Test 1. Financial management is:
a) public financial management;
b) management of financial flows of a commercial organization;
c) financial flow management non-profit organization.
Test 2. The authors of the economic concept “The market value of an enterprise and the cost of capital do not depend on the capital structure” are:
a) F. Modigliani and M. Miller;
b) E. Altman;
c) M. Gordon and D. Lintner.
Test 3: Towards Basic Concepts financial management concepts include:
a) a compromise between profitability and risk;
b) cash flow;
c) cost of capital;
d) alternative costs;
d) all options are correct.
Test 4. An organization's financial management system is:
a) financial policy;
b) financial strategy;
c) financial tactics;
d) financial mechanism.
Test 5. The bird-in-hand theory states:
a) the value of the organization is maximized by paying dividends;
b) the value of the organization does not depend on the dividend policy;
c) dividend policy does not affect the rate of return required by investors;
D) investors prefer to receive income from capital gains rather than dividends.
Test 6. Financial strategy is:
a) determining a long-term course in the field of corporate finance aimed at achieving the mission;
b) solving problems of a specific stage of financial development;
c) development of new methods for distributing funds.
Test 7. Name a property that is not typical for an organization:
a) exists independently of its owners;
b) unlimited liability of the owner to the organization;
c) the right to a share of ownership is confirmed by a share in its share capital;
d) shares can be transferred to other persons.
Test 8. Long-term goal of the organization:
a) profit maximization;
b) cost minimization;
c) increase in cost;
d) maximizing dividends to shareholders.
Test 9. Who is a financier in a small business:
a) vice president for finance;
b) director of economics;
c) financial director;
d) accountant.
Test 10. Director's option is:
a) rewarding the manager for successful work with a certain number of free shares;
b) rewarding the manager for successful work with a certain number of shares, which he can buy at the price that was several years ago;
c) rewarding the manager for successful work in the form of an allocated monetary fund;
d) priority for the sale of shares in the event of a tender announcement.
Test 11. If an organization goes public for the first time then:
a) the offer price will be based on the existing stock price or bond yield;
b) bankers must estimate the equilibrium price at which the shares will be sold after issue;
c) the offer price is determined by the organization itself, which goes public;
d) the offering price will be determined by the entity going public, plus a few points higher to pay the investment banker.
Test 12. An underwriter is:
a) an investor who is not directly involved in management;
b) an investor who is directly involved in management;
c) a broker selling shares of an organization on the secondary market;
d) a banking house that prepares new release valuable papers.
Test 13. What is not included in the rights of owners of ordinary shares:
a) the owners are the holders of ordinary shares;
b) the right to make specific management decisions;
c) the right to elect management, which in turn elects management employees to manage production;
d) control over the organization.
Test 14. Financial policy is:
a) targeted use of finances;
b) a set of financial relations;
c) financial mechanism as an integral part of the management system.
Test 15. What is included in the organization’s own capital:
a) the value of preferred shares at par;
b) the cost of issuing the bond;
c) paid-in capital;
d) the cost of fixed assets.
Test 16. Paid-up capital is:
a) the cost of the initial issue of shares;
b) interest that the organization pays on debts;
V) working capital;
D) funds received in excess of par value when an organization sells new shares.
Test 17. What is not included in the organization’s own capital:
a) retained earnings;
b) the value of ordinary shares at par;
c) the value of preferred shares at par;
d) paid-in capital.
Test 18. The weighted average cost of capital is:
a) the sum of the values of the components of the capital structure, divided by their number;
b) the sum of the values of the components of the capital structure after payment of tax, multiplied by their shares in the balance sheet of the organization;
c) the sum of the values of individual components of the capital structure, such as preferred and ordinary shares, retained earnings.
Test 19. Components of the capital structure:
a) current assets and non-current assets;
b) long-term liabilities, preferred shares, ordinary shares, retained earnings;
c) current assets, equipment, buildings and structures, land.
Test 20. The marginal cost of capital is:
a) change in the weighted average cost due to additional investments;
b) the maximum cost of new investments;
c) the cost of additional capital.
Test 21. Decision to increase authorized capital joint stock company accepted:
a) the general meeting of shareholders;
b) by the board of directors only unanimously (except for its retired members);
c) 2/3 votes of members of the board of directors;
d) the board of directors and the board of directors of the joint-stock company.
Test 22. Granting an open joint-stock company or its shareholders a pre-emptive right to acquire shares alienated by its shareholders:
a) permitted in exceptional cases;
b) permitted with the consent of the board of directors;
c) is not allowed.
Test 23. Minimum size The reserve fund of a joint-stock company in accordance with the Federal Law “On Joint-Stock Companies” (as amended and supplemented) should be:
a) 5% of the authorized capital;
b) 15% of the authorized capital;
c) 50% of the amount of own funds.
Test 24. Which of the following funds are the cheapest for an organization:
a) accounts receivable;
b) bank loan;
c) accounts payable;
d) bond issue.
Test 25. An organization’s equity capital includes:
a) authorized capital;
b) reserve fund;
c) building;
d) retained earnings;
e) finished products;
e) accounts receivable.
Test 26. The assets of the organization include:
a) losses;
b) accounts payable;
c) additional capital;
d) patents;
e) short-term bank loans;
f) non-current funds.
Test 27. Active fixed assets include:
A) vehicles;
b) equipment;
c) bridges;
d) raw materials; e) buildings; f) patents.
Test 28. The structure of working capital is:
a) a set of elements forming working capital and circulation funds;
b) ratio individual elements circulating production assets and circulation funds;
c) a set of objects of labor and means of labor;
d) a set of monetary resources.
Test 29. What functions do they perform? working capital:
a) distribution and control;
b) production and settlement;
c) regulatory and fiscal;
d) all answers are correct.
Test 30. Signs of classification of fixed assets:
a) industry;
b) for its intended purpose;
c) by type;
d) by time period.
Test 31. Slowly selling current assets should include:
a) raw materials;
b) accounts receivable;
c) materials;
d) work in progress.
Test 32. Material assets are:
a) trademark, patents;
b) bonds, shares;
d) all answers are correct.
Test 33. Intangible assets are:
a) trademark, patents;
b) bonds, shares;
c) buildings, structures, equipment, land;
d) all answers are correct.
Test 34. Financial assets- This:
a) trademark, patents;
b) bonds, shares;
c) buildings, structures, equipment, land;
d) all options are correct.
Test 35. The concept of “real estate” includes:
a) cash;
b) inventories;
c) finished products in warehouses;
G) land plot.
Test 36. Which of the listed securities cannot be purchased legal entities:
a) certificates of deposit;
b) savings certificates;
c) government bonds;
d) corporate shares.
Test 37. Which exchange serves the securities market:
a) currency;
b) stock;
c) commodity;
d) all options are correct.
Test 38. A preferred share gives the right:
a) for management;
b) to make a profit;
c) to receive a fixed dividend;
d) be elected to the board of directors.
Test 39. The main indicators influencing the increase in the efficiency of an organization’s securities portfolio are:
a) investment period;
b) profitability;
c) liquidity;
d) risk;
e) the size of the investment;
e) all options are correct.
Test 40. The main participants in the securities market are:
a) investors;
b) issuers;
c) insiders;
d) stock exchanges;
e) depositories;
e) registrars.
Test 41. Derivative securities are:
a) options;
b) shares; And
c) government short-term bonds;
d) warrants;
d) futures.
Test 42. The secondary market is:
a) capital market;
b) the market, the coder increases capital, issues new securities;
c) a market in which investors buy and sell securities and other financial instruments;
D) long-term debt markets.
Test 43. The value of a preferred share is determined as:
a) the amount of dividends for the entire period of existence of the share;
b) the ratio of the dividend on a preferred share to its current price;
c) dividend next year, multiplied by its growth rate;
d) the ratio of dividend to the par price of a preferred share.
Test 44. Cost of ordinary shares of the new issue:
a) higher than the value of retained earnings;
b) equal to the value of retained earnings;
c) below the value of retained earnings;
d) equal to the costs of issuing a new issue.
Test 45. How the value of bonds is determined:
a) coupon rate of bonds;
b) coupon rate minus taxes;
c) real income from bonds;
D) real income from bonds minus taxes.
Test 46. Bond income is:
a) bonds that can be exchanged for a fixed number of shares of the issuing organization;
b) coupon payments, which depend on the amount of profit;
c) which allow the holder to buy shares at a set price;
d) which allow the investor to receive a fixed percentage of the face value.
Test 47. Similarities between bonds and preferred shares:
a) identical validity periods;
b) fixed payments;
c) both of them generate income in the form of an annuity;
d) both are debt obligations.
Test 48. The real yield on a bond depends on:
a) coupon rate;
b) nominal price;
c) repayment dates;
d) from the market price at which the bond was purchased.
Test 49. An ordinary share as a security certifies:
a) ownership of part of the profit distributed by the joint-stock company;
b) participation in the management of a joint-stock company;
c) the issuer’s obligation to repay the debt after a certain time;
d) the right of the investor to receive a certain percentage of the nominal value of the security in the form of remuneration for the funds provided;
e) the possibility of acquiring new shares of this JSC.
Test 50. A bill of exchange is issued by:
a) debtor;
b) creditor;
c) acceptor;
d) remitter.
Test 51. Which of the following statements are true:
a) the estimated price of a common share is equal to the discounted stream of future earnings per share;
b) the target price of a common share is equal to the present value of earnings per share assuming the organization is not growing, plus the net present value of future growth prospects;
c) the estimated price of a common share is equal to the discounted stream of future dividends plus the present value of the expected capital gain per share;
d) there is no correct answer.
Test 52. What does not apply to long-term debt:
a) term loans;
b) bonds;
c) ordinary shares;
d) bonds with early redemption.
Test 53. Similar features of preferred and ordinary bonds:
a) owners have equal rights when making decisions;
b) fixed payments;
c) equal life spans;
d) both generate income in the form of an annuity.
Test 54. Future value is:
a) today's valuation multiplied by the discount factor;
b) today's valuation divided by one plus the interest rate in t-th power;
d) there is no correct answer.
Test 55. Money markets are:
a) stock markets;
b) markets for goods and services;
c) debt markets with a maturity of up to one year;
D) bond markets.
Test 56. An annuity is:
a) cash flow of investments;
b) a series of payments for a certain period;
c) operating cash flow;
d) a series of payments of equal value for a certain period.
Test 57. Present value is:
a) finding a future estimate of today's payment;
b) today's estimate of future payments, discounted at a certain rate;
c) today's valuation multiplied by one, plus the interest rate to the tth power;
d) there is no correct answer.
Test 58. Discounting is:
a) the process of reducing the future value of money to its present value;
b) the process of bringing the present value of money to the future;
c) there is no correct answer.
Test 59. Capital markets are:
a) long-term debt and equity markets;
b) mortgage markets;
c) markets for consumer goods and services;
d) debt markets with maturities of up to one year.
Test 60. Risk is:
a) the likelihood of an event associated with possible financial losses or other negative consequences;
b) danger of occurrence negative consequences related to production, financial and investment activities;
c) all answers are correct.
Test 61. What is operational risk:
a) the risk associated with financial activities;
b) risk associated with fixed costs;
c) risk associated with borrowed funds;
d) risk associated with forecasting future income from core activities.
Test 62. A special fund of funds, the formation of which is provided for by the charter of a joint-stock company, formed through deductions from profits and intended for risk insurance, is:
a) consumption fund;
b) authorized capital;
c) additional capital;
d) accumulation fund;
d) reserve fund.
Test 63. Risk management methods include:
a) self-insurance;
b) hedging;
c) diversification;
d) certification;
d) all answers are correct.
Test 64. Financial dependence is:
a) the extent to which variable costs are used in the organization’s operations;
b) the extent to which constant payments on debt and preferred shares are used;
d) the degree of use of rental payments;
d) there is no correct answer.
Test 65. Financial risk is:
a) the risk associated with financial dependence;
b) risk associated with activities;
c) risk associated with fixed costs;
d) the risk associated with changes in the selling price.
Test 66. What is operational dependence:
a) the degree of use of variable costs;
b) the degree of use of constant payments on debt;
c) degree of use fixed costs in the operations of the organization;
d) the degree of use of rental payments.
Test 67. What is the difference between planning and forecasting:
a) planning considers only the most probable events and results, and forecasting also considers less probable but possible events;
b) planning considers both the most probable events and less probable but possible events; forecasting - only the most likely events and results;
c) planning uses probabilistic-statistical methods, and forecasting uses normative methods;
d) planning requires information for a large number of previous years; For forecasting, information from one previous year is sufficient;
d) there is no correct answer.
Test 68. Financial planning is:
a) planning the production program;
b) planning of investment projects;
c) planning decisions on sources of financing;
d) planning investment and financing decisions.
Test 69. Operational planning is:
a) planning investment projects;
b) Optimization of the production program;
c) development of the planned balance sheet of the organization;
d) profit and loss planning;
d) all answers are correct.
Test 70. Linear programming model requirements:
a) nonlinearity of the criterion and linearity of the restrictions;
b) linearity of the criterion and nonlinearity of the restrictions;
c) negative variables;
d) linearity of the criterion and linearity of the restrictions.
Test 71. What are the advantages of financial models:
a) accounting vision of the world;
b) making optimization decisions;
c) simplicity and practicality;
d) all answers are correct.
Test 72. What are the disadvantages of financial models:
a) simplicity;
b) lack of optimization of financial decisions;
c) practicality;
d) automation of calculations.
Test 73. The matrix model of organization is based on:
a) based on the linear programming model;
b) intersectoral balance;
c) a database of financial models;
d) statistical methods.
Test 74. Long-term financial planning- This:
a) budgeting;
b) equity management;
c) financial planning for a period of more than a year;
d) tactical financial planning.
Test 75. Which fund is used to finance capital investments for industrial purposes:
a) consumption fund;
b) accumulation fund;
c) reserve fund;
d) additional capital.
Test 76. The concept of “investment project” is given:
a) in the Federal Law “On investment activities in the Russian Federation, carried out in the form of capital investments”;
b) in the Federal Law “On Foreign Investments in the Russian Federation”;
c) in the Federal Law “On the Development Budget of the Russian Federation”;
d) in the Civil Code of the Russian Federation.
Test 77. Which external sources An organization can attract to finance capital investments:
a) reinvested profits;
b) depreciation charges;
c) working capital;
d) bank loan;
e) budgetary allocations.
Test 78. What is the purpose of the sinking fund:
a) in accounting for the functionality of fixed assets and intangible assets;
b) ensuring the reproduction of fixed assets and intangible assets;
c) reflecting the costs of acquiring non-current and current assets in the cost of production;
d) there is no correct answer.
Test 79. Which stage of making investment decisions is the most important:
a) preparation of net cash flow;
b) determination of the discount rate;
c) calculation of efficiency indicators of investment flows;
d) sensitivity analysis.
Test 80. Capital investments are:
a) financing the reproduction of fixed assets and intangible assets;
b) investing money in assets that bring maximum income;
c) long-term investment of funds in financial investments;
d) there is no correct answer.
Test 81. Forecasting is the basis of planning:
a) operational;
b) current;
c) promising;
d) all answers are correct.
Test 82. What is the essence of the “golden rule” of financial management:
a) the amount received today is greater than the same amount received tomorrow;
b) income increases as risk decreases;
c) the higher the solvency, the less liquidity;
d) all answers are correct.
Test 83. Which company would an investor prefer to invest money in: one that pursues a policy of maintaining:
a) a constant dividend payout ratio;
b) constant cash dividends per share;
c) the planned rate of dividend growth;
D) regular constant quarterly dividends plus additional payments at the end of the year when income is high enough or investment needs are low.
Test 84. Financial intermediaries are an intermediate link between.
a) organization and bank;
b) between borrowers and lenders;
c) between buyers and sellers;
d) all answers are correct.
Test 85. The break-even point is:
a) equality of earnings per share in different financing options;
b) the number of products when production costs are equal to the income from their sale;
c) the number of products, when income from their sale exceeds production costs;
d) the number of products when earnings before interest and taxes are positive.
Test 86. Market value ratios correlate: a) the level of liquidity and the value of the organization;
b) the price of the share with its profits and book value per share;
c) product profitability and return on assets;
d) initial and residual value of fixed assets;
d) there is no correct answer.
Test 87. Net profit is:
a) income minus variable and fixed costs;
b) income minus variable costs;
c) income minus all costs, interest and taxes;
d) income minus all costs and interest.
Test 88. Asset management ratios allow you to determine:
a) how effectively the company manages its assets;
b) the level of profitability of the company;
c) the level of profitability of the company;
d) how liquid the company is.
Test 89. Which of the following formulas is correct for the coefficient current liquidity:
a) (Cash + Securities) / Current liabilities
b) (Current assets - Inventory costs) / Current liabilities
c) Current assets / Current liabilities
d) Sales volume / Total assets
Test 90. The liquidity ratio shows the ratio:
a) assets and liabilities;
b) current assets and its current obligations;
c) non-current assets and long-term liabilities;
d) current assets and the value of fixed assets.
Test 91. The financial ratios of the organization are compared:
a) with financial ratios better organization industries;
b) with the financial ratios of the worst organization in the industry;
c) with industry average industry coefficients;
d) with the best financial ratios of previous years.
Test 92. The capital structure ratio reflects:
a) the ratio between long-term and short-term debt;
b) the degree of financing of the company through borrowed funds;
c) the organization’s inability to repay debt obligations;
D) the ratio between short-term debt and equity.
Test 93. Marginal income is defined as:
a) the ratio of sales revenue to sales profit;
b) the difference between revenue and variable costs;
c) the amount of profit from sales and fixed costs;
d) the product of the rate of marginal income and fixed costs;
d) there is no correct answer.
Test 94. The ratio of profit from sales to revenue from sales, in percentage terms, is:
a) liquidity;
b) solvency;
c) maneuverability;
d) product profitability;
e) profitability of sales.
Test 95. Indicators characterizing the qualitative state of fixed assets are:
a) wear rate;
b) suitability coefficient;
c) renewal coefficient;
d) retirement rate;
e) liquidity ratio;
f) maneuverability coefficient;
g) all answers are correct.
Test 96. Liquidity is:
a) the organization’s ability to pay its obligations;
b) the ability to organize effective activities;
c) the ability to transform various assets into cash;
d) there is no correct answer.
Test 97. Capital productivity is an indicator inverse to the indicator:
a) capital-labor ratio;
b) capital intensity;
c) disposals;
d) workload of fixed assets.
Test 98. Profit is an indicator:
a) production profitability;
b) production efficiency;
c) economic effect;
d) all answers are correct.
Test 99. Product cost is:
a) costs of raw materials, materials, wages to employees;
b) costs of production and sales of products;
c) costs of financing investment projects;
d) costs of purchasing securities.
Test 100. The direct counting method for profit planning is based on:
a) determining profit for the entire range of products sold, taking into account the balances of unsold products;
b) calculating the change wholesale prices industry in the planned period;
c) comparison of basic and planned profit indicators.
d) lending capital rate.
Test 101. An indicator characterizing the volume of products sold, at which the amount of net income is equal to the total amount of costs, is:
a) financial leverage;
b) production lever;
c) profitability threshold;
d) margin of financial strength.
Test 102. What does the payback period take into account:
a) cash flows after the payback period;
b) the effect of the time value of money;
c) the degree of risk inherent in the project;
D) the time required to cover the initial costs of the project.
Test 103. Financial leverage differential is:
a) the amount of borrowed funds used per unit of equity;
b) the difference between the gross return on assets ratio and the average interest rate on a loan;
c) the difference between the amount of own and borrowed funds;
d) there is no correct answer.
Test 104. The impact on the amount of profit due to changes in the ratio of fixed and variable costs is:
a) operating leverage;
b) financial leverage;
c) the effect of financial leverage.
Test 105. What are the advantages of the payback period indicator:
a) ignoring the time value of money;
b) ease of understanding, ease of use;
c) ignoring cash flows beyond the payback period;
d) decision in favor of short-term investments.
Test 106. What indicator characterizes the use of borrowed funds and influences the change in the return on equity ratio:
a) production leverage;
b) the effect of financial leverage;
c) margin of financial strength;
d) operating leverage.
Test 107. What is marginal profit:
a) additional profit received from the growth of sales revenue at constant semi-fixed costs;
b) profit received from investment activities;
c) additional profit received from the growth of sales revenue with constant mixed costs;
d) there is no correct answer.
Test 108. A dividend is a way of generating income from:
a) shares;
b) bonds;
c) checks;
d) bills.
Test 109. Sources of payment of dividends in accordance with the current legislation of the Russian Federation are:
a) net profit of the current year;
b) retained earnings from previous years;
c) gross profit;
d) proceeds from sales;
d) all answers are correct.
Test 110. What is the source of payment of dividends on shares:
a) gross profit;
b) net profit;
c) revenue from sales of products;
d) additional fund;
d) retained earnings.
Test 111. Which approach corresponds to the residual dividend payment policy:
a) conservative;
b) moderate;
c) aggressive;
d) all answers are correct.
Test 112. Formation of accounting policies is entrusted to:
a) chief accountant;
b) the chief accountant together with a representative of the legal service;
c) manager;
d) all answers are correct.
Test 113. What cost elements relate to variable expenses:
a) costs of raw materials;
b) fuel costs;
c) rent;
d) depreciation;
d) piecework wages.
Test 114. Accounts receivable are:
a) financial method;
b) financial instrument;
c) financial mechanism;
d) financial risk.
Test 115. Which of the following statements are false:
a) the organization does not have the right to pay dividends from the authorized capital;
b) the organization does not have the right to pay dividends if it is insolvent;
c) long-term capital gains are subject to income tax;
d) organizations pay taxes only on 50% of dividends received from other organizations.
Test 116. Accounts receivable turnover is:
a) the ratio of sales revenue to average accounts receivable;
b) the ratio of doubtful accounts receivable to accounts receivable;
c) the ratio of the duration of the analyzed period to accounts receivable;
d) the ratio of current assets to accounts receivable;
d) there is no correct answer.
Test 117. Lending secured by real estate is:
a) mortgage;
b) leasing;
c) monitoring;
d) forfeiting;
d) all answers are correct.
Test 118. The bank has the right to write off funds from the organization’s accounts:
a) at our own discretion;
b) on the basis of settlement documents issued to the bank receiving the funds;
c) by order of account holders, except as provided by law.
Test 119. A financial reporting document reflecting the sources of funds and the directions of their use in monetary terms as of a certain date is:
a) statement of financial results;
b) profit and loss statement;
c) cash flow statement;
d) balance sheet;
d) all answers are correct.
Test 120. What refers to the main types of financial statements:
a) balance sheet;
b) report on inventories;
c) profit and loss statement;
d) overhead expense report;
e) cash flow statement;
f) salary report.
Test 121. Methods of maintaining financial accounting are:
a) primary observation;
b) logistics;
c) cost measurement;
d) modeling;
e) forecasting;
f) final summary of facts economic activity.
Test 122. What is the essence of financial control:
a) in exercising control over the formation, distribution and use of monetary funds;
b) monitoring the work of financial departments;
c) preparation of financial statements for submission to government financial authorities.
Test 123. Bankruptcy is:
a) financial insolvency recognized in judicial procedure;
b) financial insolvency recognized by creditors;
c) failure to satisfy the demands of creditors within the established time frame;
d) there is no correct answer.
Test 124. System of state research methods stock market, based on the study of trends in the dynamics of key indicators, is:
a) technical analysis;
b) fundamental analysis;
c) SWOT analysis;
e) the financial analysis.
Test 125. Trust is:
a) consulting;
b) engineering;
c) trust;
d) all answers are correct.
| Test No. | Answer | Test No. | Answer | Test No. | Answer | Test No. | Answer | Test No. | Answer |
| 1 | B | 26 | G, E | 51 | IN | 76 | A | 101 | IN |
| 2 | A | 27 | A, B | 52 | IN | 77 | d,d | 102 | G |
| 3 | d | 28 | B | 53 | IN | 78 | B | 103 | B |
| 4 | G | 29 | B | 54 | IN | 79 | A | 104 | A |
| 5 | A | 30 | A B C | 55 | IN | 80 | A | 105 | B |
| 6 | A | 31 | A, B, D | 56 | G | 81 | IN | 106 | B |
| 7 | B | 32 | IN | 57 | B | 82 | A | 107 | A |
| 8 | IN | 33 | A | 58 | A | 83 | B, C, D | 108 | A |
| 9 | G | 34 | B | 59 | A | 84 | B | 109 | A, B |
| 10 | B | 35 | G | 60 | A | 85 | B | BY | B, D |
| 11 | B | 36 | B | 61 | G | 86 | B | 111 | A |
| 12 | G | 37 | B | 62 | D | 87 | IN | 112 | A |
| 13 | B | 38 | IN | 63 | A B C | 88 | A | 113 | A, B, D |
| 14 | A | 39 | E | 64 | B | 89 | IN | 114 | B |
| 15 | IN | 40 | A, B, G, D, | 65 | A | 90 | B | 115 | G |
| 16 | G | 41 | A, G, D | 66 | IN | 91 | IN | 116 | A |
| 17 | IN | 42 | IN | 67 | B | 92 | B | 117 | A |
| 18 | B | 43 | B | 68 | G | 93 | B | 118 | IN |
| 19 | B | 44 | A | 69 | B | 94 | d | 119 | G |
| 20 | A | 45 | G | 70 | G | 95 | A, B, B, G | 120 | A, B, D |
| 21 | B | 46 | B | 71 | IN | 96 | IN | 121 | A, B, E |
| 22 | IN | 47 | B | 72 | B | 97 | B | 122 | A |
| 23 | A | 48 | G | 73 | B | 98 | IN | 123 | A |
| 24 | IN | 49 | A, B | 74 | IN, | 99 | B | 124 | A |
| 25 | A, B, G | 50 | B | 75 | B | 100 | A | 125 | IN |
Friends, do you want to understand what it is? financial management and why is it needed? Then let’s look at this abstruse phrase in human language below :)
We will take a close look at the following questions in order:
1. How does financial management view the company's performance?
2. What are the basic financial statements?
So, let's go...
Part 1. The work of the company through the eyes of financial management
The primary goal of financial management is an increase in the capital of the owners (shareholders) of the company. In order to accomplish this task, the company must have a well-organized financial resource management process and an effective financial policy.
Financial management must solve the following problems:
— ensuring the most efficient use of financial resources;
— optimization of cash flows;
— effective assessment of the company’s financial capabilities;
— minimizing financial risks;
— cost optimization;
— ensuring target profitability and financial stability.
I think everything is clear with the goals and objectives of financial management, now let’s look inside the company through the eyes of a financier.
To start working, any business needs money, i.e. start-up capital. The money that the owner has is called equity. Own funds can be not only money, but also inventories (available raw materials, semi-finished products, etc.) and fixed assets (buildings, equipment, etc.) that the owners have invested in the company. It will already be authorized capital.
But in cases where there is not enough of their own money or there is none at all, companies use loans. This is the money that a company receives in the process of obtaining loans, issuing bonds, etc. They're called borrowed capital.
Now that we have the necessary funds, we begin to purchase everything that is necessary for our main activities. The first step, as a rule, is to purchase something that will bring profit to the company. These are production and office premises, equipment, furniture, etc. All this will amount to fixed assets(funds) companies.
- these are the company’s material resources that are involved in production process, but at the same time retain their natural shape. The useful life of fixed assets is more than one year.
Fixed assets transfer their original cost for which they were purchased to the cost of the manufactured product by depreciation. In simple terms, the cost of fixed assets is not immediately included in the cost of the manufactured product, but in parts over the entire service life of these fixed assets.
But in order to start producing a product, it is necessary to find suppliers and purchase from them the raw materials and supplies that are needed for the operation of fixed assets.
Now everything is ready for the company to operate and produce products. And ours assets started working.
- enterprise resources that have monetary value and from which the company expects to receive economic benefits in the future.
Assets include:
— fixed assets (funds)
— inventories (raw materials)
- cash
But the sources of obtaining money to purchase assets are called liabilities.
is the totality of all the company's obligations. That is, these are the sources of funds.
Liabilities include:
- equity
- borrowed capital
So, let's summarize in simple language:
- This is money and what we spend it on in order to make a profit from it in the future.
- - sources, where we get this money from and the amounts that we must return.
Now let's move on to product release. To produce products, we will need raw materials and materials that we have already purchased previously. As well as the financial resources that we will spend on wages workers and other needs.
We have produced the product, but in order to realize (sell) it at a profit for us, we need to determine cost price our products, i.e. calculate how many resources in monetary terms we invested in production.
Product cost– these are all the company’s costs for its production and implementation (sale), expressed in monetary terms. Correct calculation and competent analysis of cost is the most important task of any company that is directly included in the management accounting system. It is cost that underlies most of the important management decisions!
Now we can move on to selling our products.
Money received from the sale of products or services is called revenue. Revenue must be more than cost. The difference between revenue and cost is called gross profit.
When gross profit is received, the company's equity capital increases. But if the revenue is lower than the cost, this means that the company is suffering losses.
Now let's get hot more about assets. They are negotiable And non-negotiable.
Current assets– these are elements of capital with a service life of up to 1 year. Their cost is immediately included in the costs of creating goods or services. These include:
— inventories
- accounts receivable
- cash
Non-current assets– these are resources whose service life is more than 1 year. These include:
— fixed assets (funds)
- intangible assets
- Construction in progress
- long-term financial investments
Now let's return once again to payment for goods or services. In real business, it often happens that a client does not pay you immediately, but, for example, with a delay of several days or even months. This type of calculation is called accounts receivable.
is the sum of all debts owed to your company by consumers. It occurs when a product or service is sold but no money is received.
Accounts receivable are a current asset because... in the near future it will turn into real money, which will be reinvested in production.
But in the process of activity, the company needs to purchase raw materials and materials, without which the production of a product or the provision of services is not possible. However, it happens that not all buyers pay immediately. In order to save money on company accounts, we purchase raw materials, but agree to pay for them with a delay, for example, several weeks.
This type of calculation is called accounts payable. It occurs when the date of receipt of raw materials, materials, services, etc. will be earlier than their actual payment.
Please note that we did not spend the money immediately on purchasing raw materials and materials. This means that during the period of repayment of accounts payable, we can use them for other purposes. It follows from this that accounts payable is also another source of financing the company’s activities.
Summing up the next interim result, it is important to understand that one of the main tasks of financial management is effective management accounts receivable and payable and inventories.
Very important so that in the process of operating activities the company always has money in its accounts, and raw materials are available in warehouses.
Important so that money from accounts receivable comes in earlier than the period for settlements on accounts payable!
So, we have figured out the question of how the company makes a profit. To increase profits, a company needs to expand its activities. To do this, she can:
— purchase new equipment;
— overhaul existing equipment;
— acquire new assets;
— increase market share.
However, all of the above requires investment investments. For investments, you can use funds in the company’s accounts received from debtors for sold products, or attract additional borrowed funds.
But since we are talking about investments, then let’s talk about the company’s finances in detail.
All financial activities of the company are divided into three types of activities:
- operating room
— investment
— financial
It leads to an increase in cash flow due to profits from core activities and receipt of prepayments, and also leads to a decrease in cash flow due to an increase in accounts receivable and an increase in inventories in warehouses.
It leads to an increase in cash flow due to money received from the sale of fixed assets and money from the repayment of deposits, and also leads to a decrease in cash flow during the acquisition of fixed assets and the placement of funds on deposits.
It leads to an increase in cash flow due to loans, and also leads to a decrease in cash flow due to the repayment of debts and the payment of dividends to owners (shareholders).
In this article, we will talk in detail about the main reports used in financial management.
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Financial management
Financial management. Financial management and its relationship with other management functions
Financial management – financial management of business entities, financial analysis, planning, as well as finding and distributing capital. It covers all major areas of finance and extends to all segments of the financial market. Financial management is also a type of management activity. It is a system of influence of the subject of financial management (financial manager) on its object in order to improve the latter. Moreover, financial management is a form of entrepreneurship.
Financial management is interconnected with cost accounting, marketing, and planning.
Cost accounting had a significant positive impact on the economy of enterprises. However, its capabilities in administrative management are limited. Certain elements of self-financing, in particular self-sufficiency and self-financing, ruble control, financial responsibility, and material interest, have achieved great development in a market economy. Cost accounting is necessary not only for a state enterprise in conditions of public ownership of the means of production, but also for a private enterprise or commercial organization in conditions of private ownership.
Cost accounting as a method and style of management is in many ways similar to management. However, one should not assume that cost accounting cancels or replaces management, just as management does not cancel cost accounting. There is competition here, which creates favorable conditions for the development of cost accounting and management at the same time.
Marketing means market research, distribution system. Marketing is not only the science of selling, but also of managing; it is a type of human activity aimed at satisfying needs and wants through exchange. In the 50s of the last century, marketing theory merged with management theory. As a result, an applied science of company management based on the marketing principle emerged, called “market management theory.” Marketing is the concept of managing the development, production and distribution of a product. Marketing influences management, interacts closely with it and is intertwined. Their relationship guarantees the success of the business.
Planning is a system of planned decisions of a company, which, as a participant in the market system, is forced to obey price mechanism, the law of supply and demand, since it does not have the ability to cancel their actions.
By using planning, a firm eliminates the costs that it would have had if all actions within the firm were carried out on the basis of purchase and sale. By canceling such relationships, she avoids additional costs.
Planning is one of the functions of management. Financial management brings together the planning of material, technical, labor and financial resources, ensuring their balance. Financial planning in our case has an intra-company orientation and is reflected in a special section of the business plan.
Financial management. Basic Financial Management Concepts
Financial management as a science must be based on basic theoretical principles that allow one to understand its essence, goals, objectives, role in the activities of the enterprise and ways of improvement. Financial management at an enterprise must be based on a certain concept. This is necessary because theory and practice are inseparable by definition.
The following concepts of financial management are known in theory.
1. The concept of current value describes the patterns of business activity of an enterprise. It explains the mechanism of capital growth. Each entrepreneur, investing his initial capital, expects to receive new capital in order to compensate for the previously invested capital after a certain period of time and receive a certain share of its increase (i.e., profit). Every day, an entrepreneur is forced to manage many transactions for the purchase and sale of goods (products), services, and investment funds. In this regard, the manager needs to determine how appropriate it is to perform these operations and whether they will be effective. The effectiveness of operations is determined by diagnosing the information contained in the accounting records. However, there is a contradiction between deadlines, monetary estimates of advance costs (investments) and economic efficiency. Based on accounting data, it is impossible to determine the effectiveness of future operations, so it is necessary to additionally evaluate future operations from the perspective of current time.
2. The concept of business risk allows us to explain the importance and connection of financial risk with the performance of an enterprise. Every enterprise is forced to make forecasts. However, the objectivity of the current assessment of forecasts of economic benefits depends on how accurately the forecast is made. Based on statistical measurements of fluctuations, the forecast of expected economic benefits is usually made in the form of an approximate estimate of present value rather than a single-digit value. Expert opinions could be wrong, so additional information and extrapolation of past events into the future is required. In order to reduce the level of risk, it is necessary to determine the required information.
3. The concept of cash flows is devoted to the issues of attracting financial resources, organizing their movement, and maintaining them in a certain quality state. In accordance with it, the financial manager should clearly determine how much cash is needed to pay off obligations, pay dividends, when excess cash will be received, and for what period of time the organization will experience a cash shortage. The size of the company's cash balance must be optimal. Its size depends on management decisions in the areas of financial risk, profitability and liquidity. The cash balance in the accounts of the enterprise must provide expenses, short-term financial investments, and ensure a non-declining balance of funds in the account.
Financial management concepts allow you to effectively organize practical work on financial management in an enterprise. Many management tools are built on their basis to help financial managers set and achieve financial goals and objectives.
Financial management. Tax planning as a subfunction of financial management
In an ineffective tax system, business entities are forced to look for ways to reduce the tax burden. The taxation system becomes ineffective if it ceases to perform all its functions. If the tax system begins to perform only a fiscal function (without stimulating), the efficiency of business entities directly decreases. In such cases, business entities must pursue a targeted tax policy.
The goal of an enterprise's tax policy is to reduce the tax burden. In this regard, one of the ways to reduce the tax burden is tax planning. Tax planning at an enterprise can be considered from a methodological and organizational point of view. This allows us to identify the specifics and purpose of tax planning at the enterprise.
From an organizational point of view, the tax planning process can be described as follows. Representatives of various management services of the enterprise participate in the tax planning process.
The sales manager provides information on the actual terms of the transaction and the results that are planned to be obtained after its completion. In turn, the lawyer conducts a legal analysis of the transaction procedure from the point of view of security and prepares the necessary documents for its execution, taking into account bottlenecks. It also helps the accountant justify in advance the formulation and execution (accounting procedure) of the transaction and the reflection of its results in the financial statements. Next, the accountant provides calculations various options the financial structure of the transaction and its reflection in accounting, taking into account the norms of current legislation and the rules of accounting and financial accounting. He also formulates possible options that require legal justification and agreement with counterparties.
From a methodological point of view, the tax planning process includes the following stages:
1) deciding on the most advantageous location (registration) of the organization itself, its governing bodies, main production and commercial divisions, etc. from a tax point of view;
2) choice of the legal form of the organization and its structure, taking into account the nature and goals of its activities;
3) correct and full use of the possibilities of tax legislation and tax benefits in determining taxable income and calculating tax liabilities;
4) resolving issues about the most rational use of working capital from a tax point of view, the placement of profits and other savings, the choice of forms and methods of spending them.
In management theory, they implement the tax planning process, which is implemented when creating a new enterprise, and the tax planning process, which is implemented within the framework of a functioning enterprise. In practice, when an enterprise is already operating, the question of changing the location of the enterprise and changing the organizational and legal form, as a rule, is not raised. At operating enterprises, tax planning is organized in the following sequence:
Formation of the tax field;
Formation of a system of contractual relations;
Selection of typical business transactions, etc.
Financial management. The role of control in financial management
Control in financial management is a check of the organization financial work, execution of financial plans, etc. With the help of control, information is collected on the use of financial resources and the financial condition of the facility, additional financial reserves are identified, and changes are made to financial programs. Control involves analysis of financial results. Analysis, in turn, is part of the financial planning process. Thus, control is the other side of financial planning and should be considered as an integral part of it.
Financial control is a system for monitoring and verifying the financial activities of a managed entity in order to assess the validity and effectiveness of decisions made, identifying deviations from approved standards and taking measures to eliminate them.
The objectives of financial control can be expressed in ensuring:
increasing the efficiency of production and expenditure of funds;
compliance with current tax legislation;
correctness of accounting;
correctness of budget preparation and execution;
checking the condition and efficiency of use of enterprise resources;
identifying reserves for growth of financial resources;
correctness of currency transactions.
Financial control functions include:
1) analysis - includes a range of actions to analyze and study the implementation of current legislation regarding the use of state budget funds; identifying deviations in the formation of income and expenses of a financial entity; deviations in the sphere of financial activities of state institutions (ministries, departments, other bodies); analysis of the causes of deviations (investigation of the facts that led to this or that deviation, identification of those responsible);
2) adjustment - includes the development of proposals to eliminate identified violations of the financial and economic activities of the enterprise;
3) preventive function - consists of developing measures to prevent violations, strengthening financial discipline, increasing the efficiency of financial control, improving control work, developing new methods and methods of control based on materials from summarizing the results of inspections. In modern conditions, the priority direction is the preventive function aimed at preventing violations and abuses, improving the means of preventing violations, promptly responding to unlawful behavior in order to prevent possible violations and abuses, suppressing these actions, identifying the perpetrators.
The implementation of financial control at an enterprise is also associated with the detection of deviations from accepted standards and violations of the principles of legality, efficiency and economy in the expenditure of material resources at the earliest possible stage.
This makes it possible to take corrective measures, bring those responsible to justice, receive compensation for the damage caused, and implement measures aimed at preventing such violations in the future.
Financial management. Investment policy as an object of financial management
The initial prerequisite for the formation of investment policy is overall strategy financial management of the enterprise. In relation to it, investment policy is subordinate in nature and must be consistent with it in terms of goals and stages of practical implementation.
Stages of investment policy formation:
determination of the period for the formation of investment policy;
formation of strategic goals of investment policy;
development of the most effective ways to implement the strategic goals of investment activities;
specification of investment policy by periods of its implementation;
assessment of the developed investment policy of the enterprise.
Objects of investment activity can be:
newly created and modernized fixed assets and working capital in all sectors of the national economy;
securities (stocks, bonds, etc.);
targeted cash deposits;
scientific and technical products and other property;
property rights and intellectual property rights.
The law of the Russian Federation prohibits the investment of funds in objects, the creation and use of which do not meet the requirements of environmental, sanitary, hygienic and other standards established by law, or cause damage to the legally protected rights and interests of citizens, legal entities or the state.
All investors have equal rights to carry out investment activities. The investor independently determines the volumes, directions, size and efficiency of investments. It, at its discretion, attracts legal entities and individuals on a contractual, mainly competitive basis (including through tenders for contracts) to implement investments. An investor who is not a user of objects of investment activity has the right to control their intended use and exercise other rights provided for in the contract in relations with the user of such objects. The investor is granted the right to own, use and dispose of objects and investment results, including carrying out trading operations and reinvestment. An investor can transfer his rights under an investment under an agreement to legal entities and individuals, federal and municipal authorities.
When developing an enterprise's investment policy, the legal environment and economic situation in the country are of great importance.
The state guarantees the stability of investors' rights. In the event of the adoption of legislative acts whose provisions limit their rights, the corresponding provisions cannot be put into effect earlier than one year from the date of their publication. In case of adoption of legal acts that violate legal rights and the interests of investors, losses, including lost profits, are compensated by government bodies by decision of arbitration courts.
The state of the domestic economy, which largely determines the investment climate in the country, is the main condition for the successful implementation of an enterprise’s investment policy at each stage.
Financial management. Justification of management decisions in the management of direct investments and financial investments
Direct investment refers to investments in the authorized capital of enterprises, carried out both through the acquisition of equity securities - shares, and through the acquisition of shares.
Management of direct investments (investment projects) includes:
1) drawing up investment projects;
2) assessment of investment projects;
3) direct implementation of investment projects.
Financial investments are investments in securities, authorized capitals of other organizations, also in the form of loans provided to other organizations.
One of the key points when making investment decisions is assessing the effectiveness of proposed investments. Therefore, for managers making such decisions, both practical mastery of modern methods for assessing the effectiveness of investments and a deep understanding of the theoretical concepts underlying them are of great importance.
The main methods for evaluating an investment activity program are:
a) calculation of the payback period of investments;
b) calculation of return on invested capital;
c) determination of the net present effect (net present value (NPV).
d) calculation of the level of return on investment (RI).
These methods are based on a comparison of the volume of proposed investments and future cash flows. Methods can be based both on the accounting value of cash receipts and on discounted income, taking into account the time component of cash flows.
Financial management. Financial policy in the field of formation of non-current assets
Non-current assets of an enterprise are part of the property of an enterprise used as means of labor in the production of products, performance of work or provision of services, or for the management of an organization for a period exceeding 12 months and capable of generating economic benefits (income in the future), while the organization is not expected to subsequent resale of these assets.
Non-current assets include:
· intangible assets;
· results of research and development;
· fixed assets;
· profitable investments in material assets;
· financial investments, the return of which is expected no earlier than in a year;
· other assets that have characteristics of non-current assets.
The process of managing operational non-current assets of an enterprise is part of the overall process of managing enterprise assets, organizing financial support for their acquisition, renewal and high efficiency of their use.
In the system of formation and implementation of the policy for managing operational non-current assets of an enterprise, one of the most important functions of financial management is to ensure their timely and effective updating, financial management of the renewal of non-current assets.
The sequence of development and adoption of management decisions to ensure the renewal of operating non-current assets of the enterprise is characterized by the following main stages:
1. formation of the required level of intensity of renewal of individual groups of operating non-current assets of the enterprise. The intensity of renewal of operating non-current assets is determined by two main factors - their physical and obsolescence. In the process of these types of wear and tear, non-current assets gradually lose their original functional properties and their further use in the operational process of the enterprise becomes either technically impossible or economically impractical.
2. Determining the required volume of renewal of operating non-current assets in the coming period. The renewal of an enterprise's operating non-current assets can be carried out on a simple or expanded basis, reflecting the process of their simple or expanded reproduction.
Simple reproduction of operating non-current assets is carried out as they wear out physically and morally within the limits of the amount of accumulated depreciation (depreciation fund funds).
Expanded reproduction of operating non-current assets is carried out taking into account the need to form new types of assets not only at the expense of the amount of accumulated depreciation, but also at the expense of other financial sources (profit, long-term financial loans, etc.).
Selection of the most effective forms of updating certain groups of operating non-current assets. Specific forms of renewal of individual groups of operating assets are determined taking into account the nature of their planned reproduction.
Determining the cost of updating individual groups of operating non-current assets in the context of its various forms.
5. Optimization of the total volume and composition of the operating non-current assets of the enterprise.
Based on the results of the analysis, enterprise managers identify reserves for possible improvement in the efficiency of using assets in the enterprise's activities. These include: reducing the presence of unnecessary unused equipment, reducing as much as possible the part of passive equipment, increasing the productivity of the active part of the equipment, increasing equipment shift rates, reducing unscheduled downtime, etc.
6. Ensuring the efficient use of operating non-current assets of the enterprise using financial methods.
A system of measures is being developed aimed at increasing profitability ratios and capital productivity of assets. Increasing the efficiency of their use in the operating process will reduce the need for assets, reduce the need for sources of financing and increase the pace of economic development enterprises through the effective use of their own financial resources.
Financial management. Financial policy in the field of management of current assets
Management of current assets constitutes the most extensive part of financial management operations. This is due to a large number of elements of their internal material and financial composition that require individualization of management; high dynamics of transformation of their species; a high role in ensuring solvency, profitability and other target results of the financial activities of the enterprise.
The policy for managing current assets of an enterprise is developed according to the following main stages.
1. Analysis of the current assets of the enterprise in the previous period.
At the first stage of the analysis, the dynamics of the total volume of current assets used by the enterprise is considered.
At the second stage of the analysis, the dynamics of the composition of the enterprise’s current assets is considered in the context of their main types. Analysis of the composition of an enterprise's current assets by individual types allows us to assess the level of their liquidity.
At the third stage of the analysis, the turnover of individual types of current assets and their total amount are studied. This analysis is carried out using indicators - the turnover ratio and the turnover period of current assets.
At the fourth stage of the analysis, the profitability of current assets is determined and the factors determining it are examined. The analysis process uses the return on current assets ratio, as well as the DuPont Model.
At the fifth stage of the analysis, the composition of the main sources of financing current assets is considered - the dynamics of their amount and share in the total volume of financial resources invested in these assets; The level of financial risk generated by the current structure of sources of financing current assets is determined.
The results of the analysis make it possible to determine the overall level of efficiency in managing current assets at the enterprise and identify the main directions for its improvement in the coming period.
2. Determination of fundamental approaches to the formation of current assets of an enterprise. Such principles reflect the general ideology of financial management of an enterprise from the standpoint of an acceptable balance between the level of profitability and the risk of financial activity. In relation to current assets, they determine the choice of a certain type of policy for their formation.
3. Optimization of the volume of current assets. Such optimization should proceed from the chosen type of policy for the formation of current assets, ensuring a given level of correlation between the efficiency of their use and risk.
4. Optimization of the ratio of the constant and variable parts of current assets. The need for certain types of current assets and their amount as a whole fluctuates significantly depending on the seasonal characteristics of operating activities.
5. Ensuring the necessary liquidity of current assets.
6. Ensuring increased profitability of current assets.
7. Ensuring minimization of losses of current assets in the process of their use.
8. Formation of principles for financing certain types of current assets.
9. Formation of an optimal structure of sources of financing of current assets. In accordance with previously defined principles of financing, in the process of developing a policy for managing current assets, approaches to choosing a specific structure of sources of financing for their growth are formed, taking into account the duration of individual stages of the financial cycle and assessing the cost of attracting certain types of capital.
Financial management is the management of the financial and economic activities of a company based on the use of modern methods. His role in the organization is multifaceted and very important at the present stage.
Financial management is aimed at managing the movement of financial resources and financial relations that arise between business entities in the process of movement of financial resources. The question of how to skillfully manage these movements and relationships is the content of financial management. Financial management is the process of developing financial management goals and influencing finances using methods and levers of the financial mechanism to achieve the goal. One of effective methods is the use of the Haskell test, which allows one to quickly identify weak sides in financial management.
Thus, financial management includes management strategy and tactics. Under strategy in in this case the general direction and method of using means to achieve the goal is understood. This method corresponds to a certain set of rules and restrictions for decision making. Strategy allows you to concentrate efforts on solution options that do not contradict the adopted strategy, discarding all other options. After achieving the goal, the strategy as a direction and means of achieving it ceases to exist. New goals pose the challenge of developing a new strategy. Tactics are specific methods and techniques for achieving a goal under specific conditions. The task of management tactics is to select the optimal solution and the most appropriate management methods and techniques in a given economic situation.
The goal of financial management is to maximize profits and the welfare of the enterprise through rational financial policies.
The main objectives of financial management are:
2) investment planning;
3) analysis of the effectiveness of mergers and acquisitions of organizations, commercial banks, insurance companies;
4) development of accounting policies for accounting, tax and management accounting;
5) coordination of budget planning and control;
6) management in cash and working capital;
8) asset management – formation, control and analysis of compliance with standards for the turnover of current (accounts receivable, inventories, accounts payable) and long-term (fixed assets, intangible assets, long-term financial investments) assets;
9) cost and profit management:
– coordination of the processes of development, approval and adjustment of standards for cost items;
– cost accounting and cost calculation;
– preparation of segment reporting;
– development of measures to optimize the use of resources;
– analysis of pricing and product portfolio management;
– managing relationships with potential sources of financing and external investors;
– identification of financing needs;
– conducting transactions to attract financial resources;
11) financial forecasting;
13) tax planning and accounting;
15) promotion of the economic way of thinking:
– development of training programs for company employees in the process of making effective management decisions;
– creation of models and standards for decision making.
The basic principles of financial management are:
1.Financial independence of the enterprise.
2. Self-financing of the enterprise.
3. Material interest of the enterprise.
4.Financial responsibility.
5. Providing risks with financial reserves.
Financial flows are managed using different techniques. The common content of all financial management techniques is the impact of financial relations on the amount of financial resources. Techniques for managing the movement of financial resources and capital include: payment systems and their forms; lending and its forms; deposits and deposits (including in precious metals and abroad); currency transactions; insurance (including hedging); collateral transactions; transfer; trust transactions; current lease; leasing; Seleng; transting; franchising; Accounting.
There are various financial management strategies:
- Kelly criterion
- Miller's financial management
- Martingale
- Oscar Grind
Solving financial management problems is assigned to various specialists depending on organizational structure, the size of the organization, the tasks facing it. The functions of a financial manager can be performed by the finance directorate, accounting department, financial director, commercial director, CEO, external specialists involved. In order for the structure of the financial and economic service (FES) to be optimal, it is recommended to discuss with the company management the tasks of the financial service arising from strategic goals, the possibility of delegating the powers necessary to implement these tasks, the range of responsibilities of employees, as well as the system for assessing the activities of the financial unit and its head .
In many ways, the role of a financial director or financial manager in a company is determined by the type and structure of the business, as well as the stage of development of the company. Depending on this, there are three currently most common functions of financial directors:
1) the general director independently makes all decisions; The financial director performs the tasks of the chief accountant, accountant - small business;
2) the financial director is one of the key figures. The value and position of a company in the market no longer consists only of effective sales and production, but also of financial management - medium-sized businesses;
3) the company is headed by a general director, who is responsible for the enterprise strategy, sales, and marketing. However, not a single dollar can be spent without the consent of the CFO - big business.
Source - N.B. Ermasova Financial management. Lecture notes 2nd ed. - M.: Yurait-Izdat, 2009. - 168 p.
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