Commercial activity. Accounting and balance sheet (lecture notes)

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Commercial activity. Accounting and balance sheet (lecture notes)

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40. Accounting and balance sheet

Бухгалтерский учет is a process that consists of obtaining information about financial transactions, processing data and documenting all the results of financial transactions.

Accounting documentation contains a huge number of digital indicators that characterize the work of the company. The accountant collects report data, processes and analyzes it, systematizes it, and then brings it to management in the form of easily perceived information about the financial condition of the company.

Accounting calculates the costs and volumes of the company's costs for the production of products, the amount of profit as a result of the sale of products, monitors the cost-effective value. In addition, accounting is designed to monitor the budget of the company, the volume of expenses and income, the amount of tax payments. The main form of accounting is the balance sheet.

Balance sheet must correspond to the formula in which the income must be equal to the sum of the expense and the balance. All components of this formula have a monetary equivalent, which is convenient when calculating the financial resources of the company.

The balance sheet depends on two interrelated types of capital of the firm: active and passive capital.

Active capital is the property of the company, which is expressed in the asset of its balance sheet in the form of fixed and working capital. Passive capital consists of the sources of funds from which the firm's assets were formed.

They, in turn, are divided into the company's own capital and borrowed capital.

In the balance sheet formula, the difference between the amounts of assets and liabilities should form the amount of equity. Assets represent all the incoming income of the company, which are converted into inventories, cash reserves, fixed and current assets of the company. A firm's liabilities are its obligations in the form of financial or material resources that are received from internal or external sources and are subject to reimbursement. In other words, liabilities are the company's debts that must be repaid in accordance with the obligations assumed. Assets show the direction of cash that is used by the firm in the course of its activities.

Liabilities characterize the direction of receipts of financial resources presented in the form of cash loans. Equity capital is formed by the company's own financial resources, which, in turn, are obtained from the investments of the company's founders. The company's own funds together with liabilities form the company's assets.

For each balance sheet item, a special document is created, which is called an invoice. The account, which is compiled according to the data of the asset accounts, is called the active one, and the account, which is compiled according to the data of the liability accounts, is called the passive one. Any of the types of active and passive accounts has its own standard number. Thanks to this circumstance, an accountant or financier has the opportunity to obtain the necessary information from the accounting report of any company.

Authors: Egorova E.N., Loginova E.Yu.

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