Working capital (assets). Current assets in the balance sheet What does "current assets" mean

Current assets- assets that are intended to be used for a short period (up to 12 months).

Current assets include: Inventories, Accounts receivable, Financial investments, Cash and cash equivalents, etc.

Current assets are also referred to as "working capital".

The term "current assets" in English is current assets.

A comment

Financial analysis of current assets

Own working capital

For financial analysis, use the indicator Own working capital.

- the difference between the current assets of the organization and its short-term liabilities.

The SOS indicator is used to assess the ability of an enterprise to pay off short-term liabilities by selling all its current assets. The more own circulating assets of the organization, the more financially stable it is. A negative COC indicator indicates potential financial risks for the organization.

Current liquidity ratio

- the percentage of the organization's short-term assets to its short-term liabilities.

The current liquidity ratio characterizes the extent to which current assets cover short-term liabilities. The recommended value for this ratio is 200%. In this case, the company can cover all its short-term liabilities and it will have liquid funds to carry out its activities.

Current assets in legislation

Article 656 of the Civil Code of Russia, which regulates the lease agreement for an enterprise, specifies the categories of property related to current assets:

“Under the lease agreement for the enterprise as a whole as a property complex used for entrepreneurial activities, the lessor undertakes to provide the lessee for temporary possession and use of land plots, buildings, structures, equipment and other fixed assets included in the enterprise; conditions and within the limits determined by the contract, stocks of raw materials, fuel, materials and other circulating assets, rights to use land, water bodies and other natural resources, buildings, structures and equipment, other property rights of the lessor associated with the enterprise, rights to designations that individualize the activities of the enterprise, and other exclusive rights, as well as to assign the rights of claim to him and transfer to it debts related to the enterprise ”.

Non-current assets include:

1) Intangible assets

- the exclusive rights to the Objects of intellectual property taken into account in accounting (computer programs, databases, trademarks, etc.).

2) Research and development results

- the costs of the organization for research, development and technological work, which gave a positive result, but not related to intangible assets.

3) Intangible search assets

- exploration costs used in the process of prospecting, appraisal of mineral deposits and exploration of mineral resources, which do not have a material form.

4) Tangible search assets

- exploration costs used in the process of prospecting, appraisal of mineral deposits and exploration of mineral resources:

a) structures (pipeline system, etc.);

b) equipment (specialized drilling rigs, pumping units, tanks, etc.);

c) vehicles.

5) Fixed assets

- a means of long-term labor (over 12 months). Fixed assets include buildings, machinery and equipment, structures and transmission devices, vehicles.

6) Profitable investments in material assets

- fixed assets intended solely for the provision of an organization for a fee for temporary possession and use or for temporary use in order to generate income.

- assets that can be quickly and at minimal cost converted into cash.

For the production of products, the means of labor alone (machines, fixtures, equipment) are not enough. In addition to them and the labor of the enterprise employees, the source material, raw materials, blanks are also needed - that from which the finished product is created in the production process - the objects of labor. And in order to be able to buy these objects of labor from suppliers and pay for the labor of workers, the enterprise needs money. Items of labor and monetary resources together form working capital of an enterprise... Management, determination of the optimal size, write-off of working capital into production - all these are important and pressing issues for any enterprise. You will find the answers to them and the indicators of working capital in this article.

Working capital: concept, composition and role in production

Working capital Is the enterprise's funds advanced into circulation funds and circulating production assets.

Working capital- This is a cost estimate of circulation funds and working capital assets.

The main purpose of working capital is ... make a turn! In the course of such a process, circulating assets change the material form to monetary, and vice versa.

The circulation of the company's working capital: money - goods, goods - money.

For example, a company has some funds that it spends on the purchase of raw materials and materials. This is the first transformation: money (not necessarily cash) was transformed into material objects - stocks (parts, blanks, material, etc.).

The inventory is then processed during the manufacturing process, moving into the work-in-progress (WIP) stage and ultimately becoming a finished product. These are the second and third transformations - stocks have not yet turned into cash for the enterprise, but have already changed their form and role.

And finally, the finished product is sold to the outside (sold to consumers or resellers) and the company receives money that can be spent again on the purchase of resources to resume the production process. And everything is repeated again in the second round. This is the fourth conversion of finished goods into cash.

Turnover of working capital- the most important indicator. The faster the funds of the enterprise turn around, the less the time gap between investments in production and the receipt of returns - revenue (and with it profit).

It is important that the working capital of an enterprise, in contrast to fixed assets, participates in the production cycle only once and at the same time completely transfers its value to the finished product! This is what is the main difference between the working capital.

The structure of working capital includes various groups of objects of labor and cash. Enlargedly, they are all divided into two large groups: circulating production assets and circulation funds. More about them below.

Composition of working capital:

1. Revolving production assets - include:

   a) production (warehouse) stocks- objects of labor that are still awaiting entry into production. Include:
   - raw materials;
   - basic materials;
   - purchased semi-finished products;
   - accessories;
   - auxiliary materials;
   - fuel;
   - container;
   - spare parts;
   - fast-wearing and low-value objects.

   b) stocks in production- objects of labor that have entered production, but have not yet reached the stage of finished products. Inventories in production include the following types of working capital:
   - work in progress (WIP) - processed products that are not yet finished and have not arrived at the finished product warehouse;
   - deferred expenses (BP) - the costs that the company bears at the moment, but they will be written off to the prime cost in the future period (for example, the cost of mastering new products, creating prototypes);
   - semi-finished products for own consumption - semi-finished products (for example, spare parts) produced by the enterprise itself exclusively for internal needs.

2. Circulation funds - these are the funds of the enterprise associated with the sphere of circulation, that is, with the maintenance of goods turnover.

   Circulation funds consist of the following elements:

   a) finished products:
   - finished products in stock;
   - shipped products (goods in transit; products shipped but not yet paid for).

   b) cash and settlements:
   - cash on hand (cash);
   - funds in the current account (or on the deposit);
   - profitable assets (funds invested in securities: stocks, bonds, etc.);
   - receivables.

The percentage between individual groups or elements of working capital is structure of working capital.

For example, in the production sphere, the share of circulating production assets is 80%, and of circulation funds - 20%. And in the structure of industrial stocks in industry, the first place (25%) is occupied by basic materials and raw materials.

The structure of the working capital of an enterprise depends on the industry, the specifics of the organization of production (for example, the introduction of the same logistics concepts greatly changes the structure of the working capital), the conditions of supply and sale, and on many other factors.

Sources of formation of the working capital of the enterprise

Everything sources of working capital of the enterprise can be divided into three large groups:

1. - their size is determined by the company independently. This is the minimum amount of stocks and funds sufficient for the normal functioning of production and sales, timely settlements with counterparties.

   Own sources of formation of working capital:
   - authorized capital;
   - Extra capital;
   - Reserve capital;
   - accumulation funds;
   - reserve funds;
   - depreciation deductions;
   - retained earnings;
   - other.

   An important indicator here is its own working capital, or, in other words, the working capital of the enterprise.

   Own working capital (working capital) Is the amount by which the current assets of the enterprise exceed its short-term liabilities.

2. Borrowed working capital- cover temporary additional need for working capital.

   As a rule, short-term bank loans and borrowings are used as a borrowed source of working capital.

3. Raised working capital- they do not belong to the enterprise, they were received from the outside, but are temporarily used in circulation.

   Attracted sources of working capital: accounts payable of the enterprise to suppliers, wage arrears to employees, etc.

Determination of the enterprise's need for its own circulating assets is made by it in the process of rationing.

This calculates working capital standard according to one of the special methods (direct counting method, analytical method, coefficient method).

This is how the rational volume of circulating assets used in the sphere of production and the sphere of circulation is determined.

Methods for writing off working capital into production

You can write off the working capital of an enterprise in production in various ways, each of which has its own advantages and disadvantages. Basic methods:

1. FIFO method(from the English. "First In First Out" - "first came, first left") - stocks are written off to production at the price of those stocks that arrived at the warehouse first. At the same time, within the framework of the FIFO method, it does not matter how much the circulating assets written off into production actually cost.
2. LIFO method(from the English "Last In First Out" - "the last one came, the first one left") - stocks are written off to production at the price of those stocks that arrived at the warehouse last. With the LIFO method, the cost of the written off inventory is also not important, since they will be accounted for at the price of the last ones received at the warehouse.
3. At the cost of each unit- that is, each unit of working capital is written off to production at its cost (so to speak "by the piece").

   An example of writing off inventories using this method: accounting for jewelry, precious metals, etc.

4. Average cost- the average cost is calculated for each type of inventory and already for it the inventory is written off to production.

   This is perhaps the most widespread practice at Russian enterprises.

The optimal amount of working capital

One of the most important questions is the definition optimal amount of working capital, for example, the amount of inventory. To find the optimal provision with working capital of the enterprise, special methods are used (ABC analysis, Wilson's model, etc.). The solution to this problem is the theory of inventory management and logistics (for example, the concept of "Just-in-time" seeks to minimize warehouse stocks almost to zero).

The optimal amount of working capital- this is their level at which, on the one hand, an uninterrupted production process and its implementation is ensured, and on the other hand, additional and unjustified costs do not arise.

At the same time, both large and small circulating assets of the organization (reserves) have their pros and cons.

Large amount of working capital (pros and cons):

• ensuring a smooth production process;
• availability of a safety stock in case of supply disruptions;
• the purchase of stock in large quantities allows you to get discounts from suppliers and save on transportation costs;
• the opportunity to win when prices rise by purchasing resources in advance at a lower price;
• large sums of money allow you to pay suppliers on time, pay taxes, etc.

• large stocks - a high risk of spoilage;
• the amount of property tax is increasing;
• the costs of maintaining stocks are growing (additional storage space, personnel);
• immobilization of working capital (in fact, they are “frozen, withdrawn from circulation, do not work).

Small amount of working capital (pros and cons):

• minimal risk of deterioration of stocks;
• the costs of maintaining stocks are reduced (less storage space, personnel and equipment are required);
• acceleration of the turnover of working capital.

• the risk of disruptions in production due to late deliveries (after all, then the warehouse simply will not have the required amount of stock);
• an increase in the risks of untimely settlements with suppliers, creditors, and the tax budget.

Turnover ratio and turnover of working capital

The efficiency of using working capital and their condition can be analyzed using indicators such as the turnover ratio (working capital ratio) and turnover.

Working capital turnover ratio(To vol.) - a value showing how many full revolutions were made by circulating assets during the analyzed period of time.

The ratio of the turnover of working capital is calculated (a tautology is obtained, but what can be done) as the ratio of the volume of products sold to the average value of the company's working capital for the year. That is, this is the value of products sold per 1 ruble of working capital:

where: K vol. - the ratio of the turnover of current assets;

RP - products sold per year (annual proceeds from sales), rubles;

OBS Wed - the average annual balance of working capital (according to the balance sheet), rubles.

Turnover(T rev.) - the duration of one complete revolution in days.

The turnover of current assets is calculated according to the following formula:

where: T about. - turnover of working capital, days;

T p. - the duration of the analyzed period, days;

To vol. - the ratio of the turnover of current assets.

Acceleration of turnover allows you to draw additional funds into circulation, increase the return on their use, shorten the period between investment and profit.

Slowdown turnover- a sign of "freezing" of resources, their "stagnation" in stocks, work in progress, finished goods. Accompanied by the diversion of funds from circulation.

Let's summarize. Working capital is the most important component of economic activity, without which it is simply impossible to manufacture products and sell goods to consumers. This is a kind of "blood" in the "organism" of the enterprise, feeding its "organs" (workshops, warehouses, services). And the efficiency of working capital, the efficiency of their use, has a huge impact on the economic results of the company.

Galyautdinov R.R.

© Copying of the material is permissible only if there is a direct hyperlink to

Page 2

Enterprise property

Figure 2 Grouping of enterprise property by location

Consider the composition of property used in production.

The production process cannot be carried out without the availability of means of production. The means of production include the means of labor and the objects of labor.

Scope of production

Figure 3 Grouping of means of production

Fixed assets- a part of the means of labor, with the help of which a person influences in the production process on the subject of labor in order to develop a certain product (work, services).

The main feature of fixed assets is that they function for a long time in unchanged natural form in the production process and gradually transfer their value to the manufactured product in the form of depreciation deductions.

In accounting, fixed assets include that part of the means of labor, which is higher in value than the limit established by the state. These include buildings and structures, machinery and equipment, tools, vehicles.

Intangible assets- accounting objects that do not have physical properties, but allow the enterprise to receive income constantly or over a long period of their operation. Intangible assets include rights to use land, natural resources, copyrights, patents, trademarks, trademarks, software products, etc. Intangible assets, like fixed assets, transfer their value to the finished product in parts.

Items of Labor - it is a part of the property that a person influences in the process of labor with the help of the means of labor. Objects of labor participate once in the production process and completely transfer their value to the manufactured products. These include raw materials and supplies, fuel, semi-finished products, work in progress, spare parts, packaging.

Raw materials are understood as products of agriculture and extractive industries, and materials are products of manufacturing industries.

According to their role in the manufacturing process, materials are divided into two groups: raw materials and basic materials, auxiliary materials. The first group is the material basis of the product, and the second is used to perform certain functions. For example, auxiliary materials can create normal working conditions for fixed assets (lubricants), change the qualitative characteristics of objects of labor (dyes), and be used for economic purposes.

Fuel belongs to supporting materials, but since it occupies a large share in the cost of production and performs special functions in the production process, in accounting it is distinguished into a separate group.

Semi-finished products- objects of labor that have been processed in one or more workshops of the enterprise, but are subject to further processing in this enterprise or outside it.

Unfinished production- objects of labor that are being processed in workshops at workplaces.

The working capital of the sphere of production includes a part of the means of labor, the cost of which is less than a certain limit. In accounting, they are usually called low-value and wearing items (MBE).

Subjects of labor and MBE in accounting are called working capital of the sphere of production.

In the sphere of circulation there are fixed and circulating assets. Fixed assets used in the sphere of circulation are represented by buildings and equipment of supply and marketing departments. The circulating assets of the sphere of circulation include objects of circulation, cash, funds in the calculations.

Figure 4 Grouping of funds in the sphere of circulation

Subjects of appeal- finished products in the warehouse of the enterprise, intended for sale, and shipped goods. Goods shipped are finished products sent to customers but not yet paid for by them.

Cash enterprises are kept in bank accounts. They are used for settlements with suppliers and buyers, with banks, financial authorities by means of non-cash transfers. Cash can be kept at the cash desk of the company within the established limit.

Funds in payments- debts of other enterprises or persons to this enterprise. Such a debt is called a receivable, and the debtors themselves are called debtors.

The property of the enterprise located in non-production sphere, represented by the basic means of housing and communal services, children's, health-improving, medical institutions, etc.

The main purpose of this group of property is to create favorable conditions for the reproduction of labor.

Distracted funds- these are accounting objects that, for some reason, dropped out of the company's funds circulation.

Figure 5 Grouping of distracted funds

Funds diverted from profit - amounts transferred to the budget in the form of taxes, as well as aimed at the formation of special funds of the enterprise.

Losses are the loss of funds due to irrational management of the economy, natural disasters.

Financial investments - long-term and short-term investments of funds or property in other enterprises in order to generate income,

The classification of the property of the economy by spheres of location can be presented in the following form.

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

Current assets of the company- a set of funds advanced for the creation of circulating production assets and circulation funds, ensuring their continuous circulation. In practice, the composition and structure of current assets are distinguished.

The composition of current assets - the set of elements that form them (Fig. 6.1).

Current assets in the sphere of production (circulating production assets) include objects of labor (raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts), work in progress and prepaid expenses. the production process.

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

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

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

Specifics of procurement of material resources - frequency, regularity, completeness of supplies, type of transport, share of components in consumption, etc .;

Rice. 6.1. The composition of the company's current assets

Forms of settlements with suppliers and buyers of goods;

The demand for the products of a given company, which affects the volume of finished products in stock and accounts receivable.

During the formation of market relations, the structure of current assets of Russian companies in the real sector of the economy deteriorated significantly (Table 6.1).

The share of accounts receivable has increased (especially - overdue and doubtful debts). The share of the production component - stocks of raw materials, materials, work in progress, finished goods - has sharply decreased.

Due to the large amount of accounts receivable from buyers, a significant part of the advanced working capital is returned to the company with a long delay or is not returned at all. It should be noted that in recent years there has been a positive trend towards a decrease in the share of receivables.

In the practice of planning, accounting and analysis, current assets of companies are grouped according to the following main features:

By the nature of the sources of formation;

By types;

Depending on the functional role in the production process;

Depending on the practice of control, planning and management;

By the period of operation;

By the degree of liquidity.

By the nature of the sources formations distinguish gross, net and own current assets.

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

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

The amount of net current assets of the company (OA H) calculated by the following formula:

OA H= OA B - F ok,(6.1)

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

This indicator characterizes the value of the need for own working capital, or, more precisely, the need for financing working capital associated with the excess of current assets over short-term liabilities. For the normal provision of economic activity with circulating assets, the value of net circulating assets is set within "/ 3 of the value of equity capital.

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

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

ОА С = ОА В - К ЗД- F ok,(6.2)

where K ZD long-term borrowed capital invested in current assets.

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

The types of current assets are distinguished:

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

b) costs in work in progress;

c) stocks of finished products and goods for resale;

d) goods shipped;

e) expenses of future periods;

f) accounts receivable;

g) short-term financial investments;

h) cash;

i) other types of current assets.

Depending on the functional role in the production process allocate:

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

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

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

Normalized working capital, which makes it possible to calculate the economically justified need for the corresponding types of working capital;

♦ non-standardized circulating assets, which are an element of circulation funds.

Differentiation of current assets on this basis is presented in table. 6.2.

Table 6.2 Differentiation of assets depending on control practice

All organizations, regardless of their form of ownership, pay taxes. Types of taxes: income taxes, value added taxes (VAT), personal income tax, property tax.

Objects of taxation.

1. The object of taxation is the sold finished product, as well as the material assets received from suppliers (source).

2. The object of taxation is the material assets received from suppliers, as well as the material assets sold to suppliers and buyers.

3. The object of taxation is the income of an individual according to the accrued salary.

4. The object of taxation is yavl. fixed assets, intangible assets, etc.

Classification of economic assets of the enterprise.

All household assets in accounting are divided into 4 groups:

1. Fixed assets and investment.

2. Working capital.

3.Distracted funds.

4. Intangible assets.

Fixed assets

This property is worth 10 thousand per unit. Fixed assets are involved in the production process for a long time and constantly transfer their value to the finished product. Fixed assets are used in the sphere of production, in the sphere of circulation and outside the production sphere.

The production area includes: workshop buildings, working machines and equipment, vehicles, production equipment.

The sphere of circulation includes

: trade equipment, buildings of finished goods warehouses and shops.

The non-production area includes:

residential buildings, stadiums, libraries, gardens.

Working capital.

There are 2 subgroups in this group:

1. Working capital of the production sector.

2. Working capital in the sphere of circulation. Circulating assets in the sphere of production are objects of labor that once participate in the production process and completely transfer their value to the finished product.

The objects of labor are what the product is made of. .

Working capital in the production sector includes

: raw materials and materials, gasoline, kerosene, coal, containers and container materials, auxiliary materials, main production.

The sphere of circulation includes

: items of circulation, finished products and products shipped to customers, cash (cat. are on current accounts and in the cash register. Commodity-shipped products are products that are on their way from the manufacturer to the consumer. received products from our organization, but did not pay, and individuals who received an advance from the cash register were accountable for the acquisition of material assets in accounting - this fact is called accounts receivable

Debtors owe us.

Distracted funds

These are funds temporarily or permanently withdrawn from the turnover of the enterprise (payment for taxes, and payment to suppliers in advance), as well as deductions from profits to various funds and reserves.

Intangible assets

This is the cost of KNOW-HOW (secret development), exclusive copyright for computer programs, business reputation of the company (it arises as a result of the acquisition and sale of the company).