Sketch drawing. Sketch tutorial

The financial position of the organization is directly dependent on how quickly the funds invested in assets are converted into real money.

However, certain types of assets of the organization have a different turnover rate. The duration of the funds in circulation is determined by the combined influence of a number of multidirectional factors of an external and internal nature. The first should include the scope of the organization, that is, in most cases, the turnover of funds in small enterprises is much higher than in large ones - this is one of the main advantages of small businesses, and a number of other reasons.

The economic situation in the country and the related business conditions of organizations have no less impact on the turnover of the organization's assets. Thus, the inflationary processes taking place in the country, the absence of well-established economic relations with suppliers and buyers in most organizations lead to the forced accumulation of stocks, which significantly slows down the process of turnover of funds.

Consider the reasons for the change in current assets in "DMD SLOT ALLOCATION ZAO" in 2010 according to table 2.7.

Table 2.7. - Reasons for the change in current assets in DMD SLOT ALLOCATION ZAO in 2010 (million rubles)

From the table it follows that the increase in current assets by 7 million rubles. was due to an increase in own funds by 7 million rubles. The decrease in working capital was caused by a decrease in accounts payable by 7 million rubles.

The most important part of the analysis of the financial condition of the organization is the study of the indicators of turnover of the organization's current assets, which make it possible to characterize the effectiveness of their use. The study and analysis of indicators of turnover of current assets is important, since such important indicators as the volume of sales of goods, works, services and the profit received by the organization are directly dependent on the speed of their turnover.

Let's analyze the indicators of turnover of current assets in "DMD SLOT ALLOCATION ZAO" for 2009 - 2010. according to table 2.8.

Table 2.8. - Analysis of the turnover of current assets in "DMD SLOT ALLOCATION ZAO" for 2009 - 2010.

Current assets turnover ratio:

Kob 2009 = 424: 63 = 6.7 (revs)

Cob 2010 = 522: 70 = 7.4 (revs)

Inventory turnover ratio:

Kob 2009 = 424: 61 = 6.9 (revs)

Kob 2010 = 522: 39 = 13.3 (revs)

Using the turnover ratios, we calculate the duration of one turnover:

current assets:

DD 2009 = 360: 6.7= 48.6 (days)

DD 2010 = 360: 7.4 = 53.7 (days)

material working capital:

DD 2009 = 360: 6.9 = 52.2 (days)

dd 2010 = 360: 13.3 = 27.1 (days)

Using the data obtained, we calculate the amount of additionally attracted working capital as a result of a slowdown in their turnover:

additional attraction of current assets:

Δ OK \u003d 2.1 x 0.7 \u003d 1.47 (million rubles)

additional attraction of material working capital by slowing down their turnover:

Δ OK \u003d 2.1 x 5.1 \u003d 10.7 (million rubles)

In 2010 compared to 2009, revenue from the sale of goods, works, services increased by 23.1% (522 / 424 x 100%) with an increase in current assets by 11.1% (70 / 63 x 100%) and decrease in material working capital by 36.1% (39 / 61 x 100%).

The excess of the growth rate of proceeds from the sale of goods, works, services (23.1%) over the growth rate of current assets (11.1%) led to a decrease in the turnover of current assets. A decrease in the growth rate of tangible current assets (63.9%) compared with the growth rate of sales proceeds (23.1%) led to a slowdown in the turnover of tangible current assets.

The organization should identify the reasons for the slowdown in the turnover of tangible current assets in order to eliminate these reasons in the next reporting period.

Asset turnover analysis is an integral part of financial analysis. Asset turnover, perhaps, is the best way to assess the real efficiency of the company's operating activities (provided, of course, that the reporting fairly reflects its financial position). Often, managers tend to focus mainly on a rapid increase in operating profitability (even if short-term), because this is exactly what shareholders expect from them, while not thinking about the fact that one will not go far by controlling costs and manipulating non-monetary reporting positions. Thus, adequate turnover indicators make it possible to assess, among other things, the maturity and availability of a long-term development strategy for the company.

Asset turnover analysis includes:

Note that the features of asset management are determined by the structural affiliation of economic entities. If trade organizations have a high share of goods, industrial enterprises - raw materials, then financial corporations are dominated by cash and their equivalents.

Asset turnover ratio

Asset turnover ratio (Koa) - the ratio of proceeds from sales of products to the entire total of the asset balance.

Koa = B / A

where, B - revenue; A - the average annual amount of assets

This indicator characterizes the efficiency of the company's use of all available resources, regardless of the sources of their formation, i.e. it shows how many times a year (or other reporting period) a full cycle of production and circulation takes place, which brings profit to the company, or how many monetary units of sold products brought each monetary unit of assets.

The asset turnover ratio characterizes the efficiency of the use of resources, its increase indicates a more efficient use of funds. However, this ratio can be artificially high when switching to the use of leased fixed assets.

The value of the turnover ratio of all assets shows the efficiency of the use of current assets, the growth of the indicator in dynamics indicates an increase in the efficiency of the use of current assets in the whole enterprise. The asset turnover ratio is directly proportional to sales volume and inversely proportional to the amount of assets used.

Since current assets are an integral part of the assets, their reduction also improves the efficiency of the use of assets in general.

In theory, current assets are the capital invested by the company in current activities for the period of each operating cycle. We have already considered the main elements of working capital - stocks, receivables - and approaches to analyzing their turnover.

Between current assets and the volume of sales there is a certain relationship. Too little working capital limits sales, too much - indicates an insufficiently efficient use of working capital. How to determine the optimal ratio of working capital and sales volume? This ratio helps to find working capital turnover ratio(Co).

The turnover ratio of working capital is calculated as the ratio of revenue excluding VAT and excises to the average amount of working capital (OBavr) for the period:

Ko \u003d V / OBsr

where, OBsr \u003d (OBSn + OBSk) / 2, OBSn, OBSk - respectively, the amount of working capital at the beginning and end of the period.

For each enterprise, it is individual and, if it is defined, then it is necessary to maintain its value at an optimal level. Finding it is quite simple - if an enterprise at a given value of the coefficient constantly resorts to the use of borrowed capital, then this working capital turnover rate generates an insufficient amount of cash to cover costs and expand activities. Conversely, if at a constant volume of sales or its increase, the enterprise receives sufficient income, then it is considered that the effective rate of turnover of working capital has been achieved.

The best idea about the effectiveness of the use of assets is provided by indicators of the turnover period of assets, which is the number of days required for their conversion into cash and is the reciprocal of the turnover ratio multiplied by the length of the period. To estimate the duration of one turnover in days, the indicator is calculated - duration of one turnover of working capital according to the formula:

To=360/Ko or To=365/Ko

The value shows how many days, the funds invested in current assets or their components, again take the form of money. The decrease in this indicator in dynamics is a positive factor.

Considerable attention paid to current assets is explained by the fact that current assets mainly determine both the turnover of all capital and the business activity of the enterprise. Such attention to current assets in the analysis process is also due to the fact that they:

1. ensure the continuity of the production process;
2. a financial manager can manage the turnover of current assets, accelerate it.

Non-current assets are less manageable in terms of turnover acceleration, because are intended for operation for several years, and the period of operation is regulated by the accounting policy of the enterprise.

The analysis of the turnover of current assets is supplemented by the calculation of an indicator called coefficient of fixing working capital, which shows how many rubles of working capital account for one ruble of sold (sold) products.

Kz \u003d Aob / V

where, Аob is the average amount of current assets for the analyzed period (year).

The values ​​for the components of current assets are calculated similarly.

Analysis of accounts receivable

To assess the quality of settlements with debtors, use receivables turnover ratio, the value of which characterizes the rate of return of funds for goods sold on credit, an increase in this indicator in dynamics indicates an improvement in work with debtors, the effectiveness of pricing policy.

The turnover ratio and the duration of the turnover are calculated by the formulas:

Ko (DZ) \u003d V / DZsr

where, DZav - the average amount of accounts receivable for the period

The value associated with the turnover of receivables is average loan term To (DZ) of buyers (in days), showing how much, on average, a deferred payment is granted to buyers.

To (DZ) \u003d 360 / Ko (DZsr) or To (DZ) \u003d DZsr / V * 360

Knowing the daily revenue and the average receivables balance, it is easy to determine the average loan term of buyers, which can be useful in negotiating and concluding a contract. Average values ​​of customer credit should be compared with similar values ​​of accounts payable, in particular accounts payable turnover ratio Ko(KZ), and average supplier credit term To(KZ), which are calculated as follows:

Ko (KZ) \u003d S / 0.5 (KZ0 + KZ1)

where, S is the cost of goods sold; 0.5(КЗ0 + КЗ1) - average accounts payable for the period.

To(KZ) = 360 / Ko(KZ)

For rational settlement of accounts, the deferred payment provided by suppliers should be longer than the average credit period for buyers. If this does not happen, then the company will experience tension in the use of working capital. Credit terms are determined by the forms of settlements with suppliers and buyers and can be accelerated by using advances and letters of credit in settlements with buyers and collections with suppliers.

In the process of analysis, it is necessary to pay attention to identifying the relationship between receivables and payables (which we have already written about) in terms of turnover and duration of turnover. The rate of turnover of equity capital is also analyzed, which is especially important for shareholders.

Cash turnover analysis

Cash turnover ratio calculated by the formula:

Ko (DS) \u003d V / DS

The value of the indicator shows how many times during the period, the funds in the accounts and cash of the organization made turns. Duration of cash flow calculated by the formula:

To(DS) = 360 / Ko(DS)

With the help of these indicators evaluate the business activity of the company in the use of cash.

A decrease in turnover and an increase in the average period of cash turnover indicates an irrational organization of the enterprise's work, which allows for a slowdown in the use of highly liquid assets, the main purpose of which is to service the production and economic turnover of the enterprise.

Analysis of the turnover of material current assets

To assess the level of use of reserves, use inventory turnover ratio, which shows how efficiently the company uses inventory, shows the rate of inventory turnover. Inventory turnover shows how many times purchases were made in the reporting period. The calculation of the inventory turnover ratio is made according to the balance sheet and income statement using the following formula:

Ko (ZAP) \u003d S / 0.5 * (E0 + E1)

where, S is the cost of goods sold; 0.5*(E0+E1) - average stocks for the period, E0 - stocks at the beginning of the period, E1 - stocks at the end of the period.

When calculating this indicator, it is necessary to take into account the methodology for calculating the cost of sales, which may be different for different methods of distribution of indirect costs. Determining the average balance of stocks is necessary to equalize data on stocks, which can fluctuate significantly during the reporting period.

Closely related to this ratio average holding time(Tskl), measured in days. It can be calculated by dividing the number of days of the reporting period by Ko (ZAP), while the year is often rounded up to 360 days, the quarter up to 90 days, the month up to 30 days.

Tskl \u003d 360 / Ko (ZAP)

If, for example, inventory turnover is 6, then the average storage period is 60 days - this is how much stock is on average in the enterprise from the moment they are purchased from suppliers until the moment they are sold. High rates of Ko(ZAP) should alert the analyst. On the one hand, they indicate a high turnover rate, which leads to an increase in profits, on the other hand, they characterize the company's risky policy in inventory management, their possible shortage with sales growth. High inventory turnover and short warehousing periods can characterize the rapid growth of sales, which is not supported by an adequate level of stocks, and insufficient attention of management to this issue.

When analyzing, it is preferable to evaluate any financial indicator not in terms of its compliance with certain standards, but rather in the context of the real state of affairs in the company. At the same time, it is certainly useful to compare the performance of the organization in question with the performance of its competitors and, in general, with the average for the industry.

In addition, it is important to understand what is behind each indicator. For example, for some large aviation enterprise with a long production cycle, an inventory turnover of 180 days may be absolutely acceptable, and for a distribution network, such a value may indicate serious problems with the sale of goods.

An analysis of business activity (turnover) indicators of enterprises in the context of the past financial crisis revealed such trends as overstocking, an increase in overdue receivables and payables, the emergence (increase) of “bad” debts, etc., which were not previously observed and, in fact, not seriously analyzed. At present, when the severity of the economic situation has subsided somewhat, we can say that the turnover of current assets in most companies has stabilized. Nevertheless, it is clear that in the future, analysts should take a closer look at these indicators in order to adequately assess the financial condition of companies.

In conclusion, we note that the duration of the funds in the turnover of the enterprise is determined by the combined influence of a number of factors external And internal character.

External factors include:

• the scope of the company's activities (production, supply and marketing, intermediary, etc.);
• industry affiliation;
• enterprise size.

The macroeconomic situation has a decisive influence on the turnover of the company's assets. The rupture of economic ties, inflationary processes lead to the accumulation of stocks, which significantly slows down the process of turnover of funds.

The factors of an internal nature include the pricing policy of the enterprise, the formation of the structure of assets, the choice of methods for assessing inventories.

Let's analyze index asset turnover. The ratio refers to the group of financial indicators "Turnover (business activity)". The remaining three groups of financial indicators are "Liquidity", "Profitability", "Financial stability". The coefficients of liquidity and financial stability show the solvency of the enterprise, and the profitability of its effectiveness. Turnover ratios show the intensity (rate of turnover) of the use of assets or liabilities. They determine how the enterprise actively conducts its activities.

. economic sense

First, we define the economic meaning of the coefficient. The asset turnover ratio reflects how the company uses (how intensively) its existing assets. The coefficient determines the effectiveness of the use of own funds (both own and borrowed) in the production and sale of products.

This ratio should be read as follows. For example, the asset turnover ratio is 4 (the analyzed period is a year). Based on this, we can conclude that the company received revenue for the year (in total), which is 4 times more than the value of assets. They say that the company's assets turn around 4 times a year.

The higher the value of this indicator, the more efficiently the enterprise works. The asset turnover ratio is directly proportional to the volume of sales (in the formula, it has “Revenue” in the numerator). An increase in this ratio indicates that sales have also increased. The lower the turnover, the greater the dependence of the enterprise in financing its production process. The table below shows the reasons for changing the indicator.

Asset turnover rate. Synonyms

Often in various economic literature, this coefficient is called differently. To avoid confusion in its interpretation, here are the most commonly used synonyms for asset turnover:

• resource productivity,
• The rate of return on assets,
• assets turnover ratio,
• total assets turnover,
• turnover ratio,
• asset management ratio.

Asset turnover rate. Calculation formula

The formula for calculating asset turnover is as follows:

According to the forms of the balance sheet, the indicator is calculated by the formula:

Asset turnover ratio = line 2110 / (line 1600ng. + line 1600kg. / 2)

Ng. – string value 1600 at the beginning of the year.
Kg. – line value 1600 at the end of the year.

Do not forget to divide by 2 to find the average value of assets for the year. The reporting period may not be a year, but a month.

Asset turnover period

The asset turnover ratio is easy to transform into an indicator asset turnover period. This indicator better reflects the efficiency of the use of assets and represents the number of days required for the transformation of assets into the money supply. The formula for calculating the period of asset turnover (one turnover):

Asset turnover period = 360 / Asset turnover ratio

Video lesson: “Calculation of key turnover ratios for OAO Gazprom”

Asset turnover ratio. Calculation on the example of Megafon OJSC

Calculation of asset turnover for OAO Megafon. Balance

Calculation of asset turnover for OAO Megafon. Gains and losses report

To calculate the indicator, it is necessary to take the balance sheet data from the official website of Megafon OJSC.

Asset turnover ratio 2014-1 = 68316/(449985+466559)/2 = 0.14
Asset turnover ratio 2014-2 = 139153/(466559+458365)/2 = 0.30
Asset turnover ratio 2014-3 = 213539/(458365+413815)/2 = 0.48

Do not forget that you need to take the average value of assets for the period. Therefore, we divided by 2 in the denominator the amount of assets at the beginning of the period and at the end. OJSC "Megafon" value of the asset turnover ratio increased. It can be concluded that the company increased its sales, since it is sales that directly affect this coefficient.

Asset turnover rate. Standard

There is no specific standard value for the coefficient. It is worth analyzing it, like all turnover indicators: in dynamics. Therefore, if there is a downward trend - inefficient use of assets, and similarly vice versa with increasing growth - an increase in the quality of asset management.

In reality, when evaluating enterprises in high-tech and capital-intensive industries, this coefficient has small values. This is due to the fact that companies in such industries have large assets. And the turnover ratio in trade enterprises will have large values, since the intensity of cash turnover is higher for such ones.

Comparison of asset turnover indicators (AT) and return on assets (ROA)

Let's define the difference between asset turnover and return on assets (ROA). The ROA formula is given below:

Return on assets ratio = Net profit / Assets = line 2400 / line 1600

The most important component of the financial resources of the enterprise are its current assets.

Unlike fixed assets, circulating assets are entirely consumed in each production process, transfer their value to the finished product and change their natural form.

CLASSIFICATION OF CURRENT ASSETS

1. Stocks: raw materials, basic materials; purchased semi-finished products; auxiliary materials; fuel; container and container materials; spare parts for current repairs; low-value and fast-wearing household inventory and tools, work in progress; costs for the development of new products, semi-finished products of own production.

2. Cash: funds on current and foreign currency accounts, on hand, etc.

3. Short-term financial investments: securities, short-term loans, etc.

4. Accounts receivable: debts of buyers and customers, subsidiaries and affiliates, bills on behalf, etc.

Every industrial enterprise must improve the use of working capital. The successful implementation of the production cycle of the enterprise depends on the state of current assets, because the lack of working capital slows down the activity of the enterprise and leads to the inability to pay their bills and to bankruptcy.

To assess the use of working capital, two indicators are used:

1) the duration of one revolution in days

H \u003d T 1 + T 2 + T 3,

where T 1 - procurement cycle (acquisition and delivery of materials, fuel, etc.); T 2 - manufacturing cycle; T 3 - product sales cycle;

2) the number of turnovers during the planning period. or the turnover ratio, which characterizes the output of 1 rub. working capital:

K about. = T / H

where T is the duration of the planning period, days.

The shorter the duration of one revolution, the more revolutions the working capital will make. With the acceleration of the turnover of working capital, the need for them decreases, a reserve is created to increase output.

To accelerate the turnover of working capital, it is necessary to reduce the time of their stay both in the sphere of production and in the sphere of circulation. For this it is necessary: ​​to reduce the time of processing and assembly of products by mechanizing and automating the production process; improve the use of new technology; accelerate the control and transportation of products during their processing; reduce stocks of materials, fuel, packaging, work in progress to the established standard; ensure the rhythmic work of all production sites and workshops of the enterprise, timely delivery of materials to the enterprise and workplaces; accelerate the shipment of finished products; promptly and quickly make settlements with consumers; improve product quality, prevent the return of finished products from the consumer, etc.

Analysis of the turnover of current assets includes an analysis of:

1. turnover of the company's assets;

2. turnover of receivables;

3. inventory turnover.

1. Analysis of the turnover of the company's assets.

The financial position of the enterprise is directly dependent on how quickly the funds invested in assets are converted into real money.

In the general case, the rate of turnover of an enterprise's assets is usually calculated using the formula:

This indicator characterizes the rate of turnover of current assets of the enterprise.

Accordingly, the turnover of current assets will be determined as:

The average value of assets according to the balance sheet is determined by the formula:

where He, Ok - the value of assets at the beginning and at the end of the period.

Then the duration of one revolution in days is determined:

where the turnover of assets is numerically equal to the turnover ratio of current assets.

If the duration of the turnover of current assets increases, then in order to continue production and commercial activities at least at the same level, it is necessary to attract additional funds into circulation, which is calculated by the formula:

This indicator characterizes the additional attraction of funds into circulation, caused by a slowdown (acceleration) of asset turnover.

Of particular importance for the stable operation of the enterprise is the speed of cash flow. One of the main conditions for the financial well-being of an enterprise is the inflow of funds to cover its current obligations.

One way to assess the adequacy of funds is to determine the duration of the turnover period. For this purpose, the formula is used:

To calculate the average cash balances, internal accounting data are used (ODn - balances at the beginning of the nth month) and the formula:

where n is the number of months in the period.

In order to reveal the real cash flow at the enterprise, to assess the synchronism of the receipt and expenditure of funds, and also to link the value of the obtained financial result with the state of funds at the enterprise, it is necessary to identify and analyze all directions of receipt (inflow) of funds, as well as their disposal (outflow).

These directions of cash flow are usually considered separately in the context of current, investment and financial activities.

The inflow of funds within the framework of current activities is associated with the receipt of proceeds from the sale of products, the performance of work and the provision of services, as well as advances from buyers and customers; outflow - with payment on accounts of suppliers and other counterparties, payment of wages to employees, production contributions to social insurance and security funds, settlements with the budget for taxes due. It is customary to include paid (received) interest on loans as current activities.

The cash flow in the context of investment activities is associated with the acquisition (sale) of property that has a long-term use (primarily the receipt (disposal) of fixed assets and intangible assets).

The financial activity of the enterprise is mainly connected with the inflow of funds as a result of receiving long-term and short-term loans and borrowings and their outflow in the form of payment of dividends and repayment of debts on previously received loans.

Cash flow analysis is carried out by direct and indirect methods.

The direct method has a drawback: it does not reveal the relationship between the financial result obtained and the change in the amount of cash in the company's accounts (the company receives a net profit, and its cash is reduced). When analyzing cash flow using the indirect method, the amount of net profit is converted into the amount of cash, i.e. the shortcoming of the direct method of analysis is corrected.

Unlike other approaches to assessing the financial condition, cash flow analysis makes it possible to draw more informed conclusions about how much and from what sources the funds received by the enterprise were received and what are the main directions for their use; whether the company's own funds are sufficient to carry out investment activities; what explains the discrepancies between the amount of profit received and the availability of funds, etc.

2. Analysis of receivables.

To assess the turnover of accounts receivable, the following group of indicators is used.

1. Receivables turnover.

In the event that during the year the amount of proceeds from sales changed significantly by months, then an updated method for calculating the average amount of receivables based on monthly data is used. Then:

where ODZn is the amount of receivables at the end of the n-th month.

2. The period of repayment of receivables.

It should be borne in mind that the longer the period of delay in debt, the higher the risk of non-payment.

3. The share of receivables in the total volume of current assets.

4. The share of doubtful debts in the composition of receivables:

This indicator characterizes the "quality" of receivables. The trend towards its growth indicates a decrease in liquidity.

Monitor the status of settlements with buyers on deferred (overdue) debts;

Target as many buyers as possible to reduce the risk of non-payment by one or more large buyers;

Monitor the ratio of accounts receivable and payable: a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional (usually expensive) sources of financing;

Use the method of providing discounts for early payment.

3. Analysis of inventory turnover.

Estimation of inventory turnover is carried out for each of their types (inventory, finished products, goods, etc.). Since inventories are accounted for at the cost of their procurement (acquisition), then to calculate the inventory turnover ratio, not sales proceeds are used, but the cost of goods sold. To estimate the inventory turnover rate, the following formula is used:

Wherein:

The shelf life of stocks is determined by the formula:

The indicator characterizes the duration of storage of stocks.

Thus, the above indicators make it possible to characterize the state of current assets and their dynamism.

Moscow State University of Service

Course work

Subject:

" Economic analysis "

Subject:

"Analysis of turnover of current assets".

Done: student

FVK groups 3.1.- T

Chernenko A.A.

Teacher:

Filimonova N.N.

Moscow, 2002

Introduction. 2

1. 1. Classification of working capital. 4

2. Analysis of the composition of current assets. 6

2.1. Cash flow analysis. 9

2.2. Analysis of receivables. 10

2.3. Analysis of inventories. 13

3. Analysis of the turnover of working capital. 21

3.1. General assessment of the turnover of the company's assets. 21

3.2. Calculation of the standard of working capital. 25

3.3. Analysis of the effectiveness of the use of working capital. 27

4. Analysis of the turnover of working capital at Intek Service LLC. 29

Conclusion 35

Introduction.

To improve the economic and financial activities of an enterprise, systematic economic analysis is essential.

The main task of the analysis is to identify and use the reserves of production. The formation of a market economy determines the development of analysis at the micro level, that is, at the level of an individual enterprise or its division. Since these grassroots links under any form of ownership form the basis of a market economy.

What does analysis study? - economic processes taking place in the country and at the enterprise, economic efficiency, costs, final results of the enterprise.

The economic activity of the enterprise consists of the following processes:

supplies,

production,

implementation and marketing.

At the first stage, the enterprise acquires the necessary fixed assets, production stocks.

On the second - part of the funds in the form of stocks goes into production, and part is used:

to pay employees,

paying taxes,

social security payments

other expenses.

This stage ends with the release of finished products.

At the third stage, the products are sold and the company receives funds, and, as a rule, more than the initial amount by the amount of profit received from the business.

The object of economic analysis are: all aspects of economic processes that are considered not in isolation from each other, but in interaction with each other. At the same time, causal relationships between individual aspects of economic processes are revealed and the factors that determine the results of these processes are revealed.

The essence of economic analysis is that it is a special type of management activity, an integral element of any management function, since the management process includes three stages:

Selection and processing of the necessary information.

Analysis of this information.

Making a managerial decision.

Thus, analysis is an intermediate link between collecting information and making a decision.

The main objective of this coursework is to determine the classification of working capital, determine the composition of working capital, give an overall assessment of the turnover of working capital, calculate the norms of working capital, analyze the effectiveness of the use of working capital, using the example of Intek Service LLC.

1. Classification of working capital.

The main working capital of the organization is entirely consumed in each production process, fully transfers its value to the finished product and changes its natural form.

Classification of working capital assets:

1. Working capital in inventories:

a) raw materials, basic materials;

b) purchased semi-finished products;

c) auxiliary materials;

d) fuel;

e) containers and packaging materials;

f) spare parts for current repairs;

g) low-value and quickly wearing out household equipment and tools.

2. Working capital in the production process:

a) work in progress;

b) the cost of developing new products;

c) semi-finished products of own production.

Raw materials- this is the object of labor, for the extraction or production of which labor was expended. Raw materials are, for example: ore, cotton.

materials- these are objects of labor that have already undergone industrial processing, for example, rolled metal. Products are made from basic materials, they form its main material content.

Semi-finished products- products of labor that have passed one or more stages of production, but require further processing or assembly.

Containers and packaging materials- represent all types of packaging and materials necessary for their manufacture.

Unfinished production- these are objects of labor that are being processed or awaiting further processing and have not yet become part of the finished product.

The composition, structure and value of the working capital of various associations (enterprises) are different, since they depend on the nature and volume of output, the duration of the production cycle, the degree of mechanization and automation of production.

The association (enterprise) not only produces products, but also sells them, therefore, in addition to circulating production assets, it also has circulation funds. TO circulation funds include finished products in the warehouse of the enterprise, cash on hand and on the current account with the State Bank, as well as in pending payments for shipped products.

The sum of circulating production assets and circulation funds in monetary terms is current assets of the association (enterprise).

All property of the enterprise can be divided into:

1. Immobilized assets (1 section of the balance sheet)

2. Mobile assets (balance sheet section 2), which include stocks, cash, receivables, etc.

The stability of the financial position of an enterprise largely depends on the appropriateness and correctness of investing financial resources in assets. The structure of economic assets largely depends on the type of activity of the enterprise.

Analysis of the composition of current assets.

Section 2 of the balance sheet "Current assets" combines various items that include current assets (current assets).

Current assets include:

Stocks (including raw materials, materials, IBE, finished products, goods shipped, etc.).

VAT on purchased assets.

Accounts receivable short-term and long-term debt.

Short-term financial investments.

Cash (including cash, current account, foreign currency account, etc.)

Other current assets.

For the purposes of in-depth analysis, it is advisable to group all current assets into risk categories. For example, it is more likely that receivables will be easier to sell (convert to cash) than work in progress or deferred expenses. In this case, the scope of a particular type of working capital should be taken into account. Assets that can only be used for a specific purpose are more risky (less likely to be realised) than multi-purpose assets. The more funds invested in assets that fall into the high claim category, the lower the company's liquidity.

In the development of the above analysis, it is advisable to assess the trend in the ratio of hard-to-sell assets and the total value of assets, as well as hard-to-sell and easy-to-sell assets.

The upward trend in these ratios indicates a decrease in liquidity.

When conducting such an analysis, it should be remembered that the classification of working capital into hard-to-sell and easy-to-sell cannot be constant, but changes with changes in specific economic conditions.

For example, in conditions of supply instability and the ongoing depreciation of the ruble, enterprises may be interested in investing in inventories and other types of inventory, the market prices of which are steadily growing, which gives reason to classify the assets of this group as easy to sell.

There are also more serious negative consequences of such a significant amount of hard-to-sell assets on the company's balance sheet. This so-called dead capital slows down the turnover of funds in the enterprise and, consequently, reduces the efficiency of its activities. Often, at our enterprises, the drop in the values ​​of profitability indicators is largely determined by the presence and growth of the share of hard-to-sell assets.

Finally, hard-to-sell assets reflected as separate elements of working capital distort the true picture of the enterprise's liquidity, misleading its management and business partners.

The situation is aggravated by the fact that at many of our enterprises control over the safety of inventory items has been significantly weakened.

Often carried out formally, the inventory does not allow the head of the enterprise and his accounting department to draw up an objective picture of the presence and safety of material assets.

If hard-to-sell assets make up a significant part of working capital, then the management of the enterprise and its chief accountant should take urgent measures to stabilize the financial position of the enterprise.

These measures should be:

inventory of the state of property in order to identify assets of "low" quality (worn-out equipment, stale stocks of materials;

receivables, unrealistic to collect) and clarification of the real value of the property of the enterprise;

improving the organization of settlements with buyers (in conditions of inflation, as usual, it is more profitable to sell products faster and cheaper than to expect more favorable conditions for its sale);

reduction of excessive stocks of inventory and, as a result, a decrease in cash outflow.

1. Cash flow analysis.

Of particular importance for the stable operation of the enterprise is the speed of cash flow. One of the main conditions for the financial well-being of an enterprise is the inflow of funds to cover its current obligations.

The lack of such a minimum required cash reserve is indicative of his serious financial difficulties.

Excessive amounts of cash indicate that the company actually suffers losses associated, firstly, with inflation and the depreciation of money, and, secondly, with the missed opportunity for their profitable placement and additional income.

In this regard, there is a need to assess the rationality of cash management in the enterprise.

There are various ways to do this analysis.

In particular, a kind of barometer of the occurrence of financial difficulties is the tendency to reduce the share of cash in the composition of the current assets of the enterprise with an increasing volume of its current liabilities. Therefore, a monthly analysis of the ratio of cash and the most urgent obligations (the term of which ends in the current month) can give a fairly eloquent picture of the excess (lack) of cash at the enterprise.

Another way to assess the adequacy of cash is to determine the cash turnover ratio.

For this purpose, the formula is used:

Internal accounting data are used to calculate average cash balances.

In order to reveal the real cash flow at the enterprise, to assess the synchronism of the receipt and expenditure of funds, and also to link the value of the obtained financial result with the state of funds at the enterprise, it is necessary to identify and analyze all directions of receipt (inflow) of funds, as well as their disposal (outflow).

1. Analysis of receivables.

A significant proportion of receivables in the composition of current assets determines their special place in the assessment of the turnover of working capital. In the most general form, changes in the volume of receivables for the year can be characterized by balance sheet data.

For the purposes of internal analysis, analytical accounting information should be involved: data from order journals or records of settlements replacing them with buyers and customers, with suppliers on advances issued, accountable persons, with other debtors.

To summarize the results of the analysis, a summary table is compiled in which receivables are classified according to the terms of formation.

The analysis of short-term debt is carried out on the basis of the data of analytical accounting of settlements with suppliers, received bank loans, settlements with other creditors

(magazines-orders No. 4, 6, 8, 10, statements, etc.).

In the course of the analysis, a selection of obligations is made, the terms, the repayments of which occur in the reporting period, as well as deferred and overdue obligations.

To assess the turnover of accounts receivable, the following group of indicators is used.

Accounts receivable turnover.

It should be borne in mind that the longer the period of delay in debt, the higher the risk of non-payment.

The share of receivables in the total volume of current assets.

allowing you to manage accounts receivable:

Monitor the status of settlements with buyers on deferred (overdue) debts;

Target as many buyers as possible to reduce the risk of non-payment by one or more large buyers;

Monitor the ratio of accounts receivable and payable: a significant excess of accounts receivable poses a threat to the financial stability of the enterprise and makes it necessary to attract additional (usually expensive) sources of financing;

Use the method of providing discounts for early payment.

1. Analysis of inventories.

Inventory valuation is carried out for each of their types (inventory, finished products, goods, etc.).

The turnover of inventories characterizes the speed of movement of material assets and their replenishment. The faster the turnover of capital placed in stocks, the less capital is required for a given volume of business transactions.

Inventory turnover varies greatly across industries. In industries with a long production cycle, maintaining inventory requires more capital.

The timing of the turnover of inventories of enterprises in the same industry, as a rule, characterizes how successfully they use capital. As it was found out earlier, the accumulation of stocks is associated with a very significant additional cash outflow, which makes it necessary to assess the possibility and feasibility of reducing the storage period of material assets. The fall in the purchasing power of money forces enterprises to invest temporarily free funds in stocks of materials. In addition, the accumulation of stocks is often a forced measure to reduce the risk of non-delivery (undersupply) of raw materials and materials necessary for the production process of the enterprise.

We note in this regard that an enterprise that focuses on one main supplier is in a more vulnerable position than enterprises that build their activities on contracts with several suppliers.

At the same time, it should be borne in mind that the policy of accumulation of stocks of inventory items inevitably leads to an additional outflow of funds due to:

increase in costs arising in connection with the possession of stocks (rent of storage facilities and their maintenance, expenses for the movement of stocks, property insurance, etc.);

increase in costs associated with the risk of losses due to obsolescence and damage, as well as theft and uncontrolled use of inventory items; it is well known: the greater the volume and period of storage of property, the weaker (more difficult) control over its safety;

increase in taxes paid.

Under conditions of inflation, the actual cost of spent inventories (the amount of their write-off to cost) is significantly lower than their current market value.

As a result, the amount of profit turns out to be "inflated", but it is from it that the tax due will be calculated.

The picture is similar with the value added tax.

The fact that the value of the property tax increases with the increase in the volume of reserves, probably does not require explanation; diversion of funds from circulation, their "death".

Excessive reserves stop the movement of capital, violate the financial stability of the activity, forcing the management of the enterprise to urgently seek the funds necessary for current activities (usually expensive). Therefore, not without reason, excessive stocks of inventories are called the "graveyard of business."

These and other negative effects of a stockpiling policy often completely offset the positive effects of savings from earlier purchases.

A significant outflow of funds associated with the costs of the formation and storage of stocks makes it necessary to find ways to reduce them.

At the same time, of course, we are not talking about reducing the amount of costs for the creation and maintenance of stocks of inventory items to a minimum.

Such a solution would most likely turn out to be ineffective and would lead to an increase in losses of a different kind (for example, from damage and uncontrolled use of inventory items).

The challenge is to find a "golden mean" between excessively large stocks, which can cause financial difficulties (lack of funds), and excessively small stocks, dangerous for the stability of production.

Such a task cannot be solved in the conditions of spontaneous formation of reserves; an established system of control and analysis of the state of reserves is necessary.

In the theory and practice of inventory management, the following main signs of an unsatisfactory resource control system are distinguished:

a trend towards a constant increase in the duration of storage of stocks;

continuous growth of stocks, noticeably outpacing the dynamics of the increase in the volume of products sold;

frequent downtime of equipment due to lack of materials;

lack of storage space;

periodic refusal of urgent orders due to lack (absence) of inventories;

large amounts of write-offs due to the presence of obsolete (stale), slow-moving stocks;

Significant amounts of inventory write-offs due to their deterioration and theft.

The main objectives of control and analysis of the state of stocks:

• ensuring and maintaining liquidity and current solvency;

  reduction of production costs by reducing the cost of creating and storing stocks;

  reduction of loss of working time and downtime of equipment due to lack of raw materials and supplies;

  prevention of damage, theft and uncontrolled use of material assets.

Achieving the set goals involves the implementation of the following accounting and analytical work.

An assessment of the rationality of the structure of reserves, which makes it possible to identify resources, the volume of which is clearly excessive, and resources, the acquisition of which needs to be accelerated.

This will avoid unnecessary investment of capital in materials, the need for which is reduced or cannot be determined. It is equally important in assessing the rationality of the structure of stocks to establish the volume and composition of spoiled and slow-moving materials. This ensures that inventories are maintained in the most liquid state and that funds immobilized in inventories are reduced.

Determining the timing and volume of purchases of material assets. This is one of the most important and difficult tasks for the current conditions of the functioning of Russian enterprises in the analysis of the state of stocks.

Despite the ambiguity of the decisions made for each specific enterprise, the general approach to determining the volume of purchases, which allows taking into account:

the average volume of consumption of materials during the production and commercial cycle (usually determined on the basis of the results of the analysis of the consumption of material resources in the past periods and the volume of production under the conditions of the intended sale);

additional quantity (safety stock) of resources to compensate for unforeseen expenses of materials (for example, in the case of an urgent order) or to increase the period required to form the necessary stocks.

Selective regulation of stocks of material assets, suggesting that attention should be focused on expensive materials or materials that have a high consumer value. attraction.

In foreign practice, the so-called ABC method has become widespread, the methods of which can also be applied at Russian enterprises.

The main idea of ​​the ABC method is to evaluate each type of material in terms of its value. This refers to the degree of use of the material for a specific period; the time required to replenish stocks of this material, and the costs (losses) associated with its absence in the warehouse; the possibility of replacement, as well as losses from replacement.

A small share of these material resources in the total volume of material assets stored in the warehouse determines the main amount of cash outflow during the formation of stocks.

Such materials are considered as group A resources.

Group B materials are secondary; they are less expensive than materials of group A, but surpass them in the number of items.

Group C materials are considered relatively unimportant - these are the least expensive and most numerous material values.

Their acquisition and maintenance are accompanied by an insignificant (in comparison with the total amount) cash outflow.

Typically, the cost of holding such stocks is less than the cost of maintaining tight control over the ordered batches, insurance (reserve) stocks and stock balances.

Material resources are divided into the listed groups depending on the specific conditions of production.

The key point here is that group A materials are most carefully controlled.

Particular attention is paid to:

calculation of the need for them;

scheduling the formation of stocks and their use;

substantiation of the value of insurance stocks, inventory.

Calculation of indicators of turnover of the main groups of stocks and their comparison with similar indicators of past periods in order to establish the compliance of the availability of stocks with the current needs of the enterprise.

To do this, calculate the turnover of materials accounted for on various sub-accounts ("Raw materials", "Purchased semi-finished products and components, structures and parts", "Fuel", "Containers and packaging materials", "Spare parts", etc.), and then the total material turnover by determining the weighted average.

Since inventories are accounted for at the cost of their procurement (acquisition), then to calculate the inventory turnover ratio, not sales proceeds are used, but the cost of goods sold.

To estimate the inventory turnover rate, the following formula is used:

Analysis of the turnover of working capital.

1. General assessment of the turnover of the company's assets.

The financial position of the enterprise is directly dependent on how quickly the funds invested in assets are converted into real money.

The following are related to the turnover rate:

The minimum required amount of advanced (involved) capital and related cash payments (interest on bank loans, dividends on shares, etc.);

The need for additional sources of funding (and fees for them);

The amount of costs associated with the possession of inventory and their storage;

The amount of taxes paid, etc.

Separate types of assets of the enterprise have different turnover rates.

The duration of funds in circulation is determined by the combined influence of a number of multidirectional external and internal factors. The first should include the scope of the enterprise (production, supply and marketing, intermediary, etc.), industry (there is no doubt that the turnover of working capital at a machine-tool plant and a confectionery factory will be objectively different), the scale of the enterprise (in most cases, the turnover of funds at small enterprises is much higher than at large ones - this is one of the main advantages of small businesses) and a number of others.

No less impact on the turnover of assets is exerted by the economic situation in the country and the associated business conditions of enterprises.

Thus, inflationary processes, the absence of well-established economic relations with suppliers and buyers in most enterprises lead to a forced accumulation of stocks, which significantly slows down the process of turnover of funds.

However, it should be emphasized that the period of funds in circulation is largely determined by the internal conditions of the enterprise, and primarily by the effectiveness of its asset management strategy (or lack of it). Indeed, depending on the pricing policy applied, the structure of assets, the methodology for assessing inventories, the enterprise has more or less freedom to influence the duration of the turnover of its funds.

It should be borne in mind that the value of the turnover ratio of current assets is directly affected by the methodology adopted at the enterprise for their assessment, and based on the tasks and the chosen asset management strategy, the enterprise has a certain ability to regulate the value of the turnover ratio of its assets.

In the general case, the turnover of funds invested in property can be assessed by the following main indicators: turnover rate (the number of revolutions that the capital of the enterprise or its components make during the analyzed period) and the turnover period - the average period for which return to the economy invested in production commercial transactions cash.

The rate of turnover of an enterprise's assets is usually calculated using the formula:

The average value of assets according to the balance sheet is determined by the formula:

where the turnover of assets is numerically equal to the turnover ratio of current assets.

Each industrial association (enterprise) must improve the use of working capital.

To assess the use of working capital, two indicators are used:

duration of one revolution in days

H \u003d T 1 + T 2 + T 3,

T 1 - procurement cycle (acquisition and delivery of materials, fuel, etc.);

T 2 - production cycle;

T 3- product sales cycle;

2) the number of turnovers during the planned period or the turnover ratio, which characterizes the output of products for 1 rub. working capital:

K about. = T / H

T - duration of the planning period, days.

The shorter the duration of one revolution, the more revolutions the working capital will make.

With the acceleration of the turnover of working capital, the need for them decreases, a reserve is created to increase output.

To accelerate the turnover of working capital, it is necessary to reduce the time of their stay both in the sphere of production and in the sphere of circulation.

For this you need:

reduce the time of processing and assembly of products by mechanization and automation of the production process;

improve the use of new technology;

accelerate the control and transportation of products during their processing;

reduce stocks of materials, fuel, packaging, work in progress to the established standard;

ensure the rhythmic work of all production sites and workshops of the enterprise, timely delivery of materials to the enterprise and workplaces;

accelerate the shipment of finished products; promptly and quickly make settlements with consumers;

improve product quality, prevent the return of finished products from the consumer, etc.

1. Calculation of the standard of working capital.

The calculation of the standard of working capital is carried out, as a rule, by the method of direct counting based on the indicators of the production program for the planned period, the volume of production and sales, the range, the frequency of deliveries. duration of the production cycle.

The calculation can also be made by the analytical method, based on the relationship between the growth rate of production volume and the size of normalized working capital in the previous period.

Standard- this is the minimum planned amount of working capital that is constantly needed by the association (enterprise) for normal operation. Standard (need) of working capital for materials in monetary terms H is determined by the formula

H = RD,

R - one-day consumption of materials according to the estimate of production costs, rubles;

D - the rate of working capital in days of stock.

Calculation of the standard of working capital in work in progress H o.s is determined by the formula

N o.s \u003d SPK n.s / D + Z r,

WITH - the production cost of marketable products according to the cost estimate for the planned period;

P - the duration of the production cycle, calculated according to the production schedule;

K n.z - coefficient of increase in costs (the ratio of the cost of work in progress to the planned cost of the product);

D - the number of days in the planning period;

Z r - the value of the reserve stock of work in progress.

1. Analysis of the effectiveness of the use of working capital.

Particular attention should be paid to the efficiency of the use of working capital, since the rational use of working capital affects the main indicators of the economic activity of an industrial enterprise: an increase in production volume, a decrease in production costs, and an increase in the profitability of an enterprise. An analysis of the effectiveness of the use of working capital should help identify additional reserves and help improve the main economic indicators of the enterprise.

The main synthetic indicator of the use of working capital is:

Profitability ratio of assets (property).

The acceleration of the turnover of working capital depends on the time they spend at various stages of the cycle, reducing its duration. It is achieved by an increase in output and sales of products, a more complete and rational use of material resources, and a reduction in the time of the technological cycle. The turnover is affected by the use of the latest achievements of scientific and technological progress.

Analysis of the turnover of working capital at Intek Service LLC.

Let's analyze the turnover ratio of current assets at the enterprise LLC "Intek-Service" for 2001.

The table shows that the increase in the turnover ratio was affected by the decrease in the duration of working capital.

During the analyzed period, the duration of working capital decreased by 1 day. And accordingly, the turnover ratio increased by 0.13.

The duration of the turnover of assets may change due to the amount of revenue and average balances. To calculate the influence of factors, the chain substitution method is used:

P about. = 6000*90 / 20000= 27 days.

P vol. \u003d 13000 * 90 / 20000 \u003d 58.5 days.

P about. \u003d 13000 * 90 / 45000 \u003d 26 days.

Hence the change in the duration of the turnover of working capital due to:

Amounts of turnover of working capital

P about. = 26- 58.5 = - 32.5 days

Average balances of working capital

P about. Balances = 58.5 - 27 = + 31.5 days

The economic effect as a result of the acceleration of capital turnover is expressed in the relative release of funds from circulation, as well as in an increase in the amount of revenue and the amount of profit.

The amount of funds released from circulation due to acceleration

(-E) or additionally attracted funds into circulation (+ E) with a slowdown in the turnover of capital is determined by multiplying the one-day turnover for the sale by the change in the duration of the turnover:

E \u003d Sum of revolutions \ days * P rev. \u003d 45000 \ 90 * (26-27) \u003d - 500 million rubles.

In our example, due to the acceleration of the turnover of working capital for 1 day, there was a relative release of funds from turnover in the amount of 500 million rubles.

If the capital turned over in the reporting quarter not in 26 days, but in 27, then to ensure actual revenue in the amount of 45,000 million rubles. it would be necessary to have in circulation not 13,000 million rubles. working capital, and 13,500 million rubles, i.e. for 500 million rubles. more.

The same result can be obtained in another way, using the capital turnover ratio. To do this, from the average amount of working capital of the reporting period, it is necessary to subtract its estimated value, which would be required to ensure the amount of turnover at the capital turnover ratio of the previous year.

E \u003d 13000-45000 / 3.33 \u003d - 500 million rubles.

To establish the impact of the turnover ratio on the change in the amount of revenue, you can use a factor model:

Vk.rev. \u003d 13000 * (3.46 - 3.333) \u003d 1647 million rubles.

In k1 \u003d (13000-6000) * 3.3333 \u003d 23333 million rubles.

In total = 45,000 -20,000 = 25,000 million rubles.

P \u003d K vol. * P + K1 \u003d (3.46 - 3.3333) * 0.66 * 13000 \u003d 1087 million rubles.

After analyzing our company, we saw that due to the acceleration of the turnover of working capital in the reporting period, the company additionally received profit in the amount of 1087 million rubles.

Let us determine the change in the turnover of working capital and the amount of release (involvement) at the enterprise Intek-service LLC.

Let's draw the appropriate conclusions.

Remaining working capital for:

1. 240 million rubles

   242 million rubles

   238 million rubles

   240 million rubles

   236 million rubles

   242 million rubles

   244 million rubles

   242 million rubles

Average quarterly balances of working capital for 1 sq. =

(240/2 + 242 + 238 + 240/2) / 4-1 = 240 million rubles.

Average quarterly working capital balances for Q2 =

(236/2 + 242 + 244 + 242/2) / 4-1 = 240 million rubles.

Turnover of working capital for 1 sq. = 240 * 90 / 473, 7 =

Working capital turnover for 2 sq. = 240 * 90 / 509, 4 =

release amount = 509.4 / 90 * (-3.2) = - 18.1 million rubles.

Let's conclude:

The table shows that in the second quarter, the proceeds from the sale of products amounted to 509.4 million rubles. compared to the 1st quarter, in which the sales proceeds amounted to 473.7 million rubles.

As a result, the deviation amounted to + 35.7 million rubles, we can conclude that the company's profit increased due to an increase in sales proceeds, as well as due to a decrease in the turnover of working capital (in days).

In the second quarter, the turnover ratio of working capital decreased and amounted to 42.4 days, compared with the 1st quarter, the indicator was 45.6 days, the deviation was 3.2 days.

It can be concluded that the lower the turnover of working capital, that is, the less time spent on the process of turnover of funds, the higher the proceeds from the sale of products, and hence the greater the profit of the enterprise.

Thus, it is possible to advise the enterprise to continue working in this direction and continue to use its resources efficiently.

At the end of the analysis, the enterprise should develop measures to accelerate the turnover of working capital:

Reducing the duration of the production cycle due to the intensification of production:

use of the latest technologies,

mechanization and automation of production processes,

increasing the level of labor productivity,

fuller use of the production capacity of the enterprise,

labor and material resources, etc.

Improving the organization of material and technical supply in order to ensure the uninterrupted supply of production with the necessary material resources and reduce the time spent by capital in stocks.

Acceleration of the process of shipment of products and registration of settlement documents.

Reducing the time spent on receivables.

Increasing the level of marketing research aimed at accelerating the promotion of goods from the manufacturer to the consumer

(including market research, improvement of the product and the forms of its promotion to the consumer, the formation of the correct pricing policy, the organization of effective advertising, etc.).

Conclusion

The purpose of this course work was to study the analysis of the turnover of working capital in a form that is universal for all enterprises, regardless of their type of activity.

Analysis of the use of working capital helps to identify additional reserves to improve the economic performance of the enterprise.

Using the example of Intek Service LLC, we considered how, by accelerating the turnover of capital, an enterprise can receive additional profit.

Based on the foregoing, we can conclude that the analysis of the financial and economic activities of the enterprise, subject to its correct implementation, will bring

company additional profit
Bibliography.

"Methodology of financial analysis" Sheremet A.D. Moscow: INFRA-M, 2000.

"Financial analysis" Efimova O.V. Moscow Accounting, 1999

"Theory of economic analysis" M.I. Bakanov, A.D. Sheremet, Moscow: Finance and Statistics, 2001

"Analysis of the economic activity of the enterprise" Savitskaya G.V., 2nd edition, revised and supplemented, Moscow, Minsk: IP Ecoperspektiva, 2001.