniques

Indexing taking into account the changing interest rate

Problems of evaluation of the dynamics of indicators - Data frequency 1 quarter

Problems of evaluation of the dynamics of indicators - Data frequency 1 quarter

Does the activities of your organization affect the activities of your organization a different temporal duration of periods?

Trend analysis

Trend analysis

Trend Analysis - Result

Trend analysis

Functional analysis

Use of probability theory when forecasting

Use of probability theory when evaluating the speaker

Vertical analysis

Directions of vertical analysis

Coefficient Analysis of the Asset Balance

• To immobilization \u003d VA / WB,

• where VA is the cost of non-current assets;

• WB - the value of the balance currency.

• This indicator shows which part of the company's funds was invested in fixed assets. Enterprises in various industries, various sizes, the value of this indicator will be different.

When analyzing, it is advisable to estimate the dynamics of this indicator. At the same time, the main thing is that the dynamics of this coefficient did not have sharp oscillations. It can be both positive, that is, the proportion of non-current assets in the composition of the property may increase, and maybe negative, that is, the proportion of non-current assets can decrease. But there should be no sharp oscillations. In case of their presence, this will mean that the enterprise has not yet decided on its own investment Politician, did not formed the main directions of the application of free financial resources.

Vertical analysis of balance

• To mobility \u003d OA / WB

• where OA is the cost of current assets;

• WB - the value of the balance currency.

• This indicator complements the value of the immobilization coefficient. That is the arithmetic amount to Immobe. And to Mob. Gives 1.

• This indicator shows which part of the company's funds was invested in current assets.

• The low value of this indicator is bye do not testify The fact that the enterprise is a branch and management of current assets should not be paid to much attention.

• This type of property is characterized by high turnover, that is, during the reporting period, the composition of current assets in the enterprise can updated several times, while the composition of fixed assets and other non-current assets is less constant.

Vertical analysis of balance

• To them. . come \u003d (C and M + OS + NP) / Balance Currency

The name of this indicator is sufficiently conditionally. After all, for example, without cash, the production process is also impossible. And receivables also in the end ensures the company's inflow company. Moreover, receivables can be represented by the debt of suppliers in advance issued, that is, in fact, this debt will be reached by the materials, fixed assets or other property, that is, partly by the assets that are used in production and participate in the calculation of the coefficient.

• This indicator has a standard that most authors are given ≥0.5.

Vertical analysis of balance

• To real. Stand. Imus. \u003d Market value of property / WB

• The main disadvantage of this coefficient is that it cannot be calculated on the balance sheet and in general according to the financial statements.

• The market value of the property can be assessed only by expert. And the expert route sometimes leads to a significant overestimate or understatement of the value of the company's assets. Accordingly, inaccurate is the value of the very indicator.

• This indicator can be supplemented with such an indicator as - the cost ratio of the company.

Vertical analysis of balance

• To stand. Firms \u003d Balance Cost / Balance Currency

• In most cases, this indicator will differ from the real value of the property, since the cost "Ready business", usually, abovethan just the arithmetic amount of the value of individual types of enterprise property.

The meaning of both these indicators should be >1 . Otherwise, this indicates an impairment of the company's assets. The cost ratio of the company must be greater than the coefficient of real value of the property. Otherwise, it will say that the enterprise, according to experts or subjects that make demand for this organization, does not effectively use the available property and it is advisable to send it to another industry, that is, to change the scope of the business.

Vertical analysis of balance

• Specific gravity Doubtful and undesirable articles of the asset in the balance currency.

• To dubious articles of the balance of the balance, it is advisable to attribute the following lines:

• - Debt of founders on deposits in share capital;

• - VAT on purchased assets;

• Dubious receivables (if it is highlighted in a separate article);

• Deferred tax assets;

• Other current assets;

• This provision is due to the fact that despite the fact that each of these articles is shown in the assets of the balance, that is, in a certain sense, the property of the enterprise, their presence in an economic entity undesirable.

Analysis of the effectiveness of the use of property

• The meaning of all indicators that characterize the efficiency of the use of property:

• it is necessary to compare the cost of assets of the enterprise Co with a value of any indicator characterizing the results of financial and economic activities. The two main indicators characterizing the efficiency of using assets are:

• Active Return \u003d Profit / WB

• This indicator can be calculated based on various types of profits, as well as based on various estimates of the value of the property;

• Resistance report \u003d Sales / WB

Changing any relative indicator

• All possible options for changing the efficiency of assets use:

• 1) R assets With P and WB (balance currency grows slower than profit);

• 2) R assets ↓ at P and WB (balance currency grows faster than profits);

• 3) R assets at p ↓ and WB ↓ (balance currency decreases faster than profit);

• 4) R assets ↓ for p ↓ and WB ↓ (balance sheet currency decreases slower than profit);

• To independence (autonomy) \u003d SK / WB

• where SC - own capital;

• WB - balance currency.

• As a guideline (standard) of this indicator, various authors offer different meanings. For example, O.V. Efimova ≥0,5 .

This is due to the fact that if the enterprise can not It is rational to use borrowed capital, that is, due to its use, funds will not be formed to repay the loans attracted and loans, the enterprise will at least be able to repay loans and loans at the expense of equity funds (although it is unlikely to continue operation.

• However, in enterprises with a high level of turnover, for enterprises based on the activities of which lies the attraction of borrowed capital, the share of equity can be much lower.

Evaluation of own and borrowed capital

• To financial dependence \u003d ZK / WB

• where ZK is borrowed capital;

• WB - balance currency.

• Regulator (landmark) for this indicator, respectively, is

Analysis of sources of property formation

• To sustainable finance. \u003d (SK + DP) / WB

• This coefficient shows which part of the sources of property formation will remain from the enterprise for a sufficiently long period. This coefficient is complemented by the short-term financing coefficient, which is calculated by the formula:

• To the short. Finance. \u003d KP / WB

• The greater the value of the coefficient of sustainable financing, the more stable are the sources of the formation of the property of the enterprise. If the proportion of short-term liabilities is increasing, then the enterprise is addressed to the conditions of the external environment.

Group Assets Balance

• To estimate the liquidity of the balance of its asset and the liability group in a special way. The means in the assets are grouped in descending order of liquidity:

• A1.. The most liquid assets.

• This group includes short-term financial investments and cash funds.

Group A2.

• Traditionally, in the second group, descending the degree of liquidity of the enterprise property includes Receivables Debt with maturity up to 12. months and balance sheet other current assets.

• To clarify the degree of liquidity of assets, it is necessary:

• A) determine what an article includes other current assets;

• B) to analyze the composition of short-term receivables and reveal objects in its composition with lower The degree of liquidity rather than receivables in general.

Adjustment of the group A2.

The amount of receivables will fall into this group, the repayment of which is expected and after 1 day, and after 30 days, and after 364 days. The liquidity of such assets varies very much. So, for example, on receivables with a maturity of up to 3 months it is possible to apply β1 \u003d 1.. On receivables with a maturity of more than 3 months, but less than 6 months β2 \u003d 0.8.. Receivables with a maturity of more than six months, but less than 9 months should be taken to calculate the coefficient β3 \u003d 0.6. Finally, the rest of the receivables must be adjusted to the coefficient β4 \u003d 0.4. At the same time, we note that all the amounts that remained not included in the relevant group AN.must be included in the group Ан + 1..

A2 adjustment

• Imagine a group A1 in a formalized form:

• A1 \u003d ds + α * kfv

• Then, the A2 group can be calculated as follows:

• A2 \u003d β1 * kdz1 + β2 * kdz2 + β3 * kdz3 + β4 * kdz4 + (1-α) * kfv

• Naturally, all those sums of short-term receivables that were not included in the A2 group should be included in the following group of property liquidity - A3 group.

Group A3.

A3 group adjustment

Group A4.

• The A4 group is all the remaining article I section of the balance of the balance of the balance, that is, non-current assets. The name of this group is difficult to assets. However, "difficulties" are not simply connected here with the implementation of the fact of sale of these objects, but with difficulty in continuing the activities after this implementation.

• Naturally, continuing the adjustment of the group A3, from the I section of the balance sheet should exclude the part of the long-term financial investments, which entered the A3 property group.

Passive is grouping depending on the maturity of obligations and have in order of increasing time. Group P1 includes the most urgent obligations of the enterprise. It is traditionally included by payables, calculations for dividends, other short-term liabilities. This group of liability is also advisable to take into account taking into account adjustments similar to the adjustments of receivables, that is, to consider short-term liabilities for repayment periods within a period of 12 months and apply the appropriate corrective coefficients γN.similar to coefficients βN..

Group P2. called short-term liabilities. It includes short-term loans and short-term loans that are shown in the V section of the accounting balance. Here it is necessary to note that in many respects the P2 group has similar features with a group of P1. The main difference is that, unlike loans and loans, most accounts payable (unless otherwise provided by the contract), should be repaid as soon as possible, while the loan period can be 11 months, but they will still be short-term.

Group P3. called long-term liabilities. It includes long-term loans and long-term loans that are shown in the IV section of the accounting balance. This is perhaps the only group of the entire aggregated balance, which can be accepted for analysis in the original form, that is, without adjustments. The exceptions are cases provided for by PBU 15, when the organization leaves long-term loans in the balance sheet in the same IV section, even if it remains to pay for less than 12 months.

The P4 group is the constant (sustainable) liabilities. It includes all articles of the III section of the balance sheet of the balance (own capital) + article revenues of future periods and reserves of upcoming expenses. Although recently a discussion is very actively actively under the inclusion of two specified articles in their own capital. In addition, a rather controversial is the situation with the article "Targeted Financing and Adventions".

• In most sources of literature, only one variant of the ratio of the groups An ↔ Pn is given. At the same time, the balance is considered absolutely liquid if the following relations are performed:

• A1\u003e \u003d p1

• A2\u003e \u003d p2

• A3\u003e \u003d p3

These comparisons should not be confused with the solvency of the enterprise, since, as will be shown below, most of the authors offer to use the value of 0.2 as a rating of the absolute liquidity ratio. Rather, it may indicate whether it is necessary to turn into money to turn out other assets to cover obligations or do not do this.

Characteristics of various ratios of assets and liabilities

• Thus, depending on the number of conditions performed, the degree of liquidity balance may be 4-H.levels:

• 1. Absolute;

• 2. Normal;

• 3. Unstable;

• 4. Crisis.

The coefficient of the total liquidity of the balance

• For a comprehensive assessment of the balance of balance, you can use the overall liquidity indicator, which is determined by the formula:

Caliability ratios of solvency

Assessment of medium-term solvency

Financial Sustainability Matrix

Relative indicators of financial stability

Rating assessment of financial stability

Integral assessment of financial stability

Integral assessment of financial stability

Integral assessment of financial stability

Turnover indicators

Object rates - average annual cost

Analysis of turning. Cash turnover

Calculation of some indicators of turnover

Customization of receivables - adjustment