Analysis of the composition and structure of current assets. Current assets of enterprises: formation and use

24.05.2022

current assets represent the value advanced in monetary form for the formation and use of circulating production assets and circulation funds in the minimum required amount to ensure the continuity of the production process and the timeliness of settlements.

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

The structure of current assets is the ratio of individual elements of current production assets and circulation funds, i.e., shows the share of each element in the total amount working capital.

In the process of financing and lending to entrepreneurial activity, the composition of working capital of enterprises is of great importance. It includes: stocks of inventory items; accounts receivable; funds in settlements; cash.

Current assets can be classified according to the following main features:

a) depending on the functional role in the production process - working capital and circulation funds;

b) depending on the practice of control, planning and management - standardized working capital and non-standardized working capital. Normalized funds include, as a rule, all circulating production assets, as well as that part of the circulation funds that is in the form of balances of unsold finished products in the warehouses of the organization. Non-standardized funds include the remaining elements of circulation funds, that is, products sent to consumers, but not yet paid for, and all types Money and calculations;

c) depending on the sources of working capital formation - own working capital and borrowed working capital. Own current assets are formed at the expense of the company's own capital (authorized capital, reserve capital, accumulated profit, etc.);

d) depending on liquidity (speed of conversion into cash) - absolutely liquid assets (cash, short-term financial investments), quickly realizable current assets (accounts receivable), slowly realizable current assets (stocks).

e) depending on the degree of investment risk:

Current assets with minimal investment risk: cash, short-term financial investments;

Current assets with a low investment risk: accounts receivable (excluding doubtful debts), inventories (excluding stale ones), balances of finished products and goods (excluding those that are not in demand);

Current assets with an average investment risk: work in progress, deferred expenses;

Current assets with a high investment risk: doubtful receivables, stale inventories, finished products and goods that are not in demand;

f) depending on the material content - objects of labor (raw materials, materials, fuel, etc.), finished products and goods, cash and funds in settlements.

Working capital planning and sources of their financing.

Methods for planning the need for working capital:

1. Method of direct counting (rationing). The main condition for its use is the study of supply issues, the production plan and the frequency of supply. This method involves the planning and calculation of private norms of working capital for each element, and by summing up private norms, the total need is determined.

For most elements of working capital, the standard is determined by the formula:

H=R*D, where R is a one-day expense, D is the stock rate in days for a given element.

To determine the standard for inventories, raw materials, materials, data on planned costs are used. The norm in days is set for each type and group of materials and includes the time required: a) for unloading, stockpiling; b) finding raw materials in the form of stocks for the current process in the warehouse; c) preparation for production; d) finding stocks in transit and time of restocking.

2. Analytical - the need is determined as the arithmetic mean balance for 3 years, taking into account the growth in production.

3. Coefficient - to determine the need, working capital is divided into those dependent on the volume of production (raw materials, materials) and not dependent on it (spare parts, deferred expenses). For the first group, the needs are determined based on their size in the base year and the growth rate of production in the planned year. According to the second - it is planned at the level of arithmetic mean residuals.

4. Aggregated method the main parameter is the duration of the financial cycle (supply, production, sales, settlements). The duration of supply and distribution should not be longer than that adopted in the marketing strategy. The production cycle must correspond to the technology, calculations - to contractual conditions.

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

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

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

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

The main directions of attracting loans for the formation of working capital are: lending to seasonal stocks of raw materials, materials and costs associated with the seasonal production process; temporary replenishment of the lack of own working capital; implementation of settlements and mediation of payment turnover.

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

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

The totality of the organization's assets is represented by current and non-current assets. Current assets are resources, the use of which is allowed for a period not exceeding 1 year or for an interval of one production cycle. They are necessary for ensuring the continuity of the enterprise.

The use of many current assets is momentary character when they are released into production, for example, raw materials. Such funds constitute the resource potential of the enterprise.

The form of the balance sheet involves the allocation the following current assets:

It should be noted that the assignment of financial investments to the section of current assets is permissible only on the condition that the period in which they will be repaid is less than 1 year. If this period is exceeded, funds can be included in current assets if they have high liquidity.

Analysis

The analysis of current assets at the first stage requires their distribution according to such a criterion as, including risk assessment. Funds must be assigned to one of the following groups:

The most liquid assets with the lowest risk. They are represented by cash and short-term securities.
Marketable assets with low risk(accounts receivable of enterprises with a stable financial condition, stocks of materials in demand).
Medium liquid resources(, expenses related to the future period, finished products with industrial and technical purposes).
Hard-to-sell or illiquid assets, the implementation of which is associated with a high risk (accounts receivable from enterprises with an unstable financial condition, stale stocks of materials, finished products that are not in demand).

Such a distribution must be carried out in order to identify illiquid assets with a high risk. Their increase indicates the inefficiency of the funds invested in the organization, the insufficient return.

Therefore, at this stage of the analysis, it is revealed how the highly liquid and low liquid group correlate.

The next step is control and verification of norms and actual values of assets.

If actual reserves exceed the standards developed by the organization for each type of resource, there are excess stocks or balances. lower value actual reserves indicates an unfulfilled standard.

Analysis contributes identification of excess amounts on a specific type of reserves, the reasons for their occurrence, the development of measures aimed at their elimination. Among the most common reasons for exceeding standards allocate:

uneven, early and incomplete supply of resources necessary for the implementation of the production process;
cost savings;
the formation of backlogs and costs for orders that were canceled, as well as for products discontinued;
discrepancy between the actual and planned cost due to the rise in the cost of the first;
low quality of products;
lack of transport intended for shipments of products.

An in-depth internal analysis involves the study of the composition of materials in relation to their type, grade and profile.

Next stage - analysis of cash included in current assets. Its purpose is to identify the causes of discrepancies that occur during the shipment of products. Mismatches lie in the fact that the amount of cash and the profit received do not match.

The result of the analysis should be the formation of a conclusion describing all problem areas. This is necessary to draw up a set of actions aimed at solving the problems identified during the study.

Calculation

For the analysis of current assets, it is used, with the help of which they give an assessment of the dynamics and composition of the object in question.

The calculation of current funds consists in assessing the share of each type of resource in the overall structure.

Accounting requires the calculation of the coefficient according to the following formula:

(MPZ / A) * 100%, where

MPZ- inventories, BUT- assets.

To calculate the share in the structure of current assets, the following formula is used:

(MPZ / OA) * 100%

To determine the turnover period, it is necessary to calculate the ratio of the product of material and production resources and the time period to the consumption of materials:

ON \u003d (MPZ * D) / R, where

ON- turnover period D- time interval, R- expense.

The share of work in progress in current assets is calculated as follows:

(NP / OA) * 100%, where

NP- unfinished production.

To reflect the finished product, its actual or standard cost is used. An important element of the analysis of finished products is the assessment of the turnover period. Its lower value indicates a greater liquidity of the goods.

This requires the calculation of indicators according to the formulas:

(GP / OA) * 100% : (GP * D) / SP, where

GP- finished products, joint venture- cost.

It consists in the calculation of several indicators:

(DB / OA) * 100% - to identify the share in the total structure of current assets

(dB/V) * 100% where

AT- revenue. With the normal growth of DB, there should be an increase in revenue.

In the opposite situation, you should think about measures to eliminate this phenomenon.

The calculation of current assets is necessary to maintain the planned level of production and output in accordance with the approved technological processes, parameters and standards.

Differences from non-current and similarities with them

Differences in current assets from depend on multiple options:

AT balance sheet each group of assets is presented in a separate section. Their share may be influenced by the specifics of the organization, for example, a large stock of current assets is observed in trading enterprises and in material-intensive production.

The essence and composition of working capital are presented in this video.

current assets provide continuity circulation of capital.

current assets- the totality of funds advanced for the creation of circulating production assets and circulation funds, ensuring their continuous circulation.

Revolving funds include:

Objects of labor (raw materials, materials, etc.)
Means of labor with a service life of not more than 1 year
Work in progress and prepaid expenses

In its movement, current assets go through three successive stages of circulation: monetary, productive and commodity.

First stage circulation of working capital - monetary. At this stage, there is a transformation of cash into the form of inventories.

Second stage — productive. At this stage, the cost of created products continues to be advanced, but not in full, but in the amount of used production reserves; salary costs are advanced, as well as the transferred part of fixed assets.

On the third stage the circulation continues to advance the product of labor (finished products). Only after the commodity form of the newly created value has been converted into cash, the advanced funds are restored at the expense of a part of the proceeds received from the sale of products.

standard current assets establishes their minimum estimated amount, which is constantly necessary for the enterprise to work.

Composition and classification of working capital

Analysis of current assets

Current (current, mobile) assets are shown in second asset section. Their analysis should start with grouping these assets according to their degree of liquidity, i.e. feasibility. To do this, certain types of current assets must be divided into the following groups:

the most easily marketable assets that have a minimum degree of risk in terms of their liquidity. These include cash and easily realizable (quickly realizable) short-term;
easy-to-sell assets with a low degree of risk. This includes: organizations with a stable financial condition, stocks of material resources (with the exception of stale ones that have not been used in production for a long time), as well as finished products of mass consumption that are in demand;
current assets with an average degree of marketability, or an average degree of risk. This can include work in progress, deferred expenses, as well as finished products for industrial and technical purposes;
hard-to-sell (low-liquidity) current assets that have a high degree of risk when they are sold. This group includes accounts receivable of organizations with an unstable financial condition, stale stocks of material resources, stocks of finished products that are not in demand by buyers.

When analyzing, it is necessary to assess the dynamics of the ratio of hard-to-sell assets and the total value of current assets, as well as hard-to-sell and easy-to-sell current assets. If these ratios increase, then this indicates a decrease in liquidity, i.e. the more funds invested in current assets that are in the high-risk group, the lower the liquidity of the organization.

It should be noted that such a balance sheet item as value added tax on acquired assets is not included in current assets grouped according to their degree of liquidity, since this item cannot give the organization real money.

After studying the liquidity of current assets, one should proceed to consider the validity of the amounts of stocks of inventory items (inventory).

Organizations develop stock standards by their types.

Compliance of the actual stocks of current assets with the standards has a significant impact on the financial condition of the organization, which is revealed in the internal analysis. The excess of actual reserves (remains) over the norms is called excess reserves (remains). If the actual reserves are less than the standards, then this is usually called the non-filling of the standard.

In the process of analysis, it is necessary to identify for which specific types of reserves there are excess amounts, what are the reasons for their formation, and also to outline measures to eliminate them.

In an internal analysis, it is necessary to identify the reasons for the presence of excess stocks in the organization. Such reasons may be:

I. By inventories.

Uneven, early and incomplete supply of raw materials, materials, purchased semi-finished products, fuel, as well as their importation at transit rates that significantly exceed the need for this overestimation of the consumption rates of materials per unit of output, as well as incomplete accounting of stocks of materials available in the warehouse in the process of planning material and technical provision of the organization.
Save material costs
Non-fulfillment of the business plan for the production of products
Rise (increase) in the procurement cost of materials compared to the planned one.
Seasonal delivery of raw materials and other reasons.

II. For work in progress and semi-finished products of own production.

Insufficiency of parts, assemblies, semi-finished products.
Overfulfillment of the plan for gross output.
Creation of backlogs of work in progress for additional and orders not provided for by the annual production plan.
Changing plans for the production of individual products and the timing of the production of orders, resulting in the formation of backlogs and costs for canceled orders and discontinued products.
The increase in the actual cost of work in progress compared to its planned cost.
Disadvantages in accounting for work in progress.

III. For finished products.

Rhythm of production.
Overfulfillment of the plan for the release of marketable products.
Incomplete security of the volume of products produced by contracts for its sale.
Production of low quality products.
Overplanned output of products that are in limited demand.
Lack of packaging and Vehicle to ship products.
Termination of shipment of products to insolvent buyers or transferring them to advance payment for products.
The excess of the actual cost of finished products over its planned cost.

To deepen the internal analysis, it is necessary to study the composition of materials by their types, grades and profiles.

A similar detailed analysis should also be carried out for work in progress and finished goods.

When analyzing stocks, in addition to absolute ones, relative indicators are also used, for example, stocks in days (remains in stock days). These indicators express the dependence of the size of stocks on changes in the volume of output. Stocks in days are calculated for individual types of stocks as the ratio of their balance to one-day turnover. The one-day turnover expresses the transition of this type of stock to the next stage of the circulation and represents the turnover on the credit of the account where this type of stock is taken into account.

So, stocks in days will be determined as follows.

Stock in days for raw materials, minus the Remaining (stock) of raw materials and basic basic materials of materials divided by the one-day consumption of raw materials and basic materials by

Similarly, stocks are determined in days for other types of production stocks (fuel, containers, spare parts, etc.).

Stocks in days of work in progress is the balance (reserve) of uncertified production divided by one-day output of marketable products at production cost.

The stock in days of finished goods is the balance of finished goods divided by one-day shipment of products at production cost.

In the analysis, the actual stocks in days are compared with the planned ones; this comparison shows what is the deviation of the actual reserves from the standards, taking into account the actual demand for these reserves.

Having studied the state of stocks, let's move on to the analysis of cash, also included in current assets.

In terms of determining the proceeds from sales as shipped, there are discrepancies between the amount of cash and the profit received. Cash flow analysis provides an opportunity to explain the reasons for these discrepancies.

In the analysis, two methods are used - direct and indirect.

With the direct method, the inflow and outflow of funds are determined;

wherein parent element is sales revenue.

With the indirect method, the initial element is profit, which is adjusted in connection with cash flows.

Consider the essence of the direct method. As for the main activity of the organization, the amount of funds from its implementation is determined as the difference between the receipt of proceeds from the sale of products, works, services and the expenditure of funds associated with the costs of production and sale of products. In the process of investment activity, the receipt of cash from the sale of fixed assets, intangible assets, long-term securities is reduced by the amount of money spent on the acquisition of fixed assets, intangible assets and long-term securities. The amount of cash from the financial activities of an organization is defined as the difference between the receipt of proceeds from the sale of its shares, receipt of loans and borrowings and the disposal of funds as a result of dividend payments to shareholders and repayment of loans and loans. Similarly, the amount of cash from other activities is calculated. The total value of the organization's cash is defined as the sum of these funds from various activities.

The direct method makes it possible to characterize the liquidity of the organization, as it depicts in detail the movement of funds in its accounts. However, this method does not show the relationship between the financial result (profit) and the change in the amount of cash. The indirect method of analysis makes it possible to explain the reasons for the discrepancy between the profit received for a given period and the amount of cash. An organization may also have types of income and expenses that affect profits but do not change the amount of cash. When analyzing the value of these incomes and expenses, the net profit of the organization is adjusted. Thus, the disposal of fixed assets can cause a loss in the amount residual value these assets. As a result of this operation, the amount of cash does not change; not fully depreciated cost of property, plant and equipment should be added to net profit. Accrual of depreciation by the organization also does not cause a change in the amount of cash. In addition, when accounting for the sale of products at the time of their shipment, the organization receives financial results(profit) before the actual receipt of funds.

When analyzing, you should recalculate (adjust) the indicators of those accounts that affect the amount of profit. An increase in active accounts is attributed to a decrease in the amount of profit, and a decrease is attributed to an increase in the amount of profit. For example, if in reporting period If there has been an increase in receivables from buyers and customers, then the actual amount of cash is reduced. Reducing accounts receivable, on the contrary, increases the amount of cash. Therefore, in the first case, the profit should be reduced, and in the second - increased.

Operations carried out on passive accounts affect cash in the opposite way. So, for example, the amount of accrued depreciation (amortization) of fixed assets, intangible assets that do not affect the amount of cash must be added to the amount of net profit. As a result of posting in the warehouse of the organization materials remaining after the liquidation of fixed assets, profit increases, but since this operation does not cause cash flow, its amount should be attributed to a decrease in net profit.

Working capital is the amount of money advanced to create working capital assets and circulation funds.

Revolving production assets - this is a part of the means of production that once participates in the production process, immediately and completely transfers its value to the manufactured products and in the production process changes (raw materials) or loses (fuel) its natural-material form. These include: raw materials, basic and auxiliary materials, components, unfinished products, fuel, packaging, overalls, deferred expenses, etc.

Circulation funds include funds servicing the process of selling products (finished products in stock; goods shipped to customers but not yet paid for by them; funds in settlements; cash in the company's cash desk and in bank accounts). They do not participate in the production process, but are necessary to ensure the unity of production and circulation.

Working capital ensures the continuity and rhythm of all processes occurring at the enterprise: supply, production, marketing, financing. Up to 40% of all enterprise resources are concentrated in working capital. Working capital of the enterprise is constantly in motion, making a circuit. The circuit begins with the payment in cash of the material resources necessary for the enterprise, and ends with the return of all costs along the entire path of the movement of funds in the form of proceeds from the sale of finished products. Then the cycle repeats. Thus, in the process of circulation, working capital sequentially goes through the following stages:

1. Monetary - at this stage, funds are financed into the necessary objects of labor.
2. Productive - at this stage, there is a qualitative change in the objects of labor into finished products, i.e. direct production process.
3. Commodity - the stage of finding working capital in the objects of labor and finished products.

Working capital operates simultaneously at all stages, ensuring the continuity of the production process. In this way, working capital performs its most important function - production: monetary support for the continuity of the production process.

At the same time, working capital performs another equally important payment and settlement function. The performance of this function depends on the availability of working capital necessary for the implementation of the process of selling finished products and completing settlements.

For normal production and commercial activities the enterprise requires the availability of working capital in the minimum required amount, not only for advancing them into the production sphere, but also into the sphere of circulation. Proper organization, safety and efficiency of the use of working capital are of great importance for the sustainable financial condition of the enterprise.

Composition and classification of working capital

The composition and structure of working capital are not the same in various sectors of the economy. At each particular enterprise, the amount of working capital, their composition and structure depend on many factors of an industrial, economic and organizational nature, such as:

1. Industry specifics of production and the nature of the activity.
2. The complexity of the production cycle and its duration.
3. The cost of stocks and their role in the production process.
4. Terms of delivery and its rhythm.
5. The procedure for settlements and settlement and payment discipline.
6. Fulfillment of mutual contractual obligations.

The value of finished products, goods shipped, receivables is influenced by such factors as the conditions for the sale of products, the form and state of settlements.

Considering the classification of working capital, they can be divided into:

1. In terms of economic content - for circulating production assets and circulation funds.
2. According to the method of formation - on own and borrowed.
3. According to the planning method - into normalized and non-normalized.

The division of working capital into working capital and circulation funds is due to the presence of two spheres of circulation of funds - the sphere of production and the sphere of circulation. The economic content of circulating production assets is embodied in the objects of labor, which, while serving the production process, i.e. being the object of the application of the means of labor and labor force, they are transformed into a finished product, transferring their value to it completely. The economic content of circulation funds is embodied in finished products, cash and funds in settlements that serve the process of circulation of a social product.

The presence of own and borrowed funds in the turnover of the enterprise is explained by the peculiarities of financing the production process. A constant minimum amount of funds to finance the needs of production must be provided by own working capital. The own funds of the enterprise are, first of all, the authorized capital and the profit remaining at the disposal of the enterprise after paying all taxes.

Temporary need for funds related to objective and subjective reasons is covered by borrowed funds. The most typical reasons for the lack of own working capital are overdue accounts receivable, an increase in the period of the production cycle, expansion of production, an increase in inventories, an increase in the cost of labor objects, etc. Borrowed funds include bank loans, accounts payable and other liabilities.

Financing part of working capital at the expense of borrowed funds is considered a completely normal operation. All enterprises to some extent attract borrowed funds to finance the circulation of working capital. Moreover, each enterprise has the so-called stable liabilities - an irreducible, permanent balance of accounts payable, consisting of debt on wages, before the budget, according to deductions in social funds etc.

The problem of attracting borrowed funds is the observance of proportions in the structure of financing of working capital. The ratio between the amounts of own and borrowed funds characterizes financial stability enterprises. It is believed that the larger the share of own funds, the more financially stable it is. In global practice, it is accepted that an enterprise loses its financial stability (independence) if less than 10% of the total amount of working capital is financed from its own funds.

The economic basis for the division of working capital into normalized and non-standardized is the need for their planning to ensure the smooth operation of the enterprise. Working capital planning occurs by rationing one part of them and not rationing the other. The purpose of establishing planned standards for individual items of working capital is to ensure continuous, rhythmic operation of the enterprise with a minimum stock of inventory items.

The composition of working capital is understood as a set of elements (items) that form working capital. Under the structure of working capital refers to the ratio between their articles. As already noted, working capital is divided into working capital and circulation funds. The composition of working capital assets includes:

1. Inventory - items of labor received by the enterprise for subsequent processing or to ensure the production process (stocks of raw materials, materials, components, fuel, low-value and wearing items, containers, etc.).
2. Work in progress - objects of labor that have entered the production process and are located at and between workplaces (blanks, semi-finished products, parts, assemblies, products that have not passed all stages of processing).
3. Expenses of future periods - a valuation of expenses for the preparation and development of new types of products produced in a given period, but payable in the future.

The circulation funds include:

1. Finished products, goods for resale and goods shipped - objects of labor that have passed all stages of processing and are ready for sale, i.e. labor products.
2. Accounts receivable - debts to the enterprise from legal, individuals and states. As part of receivables, there are debts of buyers and customers, bills of exchange receivable, debts of subsidiaries and affiliates, debts of founders for contributions to the authorized capital, advances issued.
3. Cash.

In the balance sheet of the enterprise, working capital is reflected in the second section of the asset balance "Current assets".

Topic 4 Current assets of corporations

A significant amount of financial resources invested in current assets, the diversity of their types, the determining role of these assets in accelerating the turnover of capital and ensuring the company's solvency determine the importance and complexity of the current asset management policy.

Current assets of the company- the totality of funds advanced to create working capital and circulation funds, ensuring their continuous turnover. In practice, the composition and structure of current assets are distinguished.

Composition of current assets - a set of elements that form them (Fig.).

Current assets in the sphere of production (current production assets) include objects of labor (raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts), work in progress and deferred expenses. The main purpose of current assets in the sphere of production is to ensure a continuous and rhythmic production process.

Current assets in the sphere of circulation (circulation funds) - the company's funds invested in stocks of finished products; goods shipped but not paid for; funds in settlements and cash on hand and in accounts. Their main purpose is to provide resources for the circulation process.

Current assets structure- the share of each element of current assets in their total volume. It depends on a number of factors:

Production - the composition and structure of production costs, its type, the nature of products, the duration of the technological process, etc.;

Features of the purchase of material resources - frequency, regularity, completeness of supplies, mode of transport, specific weight of components in the volume of consumption, etc.;

Depending on the practice of control, planning and management;

According to the period of operation;

In terms of liquidity.

According to the nature of the sources formations allocate gross, net and own current assets.

1. Gross current assets (or current assets in general) characterize their total volume formed at the expense of both own and borrowed capital.

2. Net current assets (or net working capital) characterize that part of their volume, which is formed at the expense of own and long-term borrowed capital.

The amount of the company's net current assets (OAh) is calculated using the following formula:

OA Ch= OAV- F ok,

where OA in- the amount of gross current assets of the company; F ok - short-term current financial obligations of the company.

This indicator characterizes the value of the need for own working capital or, more precisely, the need for financing working capital, associated with the excess of current assets over short-term liabilities. For the normal provision of economic activity with current assets, the value of net current assets is set within the limits of "/z of the value of equity capital.

3. Own current assets characterize that part of them, which is formed at the expense of the company's own capital.

The amount of own current assets of the company (OA C) calculated by the formula:

OA C= OA V - Kzd - F ok

where Kzd- long-term borrowed capital invested in current assets.

Note that long-term borrowed capital in relation to Russian companies is rarely used as a source of financing current assets. And therefore, the amounts of own and net current assets most often coincide.

By types of current assets distinguish:

a) stocks of raw materials, materials and other similar valuables;

b) costs in work in progress;

c) stocks of finished goods and goods for resale;

d) goods shipped;

e) deferred expenses;

f) accounts receivable;

g) short-term financial investments;

h) money;

i) other types of current assets.

Depending on the functional role in the production process allocate:

a) current assets serving the production cycle of the company (stocks of raw materials, materials and semi-finished products; the volume of work in progress, stocks of finished products);

b) current assets serving the financial (cash) cycle of the company (accounts receivable, short-term financial investments, cash);

Depending on the practice of control, planning and management distinguish:

Normalized working capital, making it possible to calculate the economically justified need for the relevant types of working capital;

Non-standardized working capital, which is an element of circulation funds.

By the period of functioning of current assets allocate:

The permanent part of current assets is their unchanging part, which does not depend on seasonal and other fluctuations in the company's operating activities and is not associated with the formation of stocks of inventory items for seasonal storage, early delivery and intended purpose. The constant part of current assets is considered as an irreducible minimum of current assets necessary for the company to carry out operating activities;

The variable part of current assets is their changing part, which is associated with a seasonal increase in the volume of production and sales of products, the need to form stocks of inventory items for seasonal storage, early delivery and intended purpose in certain periods of the company's business activities.

By the degree of liquidity of current assets distinguish:

Absolutely liquid funds (cash and short-term financial investments (highly liquid securities);

Quickly realizable current assets (goods shipped, receivables, advances issued, other current assets);

Slowly sold current assets (stocks of finished products, raw materials, materials);

Illiquid funds (doubtful receivables, work in progress, deferred expenses).

The classification of current assets according to the degree of their liquidity characterizes the quality of the company's funds in circulation. The task of such a classification is to identify those current assets, the possibility of selling which seems unlikely.

The vast majority of circulating production assets are inventories

They include material elements of production used as objects of labor and partly as tools of labor that have not yet entered the production process and are in the form of stocks.

Part objects of labor includes:

raw materials and basic materials from which the product is made. They form the material (material) basis of the product. Raw materials are products of agriculture, extractive industries, and materials are products of manufacturing industries;

· Auxiliary materials - fuel, containers and packaging materials for packaging, spare parts. They are used for servicing, caring for tools, facilitating the production process, to give the product certain consumer properties;

Purchased semi-finished products and components. Semi-finished products are not finished products and, together with components, play the same role in the production process as the main materials.

In a special group of revolving funds allocate means of labor having a short service life, which, according to their economic purpose, are classified as non-current assets, as they participate in the production process many times and do not immediately lose their material form. These can be tools, inventory, spare parts for current repairs, numbered in hundreds of items in the organization. They are included in working capital to simplify accounting for their depreciation and are written off to production costs as materials.

Along with inventories, circulating production assets include means in production including unfinished products and deferred expenses. unfinished product, or products of partial readiness - these are objects and means of labor that have entered the production process, but have not passed all the processing operations provided for by the technological process. They are represented by work in progress and semi-finished products of own production. These are the real elements of working capital. In the composition of working capital in production, the main share falls on work in progress.

The only intangible element of circulating production assets is Future expenses. They include the costs of preparing and mastering new products, new technologies that are produced in a given year, but are attributed to next year's products.

Circulating production assets create a material basis for the implementation of the production process, but their composition and structure depend on industry characteristics, the technical level of organization, the characteristics of the raw materials and materials used.

circulation funds, those. working capital serving the circulation process are formed under the influence of the nature of the organization (enterprise), the conditions for the sale of products, the level of organization of the marketing system for finished products, the forms of payment used and their condition, and other factors.

Depending on participation in the sale, circulation funds include finished products in stock, shipped goods, cash and receivables.

The main part is finished products. It is subdivided into finished products in stock and shipped goods(for organizations using the cash basis for accounting for revenue).

Another component of circulation funds is cash and receivables.

Cash may be in financial instruments - on accounts with credit and banking institutions, in securities issued by letters of credit, at the cash desk of an organization (enterprise), in postal orders and other settlements: shortages, losses, overexpenditures.

Competent cash management, leading to an increase in the solvency of the organization (enterprise), obtaining additional income is the most important task financial work. Cash management includes determining the time of circulation of funds and their optimal level, analysis of cash flows and their forecasting, control over cash flows, ensuring the constant solvency of the organization.

Accounts receivable includes debt for goods and services that are not due or overdue, debt on settlements with the budget in case of overpayment of taxes and other obligatory payments, with personnel, accountable persons, on received promissory notes. It also includes debtors for claims and disputed debts.

Accounts receivable always divert funds from circulation, mean their inefficient use and lead to tense financial condition organizations. The level of receivables is associated with the settlement system adopted at the enterprise, the type of products produced and the degree of saturation of the market with it. The share of receivables in circulation funds is large. Accounts receivable management means the control of financial services over the turnover of funds in settlements, ensuring the timely collection of receivables, the role of buyers observing payment discipline.

In each particular commercial organization, the amount of working capital, their composition and structure depend on many factors of an industrial, organizational and economic nature, including:

sectoral features of production and the nature of the activity;

the complexity of the production cycle and its duration;

the cost of stocks and their role in the production process;

terms of delivery and its rhythm;

the procedure for settlements and settlement and payment discipline;

Fulfillment of mutual contractual obligations.

Accounting for these factors to determine and maintain the volume and structure of working capital at an optimal level is the most important goal of working capital management.