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A textbook on enterprise finance. Finance of organizations (enterprises)

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1 B A K A L A V R I A T A.I. POLOZHENTSEVA, T.N. SOLOVIOVA, A.P. ESENKOVA FINANCE OF ORGANIZATIONS (ENTERPRISES) Under the general editorship of Professor T.N. Solovyova Recommended by the educational institution for education in the field of finance, accounting and world economy as a teaching aid for students studying in the specialties “Finance and Credit”, “Accounting, Analysis and Audit” KNORUS MOSCOW 2013

2 UDC /.17(075.8) BBK ya73 P52 Reviewers: E.I. Shokhin, Head of the Department of Financial Management, Financial University under the Government of the Russian Federation, Ph.D. econ. Sciences, Prof., V.A. Levchenko, Head of the Department of Management, Kursk Institute of Management, Economics and Business, Doctor of Economics. Sciences, Prof., L.A. Dremova, director of the Kursk branch of the VZFEI, Ph.D. econ. Sciences, Associate Professor P52 Polozhentseva A.I. Finance of organizations (enterprises): textbook / A.I. Polozhentseva, T.N. Solovyova, A.P. Yesenkova; under general ed. T.N. Nightingale howl. M.: KNORUS, p. ISBN Tutorial contains questions that are submitted for consideration at lectures and seminars, a list of topics for coursework, questions for the exam, a list of references, test tasks, and a glossary. For students of the specialties “Finance and Credit”, “Accounting, Analysis and Audit” (full-time and part-time courses) studying this discipline. UDC /.17 (075.8) BBK ya73 Polozhentseva Alexandra Ivanovna, Solovyova Tatyana Nikolaevna, Yesenkova Alexandra Petrovna FINANCE OF ORGANIZATIONS (ENTERPRISES) Certificate of conformity ROSS RU. AE51. N from Publishing Format 60 90/16. Headset "Petersburg". Offset printing. Conditional oven l. 13.0. Academic ed. l. 9.2. Circulation 200 copies. Order KnoRus LLC, Moscow, st. Novodmitrovskaya, 5a, building 1. Tel.: (495) Printed in full accordance with the quality of the slides provided in the State Unitary Enterprise "Bryansk Regional Printing Association", Bryansk, St. Ave. Dimitrova, 40. Polozhentseva A.I., Solovyova T.N., Yesenkova A.P., 2013 ISBN KnoRus LLC, 2013

3 CONTENTS Topic 1. Section 1 BASICS OF ORGANIZATION OF ENTERPRISE FINANCE Organization of enterprise finance in modern conditions 1.1. The concept of enterprise finance Functions of enterprise finance The role of enterprise finance in the country’s economy The influence of industry characteristics on organizational structure finance Financial resources and funds of enterprises, their use and sources of replenishment Financial relations enterprises Test questions Topic 2. Principles of organizing finances of enterprises 2.1. Principles of organizing the finances of enterprises Commercial calculation and self-financing Diversity of forms of ownership and their impact on the organization of finances of enterprises Features of the organization of finances of various organizational legal forms management Test questions Section 2 FINANCE OF INDUSTRIAL ENTERPRISES Topic 3. Financing the costs of production and sale of products 3.1. Economic content and classification of enterprise expenses Taxes attributable to the cost of production Planning costs for products sold Cost estimates for the production and sale of products, the procedure for its preparation The role of working capital in financing costs Test questions Topic 4. Working capital of enterprises, their purpose and sources of formation 4.1. Economic content and basics of organizing working capital at an enterprise Methods for determining the need for working capital

4 Sources of formation of working capital Indicators of the efficiency of use of working capital Test questions Topic 5. Revenue from the sale of products 5.1. The concept of sales proceeds The current pricing procedure and the price system in industry Planning and use of proceeds Test questions Topic 6. Net income and cash savings of enterprises 6.1. The economic nature of cash savings The main forms of realization of cash savings in industry The procedure for calculating and paying value added tax to the budget Enterprise income and their classification Distribution of enterprise profit Planning of profit for industrial enterprise Test questions Topic 7. Financial planning in an enterprise 7.1. Role and place financial planning in the activities of the enterprise. Methods for determining the need for financial resources Financial plan of an enterprise, its contents The procedure for drawing up a financial plan Financial forecasting Operational financial plans Test questions Topic 8. Financial condition of the enterprise and ways of its recovery 8.1. Main indicators reflecting the degree of financial well-being of the enterprise Solvency of the enterprise. Solvency indicators, their calculation Financial stability of the enterprise. Indicators of financial stability, their calculation Test questions Section 3 FINANCES OF ENTERPRISES OF THE MOST IMPORTANT INDUSTRIES OF THE NATIONAL ECONOMY Topic 9. Organization of finances of agricultural enterprises and their features 9.1. The essence of finance of agricultural enterprises and their features Features of collective farm finance... 91

5 9.3. Gross output agricultural enterprises and its assessment Sales proceeds, its composition and planning methods Planning costs at agricultural enterprises Gross and net income of agricultural enterprises Payments to the budget: procedure for calculation and payment Fixed and working capital of agricultural enterprises Profit of agricultural enterprises Test questions Topic 10. Finance of agricultural organizations cooperation Basic concepts of agricultural cooperation Basic principles of the creation and functioning of cooperatives Property of a cooperative and sources of its formation Features of the distribution of profit in cooperatives Unions of cooperatives and their significance Features of the activities of credit cooperatives Test questions Topic 11. Finance farms The process of forming farms, their unions and associations Planning and accounting for financial results on farms Relationships of farms with banking institutions, the budget and other organizations Test questions Topic 12. Construction finance Main features of construction finance Composition of costs for construction and installation work and their cost Working capital construction organizations Finished construction products from contractors. Revenue of construction organizations and its planning Documents used in construction Profit of construction organizations Financial plan of construction organizations Test questions Topic 13. Finance of trade enterprises Features of the organization of trade finance Circulation costs of trade organizations and their planning Gross income and profit in trade Composition, structure of working capital and their rationing Financial plan of trade organizations Features of organizing finances of cooperative trade

6 13.7. Sources of formation of fixed and working capital of cooperative trade organizations Cash funds of cooperative trade Test questions Topic 14. Finance of housing and communal services Features of the organization of economic accounting and finance in the housing sector Operating expenses in the housing sector Income of the housing sector Fixed and working capital of the housing sector Financial plan of housing enterprises economy Composition of public utilities and features of the organization of finance in public utilities Revenue and profit of public utility enterprises Costs of public utility enterprises and sources of their financing Fixed and working capital of public utility enterprises Financial plan of public utility enterprises Test questions Topic 15. Transport finance Features of the organization of transport finance Characteristics of individual types transport Costs of transport organizations Revenue and profit of transport organizations Financial plan of transport organizations Test questions Topic 16. Road finances Features of the organization of road finances Costs of maintenance and repairs highways, sources of their financing Financial plan for the road sector Test questions Organization of independent work of students Topics of coursework Questions for self-preparation Problems for independent solution Test tasks Literature Glossary

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n2.doc

Zadorozhnaya A.N.

Finances of an organization (enterprise)

From the author
The discipline “Finance of an organization (enterprise)” is one of the central disciplines among financial specialties and specializations of higher educational institutions. Its peculiarity is that, on the one hand, it is closely related to other economic (financial) disciplines, and on the other, it connects and, in a certain sense, generalizes them. Hence, its role in training highly qualified specialists in the field of financial management of organizations is extremely important.

As a result of studying this course Each student will be able to become familiar with the fundamental principles of an organization’s finances and learn to solve practical problems in the field of financial support for the activities of organizations.
Good luck!

1.1. The essence and functions of finance of an organization (enterprise)
The integrated elements of the Russian financial system are state and municipal finances and the finances of economic entities, which in turn are divided into private subsystems.

The key place in the financial system of economic entities belongs to the finances of commercial organizations, since it is here that material wealth is created, profit is generated, which is the main source of production and social development society.

The initial theoretical basis of finance of organizations (enterprises) is largely determined by the very concept of an enterprise as an independent economic entity producing products, goods and services, performing work and engaging in various types of economic activity, the purpose of which is to meet social needs and, on this basis, generate profit and increase capital.

An enterprise is a legal entity and has certain characteristics:

Develops its own Charter;

Has its own official seal;

Opens a current account at a bank institution;

Prepares and submits a balance sheet to the tax authorities;

Has the right to conduct contractual relations;

Based on organizational unity (an organized team that has an internal structure and management enshrined in legal documents);

Has separate property (disposes of it independently, pays appropriate taxes);

Bears property liability (represents own name and bears full responsibility for obligations in accordance with the law).

In the process of entrepreneurial activity, enterprises and organizations have economic relations with counterparties: suppliers, buyers, partners, as a result of which financial relations arise regarding the formation and use of funds Money. The material basis of financial relations is money, and a necessary condition for their occurrence is the movement of funds.
Financial relations of organizations include:
relations with other economic entities regarding the supply of relevant types of material and technical resources, sales of products, performance of work, provision of services;

Relations between the founders of a legal entity at the time of its creation;

Relations with the budget regarding the payment of taxes and other payments and fees;

Relationship with banking system in connection with the implementation of settlements for banking services, when receiving and repaying loans, buying and selling currency and valuable papers, provision of other services;

The relationship of the entity with its structural divisions regarding the distribution of income received;

Relations with employees of business entities when paying them wages, interest on securities, upon the execution of financial sanctions against persons who caused material damage;

Relations with superior organizations within financial and industrial groups, etc.

Relations of organizations with insurance organizations regarding the formation of the insurance fund and payment of insurance compensation in the event of insured events;

Relations with commodity, stock, and raw materials exchanges regarding transactions with material and financial assets;

Relations with investment institutions in the implementation of relevant programs;

Relations with shareholders who are not members of the workforce;

Relations with regulatory organizations.
Each of the groups has its own characteristics, but they are all bilateral in nature.

In financial science, the finances of organizations are understood as a set of objectively determined economic relations of organizations that have a distributive nature, a monetary form of expression and are materialized in income, receipts, savings, formed at the disposal of business entities for the purpose of ensuring their activities.

Organizational finances are economic relations that arise in the process of formation, distribution and use of the enterprise's funds.

Enterprise finance is the basis of a unified financial system. Enterprise finance is characterized by the same features that are inherent in the category of finance as a whole. At the same time, they differ from state and municipal finance, which is due to their functioning in various sectors of social production, where all spheres of the reproduction process - production, distribution, exchange and consumption - are organically connected. Therefore, the ability to meet the social needs of society and improve the financial situation of the country depends on the state of the finances of enterprises.

The supporting function is the systematic formation of the necessary amount of funds to ensure the current economic activities of the company and the implementation of the strategic goals of its development.

The distribution function manifests itself through the distribution and redistribution of the total amount of generated financial resources of the organization.

The control function manifests itself in the process of cost accounting of costs for the production and sale of products, performance of work, provision of services, generation of income and cash funds of the enterprise and their use. The control function is implemented using financial indicators activities of enterprises, their assessment and development necessary measures to increase the efficiency of distribution relations, “ruble control” over real money turnover, the formation and use of funds of funds.
1.2. Principles of organizing enterprise finances
The organization of finances of business entities is carried out on the basis of a number of principles that correspond to the essence of entrepreneurial activity in market conditions:

Economic independence. The implementation of this principle is ensured by the fact that an economic entity, regardless of its form of ownership, independently determines the directions of its expenses and the sources of their financing, guided by the desire to maximize profits. IN market economy The rights of enterprises, commercial activities, and investments, both short-term and long-term, have significantly expanded. The market stimulates enterprises to search for more and more new areas for applying capital, creating flexible production facilities that meet consumer demand. However, we cannot speak of complete economic independence. The state determines certain aspects of enterprise activity, for example, depreciation policy. Thus, the relationship between enterprises and budgets is regulated by law. different levels, off-budget funds.

Self-financing. This principle means full recoupment of the costs of production and sales of products, investing in the development of production at the expense of one’s own funds and, if necessary, bank and commercial loans. The implementation of this principle is one of the main conditions for entrepreneurial activity, ensuring the competitiveness of the enterprise.

Currently, not all enterprises are able to fully implement this principle. Organizations in a number of industries National economy, producing products and providing services needed by the consumer, for objective reasons cannot ensure their sufficient profitability. These include individual enterprises of urban passenger transport, housing and communal services, agriculture, the defense industry, and mining industries. Such enterprises receive budget allocations under different conditions.

Material liability. It means the presence of a certain system of responsibility for the conduct and results of business activities. Financial methods for implementing this principle are different for individual enterprises, their managers and employees of the enterprise. In accordance with Russian legislation enterprises that violate contractual obligations, payment discipline, allow late repayment of loans, repay bills, and violate tax laws pay penalties, penalties, and fines. In case of ineffective activity, bankruptcy proceedings may be applied to the enterprise. For enterprise managers, the principle of financial responsibility is implemented through a system of fines in cases of violation of tax legislation by the enterprise. A system of fines, deprivation of bonuses, and dismissal from work in cases of violation of labor discipline or defects are applied to individual employees of the enterprise.

Material interest. This principle is objectively predetermined by the main goal of entrepreneurial activity - making a profit. Interest in the results of economic activity is equally inherent in the employees of the enterprise, the enterprise itself and the state as a whole. At the level of individual workers, the implementation of this principle should be ensured by decent remuneration from the wage fund and profits allocated for consumption in the form of bonuses, remunerations based on the results of the year, for length of service, financial assistance and other incentive payments. For an enterprise, this principle can be implemented by stimulating its investment activities. The interests of the state are ensured by increasing revenues to the budgets of various levels of the corresponding amounts of tax payments.

Ensuring financial reserves. This principle is associated with the need to form financial reserves to support business activities, which are associated with risk due to possible fluctuations in market conditions.

The principle of flexibility. It consists of such an organization of financial management of an enterprise that provides a constant opportunity for maneuver in the event of a deviation of actual sales volumes from planned ones, as well as in the event of excess of planned costs for its current and investment activities.

Principle financial control. The implementation of this principle at the enterprise level provides for such an organization of finances that provides the possibility of implementing intra-company financial control based on internal analysis and audit. At the same time, internal analysis and audit must be carried out continuously, cover all areas of financial and economic activity and be effective.
1.3. Financial resources of the enterprise
The basis for organizing the finances of enterprises of all forms of ownership is to provide the enterprise with financial resources in the amount necessary to carry out the company’s activities.

The financial resources of an organization (enterprise) are a set of sources of funds accumulated by the organization in order to carry out all types of activities.

By sources of formation financial resources divided into 3 groups:

Internal (own and equivalent funds);

Attracted;

Borrowed (receipts of funds from the financial and banking system).

Internal financial resources include own and equivalent funds:

1) proceeds from the founders when forming the authorized capital;

2) profit;

3) depreciation charges - represent the monetary expression of the cost of depreciation of fixed assets production assets And intangible assets. They have a dual nature, since they are included in the cost of production and, as part of the proceeds from the sale of products, are returned to the enterprise’s current account, becoming an internal source of financing for both simple and expanded reproduction;

4) sustainable liabilities (sustainable accounts payable) - a carryover minimum debt for wages and contributions to the budget and extra-budgetary funds.

The attracted financial resources include:

1) additional shares and other contributions of the founders to the authorized capital;

2) additional issue and placement of shares (IPO);

3) financial resources received through redistribution: insurance compensation; dividends and interest on securities of third-party issuers; budget allocations, etc.

Borrowed financial resources include:

1) bank loans;

2) loans provided by other organizations;

3) commercial loan;

4) funds from the issue and placement of bonds;

5) leasing;

6) budgetary allocations provided on a repayable basis, etc.

Financial resources are used by the enterprise in the process of production and investment activities. They are in constant motion and are in cash form only in the form of cash balances in the bank account and in the cash register of the enterprise.
1.4. Financial mechanism of the enterprise
The financial mechanism of an enterprise is a system for managing the finances of an enterprise in order to achieve maximum profit.

Strategic goals of financial management of the organization:

1) profit maximization;

2) achieving financial stability and financial independence of the organization;

3) ensuring the required level of liquidity;

4) balance of movement of material and cash flows;

5) formation of the required amount of financial resources and their effective use.

The most important areas of financial work at the enterprise are:

Financial planning is carried out on the basis of analysis of information about the finances of the enterprise obtained from accounting, statistical and management reporting.

In the area of planning, the financial service performs the following tasks:

Development financial plans with all the necessary calculations,

Identification of sources of financing economic activities,

Development of a capital investment plan with the necessary calculations,

Participation in the development of a business plan,

Drawing up cash plans.
Operational work- the following main tasks are performed:

Ensuring timely payments to the budget, banks, employees, suppliers, etc.;

Ensuring financing of plan costs;

Processing loans in accordance with agreements;

Maintaining daily operational records of financial plan indicators;

Drawing up reports on the progress of the plan and the financial condition of the enterprise.
Control and analytical work - together with the accounting department, the correctness of estimates is checked, the return on capital investments is calculated, all types of reporting are analyzed, compliance with financial and planning discipline is monitored.

The structure of the financial service largely depends on the organizational and legal form of the enterprise, its size, type of activity and tasks set by the company's management.

In small enterprises, for reasons of economic feasibility, there is no deep division of managerial labor and financial management is carried out by the manager himself with the help of an accountant. the main objective financial management of a small enterprise - setting up and maintaining accounting records and optimizing taxes.

As business grows, there is a need to manage costs, introduce financial policy budgeting and management accounting, working with accounts receivable, and developing credit policy.

In a medium-sized enterprise, financial management is carried out by the financial director, accounting service, and economic planning department. Financial management tasks: planning and optimization of cash flows, cost management, raising additional funds, setting up and maintaining management accounting, financial planning, investment calculations.

The larger the business, the more important it is to ensure transparency and controllability of its divisions. For big business One of the primary tasks is promptly obtaining information on the current state and performance results of individual divisions and the company as a whole.

On large enterprises the structure of the financial service is more complex and can be generally represented by a financial department with the following structural divisions: financial controlling department - planning and forecasting the financial activities of the organization; accounting; Corporate Finance Department; IFRS department; tax planning department; internal audit department; risk management department.

Self-test questions
What is an enterprise and its main features?

Name the financial relations that determine the content of enterprise finance.

What are the main functions of organizational finance?

Name the basic principles of organizing the finances of enterprises.

Define the concept of “financial resources” and characterize their structure.

Describe the financial mechanism of the enterprise.

What factors influence the organization and structure of the financial services of an enterprise?

2. Features of finance of organizations of various organizational and legal forms and sectors of the economy

2.1. Organizational and legal forms of organizations
In accordance with the Civil Code of the Russian Federation, individuals and legal entities can engage in entrepreneurial activities. Legal entities, in turn, depending on the purposes of their creation and activities, are divided into two groups: commercial and non-profit organizations (see Fig. 2.1).

Commercial organizations include those that have profit as the main goal of their activities. Commercial activity is officially represented in the national economy by legal entities (enterprises and organizations) and individuals (entrepreneurs without forming a legal entity). Legal entities that are commercial organizations are created in the form of business partnerships and societies, production cooperatives, state and municipal unitary enterprises.

Non-profit organizations are created to achieve specific goals, usually related to solving problems of a social nature. They do not have profit as their main goal and do not distribute profits among their participants. The difference between a commercial and a non-profit organization is as follows:

Non-profit organizations have targeted (special) legal capacity, i.e. they have only those civil rights and obligations that are provided for in the constituent documents and correspond to the goals of their activities,

Non-profit organizations can use existing property only to achieve the goals provided for by their constituent documents. In this regard, the law does not provide for a minimum size of the authorized capital, as well as the possibility of applying bankruptcy procedures to them (with the exception of consumer cooperatives, charitable and other funds).

Other federal laws provide for the possibility of creating non-profit organizations in the form of non-profit partnerships, autonomous non-profit organizations, state corporations, chambers of commerce and industry, homeowners' associations, horticultural, gardening and dacha non-profit associations of citizens, etc.
2.2. Features of finance of business partnerships
Business partnerships are recognized as commercial organizations with authorized (share) capital divided into shares (contributions) of founders (participants).

At the same time, a share in the share capital does not provide the participant with any real rights to the property of the partnership, which belongs to the latter by right of ownership as a legal entity. It expresses only the obligatory rights of the participant in relation to the partnership, i.e. the right to a part of the profit and the liquidation balance, or the value of a certain part of the property upon departure from its composition, as well as the rights of the participant to manage the partnership.

Business partnerships can be created in the form of a general partnership and limited partnership. The founders of general partnerships and general partners in limited partnerships can be individual entrepreneurs and (or) commercial organizations.

A full partnership is a partnership whose participants (general partners), in accordance with the concluded constituent agreement, are engaged in entrepreneurial activities on behalf of the partnership and are liable for its obligations with all the property belonging to them.

A limited partnership is a partnership in which, along with the participants carrying out activities on behalf of the partnership entrepreneurial activity and liable for the obligations of the partnership with their property (general partners), there are one or more participant-contributors (limited partners), who bear the risk of losses associated with the activities of the partnership, within the limits of the amounts of contributions made by them, and do not take part in the implementation of business activities.

Comparative characteristics presented in table. 2.1.

Table 2.1

Comparative characteristics of general partnerships and limited partnerships

Distinctive feature	General partnership	Partnership of Faith
Participants (founders)	Individual entrepreneurs and (or) commercial organizations	The same as in general partnerships. Investors in limited partnerships can be citizens and legal entities
	At least two	At least two (one full partner and one contributor)
Constituent documents	Memorandum of Association signed by all founders	Memorandum of Association signed by general partners
	Share capital. Minimum size requirements are not defined by law
Responsibility of founders for obligations	General partners jointly and severally bear subsidiary liability with their property	General partners are liable, as in a general partnership, limited partners - within the limits of their contribution
Control	Carried out by common agreement of all participants (or by majority vote)	Management is carried out by general partners.
Profit distribution procedure	Profits and losses are distributed among participants in proportion to their shares in the share capital	For general partners, the distribution of profits and losses is similar to a general partnership. Investors receive a portion of the partnership's profits due to their share in the share capital
The procedure for the withdrawal of a participant from the partnership	Exit is possible by submitting an application at least 6 months in advance. before actual withdrawal from the partnership. Upon withdrawal, the participant is paid the value of part of the partnership’s property, corresponding to the participant’s share in the share capital	For general partners, the exit procedure is similar to a general partnership. The investor has the right to withdraw from the partnership at the end of the financial year, having received your contribution
The procedure for liquidating a partnership	Liquidated on the grounds established by Art. 61 of the Civil Code of the Russian Federation, and also if the only participant remains in the partnership	Liquidated on the grounds established by Art. 61 of the Civil Code of the Russian Federation, as well as upon the departure of all investors participating in the partnership

2.3. Features of finance of business companies
Business companies are represented by limited or additional liability companies and joint stock companies.

A limited liability company (LLC) is commercial organization, which has an authorized capital divided into shares of participants and is independently responsible for its obligations. Participants of the company are not liable for its obligations, except in cases provided for by law. This is the insolvency (bankruptcy) of an LLC if it was caused by the founders (participants) of the company (Article 56 of the Civil Code of the Russian Federation), and also when the participant did not fully make his contribution (in this case, he bears joint liability for the obligations of the company within the value of the unpaid part of the contribution ).

LLC participants have the right to receive information about its activities, participate in the management of the company’s affairs, in the distribution of profits, in the event of liquidation of the company, to receive part of the property remaining after settlements with creditors, and other rights provided for by law.

A participant in an LLC has the right to leave the company at any time, regardless of the consent of its other participants. In this case, he must be paid the cost of the part net assets company, corresponding to the redeemed share.

In accordance with civil law, an additional liability company (ALC) is a business company established by one or more persons, the authorized capital of which is divided into shares of sizes determined by the constituent documents. Participants in a company with additional liability jointly and severally bear subsidiary liability for its obligations with their property in the same multiple of the value of their contributions established by the constituent documents of the company.

Thus, the difference between an LLC and an ALC is that the participants in an ALC assume responsibility for the obligations of the company not only in the amount of contributions made to its authorized capital, but also with their other property in the same multiple of the value of their contributions. The company's creditors, first of all, foreclose on its property, and if this property is insufficient to repay the debts, the company's participants become vicariously liable, which they bear jointly and severally.

Comparative characteristics of LLC and ALC are presented in table. 2.2.

Table 2.2

Comparative characteristics of limited liability companies and additional liability companies

Distinctive feature	Limited Liability Company (LLC)	Additional liability company (ALC)
Participants (founders)	Citizens ( individuals), legal entities, except state bodies and local governments
Limitations on the number of founders	No more than 50 people. The company cannot have another business company consisting of one person as its sole participant
Constituent documents	Memorandum of association and articles of association (only articles of association if the company is founded by one person)
Name of the authorized capital and requirements for its minimum size	Authorized capital. The minimum amount of authorized capital is at least 100 minimum wages (except for credit and insurance organizations) established on the date of registration of the company. At the time of registration of the company, the authorized capital must be paid by the participants in at least 50%. The remaining part of the authorized capital is subject to payment during the first year of the company’s activity, unless a shorter period is established by the constituent agreement
Responsibility of participants	The participants of the company are not liable for its obligations and bear the risk of losses associated with the activities of the company, within the limits of the value of the contributions made by them	The participants of the company jointly and severally bear subsidiary liability for its obligations with their property in the same multiple of the value of their contributions, determined by the constituent documents of the company.
Control	The highest governing body is the general meeting of participants. Management of current activities is carried out by the executive body: collegial (directorate, board) and (or) sole (general director, director, etc.)
Profit distribution procedure	Proportional to the participant’s share in the authorized capital
Procedure for withdrawal of a participant from the company	A participant in a company has the right to leave it at any time, regardless of the consent of its other participants. At the same time, he must be paid the value of part of the property corresponding to his share in the authorized capital of the company
Liquidation procedure	Liquidated on the grounds established by Art. 61 of the Civil Code of the Russian Federation, as well as in case the number of participants exceeds 50 people. and for other reasons

A joint stock company (JSC) is a commercial organization whose authorized capital is divided into a certain number of equal shares, expressed in shares and certifying the obligatory rights of the company's participants (shareholders) in relation to the joint stock company. Shareholders are not liable for the company's obligations and bear the risk of losses associated with its activities, within the limits of the value of the shares they own.

A joint stock company can be open or closed, which is reflected in its charter and corporate name.

An open joint-stock company (OJSC) is a company whose participants can alienate their shares without the consent of other shareholders. Such a joint stock company has the right to carry out an open subscription for the shares it issues and their free sale under the conditions established by law and other legal acts.

A closed joint-stock company (CJSC) is a company whose shares are distributed only among the founders or another predetermined circle of persons. A closed joint-stock company does not have the right to conduct an open subscription for the shares it issues, or otherwise offer them for acquisition to an unlimited number of persons.

The authorized capital of a joint stock company consists of the par value of the company's shares acquired by shareholders. The par value of all ordinary shares of the company must be the same.

The Company places ordinary shares and has the right to place one or more types of preferred shares. The par value of the issued preferred shares should not exceed 25% of the authorized capital of the joint-stock company. When establishing a JSC, all its shares must be placed among the founders. All shares of the company are registered.

The authorized capital of a joint stock company can be increased by increasing the par value of shares or placing additional shares. An increase in the authorized capital of a joint-stock company by increasing the nominal value of shares is carried out only at the expense of the company’s property. Additional shares can be placed by the company only within the limits of the number of authorized shares determined by the company's charter.

The reduction of the authorized capital is carried out by decision of the general meeting of shareholders by reducing the par value of shares or reducing their total number, including through the acquisition of part of the shares by the company. A joint stock company does not have the right to reduce its authorized capital if, as a result of such a reduction, its size becomes less than the minimum amount of authorized capital determined in accordance with the law on the date of registration of the relevant changes (and in cases where the company is obliged to reduce its authorized capital - on the date state registration).

As for the acquisition (redemption) of part of their own shares, situations arise in economic practice when companies, for one reason or another, for various purposes, buy back their own shares from shareholders. For example, an OJSC may do this for the following purposes:

Temporarily reducing the number of shares traded on the market in order to increase their prices;

Countering attempts by unfriendly structures to gain access to the decision-making process by purchasing voting shares of the company;

Changes in the balance of forces at the general meeting of shareholders (shares on the company’s balance sheet do not take part in voting);

Subsequently attracting investments by selling repurchased shares at a higher price;

Reducing the amount of authorized capital by canceling them, etc.

A joint stock company has the right, based on the results of the first quarter, half of the year, 9 months of the financial year and (or) based on the results of the financial year, to make decisions (announce) on the payment of dividends on placed shares. The source of payment of dividends can be net profit and special funds created to pay dividends on preferred shares in cases where the company receives an insufficient amount of profit or is at a loss. Therefore, there are cases when dividend payments exceed the amount of profit received.

Decisions on the payment (declaration) of dividends, including decisions on the size of the dividend and the form of its payment for shares of each category (type), are made by the general meeting of shareholders. The amount of dividends cannot be more than recommended by the board of directors of the joint stock company.

A JSC does not have the right to make decisions on the payment (declaration) of dividends on shares:

Until full payment of the entire authorized capital of the company and until the repurchase of all shares that must be repurchased in accordance with Art. 76 of the Federal Law “On Joint Stock Companies”;

If, on the day such a decision is made, the JSC meets the signs of insolvency (bankruptcy) in accordance with the Federal Law “On Insolvency (Bankruptcy)” and if these signs appear at the JSC as a result of the payment of dividends;

If on the day such a decision is made, the value of the company’s net assets is less than its authorized capital, reserve fund and the excess of the liquidation value of the issued preferred shares over the par value determined by the charter, or becomes less than their size as a result of such a decision.

In table 2.3 presents a comparative description of OJSC and CJSC.

Table 2.3

Comparative characteristics of an open joint-stock company and a closed joint-stock company

Distinctive feature	Open Joint Stock Company (OJSC)	Closed Joint Stock Company (CJSC)
Participants (founders)	Citizens (individuals) and (or) legal entities, except for state bodies and local governments, unless otherwise provided by federal laws
Share distribution mechanism	Open subscription	Closed subscription
Limitations on the number of founders	The number of shareholders is not limited	No more than 50 people.
Constituent documents	Charter of a joint stock company
Name of the authorized capital and requirements for its minimum size.	Authorized capital. Minimum size - not less than 1000 minimum wages established federal law on the date of state registration of the company	Authorized capital. The minimum amount is not less than 100 minimum wages established by federal law on the date of state registration of the company
	50% of the shares distributed upon establishment of the company must be paid for within 3 months from the date of state registration of the company; the remaining 50% - during the first year of existence, unless a shorter period is established in the constituent documents
Shareholders' responsibility	Shareholders are not liable for the company's obligations and bear the risk of losses associated with its activities, within the limits of the value of the shares they own.
Management in JSC	The highest governing body is the general meeting of shareholders. The general management of the company's activities is carried out by the board of directors. Management of current activities is carried out by the executive body of the company: either sole (director, general director), or sole and collegial (directorate, board)
Profit distribution procedure	Proportional to the number of shares
The right of shareholders to withdraw from the company	Unlimited (free sale and purchase of shares)	The preemptive right to purchase shares sold by shareholders is enjoyed by shareholders of the CJSC
Liquidation procedure	Liquidated on the grounds established by Art. 61 of the Civil Code of the Russian Federation, as well as in case the number of participants exceeds 50 people. (for CJSC) and on other grounds

The main advantages of a joint stock company compared to other organizational and legal forms are as follows:

Shareholders are not responsible for the company's obligations to creditors;

The joint-stock form of business allows you to unite an almost unlimited number of investors (participants), including small ones, while maintaining control of large investors;

A joint-stock company represents the most stable form of capital consolidation, since the departure of any of the investors from it does not entail the liquidation of the company;

JSC has the largest range of available sources of financing its activities.

At the same time, organizing a business in the form of a joint stock company, along with undoubted advantages, also has certain problems and risks associated with:

With the risk of losing control over hired management;

Complicating the process of documentation and acceptance management decisions due to the need to coordinate the interests of a large number of interested groups, etc.
2.4. Features of finance of production cooperatives
A production cooperative is recognized as a voluntary association of citizens on the basis of membership for joint production or other economic activities (production, processing, marketing of industrial, agricultural and other products, performance of work, trade, consumer services, provision of other services), based on their personal labor and other participation and the association by its members (participants) of property share contributions (clause 1 of Article 107 of the Civil Code of the Russian Federation).

A production cooperative is formed solely by the decision of its founders. The number of members of the cooperative should not be less than 5 people. Members of a production cooperative bear subsidiary liability for the obligations of the cooperative in the amount and in the manner prescribed by the law on production cooperatives and the charter of the cooperative.

The highest governing body of a production cooperative is the general meeting of its members. Each member of the cooperative, regardless of the size of his share contribution, has one vote when making decisions at the general meeting. In a cooperative with more than 50 members, a supervisory board can be created to monitor the activities executive bodies cooperative.

The executive bodies of the cooperative are the board and (or) its chairman. They carry out the ongoing management of the activities of the cooperative and are accountable to the supervisory board and the general meeting of members of the cooperative. Members supervisory board and the board of the cooperative, as well as the chairman of the cooperative, can only be members of the cooperative. A member of a cooperative cannot simultaneously be a member of the supervisory board and a member of the board or chairman of the cooperative.

The founding document of a production cooperative is the charter, approved by the general meeting of its members.

The property of the cooperative is divided into shares of its members in accordance with the charter of the cooperative. The right of a member of a cooperative to a share means the opportunity, in the event of termination of membership or liquidation of the cooperative, to receive the value of the share or property corresponding to his share. A cooperative member's share consists of his share contribution and the corresponding part of net assets. The share contribution of a member of a cooperative can be money, securities, other property, including property rights, as well as other objects of civil rights that have a monetary value. The amount of the share contribution is established by the charter of the cooperative. By the time of state registration of the cooperative, a member of the cooperative is required to make at least 10% of the share contribution. The rest is paid within a year from the date of state registration of the cooperative.

Share contributions form the cooperative's mutual fund, which determines the minimum size of the cooperative's property, which guarantees the interests of its creditors. The mutual fund must be fully formed during the first year of operation of the cooperative.

The charter of a cooperative may provide for the creation of an indivisible fund. In this case, part of the property transferred to the indivisible fund is not included in the share of the cooperative member. The cooperative has the right to issue securities, with the exception of shares.

The distribution of profits between members of the cooperative is carried out in accordance not only with the personal labor participation of the member of the cooperative, but also with the size of his share contribution.

A member of a cooperative has the right to leave the cooperative at his own discretion. In this case, he must be paid the value of the share or given property corresponding to his share. Payment of the value of a share or issuance of other property to a leaving member of the cooperative is made at the end of the financial year and approval of the balance sheet of the cooperative, unless otherwise provided by the charter of the cooperative.

A member of a cooperative has the right to transfer his share or part thereof to another member of the cooperative, as well as to another person who is not a member of the cooperative, with the consent of its members.

A production cooperative can be transformed by a unanimous decision of its members into a business partnership or society. The production cooperative is liquidated on the grounds established by Art. 61 of the Civil Code of the Russian Federation, and on other grounds. After the liquidation of a production cooperative, the remaining property is distributed in accordance with the labor participation of the members of the cooperative, unless a different distribution procedure is provided for by the charter of the cooperative or an agreement between its members.
2.5. Features of finance of state and municipal unitary enterprises
A unitary enterprise is a commercial organization that is not endowed with the right of ownership to the property assigned to it by the owner. The property of a unitary enterprise is indivisible and cannot be distributed among contributions (shares, shares), including among employees of the enterprise. The property of a state or municipal unitary enterprise is respectively in state or municipal ownership and belongs to such an enterprise on the right of economic management (unitary enterprise based on the right of economic management) or operational management(unitary enterprise based on the right of operational management (state enterprise)). Comparative characteristics of unitary enterprises are presented in table. 2.4.

Table 2.4

Comparative characteristics of unitary enterprises

Distinctive feature	Unitary enterprise based on the right of economic management	Unitary enterprise based on the right of operational management
Authorized capital	The minimum size for state enterprises (SUE) is no less than 5000 minimum wages, for a municipal enterprise (MUP) - no less than 1000 minimum wages. Must be paid within 3 months. from the moment of state registration	Not formed
Constituent documents	The charter, which must contain the full and abbreviated name of the enterprise, its location, goals, subject, types of activities; information about the body or bodies exercising the powers of the property owner, name of the management body, other information
Constituent documents	Information on the size of the authorized capital and the direction of use of profits	Information on the procedure for income distribution
Rights of the property owner	Decides to create a unitary enterprise; defines goals, subject, types of activities; determines the procedure for drawing up, approving and establishing plan indicators; approves the charter; makes a decision on the reorganization or liquidation of the enterprise; appoints a manager; coordinates the hiring of a chief accountant; makes decisions on audits; other
Rights of the property owner	Forms the authorized capital of the enterprise	Confiscates excess, unused or improperly used property from the enterprise; brings to the enterprise mandatory orders for the supply of goods, performance of work, services for state and municipal needs, approves estimates of income and expenses
The rights of an enterprise to dispose of its property	The right to dispose of movable property independently. Does not have the right to sell real estate, rent it out, pledge it, contribute it as a contribution to the authorized capital, or otherwise without the consent of the property owner	Has the right to alienate or otherwise dispose of property belonging to him only with the consent of the government or its authorized federal body executive power(with the consent of the authorized government body of the constituent entity of the Russian Federation, authorized local government body)
The owner's right to receive profit	The owner has the right to receive profits from the use of the property. The enterprise annually transfers part of the profit to the appropriate budget in the manner, amount and within the time frame determined by the government, authorized government bodies of the constituent entities of the Russian Federation or local government bodies	The procedure for distribution of income is determined by the government, authorized government bodies of the constituent entities of the Russian Federation or local government bodies
Responsibility of founders for the obligations of unitary enterprises	They are not liable for the obligations of the corresponding unitary enterprises (except for cases where the insolvency of the enterprise is caused by the owner of its property)	Bear subsidiary liability for the obligations of their state-owned enterprises
Degree of freedom in implementing the entrepreneurial function	They are fully accountable, have broad independence and practically the same rights as private enterprises (with the exception of the right to appoint a manager and carry out transactions with state property)	The implementation of the entrepreneurial function is limited by direct government control on production, pricing, and financial issues. They work on the terms of directive planning. Does not have the right to independently enter into contracts with consumers and does not have the right to refuse to enter into a government contract for the supply of goods (carrying out work, providing services)

(enterprises)

Tutorial

Chelyabinsk 2009

Published by decision of the Academic Council

Non-state educational institution

higher professional education

"Chelyabinsk Humanitarian Institute"

UDC 332.1 (075.8)

Sviridova E.N. Finances of organizations (enterprises):

Tutorial. – Chelyabinsk: Non-state educational institution higher professional education "Chelyabinsk Humanitarian Institute", 2009. - 147 p.

Reviewers: Maksimova T.V., Teterkina L.B.

The manual is intended for students of economic specialties studying the discipline “Finance of Organizations (Enterprises)”. The textbook reveals the basics and principles of organizing the finances of enterprises, features of financial planning and assessing the financial condition of enterprises and organizations.

In the process of developing the theoretical part of this manual, the works of I.A. were used. Blanca, V.V. Bocharova, N.E. Zimina,
A.M. Kovaleva, V.V. Kovaleva, N.V. Kolchina and others.

Il. 6, table. 10, list of lit. – 12 names

UDC 332.1 (075.8)

Discipline program.. 5

1. Financial relations of business entities

and principles of their organization. 8

Methodical instructions. 8

Theoretical material. 8

Questions for self-control. 15

2. Formation of the organization’s capital. 16

Methodical instructions. 16

Theoretical material. 16

Questions for self-control. 27

3. Features of finance of organizations of various organizational and legal forms and sectors of the economy. 28

Theoretical material. 28

Questions for self-control. 40

Practical task. 41

4. Expenses and income of the organization. 43

Methodical instructions. 43

Theoretical material. 43

Questions for self-control. 53

5. Fixed capital of the organization. 54

Methodical instructions. 54

Theoretical material. 54

Questions for self-control. 60

Practical task. 61

6. Working capital of the organization. 64

Methodical instructions. 64

Theoretical material. 64

Questions for self-control. 70

7. Management of the organization's working capital. 71

Methodical instructions. 71

Theoretical material. 71

Questions for self-control. 85

Practical task. 85

8. Profit of the organization. 87

Methodical instructions. 87

Theoretical material. 87

Questions for self-control. 94

9. Profit analysis. 95

Methodical instructions. 95

Theoretical material. 95

Questions for self-control. 100

Practical task. 100

10. Investment activities of the organization. 101

Methodical instructions. 101

Theoretical material. 101

Questions for self-control. 110

11. Assessment of the financial condition of the organization. 111

Methodical instructions. 111

Theoretical material. 111

Questions for self-control. 118

12. Financial planning in the organization. 119

Methodical instructions. 119

Theoretical material. 119

Questions for self-control. 128

Control measures. 129

Tests.. 129

Questions to prepare for the exam. 139

References.. 141

The textbook is written in accordance with the State educational standard approved by the Ministry of Education and Science of the Russian Federation. Based on Russian legislative and regulatory acts using modern methods and techniques, the issues of analysis and assessment of the financial condition of an enterprise based on data financial statements, forecasting financial performance, managing costs, cash income and profit. Methods of break-even analysis are presented, financial aspects marketing activities, methods of formation and financing of working and fixed capital, methods of substantiating investment decisions. The basics of financial planning in an enterprise are outlined. At the end of the chapters, tasks and winners are given with explanations that reveal the methodology for their implementation, which allows you to use this textbook for self-study disciplines.

Chapter 1. Assessment of the financial condition of the enterprise

General qualitative analysis of reporting

Chapter 2. Forecasting the financial performance of an enterprise

Chapter 3. Enterprise costs for production and sales of products

Chapter 4. Cash income of the enterprise

Chapter 5. Marketing Finance

Chapter 6. Enterprise profit

Chapter 7. Break-even analysis and target planning arrived

Basic methodological principles of cost analysis

Tools and techniques for break-even analysis

Chapter 8. Working capital of the enterprise

Chapter 9. Fixed capital of the enterprise

Financial justification for investment in fixed capital

Chapter 10. Financial planning in an enterprise

Author	Book	Description	Year	Price	Book type
T. Yu. Mazurina, L. G. Skamai, V. S. Grossu		The content and principles of organizing the finances of enterprises in modern conditions of Russia are described in detail, the essence of the financial mechanism is revealed. The formation and... - Infra-M, (format: 60x90/16, 528 pp.) Higher education	2015	1042	paper book
Shubina Tatyana Valentinovna		The textbook discusses the features of finance of Russian organizations, the basics of financial planning and organization of their activities, the specifics of finance of joint-stock companies, unitary and... - Infra-M, Bachelor's degree	2018	1232	paper book
K. V. Ekimova, T. V. Shubina		Higher education	2014	611	paper book
K. V. Ekimova, T. V. Shubina		The textbook examines the features of the finances of Russian organizations, the basics of financial planning and organization of their activities, the specifics of the finances of joint-stock companies, unitary and... - DROFA, (format: 60x90/16, 384 pages) Higher education	2014	809	paper book
Shubina Tatyana Valentinovna		The textbook examines the features of the finances of Russian organizations, the basics of financial planning and organization of their activities, the specifics of the finances of joint-stock companies, unitary and... - INFRA-M, (format: 60x90/16, 375 pages) Bachelor's degree	2015	1594	paper book
Mazurina T.Yu.	Finance of organizations (enterprises). Textbook. Classification of educational educational institutions of Russian universities (+ CD-ROM)	The content and principles of organizing the finances of enterprises in modern conditions of Russia are described in detail, the essence of the financial mechanism is revealed. The formation and... - Infra-M, Higher education	2018	1503	paper book
V. A. Slepov, T. V. Shubina	. Textbook	The textbook consists of two parts. The first part consistently examines the basics of finance of organizations (enterprises) and the features of finance of organizations of various legal forms. The processes are revealed... - Infra-M, Master, (format: 60x90/16, 352 pages) 355869	2015	714	paper book
Gavrilova A. N., Popov A. A.	Finance of organizations (enterprises). Electronic textbook (CD)	C D (COMPACT DISC) Electronic textbook "FINANCE OF ORGANIZATIONS (ENTERPRISES)" is intended for teachers and students of economic specialties of higher educational institutions, students of courses ... - Knorus, (format: 60x90/16, 352 pages)	2011	1070	paper book
V. A. Slepov, T. V. Shubina	Finance of the organization (enterprises)	The textbook consists of two parts. The first part consistently examines the basics of finance of organizations (enterprises) and the features of finance of organizations of various legal forms. The processes are revealed... - Infra-M, Master, (format: 60x90/16, 352 pages)	2011	501	paper book
V. A. Slepov, T. V. Shubina	Finance of the organization (enterprises)	The textbook consists of two parts. The first part consistently examines the basics of finance of organizations (enterprises) and the features of finance of organizations of various legal forms. Processes revealed... - INFRA-M, (format: 60x90/16, 352 pages)	2011	714	paper book

A textbook on enterprise finance. Finance of organizations (enterprises)

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