Textbook finance. Finance and credit - A. M. Kovaleva - Textbook. Section I. Essence and organization of enterprise finance

4th ed., revised. and additional - M.: 2005. - 384 p.

Along with highlighting the essence and functions of finance at the level of the Russian state, the problems of financial management of enterprises are revealed. The role of profit, working capital, and investment activities of enterprises in the course of deepening economic reforms in Russia is considered. Modern economic conditions have necessitated the need to separate into special sections the problems of financial analysis and financial strategy, as well as the financial and economic activities of financial and industrial groups (3rd ed. - 1998).

For higher education students educational institutions, postgraduate students studying in the specialty “Finance and Credit”, students of advanced training faculties, as well as scientific and practical workers.

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TABLE OF CONTENTS
1 . ESSENCE AND FUNCTIONS OF FINANCE OF THE RUSSIAN FEDERATION....... 3
1.1. Stages of financial development in Russia.................................... 3
1.2. Functions of finance................................................... ... 15
Control questions................................................ ... 22
2. FINANCIAL SYSTEM.................................................... 23
2.1. Formation financial system......................... 23
2.2. Budget and budget device.................................... 31
2.3. Off-budget funds................................................... 43
2.4. Organization, functions and types of insurance................... 64
2.5. Stock market as part of the financial system.......... 79
Control questions................................................ .... 83
3. PUBLIC DEBT MANAGEMENT...... 84
3.1. The essence and significance of public debt............ 84
3.2. Government securities "as a tool for managing public debt......... 89
3.3. Characteristic individual species government securities........................................................ 95
Control questions................................................ ... 104
4. ENTERPRISE FINANCE............................................... 105
4.1. Financial relations of enterprises................................... 105
4.2. Cash funds of enterprises......,........................ 108
4.3. Thread management Money................. 116
Control questions................................................ .. 121
5 PROFIT OF THE ENTERPRISE. ITS PLANNING AND DISTRIBUTION.................................... 122
5.1. The role of profit in the development of entrepreneurship.................................................... 122
5.2. Factors influencing the amount of profit.................................. 127
5.3. Composition of the enterprise's gross profit.................................... 135
5.4. Determining planned profit is the starting point of entrepreneurial activity.. 141
5.5. Distribution of profits under the modern taxation system.................................... 153
5.6. The value of net profit remaining at the disposal of the enterprise.................................................. 157
Control questions................................................ .159
6 ENTERPRISE TAXATION.................................. 160
6.1. Tax system in Russian Federation,... 160
6.2. Socio-economic essence of taxes........................ 166
6.3. Value added tax................................... 168
6.4. Excise taxes........................................................ .......... 180
6.5. Corporate income tax............................................. 183
6.6. Property tax of enterprises of the Russian Federation.................................................... ................... 191
6.7. Other taxes paid by enterprises........... 196
6.8. Simplified system of taxation of small businesses...........,.................................. 199
Test questions......................................................... 203
7 FINANCIAL PROBLEMS OF FORMATION AND USE OF WORKING CAPITAL OF ENTERPRISES.. 205
7.1. Economic essence working capital enterprises........................................................ ............. 205
7.2. Organization of working capital of enterprises......... 209
7.3. Determining the needs of enterprises for working capital.................................................... .................... 214
7.4. Sources of working capital formation........... 223
7.5. Efficiency of use of working capital..... 227
Control questions................................................ .231
8 INVESTMENT POLICY OF ENTERPRISES.................................................... ....... 233
8.1. Principles of investment activities................................................................. .................... 233
8.2. Sources and methods of investment"................................... 239
8.3. The role of a business plan in the evaluation of investment projects.................................................... .................... 248
Test questions............................................................. 256
9. FINANCIAL ASPECT OF DRAFTING A BUSINESS PLAN.................................................... ........................257
9.1. The concept of a business plan, its scope and development conditions.................................................... ................257
9.2. Financial aspects development of sections of an enterprise business plan................................................................. ......263
Test questions......................................................... 275
10. FINANCIAL PROBLEMS AND INSOLVENCY (BANKRUPTCY) OF ENTERPRISES......,.................. 276
10.1. Financial reasons occurrence and insolvency indicators of enterprises................................. 276
10.2. Directions for financial recovery of an enterprise.................................................................... ............288
Test questions.........,.................................... 293
11. FINANCIAL ANALYSIS AND FINANCIAL STRATEGY OF THE ENTERPRISE...................................................294
11.1. Financial analysis at the enterprise.................................... 294
11.2. Financial strategy of the enterprise........................321
Control questions................................................ .329
12 FEATURES OF FINANCE OF A JOINT STOCK COMPANY.................................................... ...............331
12.1. Principles of creation and operation of a joint stock company, the role of finance....................................................331
12.2. Capital, profit and funds of a joint stock company.................................................... ...............335
12.3. Securities of a joint stock company...................340
12.4. Register of shareholders of a joint stock company......352
12.5. Financial issues of reorganization and liquidation of a joint stock company....................................................355
Test questions...................................................360
13. FINANCIAL AND INDUSTRIAL GROUPS..........361
13.1. Economic content of the creation of financial and industrial groups in Russia....................................361
13.2. Development priorities and governmental support financial and industrial groups........................ 369
13.3. Financial and economic aspects of the financial industrial group's activities.................................................... .......................371
Test questions.........................................................376
Literature................................................. ...............................377

(Document)

n1.doc

Tutorial

Publishing house KnoRus

BBK U9(2)26.ya7

S247
Reviewers:

Yu.V. Lysenko, Doctor of Economics, Associate Professor, Head of the Department of Economics and Enterprise Management Chelyabinsk branch State Educational Institution of Higher Professional Education "RGTEU";
L.N. Belozerova, head of financial department

JSC "Kopeysk Machine-Building Plant".

Gladkovskaya, E.N.

S247 Finance: textbook / E.N. Gladkovskaya. – Moscow: KnoRus Publishing House, 2010. – 296 p.
ISBN

The training manual outlines the basics of organization financial activities at the level of the state and economic entity (enterprise, organization). Updated information is provided with reference to electronic resources O budgetary activities and the budget process in the Russian Federation, pension and social insurance and security, the characteristics of government bodies and services that carry out financial management in the country and control the targeted use of budget funds are given.

Particular attention is paid to the finances of organizations (enterprises): the peculiarities of financial relations and the principles of organizing the finances of enterprises of various organizational and legal forms and sectors of the economy, the formation of own and borrowed capital, the management of fixed and working capital, formation financial results and their assessment, financial planning and budgeting in the process of activity, cash flow analysis.

To consolidate the theoretical material, the manual contains questions for self-control, control tests, practical tasks with an explanation of the decision.

The manual is intended for undergraduates, graduate students and teachers of economic fields, specialists and managers of economic services of enterprises and organizations.

BBK U9(2)26.ya7
© KnoRus Publishing House, 2010

At the macroeconomic level, finance covers the accumulation and distribution of funds, which is carried out through the state budget and various extra-budgetary funds. At the macro level, the formation of state financial policy takes place, in accordance with which budget funds are spent. At the microeconomic level, the formation and use of financial resources enterprises and organizations.

This textbook covers the issues of organizing centralized and decentralized finance. At the same time, the centralization of finance characterizes their management by government bodies, the features of the budget structure in the Russian Federation, the specifics of state credit relations (the system and forms of lending, the procedure for lending, processing and repayment of loans), issues of pension, social and compulsory health insurance and security in Russian Federation and others. Decentralization of finance assumes that they are managed by a specific economic entity (enterprise, organization). Therefore, special attention in this textbook is paid to the finances of organizations (enterprises): the peculiarities of financial relations and the principles of organizing the finances of enterprises of various organizational and legal forms and sectors of the economy, the formation of own and borrowed capital, the management of fixed and working capital, the formation of financial results and their evaluation, financial planning and budgeting in the process of activity, cash flow analysis.

This manual is intended for students of economic specialties in order to prepare for the final control in the disciplines “Finance”, “Finance and Credit”, “Budgetary System of Russia”, “Finance of Organizations (Enterprises). In order to master the material, questions for self-control, control tests, and practical tasks with explanations of the solution are provided.

I. CENTRALIZED FINANCE
1. THE CONCEPT OF “FINANCE” AND THEIR FUNCTIONS.

BRIEF CHARACTERISTICS OF THE FINANCIAL SYSTEM
Theoretical material
The term “finance” appeared in the 13th century in the trading cities of Italy and came from the Latin word “finansia”, which translated meant “any monetary payment”. With the development of commodity-money relations this term received international distribution and began to be used as a concept associated with the system of monetary relations between the population and the state regarding the formation of state funds of funds.

Finance differs from money both in content and in the functions performed. Money is a universal equivalent by which the labor costs of producers are measured, and finance– an economic instrument for the distribution and redistribution of gross internal product and national income, a tool for controlling the formation and use of funds.

Thus, finance represent economic relations associated with the formation, distribution and use of funds of funds. At the same time, centralization of finance presupposes the management and disposal of them by government authorities to implement the economic, social and political objectives of the state; decentralization of finance presupposes independent management and disposal of them by business entities (enterprises and organizations) in the process of activity.

Finance performs the following functions:

– distribution;

– control;

– regulating.

Distributive function consists of the distribution of national income and the creation of basic (primary) income. Basic incomes are formed through the distribution of national income among participants in material production. They are divided into two groups: the first group includes wages of workers, office workers, income of farmers, peasants employed in the sphere of material production; the second group includes the income of enterprises in the sphere of material production. As a result of redistribution, secondary (derivative) income is formed. Secondary incomes serve to form the final proportions of the use of national income. This is income received in non-productive sectors (personal income tax, profit tax, etc.).

Control function manifests itself in control over the distribution of income received among the relevant funds, items of financing state expenditures and the distribution of funds for a strictly intended purpose, in accordance with approved budgets (payment of insurance coverage in the context of pension and social insurance, issuance wages public sector employees, financing current expenses budgetary institutions and etc.).

Regulatory function associated with government intervention through finance (government spending, taxes, government credit) in the reproduction process.

Financial system of the Russian Federation (hereinafter referred to as the RF) represents a set of various spheres of financial relations, in the process of which centralized and decentralized funds of funds are formed and used. At the same time, the centralization of finance involves the regulation of financial relations and the disposal of financial resources directly by public authorities. Decentralized finance involves the management and disposal of funds of funds that are formed in the process of carrying out activities by a specific economic entity (at the same time, state influence is also manifested, which is manifested in the state’s regulation of financial relations through norms, regulations, tax rates, mandatory contributions to the budget and extra-budgetary funds, but economic entities independently manage financial resources).

The financial system of the Russian Federation includes the following links of financial relations (Fig. 1):

– budget system;

– state funds (extrabudgetary and budgetary);

– government loan;

– insurance;

– enterprise finance various forms property and economic sectors.

Budget system of the Russian Federation- this is the totality of the federal budget, budgets of the constituent entities of the Russian Federation, local budgets and budgets of state extra-budgetary funds, based on economic relations and the government structure of the Russian Federation, regulated by Russian legislation.

Thus, the budget system of the Russian Federation includes budgets of three levels, of which the first level forms the federal budget of the Russian Federation, the second - regional budgets or budgets of the constituent entities of the Russian Federation (these are the budgets of the republics within the Russian Federation, regional, regional budgets, budgets of autonomous regions, districts and city budgets of Moscow and St. Petersburg), the third level is formed by local budgets (these are the budgets of municipal districts, budgets of city districts, budgets of intracity municipalities federal cities of Moscow and St. Petersburg, as well as the budgets of urban and rural settlements).

Rice. 1. Scheme of the financial system of the Russian Federation
All these budgets function autonomously, that is, local budgets with their income and expenses are not included in the regional budgets, and the latter are not included in the federal budget. But the Budget Code defines the concept of a consolidated budget. Consolidated Budget- this is a set of budgets budget system of the Russian Federation in the relevant territory (except for the budgets of state extra-budgetary funds) without taking into account interbudgetary transfers between these budgets. For example, the unification of the budgets of different regions, regions, and autonomous districts will represent the consolidated budget of the constituent entities of the Russian Federation.

State funds have strictly special purpose:

– expand social policy in the country;

– stimulate the development of backward sectors of infrastructure, provide additional resources to priority sectors of the economy.

State funds include extra-budgetary and budgetary funds.

State extra-budgetary funds are created on the basis of relevant acts of the highest authorities, which regulate their activities, indicate the sources of formation, and determine the procedure and directions for the use of monetary funds. Off-budget funds are component financial system of the Russian Federation and have a number of features:

– planned by public authorities and management and have a strictly targeted orientation;

– relations related to the calculation, payment and collection of contributions to funds are determined by the Budget Code of the Russian Federation;

– funds from the funds are used to finance government expenditures not included in the budget;

– are formed mainly from mandatory insurance contributions (until 2010 – from the unified social tax) paid by employers from the wage fund;

– monetary resources of funds are in state ownership, they are not included in budgets and other funds, and are not subject to withdrawal for any purposes not directly provided for by law.

Extra-budgetary funds in the financial system of the Russian Federation are created and operate in accordance with the Budget Code of the Russian Federation (Federal Law No. 145-FZ dated July 31, 1998) (Part II, Chapter 17). main reason their creation is the need to determine expenses that are important for society and provide them with independent sources of income. The funds of these funds are not included in the budgets of all levels; they are federal property.

Included in extra-budgetary funds included:

– state extra-budgetary funds (Pension Fund of the Russian Federation, Social Insurance Fund, Federal Compulsory Medical Insurance Fund);

– territorial state extra-budgetary funds (Territorial compulsory health insurance funds).

Thus, off-budget funds are state funds of funds managed by government bodies of the Russian Federation and intended to implement the rights of citizens to social Security by age, illness, disability, in case of loss of a breadwinner, birth and upbringing of children, upon receipt of free medical care etc. These financial resources are at the disposal of central or local authorities government authorities and have a specific purpose.

Extra-budgetary funds are generated from:

– mandatory insurance payments in the amount established for the corresponding fund (paid from the wage fund);

– voluntary contributions from individuals and legal entities;

– allocations from the federal budget;

– other income not prohibited by law.

The activities of extra-budgetary funds implement the rights of citizens to pension, social and medical insurance and security. In this connection, the subjects of compulsory insurance in the Russian Federation are:

– federal authorities state power;

– the insurer, which is the relevant Fund (Pension, Social Insurance, Mandatory Health Insurance, etc.);

– insurers, represented by employers, making payments to individuals (organizations, individual entrepreneurs, and individuals on a voluntary basis);

– insured persons – citizens of the Russian Federation, as well as foreign citizens living in the territory of the Russian Federation and stateless persons working for employment contract, contract, copyright and license agreement; independently providing themselves with work (individual entrepreneurs, private detectives engaged in private practice notaries, lawyers); persons who are participants in peasant (farm) households; working outside the territory of the Russian Federation in case of payment of voluntary insurance premiums on the territory of the Russian Federation, unless otherwise provided by an international treaty of the Russian Federation; persons engaged in traditional economic sectors in the North; other categories of citizens.

Draft budgets of extra-budgetary funds in the Russian Federation are drawn up by the management bodies of the corresponding fund, then submitted by the executive authorities for consideration to the legislative authorities. The budgets of the funds are approved by the Federal Assembly simultaneously with the adoption of the law on the federal budget for the next financial year. The budgets of territorial extra-budgetary funds are considered by the legislative bodies of the constituent entities of the Russian Federation and are approved simultaneously with the adoption of laws of the constituent entities of the Russian Federation for the next financial year. The execution of the budgets of state extra-budgetary funds is carried out by the Federal Treasury of the Russian Federation.

Part budget funds states include the Reserve Fund and the National Welfare Fund.

Reserve Fund is part of the federal budget and is designed to ensure that the state fulfills its spending obligations in the event of a decrease in oil and gas revenues to the federal budget. The funds of the reserve fund are subject to separate accounting and management for the purpose of carrying out an oil and gas transfer in the event of insufficient oil and gas revenues to financially support the specified transfer (except for the period from 01/01/2010 to 01/01/2013, when separate accounting of funds from oil and gas revenues of the federal budget will not be carried out).

The reserve fund contributes to the stability of the country's economic development, reducing inflationary pressure and reducing dependence national economy from fluctuations in revenues from the export of non-renewable natural resources. This fund actually replaced the Stabilization Fund of the Russian Federation and, unlike the Stabilization Fund of the Russian Federation, in addition to federal budget revenues from oil production and export, the sources of formation of the Reserve Fund are also federal budget revenues from gas production and export. From 01/01/2010, the formation of the reserve fund was suspended until 2012-2013.

Since 2008, oil and gas revenues have been accounted for separately from other federal budget revenues. Oil and gas revenues of the federal budget are generated through:

– tax on the extraction of mineral resources in the form of hydrocarbon raw materials (oil, combustible natural gas from all types of hydrocarbon raw material deposits, gas condensate from all types of hydrocarbon raw material deposits);

– export customs duties for crude oil;

– export customs duties on natural gas;

– export customs duties on goods produced from oil;

– income from managing the Fund’s funds (from 01/01/2010 to 02/01/2012, income from managing the Reserve Fund’s funds is not credited to the Fund, but is directed to financial support federal budget expenditures).

A certain part of these oil and gas revenues in the form of oil and gas transfers is annually used to finance federal budget expenses. Oil and gas transfer represents part of the federal budget funds used to finance the non-oil and gas deficit of the federal budget at the expense of oil and gas revenues of the federal budget and funds from the Reserve Fund.

The amount of oil and gas transfer is approved federal law on the federal budget for the next financial year and planning period.

The volume of oil and gas transfer is set as a percentage of the volume of gross domestic product forecast for the corresponding year:

– in 2008 – 6.1%;

– in 2009 – 5.5%;

– in 2010 – 4.5%;

After the formation of the oil and gas transfer in full, oil and gas revenues go to the Reserve Fund. The standard value of the Reserve Fund is approved by the federal law on the federal budget for the next financial year and planning period. Until January 1, 2010, this value was ten percent of the gross domestic product projected for the corresponding year. After filling the Reserve Fund to the specified amount, oil and gas revenues were directed to the National Welfare Fund.

From 01/01/2010 to 01/01/2013, the formation of the standard value of the Reserve Fund was suspended. This value is not determined; oil and gas revenues of the federal budget are not used to financially support oil and gas transfers and to form the Reserve Fund and the National Welfare Fund, but are directed to financially support federal budget expenditures.

National Welfare Fund formed by the Budget Code of the Russian Federation and is intended to become part of a sustainable mechanism for pension provision for citizens of the Russian Federation for the long term. This Foundation represents a part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of citizens of the Russian Federation, as well as ensuring balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation. But from 01/01/2010 to 01/01/2013, separate accounting was cancelled.

Until 2010, the National Welfare Fund was formed through:

– oil and gas revenues of the federal budget in an amount exceeding the volume of oil and gas transfers approved for the corresponding financial year, if the accumulated volume of the Reserve Fund reaches (exceeds) its standard value;

– income from managing funds of the National Welfare Fund.

The first type of source of income of the Fund was canceled until 01/01/2013, the second - until 02/01/2012.

The funds of the Reserve Fund and the National Welfare Fund are managed by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation.

State loan as a link in the financial system of the Russian Federation, it represents a special form of credit relations between the state and legal entities or individuals, in which the state performs the functions of a lender, borrower or guarantor. All types of borrowings are urgent and are provided on a paid basis (with payment of interest for use).

Finance of enterprises of various organizational and legal forms and sectors of the economy form the predominant part of the financial resources of the state budget through the payment of taxes, fees and obligatory payments. Depending on the organizational and legal forms, there are joint stock companies, limited liability companies, municipal and unitary enterprises, public organizations, religious organizations, associations of enterprises in the form of associations and unions. Characteristics of the finances of enterprises of various organizational and legal forms and sectors of the economy are given in the textbook below.

Thus, the financial system of the Russian Federation is a complex system of different links of financial relations, which combines state (centralized) finance and enterprise finance (decentralized) to achieve various goals and objectives of the state.
Questions for self-control
1. What is the content of the distribution function of finance?

2. Which state revenues are primary and which are secondary?

3. What is the regulatory function of finance?

4. What does centralization of financial relations imply?

5. What links are included in the financial system of the Russian Federation?

6. From what sources of funds are the income of extra-budgetary funds generated?

7. What Funds are included in the budget funds?

8. What is the purpose of the State Reserve Fund?

9. Which government agency is responsible for managing the resources of the Reserve Fund and the National Welfare Fund?

10. What organizational and legal forms of enterprises and organizations belong to private business?

Control test
1. Finance is:

a) a system of economic relations, during which the formation, distribution and use of centralized and decentralized funds of funds occurs;

b) a set of purchasing, payment and accumulated funds serving economic relations;

c) a universal equivalent, with the help of which the labor costs of producers are measured.

2. Which of the presented functions of finance is related to the influence of the state on all areas of relations between enterprises and organizations (in particular, the organization economic activity, choice of tax regime, payment of taxes, fees, etc.):

a) distribution;

b) control;

c) regulating.

3. The components of the financial system of the Russian Federation include:

a) Regional Financial Support Fund, state credit, extra-budgetary funds;

b) state budget, state credit, state funds, insurance, finances of business entities;

c) budgetary and financial-credit systems.

4. The composition of state extra-budgetary funds does not include:

a) Pension Fund of the Russian Federation;

b) Federal Service for Labor and Employment;

c) Federal Compulsory Medical Insurance Fund.

5. The role of the insurer in the compulsory state insurance system is performed by:

a) persons paying mandatory insurance premiums from the wage fund for working citizens;

b) non-profit organizations represented by the Pension Fund of the Russian Federation or the Compulsory Medical Insurance Fund of the Russian Federation, which implement social policy in the country and pay different kinds benefits;

c) individuals receiving various types of benefits from extra-budgetary funds.

2. BUDGET DEVICE AND BUDGET PROCESS
Theoretical material
Budget device in the Russian Federation- this is the organization and principles of constructing the budget system, which are regulated by the Budget Code of the Russian Federation (dated July 31, 1998 No. 145-FZ).

The budget structure of the Russian Federation combines key positions, such as:

– composition of the budget system of the Russian Federation;

– principles of the budget system of the Russian Federation;

– composition of the budget classification of the Russian Federation.

Budget system state is the totality of budgets at all levels, which is a system based on certain economic relations and legal norms.

The structure of the budget system is determined form of government, which refers to the internal structure of the state, its division into its component parts and the system of relationships between them based on the distribution of power and sovereignty between the center and territorial entities.

According to the form of government, countries are divided into two groups:

– simple (unitary);

The course “Enterprise Finance” is one of the central among the special disciplines of financial specialties and specializations of higher educational institutions. This textbook is written in accordance with the course program, which includes lectures, practical exercises, students completing a course project, passing tests and exams.

The peculiarity of this course is that... what it unites, connects others financial disciplines into a single whole. Therefore, it is so important that every financier knows at least the basics of business finance.

The purpose of the textbook is to reveal the essence of enterprise finance, to show their role and place in financial science, to consider the essence of financial relations, cash funds and cash flows. Currently, the finances of enterprises are influenced by serious problems existing in the Russian economy. The textbook shows most of these problems and their negative impact on financial relationships.

Section I. Essence and organization of enterprise finance

Chapter 1. ESSENCE OF ENTERPRISE FINANCE

Chapter 2. ENTERPRISE CASH FUNDS AND FINANCIAL STRUCTURE OF CAPITAL. FINANCIAL LEVERAGE

Chapter 3. CASH FLOW MANAGEMENT

Chapter 4. FEATURES OF FINANCE OF VARIOUS FORMS OF COMMERCIAL ORGANIZATIONS

Section II. Control financial condition enterprises

Chapter 5. MANAGEMENT OF WORKING CAPITAL OF ENTERPRISES

Chapter 6. MANAGEMENT OF ACCOUNTS RECEIVABLES OF THE ENTERPRISE

Chapter 7. NON-CURRENT ASSETS AND DEPRECIATION POLICY OF ENTERPRISES

7.4. Depreciation policy of enterprises

Chapter 8. INVESTMENT POLICY OF ENTERPRISES

Chapter 9. FINANCIAL INVESTMENTS OF ENTERPRISES

9.3. Briefcase valuable papers

Chapter 10. FINANCIAL INSOLVENCY, BANKRUPTCY OF ENTERPRISES

Section III. FINANCIAL RESULTS OF ENTERPRISES

Chapter 11. INCOME AND EXPENSES OF ENTERPRISES

Chapter 12. MARGINAL METHOD AND ANALYSIS. BREAK EVEN

Chapter 13. PROFIT AND PROFITABILITY INDICATOR SYSTEM

Chapter 14. DIVIDEND POLICY OF THE JOINT STOCK COMPANY

Section IV. Relationships between enterprises and banks tttn

Chapter 16. BILL TREATMENT

Chapter 17. BORROWED FUNDS OF ENTERPRISES

Chapter 18. LEASING AS A TYPE OF INVESTMENT ACTIVITY

Section V. Financial planning of enterprises

Chapter 19. FINANCIAL PLANNING. BUDGETING

The textbook, based on materials from the Ministry of Economic Development of Russia, the Ministry of Finance of Russia, financial and tax authorities of the constituent entities of the Russian Federation, the practice of financial activities of organizations and institutions, examines the content and functions of finance, their role in macro-regulation of the economy, tax regulation and much more. The content of finance, its role in ensuring economic growth and implementation is revealed social policy. Particular attention is paid to a new understanding of the theory and practice of management public finance in the modern period of development of market relations in Russia. After studying this course, the student will master not only the conceptual apparatus in the field of the theory of finance and financial system institutions, the provisions of regulatory legal acts governing public and private finance, but also modern tools for analyzing the structure and dynamics of debt obligations of public legal entities, skills in using market tools securities, methods of conducting transactions on the international money and capital market. After each chapter there are self-test questions and recommended reading.

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