Finance. Cheat sheet: briefly, the most important

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Lecture notes, cheat sheets
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Finance. Cheat sheet: briefly, the most important

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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Table of contents

The emergence of finance
Essence of finance
Functions of Finance
The relationship of finance with other categories
Financial management
Financial Policy
General characteristics of the financial system
Financial support
financial mechanism
The essence of the concept of "financial management"
Financial authorities
Financial planning
The concept of "finance", their essence
Money: its necessity and origin
Functions of money and the role of money in the process of reproduction
Forms and types of money
Money turnover, principles of its organization and structure
General characteristics of the monetary system
Law of currency
Cash income and expenditures of the population
Inflation, its essence and types
Socio-economic essence of the state budget
Classification of state budget revenues
State budget expenditures, their types
budget deficit
The concept of off-budget funds
Centralized off-budget funds
Socio-economic essence of the state loan
Public debt, content and main forms
Public Credit Management
Leasing as a special form of rental relations
Leasing functions
Leasing types
Functions and essence of enterprise finance
The principle of organizing the finances of an enterprise
Management of the movement of financial resources and capital of the enterprise
Financial operations
Loan types
Economic content of insurance
Forms of insurance
Insurance industries
Insurance market and its structure
Principles of functioning of the insurance market
insurance service
The essence of financial control
Principles of organization of financial control
Models and forms of financial control
Methods of financial control
The Accounts Chamber as a body of state financial control
Financial control of the Government of the Russian Federation
Operational control of the use of public funds
Specialized bodies of state financial control
Non-state financial control
Property insurance
Personal insurance
Liability Insurance

1. The emergence of finance

Finance appeared simultaneously with the emergence of the state in the stratification of society into classes. With the disintegration of feudalism and the development in its depths of the capitalist mode of production, monetary incomes and expenditures of the state began to acquire ever greater significance.

In the early stages of the development of the state, there was no distinction between the resources of the state and the resources of its head.

With the allocation of the state treasury and its complete separation from the property of the monarch (XVI-XVII centuries), the concepts of state finance, state budget, and state credit arise.

Public finances served as a powerful lever for primitive capital accumulation.

State loans and taxes were widely used to create the first capitalist enterprises. An important role in the creation of initial capital belonged to the system of protectionism, which allowed the first capitalists to set high prices for manufactured industrial products, to receive high profits, which were largely directed to expanding production.

Under capitalism, finance expresses economic relations in connection with the formation, distribution and use of funds of funds in the process of distribution and redistribution of national income.

The public finances of the capitalist countries are characterized by a rapid increase in expenditures, which is primarily due to the increased militarization of the economy. Military purposes, the repayment of the public debt and interest on it accounted for more than 2/3 of all government spending. Enormous funds were directed to the maintenance of the state apparatus - parliament, ministries, departments, police, prisons, etc. The costs of education and health care were extremely small. Taxes were the main source of income.

By the beginning of the XX century. the state began to participate in the process of production, distribution and use of the social product.

State intervention in the economy has received significant development. It began to actively help its country's monopolies in the fierce competition on the world market by providing export firms with so-called export bonuses.

Intervention in the process of reproduction and the sphere of social relations is carried out not only at the national, but also at the interstate level.

Interstate cash funds were created. There are new government spending.

Huge expenditures make it necessary to increase taxes - the main financial method of mobilizing resources for state and local budgets.

2. The essence of finance

Finance as a scientific concept is usually associated with processes of various forms that manifest themselves in public life and are necessarily accompanied by the movement of funds (profit distribution, transfer of tax payments, extra-budgetary and charitable payments).

The cash flow itself does not reveal the essence of finance. To comprehend it, it is necessary to identify those general properties that characterize the internal nature of all financial phenomena - the relationship between the various participants in social production.

Finance, expressing the production relations that actually exist in society, which have an objective character and a specific social purpose, act as an economic category.

An important feature of finance is the monetary nature of financial relations. Money is a prerequisite for the existence of finance.

The next sign of finance as an economic category is the distributive nature of financial relations.

The distribution and redistribution of value with the help of finance is necessarily accompanied by the movement of funds, which take a specific form of financial resources, which are formed by business entities and the state at the expense of various types of cash income, deductions and receipts, and are used for expanded reproduction, material incentives for workers, satisfaction of various needs society.

Potentially, financial resources are formed at the stage of production, when new value is created and the old one is transferred. In reality, the formation of financial resources begins only at the stage of distribution, when the value is realized and specific economic forms of the realized value are singled out as part of the proceeds.

Financial relations are always associated with the formation of cash income and savings, which take the form of financial resources. This is an important specific feature of finance, which distinguishes them from other distributive categories.

So, finance is monetary relations that arise in the process of distribution and redistribution of the value of the gross social product and part of national wealth in connection with the formation of cash income and savings from business entities and the state and their use for expanded reproduction, material incentives, satisfaction of social and other the needs of society.

3. Functions of finance

The essence of finance is manifested in their functions. Finance performs two main functions: distributive and control.

When there is a creation of the so-called basic or primary incomes, then the distributive function appears. The amount of income is equal to the national income. The main incomes are formed during the distribution of national income among the participants in material production. They are divided into two groups:

1) wages of workers, employees, incomes of farmers, peasants employed in the sphere of material production;

2) income of enterprises in the sphere of material production.

Primary incomes do not form social funds sufficient for the development of priority sectors of the national economy, ensuring the country's defense capability, and meeting the material and cultural needs of the population. Further distribution or redistribution of the national income is needed.

The redistribution of national income is associated with: intersectoral and territorial redistribution of funds in the interests of the most efficient and rational use of income and savings of enterprises and organizations; the presence, along with the production non-productive sphere, in which the national income is not created (enlightenment, health care); redistribution of income between different social groups of the population.

As a result of redistribution, secondary, or production, incomes are formed. These include income received in non-manufacturing sectors, taxes (personal income tax, etc.).

The income generated by redistribution should ensure a match between material and financial resources.

The control function is manifested in control over the distribution of the gross domestic product among the relevant funds and their spending for the intended purpose.

One of the important tasks of financial control is to verify compliance with financial legislation, timely and complete fulfillment of financial obligations to the budget system, tax service, banks, as well as mutual obligations of enterprises and organizations for settlements and payments.

The distributive and control functions of finance are realized through the financial mechanism. It includes a set of forms of financial relations in the national economy, the procedure for the formation and use of centralized and decentralized funds of funds, methods of financial planning, forms of financial and financial system management, and financial legislation.

4. The relationship of finance with other categories

Finance, participating in the distribution of value, is closely related and interacts with such categories as price, wages, credit.

In order for the process of formation and distribution of various forms of money income and savings to begin, the value formed in production must be realized. Price is the economic instrument by which the value of a product is expressed in money terms and becomes an object of distribution.

Being a quantitative measure of the value created in production, its monetary expression, the price predetermines the proportions of the future value distribution, but it itself cannot ensure either the distribution among the subjects of ownership, or the functional isolation of different parts of the value. This is singled out at the stage of exchange with the help of finance and wages. It is thanks to them that various types of cash income, savings and deductions are formed in the process of primary distribution.

Wages as a form of distribution are due to the need to generate income for specific workers. As an economic category, wages express value relations that arise as a result of the division of newly created value in the creation of individual incomes received by employees depending on the quality and quantity of labor expended.

Finances are at the disposal of business entities and the state and are intended to meet a variety of social needs. But they are closely related: on the one hand, finance contributes to the formation of the wage fund, on the other hand, wages, the accrual of which does not converge with payment in time, acts as a source of creating part of the financial resources of the enterprise, taking the form of stable liabilities.

Being in the turnover of the enterprise between accrual and payment, wages act as a source of working capital formation.

Credit also participates in the value distribution. Finance and credit have the same economic basis, but unlike finance, credit operates on the terms of repayment and payment.

The main objects of the complex impact of finance and credit on the reproduction process are fixed assets and working capital.

Based on the relationship of finance with the most important economic categories, it is necessary to attach particular importance to the issues of financial management, that is, the most effective management of financial resources.

5. Financial management

In economically developed countries, the greatest impact on the finances of enterprises is exerted by: the internationalization of economic life, the globalization of business operations and the expansion of computer technology.

Computer and telecommunication technologies are dramatically changing the process of making financial decisions. The parent companies are provided with a system of personal computers connected by a local network with the computers of suppliers and consumers. This allows the financial manager to be constantly aware of all the information and make the most rational decisions.

The main tasks of financial management:

1) maximization of real assets and liabilities of enterprises;

2) forecasting the financial side of the activities of enterprises. Business plans are drawn up for the volume of production, sales of products, profits, capital investments, the introduction of new management decisions and financial resources to ensure them;

3) making appropriate decisions when investing large funds (optimal growth rates of sales, the structure of funds raised, methods of their mobilization, etc.);

4) coordination of financial activities of enterprises with other services (bank, tax department, etc.);

5) conducting major operations in the financial market to mobilize additional capital.

Financial management is also of great importance for public finances, including the budget system and extra-budgetary funds.

In connection with the transition to market relations, there is a tendency for significant decentralization of financial resources. The development of off-budget funds leads to dispersal of funds, does not allow their mobile use, concentration on priority areas of economic development, and weakens control over the spending of public funds. Therefore, it is necessary to pay special attention to the development of financial management, on the basis of which financial policy should be built.

6. Financial policy

The main task of financial policy is to provide appropriate financial resources for the implementation of a particular program of economic and social development. Financial policy is a set of government measures aimed at mobilizing financial resources, their distribution and use for the performance of state functions.

Financial policy is an independent sphere of state activity in the field of financial relations.

It includes three main elements:

1) definition and setting of the main goals and specification of further and immediate tasks that need to be solved in order to achieve the goals set for a certain period;

2) development of methods, means and forms of organization of relations in which these goals are achieved in the shortest possible time, and the immediate and long-term tasks are solved in an optimal way;

3) selection and placement of personnel capable of solving the assigned tasks, organizing their implementation.

Financial policy is assessed by how much it meets the interests of society and how much it contributes to the achievement of goals and the solution of specific problems.

To determine and form a financial policy, reliable information about the financial position of the state, its financial potential, i.e., the objective capabilities of the state, is necessary.

In the period of evolutionary development of public life and a stable state structure, the internal and external financial policy of the state solves one main task - ensuring the preservation and strengthening of the system of social relations existing in this state. During the period of revolutionary changes, political forces pursue a policy aimed at destroying the existing and forming a new system of social relations.

The role of financial policy in critical moments of life can hardly be overestimated, since in the first place there is a radical redistribution of financial resources.

The primary tasks facing the modern financial policy of the Russian state are the fight against inflation, overcoming the decline in production, and increasing the social security of the population.

7. General characteristics of the financial system

The concept of "financial system" is the development of a more general concept - "finance".

Finances determine economic social relations, which manifest themselves in different ways. Finance has its own peculiarity in each link of the financial system. The link of the financial system is a certain area of financial relations, and the financial system as a whole is a combination of various areas of financial relations. At the same time, cash funds are formed and used.

The financial system is a system of forms and methods of formation, distribution and use of state and enterprise funds.

The leading element of the financial system is the state budget. In terms of its material content, it is the main centralized fund of state funds, the main instrument for the redistribution of national income. Up to 40% of the country's national income is redistributed through this link in the financial system.

The main expenses are also made from the state budget: for military purposes, economic development, maintenance of the state apparatus, social expenses, subsidies and loans.

The second link in the financial system is local (regional) finances, including local budgets, finances of enterprises owned by municipalities, and autonomous local funds.

Secondary taxes (mainly property taxes) are assigned to local budgets. Local budgets are chronically in deficit and receive the funds they need through subsidies and loans from the state budget and the issuance of local loans guaranteed by the government.

The third link in the financial system is off-budget special funds. Extra-budgetary funds are the Pension Fund, the Medical Insurance Fund, the Employment Fund, the Social Insurance Fund, the Road Fund, funds for financial regulation in various sectors, the Fund for Assistance to the Conversion of Military Production, etc.

In the insurance sector, the links are: social insurance, property and personal insurance, liability insurance, business risk insurance.

The finances of enterprises of various forms of ownership form the basis of finance and are divided into three main parts: the finances of commercial enterprises, the finances of non-profit enterprises, and the finances of public associations. This is where the bulk of the financial resources are formed. The main source of production and social development is profit, which enterprises dispose of at their own discretion.

8. Financial security

Financial support of the reproduction process is the covering of reproduction costs at the expense of financial resources.

Financial resources are the most important monetary source for the expansion of production.

A decrease in their volume limits the possibility of a targeted impact of finance on the development of the economy.

All elements of the value of the gross social product are involved in the formation of financial resources, but the main source is the national income.

An important source of financial resources can be income from foreign economic activity, as well as part of the national wealth involved in economic circulation (carryover balances of budget funds used to cover the expenses of the current year, reserve funds of insurance organizations, funds from the sale of part of the country's gold reserves, proceeds from the sale of excess property, etc.).

Borrowed and borrowed funds are also used to form financial resources.

At the micro level, non-centralized financial resources are formed that are used for the costs of expanding production and meeting the socio-cultural needs of workers.

The needs of social production at the macro level are provided by centralized financial resources. Forms of their use are budgetary and non-budgetary funds.

Financial provision of reproduction costs can be carried out in three forms: self-financing, lending and public funding.

Self-financing is based on the use of own financial resources of business entities. With a lack of own funds, an enterprise can reduce its costs or use borrowed funds raised on the basis of securities transactions.

Lending is a method of financial support for reproduction costs, in which the costs of a business entity are covered by a bank loan provided on the basis of urgency, payment and repayment.

State financing is made on a non-refundable basis at the expense of budgetary and non-budgetary funds, formed at different levels of government in the process of distribution and redistribution of part of the national income.

In practice, it is necessary to achieve an optimal balance between all three forms of financial security, and this is possible only on the basis of an active financial policy of the state.

9. Financial mechanism

The regulation of the economy occurs primarily through self-regulation, which is ensured by the functioning of the market, including the financial one. Thanks to him, the possibility of free and rapid redistribution of financial resources between different departments of the national economy is created.

Along with self-regulation, state intervention in the economy has a great influence on the structure of social production, its necessity is due to the solution of problems related to meeting the needs of the whole society.

The state intervenes in the economy through the use of cost leverage by the legislative and executive authorities to influence the processes of social development.

With the help of public investment, tax policy, and the activities of various government agencies, a specific mechanism of influence on the economy is being formed.

Regulatory capabilities of finance enterprises are mainly used for intra- and inter-economic redistribution of financial resources, regulatory capabilities of the state budget - to regulate sectoral and territorial proportions.

In the regulation of territorial proportions, mainly state and local finances, as well as partly the finances of enterprises, take part. It should be noted that self-regulation occurs when subsidies and subventions are provided to lower budgets, the formation and use of territorial regulatory funds, and various forms of state credit.

In order to bring the economy out of the crisis, to provide reliable and sustainable sources of growth, it is necessary to use financial incentives that can be used to influence the material interests of business entities.

A financial mechanism is used to implement the financial policy and its successful implementation.

It is a set of ways to organize financial relations used to create favorable conditions for economic and social development.

The financial mechanism consists of types, forms and methods of organizing financial relations, methods of their quantitative determination.

The financial mechanism is subdivided into the financial mechanism of enterprises and economic organizations, the insurance mechanism, as well as the mechanism for the functioning of public finances.

10. The essence of the concept of "financial management"

Management is a set of techniques and methods of purposeful influence on an object in order to achieve a certain result.

Financial management is carried out through the established system of relations, determined by historical, economic and political conditions, and is subordinated to the financial policy of the state.

Financial management is carried out by a special apparatus using certain techniques and methods, including a variety of incentives and sanctions.

In financial management, as in any other managed system, objects and subjects of management are distinguished.

Various types of financial relations act as objects; and subjects are those organizational structures that manage.

There are three groups of objects:

1) finances of enterprises;

2) insurance relations;

3) public finances.

They correspond to the following subjects of management:

1) financial services of enterprises;

2) insurance bodies;

3) financial authorities;

4) tax inspections.

The totality of all organizational structures that manage finances is called the financial apparatus.

Operational management is a set of measures taken on the basis of data from an operational analysis of the financial situation, which are aimed at obtaining the maximum effect at a minimum cost through the redistribution of financial resources.

In addition to operational management, there is a strategic management, which is expressed in the determination of financial resources through forecasting for the future, establishing the amount of financial resources for the implementation of targeted programs.

Financial management is regulated by the highest legislative bodies through the adoption of financial legislation, the approval of the state budget and the report on its execution, the introduction or abolition of certain types of taxes, the approval of the maximum amount of public debt and other financial parameters.

Part of the overall financial management are automated control systems (ACS), based on the use of economic and mathematical methods and electronic computers.

Employees of financial authorities cannot competently manage finances without information services.

11. Financial authorities

General financial management in the Russian Federation is entrusted to the State Duma, the office of the President.

Financial management at enterprises is carried out by financial departments and services of enterprises.

The sphere of insurance relations is managed by special insurance structures.

All work on public finance management is carried out by the Ministry of Finance and the State Tax Service.

Structural units:

1) Department of Tax Reforms;

2) Department of State Securities and Financial Market;

3) Department of financing of agricultural development programs;

4) Department of financial programs for the development of industrial infrastructure and the consumer market;

5) Department of financing of programs for the development of the sphere of material production and conversion;

6) Department of financing of the social sphere and science;

7) Defense Financing, Law Enforcement and Security Department;

8) Control and audit department;

9) Department of monetary and financial regulation; ())Department of accounting and reporting methodology, etc.

The most important functions of the State Tax Service are:

1) control over compliance with tax laws;

2) control over the correct calculation, completeness and timeliness of contributions to the budget of all state taxes and other payments; 3) preparation of proposals for improving tax legislation. The main tasks of the Ministry of Finance:

1) development and implementation of strategic directions of the state financial policy;

2) drafting and execution of the federal budget;

3) ensuring the stability of public finances and their impact on the socio-economic development of the country, the efficiency of management, as well as the implementation of measures to develop the financial market;

4) concentration of financial resources on priority areas of socio-economic development of the Russian Federation and its regions;

5) improvement of methods of financial and budgetary planning;

6) implementation of financial control over the rational and targeted spending of budgetary funds and extrabudgetary funds.

12. Financial planning

Planning occupies an important place in the financial management system.

Directly during planning, any business entity comprehensively assesses the state of its finances and identifies opportunities for increasing financial resources, directions for their most effective use.

The object of financial planning is the financial activities of business entities and the state, and the final result is the preparation of financial plans. In each plan, incomes and expenses for a certain period are calculated, links are established with the links of the financial and credit systems (contributions to social insurance contributions, payments to the budget, payment for a bank loan, etc.)

Financial plans make up all links of the financial system, while the form of the financial plan and the composition of its indicators reflect the specifics of the corresponding link in the financial system. For example, businesses and organizations draw up balance sheets of income and expenses; institutions carrying out non-commercial activities - estimates; collective farms, cooperative organizations, public associations and insurance companies - financial plans; public authorities - budgets of different levels.

Specific tasks of financial planning are determined by financial policy. This is the determination of the amount of funds and their sources necessary to fulfill the planned targets; identification of a reserve for income growth, cost savings; establishing optimal proportions in the distribution of funds between centralized and decentralized funds, etc.

Both forecast and planned calculations of financial indicators are based on the use of various methods. Among the most important of them are: extrapolation method, normative, mathematical modeling.

The extrapolation method consists in determining financial indicators in identifying their dynamics.

When calculating, indicators of the reporting period are used, adjusting them for a relatively stable rate of change. The normative method is based on the use of established norms and standards.

The method of mathematical modeling is based on the construction of financial models that simulate the course of real economic and social processes.

To coordinate the direction of the use of financial resources with the sources of their formation, linking all sections of financial plans with each other, the balance method is used.

In countries with a market economy, the program method prevails over planning, while in Russia, until recently, programs and forecasts only supplemented the plan.

13. The concept of "finance", their essence

The concept of "finance" is often identified with the concept of "money". In reality, this is not so, although without money there can be no finance.

The term "finance" arose in the VIII-IX centuries. in the trading cities of Italy.

By that time, money, commodity-money relations and statehood had already existed for a long time. At first, it meant any cash payment. In the future, the term gained international distribution. Now it is 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.

This concept has the following characteristics:

1) the existence of monetary relations between two subjects, i.e. money acted as the material basis for the existence and functioning of finance;

2) the subjects had different rights: one of them, namely the state, had special, imperious powers;

3) in the process of these relations, a nationwide fund of funds was formed - the budget;

4) the regular receipt of funds to the budget was ensured by the collection of taxes and other payments of a state-compulsory nature, which was achieved through the legal activities of the state, the creation of an appropriate financial apparatus, or an apparatus of coercion. At present it is the tax office.

But monetary relations may not be financial relations. For example, one citizen lent money to another. Do monetary relations arise in this case? Yes, they do.

But these are not financial relations, since the state does not regulate these relations, does not delve into them, does not impose its own rules of conduct. These relations are equal, partners are equal in rights and duties.

Thus, finance is always monetary relations, but not all monetary relations are financial relations.

Finances have such features by which they can be unmistakably recognized among other possible monetary relations.

They are always mediated by legal acts regulating monetary relations.

Non-financial monetary relations are not regulated by such acts. Based on the foregoing, we can formulate a general definition of finance.

Finance is a set of monetary relations organized by the state, in the course of which the formation and use of national funds of funds for solving economic, social and political problems are carried out.

14. Money: its necessity and origin

In the world economy, there are two theories of the origin of money: rationalistic and evolutionary.

According to the rationalist theory, money is the result of an agreement between people who invented it as a special tool used to exchange goods. A more serious study of the nature of money is contained in another theory - evolutionary, which was proposed by K. Marx.

Its essence lies in the fact that money appeared as a result of the exchange of goods, regardless of the desire of people, when, through a long evolutionary process, a special product emerged from all of them, playing the role of money.

K. Marx closely connected the evolutionary theory of the origin of money with the labor theory of value, from which it follows that the value of a commodity is measured by the amount of labor spent on its production, which, in turn, is measured by money. When comparing the labor intensity of manufacturing goods, specific proportions arise during the exchange, when one quantity of a commodity is exchanged for a certain quantity of another commodity, and even if the exchange is not planned at all, the commodity producer needs to determine its value, and this cannot be done without a co-measuring commodity.

Initially, the value of one commodity was expressed in a random exchange as a result of equating it to a certain amount of another commodity that serves as its equivalent - this is the so-called simple form of value. Over time, with regular exchanges, certain proportions of equalization of goods developed, and the cost of one product could be expressed in proportions of several equivalent goods at once - this is an expanded form of value.

Later, with the further development of exchange in each individual local market, a product began to stand out that has the greatest ability to sell or the greatest liquidity. It was a product that could be stored for a long time, well shared, which most people needed. Even those who did not need it, still agreed to exchange their goods for it, since with its help it was possible to get the goods that were needed.

As a result, in each local market, some of its most liquid goods stood out, which within the framework of this market served as a universal equivalent (furs, cattle, salt, etc.) - this is the so-called universal form of value.

Hundreds of types of goods have been tried in individual markets as a general equivalent.

Thus, money is a special commodity that serves as a universal equivalent and expresses the value of other goods (co-meter).

15. Functions of money and the role of money in the process of reproduction

The essence of money is manifested in their functions:

1) money as a medium of exchange. This function follows from the fact that money is recognized as an acceptable means of payment everywhere;

2) money as a measure of value. Money should serve as a common denominator for the value of essentially different goods and services;

3) money as a means of accumulation. In material form or in the form of bank account entries, money is a convenient way to store wealth;

4) money as a means of payment. Money is such a medium that can be used to issue loans and credits so that the debt that has arisen can be returned in the form of an appropriate amount at an agreed time in the future;

5) since there are international economic relations, money functions not only within the country, but also on the world market. In connection with this, money has another function, which is called world money.

In addition to these functions, money should have six distinctive features:

1) acceptability. To fulfill its function, money must be universally acceptable in a given society;

2) portability. In its material form, money must be convenient so that it can be moved from one place to another;

3) durability. The material form of money must be durable, that is, it must not wear out for a long time;,

4) cost. The material form of money itself has a corresponding value. Modern banknotes and coins have a purely symbolic value (nominal value), since they are no longer minted from precious metals;

5) the possibility of quantitative calculation. An important requirement for money is the ability to quantify it, so that the complex concept of value can be expressed in simple numerical terms that are easy to understand.

This allows you to easily compare the cost of a number of things and the costs of them. Money must also be easily divisible so that payments of various sizes can be made;

6) deficit. Money should be less than the demand for them. This is essential if money is to perform well the function of a general medium of exchange.

The existence of money in the national economy plays a huge progressive role in the process of reproduction, especially in a market economy.

16. Forms and types of money

The various forms of money that have been and are being used today meet a number of criteria, although not necessarily all, of those described above.

The money that is used now is called universal, since it can be given and accepted as a means of payment for anything.

In its development, money appears in the following forms:

1) real money - this is the money in which the nominal value is equal to the real value (gold, silver);

2) substitutes for real money, or tokens of value. This is money whose face value is higher than its real value.

These are metallic money, paper notes, which the state has endowed with a forced exchange rate;

3) in the modern financial system, there are also monetary surrogates. They are represented primarily by credit cards. A credit card is not money in itself, but serves as a substitute for an immediate cash payment. Credit cards are issued by banks on the basis of a customer's account in the form of a plastic card with an embedded microchip printed on it.

There are also cards that are called "stored value cards" or "smart" cards. They can be used to pay for goods without referring to a bank account (Scheme 1).

17. Money turnover, principles of its organization and structure

Money turnover is a process of continuous movement of banknotes in cash and non-cash form.

In general, cash flow is divided into two parts:

1) money turnover arising from settlements between enterprises in the process of selling products, i.e., these are payments for commodity transactions;

2) money turnover, the payments of which arose for non-commodity transactions (salary payments, dividend payments, tax deductions, etc.).

It is necessary to distinguish between the concepts of "money turnover" and "payment turnover".

If the money turnover includes only payments made in cash and non-cash money, then the payment turnover also includes payments by other means: checks, bills of exchange, etc. Thus, the money turnover is an integral part of the payment turnover.

Cash turnover

All enterprises and organizations on the territory of the Russian Federation, regardless of the organizational and legal form, are required to keep free cash on accounts in commercial banks.

Cash received at the cash desks of the enterprise during the day is subject to daily delivery to the bank serving them. In its own cash desks, the enterprise has the right to leave cash only within the limit established by the bank serving it. When determining this limit, the specifics of the enterprise's activities are taken into account, since it must ensure the normal operation of the enterprise from the morning of the next day.

The limit is set annually, but its size can be reviewed during the year at the request of the enterprise.

Exceeding the cash limit is allowed only within 3 working days when issuing salaries and other social benefits at the enterprise.

The funds necessary for the operation of the enterprise are requested from the servicing bank.

Non-cash money circulation.

Non-cash settlements are settlements without the participation of cash, carried out by debiting funds from the payer's account and crediting them to the recipient's account. For this, it is necessary that settlement and current accounts of payers and recipients be opened in the CB.

A current account is opened for legal entities engaged in commercial activities, and citizens engaged in entrepreneurial activities without forming a legal entity - PBOYUL.

18. General characteristics of the monetary system

The monetary system is a device of monetary circulation in the country, which has developed historically and is enshrined in legislation.

Emission is the release of cash into circulation or their withdrawal from circulation.

The monopoly on emission in Russia belongs to the Central Bank, that is, not a single bank has the right to independently make decisions on the issuance or withdrawal of money from circulation.

If the payments from the RCC exceed the receipts into it, then money is issued into circulation, and vice versa: if the receipts to the operating cash desk of the RCC are greater than their payments, then the money must be withdrawn from circulation.

The monetary system can function successfully only while maintaining the inextricable link between money and economic processes, so the monetary system must quickly respond to changes in the production and circulation of goods.

Depending on the form of functioning of money (universal equivalent or sign of value), types of monetary systems can be distinguished:

1) systems of metallic circulation, in which the monetary commodity directly circulates and performs the function of money, and credit money is freely exchanged for metallic money; in the system of metallic circulation, the systems of bimetallism and monometallism can be distinguished;

2) systems of circulation of credit and paper money, while gold was forced out of circulation.

Depending on the nature of the exchange of signs of value for gold, there are three types of gold monometallism: the gold coin standard, the gold bullion standard and the gold trade standard.

The gold coin standard is characterized by the following features:

1) a full-fledged gold coin is in the internal circulation of the country;

2) gold performs the function of money;

3) free minting of gold coins for private individuals is allowed;

4) tokens of value in circulation are freely exchanged for gold money;

5) free import and export of gold is allowed.

Under the gold bullion standard, there are no gold coins in circulation and their free minting is prohibited. Value tokens can only be exchanged for gold bars.

The gold exchange standard also excludes the circulation of gold coins and free coinage. The exchange of signs of value for gold is carried out by exchanging them for the currency of countries that have a gold bullion standard.

19. Law of monetary circulation

The law of money circulation shows how much cash is needed for the country's economy.

Law according to K. Marx: "The sum of prices for goods, works or services sold, minus the sum of prices for goods, works or services sold by installments, the payment deadline for which has not yet come, plus the sum of prices for goods sold, paid from previous periods, minus mutual payments.

Currently, in the context of the demonetization of gold, the law has changed. Now it is no longer possible to estimate the amount of money from the point of view of their approximate calculation through gold, since it has gone out of circulation and no longer fulfills the function of money.

The main condition for the stability of the economy is the correspondence between the needs of the national economy for money and their actual receipt in cash circulation.

The amount of currency in circulation is called the money supply. Its value is currently determined by the formula:

KD \uXNUMXd (SC + P) / O + Ksb + Ko;

where KD is the amount of money in circulation;

SP - the sum of the prices of goods;

P - obligatory and expected payments of the population;

Ksb - estimated savings of the population; Ko - the balance of money in the cash desks of banks and enterprises; O - the rate of turnover of money.

Thus, the amount of money in circulation must be at such a level that it is possible to purchase all goods and services to be sold at certain prices.

20. Monetary incomes and expenses of the population

The money supply as a combination of non-cash and cash money, consumer and payment means is designed to ensure the circulation of goods and services in the national economy.

In its structure, an active part is distinguished - funds that actually serve the economic turnover - and a conditionally passive part - money directions that can potentially serve as settlement funds.

The change in the volume of the money supply depends not only on the increase in the amount of money in circulation, but also on the acceleration of their turnover.

Velocity of circulation of money - the speed of their turnover when servicing transactions.

To analyze the degree of financial security of the economy, an indicator is also used - the monetization coefficient. It is calculated as the ratio of the average annual money supply to the nominal GDP. This coefficient is the reciprocal of the velocity of money.

The volume of the money supply in the country largely depends on the level of general consumption of goods and services by the population.

The balance of cash income and expenditure of the population reflects the movement of that part of the GDP of the Russian Federation, which in the form of cash income (Table 1) is at the disposal of the population and is used to purchase goods and pay for services, voluntary and mandatory payments and contributions, and all funds directed to for all types of savings.

Table 1 Form of the balance of cash income and expenditures of the population of the Russian Federation

21. Inflation, its essence and types

There are two types of inflation:

1) demand inflation;

2) supply inflation.

The first is characterized by the fact that there is an excess of money in circulation in relation to the quantity of goods and services, due to which there is an increase in prices. The second means an increase in prices, which is due to an increase in production costs. The reason for their growth may be an increase in prices for raw materials, wage increases under the influence of the forces of the trade union, government policy, etc.

Allocate:

1) expected inflation, which is caused by the policy and economy of instability, the loss of public confidence in the authorities, as a result, the purchase of goods for the future begins, which significantly increases demand for them and introduces an imbalance between goods and the money supply;

2) open, manifested in conditions when prices are not regulated from above, but are formed under the influence of market factors; the price regulator is the ratio of supply and demand in the main markets; this inflation is characterized by a constant rise in prices;

3) suppressed, arising in conditions of strict regulation of prices and incomes; it manifests itself not in the growth of prices, but in the aggravation of the shortage of goods; it is difficult to "treat".

Thus, inflation is a depreciation of banknotes, which in recent years has manifested itself in two main forms: an increase in prices for goods and services, and a depreciation of the currency.

In international practice, depending on the level of growth in prices for goods, it is generally accepted to divide inflation into three main types: creeping, galloping, hyperinflation.

With creeping inflation, the average annual price increase does not exceed 3-5%.

It is not accompanied by crisis upheavals and has become a commonplace of the market economy.

Galloping, unlike creeping, becomes difficult to control. Average annual price increase of 10-50% and more.

The most dangerous and destructive is hyperinflation. The average annual price increase exceeds 100%.

The inflation rate is calculated by the formula:

P = (Qc - Qp) / Qp x 100%;

where P is the inflation rate;

Qр - consumer price index of the previous period;

Qc - consumer price index of the current year.

22. Socio-economic essence of the state budget

The budget is a link in the financial system of the state and expresses economic (monetary) relations regarding the formation of revenues and financing the costs of public authorities and local governments.

The budget performs the following functions:

1) distributive - manifests itself through the formation and use of a centralized fund of funds at the levels of state and territorial authorities;

2) control - operates simultaneously with the distribution and implies the possibility and obligation of state control over the receipt of budgetary funds;

3) regulating - manifests itself in the fact that with the help of the budget the state regulates the economic life of the country, directing budget funds to support and develop individual industries and regions, using appropriate financial levers for this (budget and tax mechanism).

The budget system of the Russian Federation consists of three levels:

1) the federal budget;

2) the budget of the constituent entities of the Russian Federation (region);

3) local budgets (city, district).

The budget system operates according to the following principles:

1) the principle of unity - means the unity of the legal framework, the monetary system, the forms of budget documentation, the logic of the budget process, etc.;

2) the principle of completeness, i.e., the completeness of the reflection of income and expenditures of the budget and the budget of extra-budgetary funds;

3) the principle of reality, i.e., the reliability of calculations of budget revenues and expenditures;

4) the principle of publicity - mandatory publication of approved budgets and reports on their implementation, openness of the media;

5) the principle of independence - this principle can be fully implemented only in conditions of a clear delineation of powers between authorities at various levels;

6) the principle of targeting and targeted nature of budgetary funds means that the allocation of budgetary funds at the disposal of specific recipients is targeted;

7) the principle of a balanced budget means that the volume of expenditures must correspond to the total volume of budget revenues and receipts from sources of financing its deficit;

8) the principle of efficiency and economy in the use of budgetary funds.

23. Classification of state budget revenues

Budget revenues are funds received free of charge and irrevocably in accordance with the legislation of the Russian Federation, at the disposal of state authorities of the Russian Federation, its subjects and local governments.

Within the framework of the budget classification, incomes are grouped according to sources and methods of their receipt.

Budget revenues are generated from tax and non-tax revenues, as well as gratuitous transfers. Also, the balance of funds at the end of the previous year is credited to the budget of the current year.

Tax revenues include federal, regional taxes and fees of constituent entities of the Russian Federation and local taxes and fees, as well as penalties and fines, provided for by the tax legislation. Sources of income:

1) tax income:

a) income tax;

b) taxes on goods and services, license fees;

c) taxes on total income;

d) property taxes;

e) taxes on foreign trade and foreign economic operations;

f) other taxes and fees;

2) non-tax income:

a) income from the sale of state and municipal property;

b) income from the sale of land;

c) administrative fees and charges;

d) penalties (for tax violations);

e) income from foreign economic activity; 3) gratuitous transfers:

a) from the budgets of other levels;

b) from state off-budget funds;

c) from state organizations.

According to the procedure and conditions for enrollment in the composition of budget revenues, they distinguish their own and regulating budget revenues.

Own revenues of budgets are types of revenues fixed by the legislation of the Russian Federation on a permanent basis in whole or in part for the corresponding budgets. The own revenues of budgets include: tax revenues fixed by the legislation of the Russian Federation, tax revenues and gratuitous transfers.

Regulatory budget revenues include federal and regional taxes and other payments with established rates of deductions (as a percentage) to budgets of other levels for the next financial year, as well as on a long-term basis (for at least three years).

24. State budget expenditures, their types

Budget expenditures, according to the Budget Code, are funds allocated to finance the fulfillment of the tasks and functions of the state and local self-government.

The process of formation of expenditures of budgets of all levels should be based on uniform methodological bases, standards of nominal budgetary security, financial costs for the provision of public services established by the Government of the Russian Federation.

In the theory and practice of finance, there are several specific principles in the classification of budget expenditures:

1) current expenses. Ensure the current functioning of public authorities. These costs include:

a) remuneration of civil servants, travel expenses and expenses for official travel;

b) payment of interest on loans, on the state external debt, subsidies and transfers (to the population, enterprises and organizations);

c) expenses for the payment of pensions, scholarships, allowances;

2) capital expenditures of the budget are the monetary expenditures of the state associated with the financing of investment and innovation activities.

This spending is also called the development budget. These include:

a) capital investment in fixed assets;

b) capital construction;

c) overhaul;

d) acquisition of land;

3) functional expenses reflect the expenses of the state for the performance of its main functions. Include:

a) expenses for the executive, legislative power, tax authorities;

b) expenses for the judicial system;

c) spending on national defense;

d) expenses for law enforcement agencies;

e) expenditures on industry;

f) expenditures on agriculture;

g) transport costs;

h) expenses for financing, education, science;

i) the cost of servicing and repaying the public debt (both external and internal).

They also allocate funds from the reserve fund, which should be used for unforeseen needs. It is set at 1% of approved federal budget expenditures.

25. Budget deficit

It represents the excess of budget expenditures over its revenues.

Despite high tax rates, the federal budget of the Russian Federation has been accepted with a deficit for many years. Nevertheless, in most economically developed countries, state budgets are in deficit, but in relatively stable economic systems this is not catastrophic (the budget deficit should not exceed 2-3% of GDP).

Sources of financing the state budget deficit are divided into two groups: internal and external.

Internal sources include the following funds: loans, government loans (bonds), carried out by issuing debt securities, budget loans received from budgets of other levels.

External sources include government loans in foreign currency, loans from foreign governments, banks and companies, and loans from international financial institutions (IMF).

Often, to reduce the budget deficit, sequestration is used, which is a proportional reduction in all government spending by the same percentage monthly for all items until the end of the planned year.

In addition to the deficit, there is the concept of surplus - this is the reverse side of the deficit, that is, the excess of budget revenues over its expenditures.

It is legislated that the federal budget and the budget of the constituent entities of the Russian Federation must be drawn up and approved without a surplus.

If in the process of compiling or reviewing it is found that there is an excess of revenues over budget expenditures, then before it is approved, it is necessary to reduce the surplus in the following sequence:

1) reduce the attraction of income from the sale of state and municipal property;

2) provide for the allocation of budgetary funds for additional repayment of debt obligations;

3) increase budget expenditures, including by transferring part of the revenues to lower budgets.

If the implementation of these measures is not advisable, then tax revenues should be reduced by changing tax legislation.

26. The concept of off-budget funds

In the course of the development of modern civilization, society has come to the conclusion about the need for social protection of people.

For these purposes, extra-budgetary funds are created in all countries at the expense of budgetary sources, funds of enterprises, and the population.

They are used to finance educational and healthcare institutions, the maintenance of disabled and elderly citizens, and the provision of material assistance to individual citizens.

The amount of funds allocated for the social protection of citizens depends on the level of economic development of the country. The source of the formation of extrabudgetary funds is the national income created by able-bodied citizens and then redistributed through budgets and extrabudgetary funds.

Extra-budgetary funds are a form of redistribution and use of financial resources attracted by the state to finance certain social needs.

Depending on the intended purpose, extrabudgetary funds are divided into economic and social.

And in accordance with the level of control on:

1) state;

2) regional.

With the help of extrabudgetary funds, you can:

1) influence the production process by subsidizing, lending to domestic enterprises;

2) provide environmental protection measures, financing them from special sources and fines for environmental pollution;

3) provide social services to the population through

payment of allowances, pensions, scholarships, etc.; 4) provide loans, including to foreign partners.

The creation of the first off-budget funds of the Russian Federation dates back to the 1990s.

Through the system of off-budget funds of the Russian Federation, the state policy on the implementation of compulsory social insurance is implemented.

Depending on the source of funding and the extent of use, extrabudgetary funds are divided into:

1) centralized;

2) decentralized.

Centralized state non-budgetary funds are of national importance and are used to solve national problems. These include: Pension Fund, FSS, MHIF.

Decentralized - are formed to solve territorial, sectoral and intersectoral tasks. These include extra-budgetary funds created to solve regional, local and sectoral problems.

27. Centralized off-budget funds

The centralized off-budget funds include: the Pension Fund, the Social Insurance Fund, the Compulsory Medical Insurance Fund.

The Pension Fund of the Russian Federation (PF RF) was created for public administration (financial), pension provision of citizens.

The funds of the fund are formed at the expense of:

1) insurance premiums of employers;

2) insurance premiums of citizens engaged in individual labor activity;

3) appropriations from the federal budget for the payment of state pensions and benefits to military personnel;

4) voluntary contributions of individuals and legal entities.

The funds of the pension fund are directed to:

1) payment of state pensions in accordance with the law in force in the territory of the Russian Federation;

2) payment of allowances for the care of a child older than 1,5 years;

3) the provision of material assistance by the social protection authorities to injured and disabled citizens.

Social insurance fund

Compulsory social insurance is a system of legal and economic measures created by the state aimed at compensating and minimizing the consequences of the changing financial situation of citizens.

The main objectives of the fund are: 1) providing citizens with state benefits for temporary disability, at the birth of a child, for caring for a child up to 1,5 years old, for burial, etc.; 2) participation in the development of state programs for the protection of the health of workers. The funds of the fund are formed from:

1) insurance premiums of employers;

2) contributions of citizens engaged in labor activity;

3) income from investing temporarily free funds in liquid government securities;

4) voluntary contributions of citizens and legal entities;

5) appropriations from the federal budget.

Mandatory Health Insurance Fund (FOMS)

Compulsory health insurance is universal for the population of the Russian Federation and is implemented in accordance with health insurance programs that guarantee the volume and conditions for the provision of medical drug care to citizens of the Russian Federation.

The health insurance fund is formed from the funds received from insurance premiums.

Compulsory health insurance funds are formed from:

1) insurance premiums of enterprises, organizations and institutions, regardless of the form of ownership;

2) appropriations from federal and regional budgets;

3) voluntary contributions of legal entities and individuals;

4) income from the use of temporarily free financial resources of the fund.

28. Socio-economic essence of the state loan

State credit is one of the forms of existence of public finance along with budgets and extra-budgetary funds and is one of the main ways for the state to attract additional funds and increase its financial capabilities.

Public credit is in many ways a special and separate part of the budget finances. He has his own sources of income.

They have a special purpose and order of use. Thus, a state loan is one of the forms of movement of loan capital, when the owner of funds transfers to the borrower for a while not the capital itself, but only the right to use it.

The subjects of credit relations are the state, on the one hand (most often acts as a borrower), and legal entities and individuals, foreign states, international financial organizations, on the other hand.

The existence of a state loan is quite natural, since the financing of state expenditures is due to an objective contradiction between the increase in social needs and limited budgetary funds. In market conditions, costs inevitably grow, and through a loan, the state can attract additional financial resources for their implementation.

The state credit performs the following functions:

1) distributive - is manifested in the redistribution of financial resources on the special principles of urgency, repayment and purpose;

2) regulating - has two sides: economic and social. The economic one is carried out through support and stimulation of the development of individual industries, enterprises, territories, in particular, by allocating targeted loans to them, while the allocation of budget funds on a gratuitous basis is not always justified, especially in conditions of limited budget funds, and sometimes even a deficit.

The social side of the state loan is associated with the peculiarity of the reproduction of the labor force through the support of the social sphere; 3) the function of accounting and control is manifested in the targeted and rational use of funds attracted and issued by the state. As an economic category, public credit is located at the intersection of credit and finance, but nevertheless functions as a specific part of the financial system.

State credit is involved in the formation and use of the state's centralized monetary funds, that is, this makes it an element of finance.

29. Public debt, content and main forms

The public debt or loan is understood as debt obligations to individuals and legal entities, foreign states, international organizations and other subjects of international law.

The state debt is fully and unconditionally secured by all federally owned property constituting the state treasury.

According to the Budget Code of the Russian Federation, depending on the currency of origin of the debt, it is divided into internal and external. Domestic public debt is understood as obligations denominated in the currency of the Russian Federation, and external - in foreign currency.

Russian debt obligations can exist in the following forms:

1) a loan agreement or agreements concluded on behalf of the Russian Federation in favor of these creditors;

2) government securities issued on behalf of the Russian Federation;

3) agreements on the provision of state guarantees of the Russian Federation, agreements on the guarantee of the Russian Federation to ensure the fulfillment of obligations by third parties.

Credit agreements and contracts in the system of state credit are concluded primarily with credit organizations of various kinds, as a rule, commercial banks. The subjects of the federation and municipalities often resort to their services.

Traditionally, loans to the Government of the Russian Federation were provided by the Central Bank of the Russian Federation, which used its own funds, reserve funds of banks, as well as household deposits in institutions of the Savings Bank of the Russian Federation as credit resources.

Government securities are obligations issued on behalf of the state or guaranteed by it. In economically developed countries, they are the main source of the formation of public debt.

The world government securities market is quite diverse and includes bonds, treasury bills, treasury notes, etc. Bonds are the most common.

Treasury notes are medium-term marketable securities.

They are issued by the Ministry of Finance or special state financial bodies.

Government securities are the most important financial instrument of a market economy. Their role has fundamentally changed in the course of the development of society. Initially, they were used to cover the budget deficit caused by emergency spending.

Through government securities, monetary policy is carried out, and macroeconomic processes are influenced.

30. Public credit management

Public credit management - a set of government actions related to servicing and repaying public debt, issuing and placing new loans, and regulating the public credit market. The Ministry of Finance and the Central Bank of the Russian Federation regulate and carry out this activity, which determine the total volume of the budget deficit and the nature of the loans necessary to finance it, develop a credit policy and its institutional support.

In the system of actions for managing public credit, the most important is the servicing and repayment of public debt, since all such costs are carried out at the expense of budgetary funds, creating an additional burden on the budget, and late payments lead to an increase in the amount of debt due to penalties.

Servicing the public debt involves the implementation of measures to place debt obligations, pay income on them, repay the debt in full or in part. Debt repayment involves the full repayment of the principal amount of the debt and interest on it, as well as fines and other payments related to the untimely repayment of the debt.

In the context of a significant increase in public debt and the budget deficit, the government is forced to resort to various methods of debt management.

Refinancing is paying off old debt by issuing new loans.

Conversion is a change in the yield of loans.

Consolidation - changing the term of already issued loans in the direction of increasing or decreasing. It involves easing the terms of debt repayment in the form of deferred payments and repayment.

Unification of loans - combining several loans into one, when bonds of already issued loans are exchanged for bonds of a new loan.

The goal is to reduce the number of types of securities circulating simultaneously, which simplifies work and reduces the state's debt service costs. The unification of government loans is usually carried out together with consolidation, but can be carried out without it.

Deferral of loan repayment differs from consolidation in that in this case not only repayment terms are postponed, but also, as a rule, income payments are stopped.

Conversion, consolidation, unification of government loans and the exchange of government bonds are usually carried out only in relation to domestic loans. With regard to postponing the repayment of obligations, this measure is also possible in relation to external debt. It is carried out by agreement with creditors.

31. Leasing as a special form of rental relations

According to Art. 2 of the Federal Law "On Leasing", leasing is a type of investment activity related to the acquisition of property and its transfer on the basis of a leasing agreement to individuals or legal entities under certain conditions for a certain period and for a certain fee with the possibility of transferring ownership of the leased asset to the lessee .

Leasing is associated with the lease of an optional transfer of ownership of an object to its user, the urgent nature of the transaction, the paid (paid) nature of leasing relations, which is similar to the rental (rent) of equipment, since it involves the amount of depreciation for full restoration, repair costs, maintenance and maintenance of the transferred property in working condition, as well as a certain share of the profit in favor of the owner.

However, when renting any material assets, the tenant does not become the owner of these funds and does not acquire legal obligations in relation to this property. The lessee, on the other hand, assumes the obligations arising from the right of ownership, i.e., is directly responsible for the risk of accidental loss and maintenance of the leased object.

The lessor, like the lessor, remains the owner of the leasing object. The destruction or impossibility of using the object of leasing does not release the lessee from the obligation to repay the debt.

It is believed that the main difference between leasing and renting is only in legal aspects and depends on the terms of the agreement. But it's not.

From the point of view of economic science, the lessee, unlike the lessee, pays the lessor not a monthly fee for the right to use the leased object (rent fee), but the full amount of depreciation.

When calculating the rent, the amount of payments largely depends on market conditions (supply and demand). In contrast to renting, in leasing, there is a practice of obtaining the object at the end of the term of the contract in the ownership of the lessee at a pre-agreed purchase price.

The first leasing companies emerged in the United States in the 1950s. XNUMXth century However, at first their development was carried out with difficulty. The rapid growth of leasing operations was hampered by the uncertainty of their status in terms of civil, economic and tax legislation.

The first leasing companies in post-perestroika Russia arose in the late 1980s and early 1990s; according to some estimates, the history of the formation of leasing in Russia is even shorter - no more than four years.

32. Functions of leasing

The value of the use of leasing can be represented by its main functions: internal and external.

Among the internal ones are production, resource-saving, financial and marketing functions.

The production function of leasing is the prompt and flexible solution of the lessee's production tasks through temporary use, rather than the acquisition of machinery and equipment in the property. Therefore, leasing is most effective in relation to particularly expensive equipment with the greatest risk of obsolescence, as well as in relation to enterprises with a seasonal nature of production.

The most important resource-saving function of leasing in an enterprise is the rationing of scarce resources of productive assets.

The financial function is most clearly expressed, since leasing, according to its definitions, is a form of investment in fixed assets.

Under these conditions, leasing becomes an additional source of funds to meet the investment needs of enterprises.

There is no doubt about the importance of the sales function of leasing. However, it has yet to be fully realized. Limitation of the role of leasing as an additional channel for the sale of manufactured products is determined by the general decline in the level of production and the imbalance in the market for machine and technical products.

The sales function of leasing matters, of course, only when it is resorted to in order to expand the circle of consumers and conquer new sales markets. With the help of leasing, those enterprises are involved in the number of consumers that either do not have the financial ability to acquire ownership of equipment, or, due to the nature of the production cycle, do not need to constantly own it. In some cases, leasing of a single piece of equipment is used before the purchase of its batches in order to test samples in specific production conditions.

No less indicative are the external, national economic functions of leasing - financial and reproductive. It is important to emphasize here that the financial function among the external functions of leasing is not a repetition of its internal production function.

From this point of view, leasing as a special form of investment, which makes this process attractive to all its owners, certainly stimulates investment activity not only at the micro level.

The reproductive function of leasing is not always noted in the literature, despite the fact that the significance of this function seems to be quite significant.

33. Types of leasing

There are two types of leasing: financial and operational.

In a financial lease, the lessee pays, during the term of the contract, an amount covering the full cost of depreciation of the equipment (or most of it), as well as the profit of the lessor.

After the expiration of the contract, the tenant can: return the leased object to the lessor, conclude a new lease contract or redeem the leased object at the residual value.

Operating lease is concluded for a period less than the depreciation period of the property. After the expiration of the contract, the leasing object is returned to the lessor and leased again.

Leasing has two forms: direct and returnable.

Direct leasing is used when an enterprise needs to re-equip existing equipment. The leasing company in this transaction provides one hundred percent financing of the purchased equipment.

Leaseback is the receipt of additional financial resources secured by own fixed assets.

The leasing agreement is subject to the following conditions:

1) the lease term is equal to the service life of fixed assets;

2) the payment amount includes the cost of fixed assets, interest on the loan, commission payments;

3) the risk associated with damage and destruction is assumed by the lessee;

4) fixed assets are the property of the leasing company. After the expiration of the leasing period and redemption in accordance with the agreement, the fixed assets become the property of the lessee.

When concluding a leasing agreement, a bank guarantee or pledge is required, or the tenant is obliged to insure the leased property at his own expense, but in favor of the leasing company.

Only the financial lease agreement is considered separately in Russian civil law. However, a transaction is recognized as a financial lease (leasing) agreement if:

1) the lessor acquires new property into ownership for its subsequent delivery for use to the lessee;

2) the lessor acquires ownership of the property indicated by the lessee from a certain seller. In this case, the lessor is not responsible for the choice of the leased item and the seller;

3) the tenant receives the property for temporary possession and use for a fee.

34. Functions and essence of enterprise finance

The prevailing role in state policy, principles of economic organization, their functioning and development is played by one or another type of economic entities (legal entity).

According to the Civil Code of the Russian Federation, a legal entity is an organization that owns, manages or manages separate property, is liable for its obligations with this property, can acquire and exercise property and non-property rights on its own behalf, perform duties, be a plaintiff and defendant in court.

One of the components of the financial and economic activity of an enterprise is monetary relations, which accompany almost all aspects of this activity:

All monetary relations are realized within the framework of the financial system of the enterprise.

Thus, the finances of enterprises are a set of monetary relations arising from a business entity regarding the formation of actual and (or) potential funds of funds, their distribution and use for the needs of production and consumption.

In relation to the enterprise, the main functions of finance are:

1) investment and distribution.

In relation to the economic entity, its role is to distribute financial resources within the enterprise, contributing to their most efficient use;

2) fund-creating (source) - implemented in the course of optimizing the passive side of the balance sheet. Any enterprise is financed from several sources (loans, loans, contributions from owners, etc.).

Since there are many sources and their cost is different, the enterprise needs to choose the most optimal combination of them;

3) income distribution refers to dividend policy, when a certain part of the enterprise's resources is withdrawn and paid out in the form of dividends;

4) providing; its meaning is determined, firstly, by the purpose of the enterprise; secondly, by the system of established settlement relations, here the finances of enterprises, as it were, ensure the satisfaction of the interests of the owners, quantitatively expressing these interests in the form of profit and (or) dividends;

5) control - manifests itself in tracking, rhythm and timeliness of payments to the budget, in conducting an audit and in the patterns of cash flow.

35. The principle of organizing the finances of an enterprise

No organizational structure can be created once and for all in an unchanged form; the process of its formation and optimization is time-consuming. Changing, improving and optimizing this structure, it is necessary to observe a number of principles:

1) the principle of economic efficiency. Its essence is that the functional system, financial and economic activity of any enterprise inevitably involves costs.

This system must be economically feasible in the sense that all costs are justified by direct and indirect income;

2) the principle of financial control. One of the important methods of control is the conduct of audits, i.e., the implementation of independent, non-departmental audits of accounting and financial statements, payment and settlement documentation, tax returns, etc.;

3) the principle of financial incentives. As part of the financial management system, a mechanism is being developed to improve the efficiency of individual departments and the organizational structure of the enterprise as a whole. This is achieved by establishing incentives and punishments of a financial nature;

4) the principle of liability. The existing system of incentives and criteria for evaluating the activities of each employee of the enterprise should also function on the basis of the imposition of liability, the essence of which lies in the fact that individuals involved in the management of material assets and their storage and movement should "respond with a ruble" for an unjustified result its activities.

36. Management of the movement of financial resources and capital of the enterprise

In the process of circulation of capital, money capital is released, which is formed as a result of the sale of goods and embodies the transferred and newly created value. In this case, the proceeds from which money capital is formed can be put into further circulation to finance the current and capital costs of an economic entity.

This process is continuous. Revenue, or the cost of the product, breaks down into three main elements: working capital; part of the value of fixed assets and intangible assets, transferred to the goods (depreciation), and profit.

The released working capital (i.e., working capital) in cash must be converted into productive capital in a short period of time by acquiring a certain or the same amount of labor and material elements for a continuous production and trade process.

Therefore, the basis for the accumulation of money capital is depreciation and profit, or rather, the part of the profit that remains after it has been used for consumption. Depreciation deductions as a source of accumulation of money capital have an advantage, since depreciation, unlike profits and incomes, is not taxed.

Thus, financial resources and capital are in constant motion.

Management of the movement of financial resources is a system of the impact of financial relations on the magnitude and dynamics of changes in these resources. This impact is carried out through a financial mechanism using economic methods such as lending, mortgage transactions, factoring services, transfers, trust transactions, leasing transactions, etc.

37. Financial transactions

Financing the activities of the enterprise can be carried out by issuing shares, bonded loans and obtaining loans.

Financial support of entrepreneurial activity is accompanied, as a rule, by the use of borrowed capital.

Lending has two varieties: lending to the activities of an economic entity in the form of direct issuance of cash loans (financial credit); lending as a kind of settlements with installment payments.

Loans, depending on the collateral, are blank, that is, without collateral, and with collateral. Loans with collateral are divided into bills of exchange (purchase or pledge of a bill), commodity, stock (secured by securities), mortgage (secured by real estate).

By the nature of repayment, loans are repaid in a lump sum and in installments.

According to the scope and types of borrowers, a financial loan is divided into two types: an interbank loan, in which the bank acts as a borrower; commercial loan, i.e. a loan for commercial purposes, in which the borrower is an enterprise, partnership, joint-stock company, etc.

A loan is issued, as a rule, for an amount not exceeding half of the authorized capital and not more than 5% of the balance sheet currency of the borrowing bank, less often - for the amount of the authorized capital.

The most "simple" is to get a loan secured by a bank guarantee or foreign currency collateral, some lenders issue a loan secured by cars, office equipment or real estate.

Upon receipt of all documents from borrowers, the creditor bank checks the creditworthiness and solvency of the borrower and the guarantor, assesses the ability of the borrower to repay the loan and interest on it in a timely manner.

An important condition for issuing a loan is its security. Loan collateral is inventory, real estate, securities, production costs and upcoming output, which serve as a pledge for creditors to fully and timely repay the loan received by the debtor and pay accrued interest.

The interest on the loan can be withheld at the time of the loan, at the time of repayment of the loan, or in equal installments throughout the life of the loan.

The essence of interest payments is as follows. The owner of capital, lending it for a certain time, expects to improve the income from this transaction.

The interest rate characterizes the profitability of a credit transaction.

It shows what proportion of the loan amount will be returned in the form of income.

38. Types of credit

The main types of credit as a variety of settlements (settlements with installment payment) are:

1) corporate loan;

2) bill of exchange (accounting) credit;

3) factoring.

When making payments for export-import transactions, such forms of credit are used as:

1) forfeiting;

2) credit on an open account;

3) overdraft.

A commercial (company) loan is a traditional form of lending in which the supplier (seller) gives credit to the buyer in the form of a deferred payment.

A bill of exchange (accounting) credit is directly related to acts of sale and purchase of goods.

With the help of promissory notes, it is possible to make settlements between brokers on purchase and sale transactions on exchanges.

Factoring (English factor - "intermediary") is a collection of receivables of the buyer and is a specific type of short-term lending and intermediary activities.

Forfeiting (French a forfai - "entirely, in the total amount") is a form of export crediting, which is carried out by a bank or a financial company by purchasing bills of exchange and other debt claims for foreign trade operations without recourse to the seller.

Forfeiting occurs when deliveries of machinery, equipment for large amounts with a long installment plan (up to 7 years).

Open account credit. These loans are provided in the calculation between regular partners (counterparties), especially in case of multiple deliveries of similar goods.

When granting loans or making settlements on an open account, the seller delivers the goods to the buyer and sends him documents of title. After that, the amount of the debt is attributed to the debit of the account opened by him in the name of the buyer.

Within the terms specified in the contract, the buyer repays his debt on an open account.

Overdraft (English overdraft) is a negative balance on the current account of a bank client. An overdraft is a form of short-term loan, the provision of which occurs by debiting the bank's funds from the client's account in excess of its balance.

In case of an overdraft, all amounts credited to the current account of the client are sent to repay the debt. As a result, the loan amount changes as funds are received, which is what distinguishes an overdraft from a regular loan.

39. Economic content of insurance

The economic category of insurance is an integral part of the category of finance. However, if finance as a whole is associated with the distribution and redistribution of financial resources, insurance covers only the sphere of redistributive relations.

To determine the economic content of insurance, distinguishing features can be distinguished:

1) when insuring, monetary redistribution relations arise due to the presence of the probability of the occurrence of unforeseen adverse events, entailing the possibility of causing material or other damage to economic entities;

2) when insuring, the distribution of the damage caused between the insurance participants is carried out, which is always closed. The emergence of such relations is due to the fact that the random nature of the damage entails losses, which, as a rule, do not cover all farms, not the entire territory of a given country or region, but only part of them;

3) under insurance there is a redistribution of damage in space and time. For effective territorial redistribution of the insurance fund within one year, a large territory and a significant number of objects are required;

4) the closed layout of the damage determines the irrecoverability of the funds mobilized to the insurance fund. The insurance payments of each subject, made to the insurance fund, have one purpose - compensation for the probable amount of damage on a certain territorial scale and within a certain period.

Therefore, the amount of insurance payments is non-refundable in the absence of unforeseen and unfavorable circumstances.

Based on this, the following definition can be given. Insurance is a set of economic relations that arise on the basis of a closed, irretrievable redistribution of financial resources in time and space regarding the formation of an insurance fund and its use to compensate for the probable damage caused to economic entities as a result of unforeseen adverse events.

The economic category of insurance in practice is one of the methods for the formation and use of the insurance fund. Other methods are also possible - centralized and decentralized.

The centralized method is associated with the direct legislative allocation of certain financial reserve funds in the state budget system.

Decentralized financial reserves are created in organizations to compensate for local damage and cover various losses.

40. Forms of insurance

There are specialized insurance companies on the market that sell insurance products in the form of compulsory and voluntary insurance.

Compulsory insurance expresses civil law relations associated with the compulsory formation and use of the resources of the insurance fund.

Compulsory insurance is based on such principles as the legislative basis for the regulation of insurance relations, automaticity, indefiniteness, continuous coverage of insurance objects, rationing of insurance compensation.

The area of compulsory insurance includes:

1) compulsory insurance of passengers against accidents in air, rail, sea, inland waterway and road transport;

2) compulsory state personal insurance of military personnel and persons liable for military service, citizens called up for military training, persons of ordinary and commanding staff of internal affairs bodies;

3) compulsory state personal insurance of employees of the Ministry of the Russian Federation for Taxes and Duties, officials of the tax police and customs authorities of the Russian Federation;

4) compulsory state insurance of the individual against the risk of radiation damage due to the Chernobyl disaster;

5) compulsory medical insurance of citizens of the Russian Federation;

6) compulsory state insurance of medical and scientific workers in case of infection with the AIDS virus;

7) compulsory insurance of employees of enterprises with especially dangerous working conditions (fire brigades, rescuers of the Ministry of Emergency Situations, railway workers, etc.);

8) compulsory insurance of real estate belonging to citizens;

9) compulsory social insurance of citizens of the Russian Federation. Voluntary insurance differs from compulsory insurance in that civil law relations arise by virtue of the will of the parties - the insurance company and an individual or legal entity, which are fixed in a written insurance contract.

An insurance policy is issued to an individual or legal entity in addition to the concluded insurance contract. This form of insurance is not mandatory and provides a choice of services in the insurance market.

Voluntary insurance is selective in nature, since not all subjects wish to participate in it, and for some persons restrictions or prohibitions on participation may even be established.

41. Insurance industries

In a market economy, based on the characteristics of insurance objects, it is advisable to single out five main branches of insurance: personal, property, liability, economic risks, and social.

In personal insurance, the objects of insurance are the life, health and ability to work of a person. Personal insurance is divided into:

1) life insurance;

2) accident insurance;

3) medical insurance.

Property insurance is a branch of insurance in which the object of insurance relations is property in various forms.

In property insurance, sub-sectors are distinguished according to the form of ownership and social groups of insurers. According to these features, the property of economic entities is distinguished: state, private, rented and individual citizens.

Liability insurance is a branch of insurance where the object is liability to third parties who may suffer damage as a result of any action or inaction of the insured.

In liability insurance, the following sub-sectors are distinguished:

1) debt insurance;

2) insurance in case of compensation for harm, which is also called civil liability insurance.

Economic risk insurance is a branch of insurance where the object is the damage that occurs in the course of business activities.

In the insurance of economic risks, two sub-sectors are distinguished: insurance of the risk of direct and indirect losses. Direct losses are, for example, losses from shortfall in profits, losses from equipment downtime, strikes and other objective reasons.

Indirect losses - lost profits, bankruptcy of the enterprise, etc.

In social insurance, the object is the level of income of citizens. It includes such sub-sectors as insurance benefits, pensions and benefits.

Depending on the sequence of insurance transactions, primary insurance and reinsurance are distinguished. Primary insurance assumes that the insurance transaction is concluded between the insured and the first insurer in place and time, which acts independently.

In case of reinsurance, the transaction takes place between several insurers, one of which transfers, on agreed terms, to other insurers, part of the responsibility for the obligations assumed to the insured.

42. Insurance market and its structure

The insurance market is a special system of organizing insurance relations, in which the purchase and sale of insurance services as a commodity takes place, the supply and demand for them are formed. The objective basis for the development of the insurance market is the need arising in the process of reproduction to maintain the continuity of this process, expressed in the provision of financial assistance to victims in the event of unforeseen adverse events.

The subjects of the insurance market are insurers, policyholders, insured and insurance intermediaries.

Insurers are legal entities that have a state license to conduct insurance operations and organize the formation and spending of the insurance fund.

The insurers may be state insurance organizations, joint-stock insurance companies, mutual insurance companies and insurance pools.

An insurance pool is a voluntary association of insurers, which is not a legal entity, created on the basis of the joint and several liability of its participants for the fulfillment of obligations.

An insurance pool is created to insure certain, mainly especially large, dangerous and little-known risks.

Policyholders are legal entities and individuals who have an insurable interest and enter into relations with the insurer by virtue of law or on the basis of an agreement.

As intermediaries performing the functions of concluding insurance contracts, insurance agents and brokers (acquisitioners) can act as an intermediate link between the insurer and the insured.

An insurance agent may be a natural or legal person who, on behalf of and on behalf of the insurance company, is engaged in the sale of insurance policies, i.e., concludes and renews insurance contracts, collects the insurance premium, draws up documentation and, in some cases, pays insurance compensation.

An insurance broker can be a natural or legal person who acts as an adviser to the insured when concluding an insurance contract with a particular company. An insurance broker, unlike an agent, acts as an independent insurance entity and carries out its activities with the insured and the insurer.

Having an extensive database of activities of insurance companies operating in the insurance market, based on the analysis of this information, the insurance broker determines the optimal insurance conditions for the client and brings him together with the appropriate insurance company.

43. Principles of functioning of the insurance market

The principles of functioning of the insurance market are determined by the general conditions of development and the state of the economy.

One of the fundamental principles is the demonopolization of the insurance business.

The implementation of this principle means that any insurance company can carry out insurance activities in the market, regardless of their form of ownership.

An important principle for the formation and development of the insurance market is the competition of insurance companies in providing insurance services, attracting policyholders and mobilizing funds to insurance funds.

Freedom of pricing, expressed in the freedom to set tariff rates under the influence of supply and demand, creates conditions for insurers to compete to attract insurers.

This competition can be expressed in the offer of convenient forms for policyholders and conditions for concluding insurance contracts, paying insurance premiums and paying insurance compensation. The competition of insurers can be expressed in the expansion of the range of insurance services offered, focused on the interests of specific social and economic groups of the population.

The principle of competition in the organization of the insurance business must, where necessary, be combined with the principle of cooperation between insurers, primarily in the case of reinsurance or co-insurance of especially large or dangerous risks.

Such cooperation of insurance organizations leads to the development of reinsurance, to the creation of insurance pools, funds and associations.

The next principle of the functioning of the market is the principle of freedom of choice for policyholders of the conditions for the provision of insurance services, forms and objects of insurance. Its implementation requires a wide range of insurance services, a reasonable combination of compulsory and voluntary forms of insurance on the market, and constantly expanding opportunities to cover various types of damage.

An important principle of the organization of insurance business in market conditions is the principle of reliability and guarantee of insurance protection. The implementation of this principle is based on a legal basis.

The mechanism of registration of insurance companies, licensing of their activities and state control ensures the observance of the interests of policyholders and the financial stability of insurance operations.

The organization of the insurance business on a market basis increases the need for information on the activities of the insurer. The principle of publicity allows the insured to consciously decide on the choice of an insurance company.

44. Insurance service

The product offered on the insurance market is an insurance service.

The price of insurance services is expressed in the insurance rate and is formed on a competitive basis when comparing supply and demand, but it is based on the amount of insurance compensation and the cost of doing business.

The price of an insurance service, or tariff rate (gross rate), consists of two parts: net rate and load. It is established in monetary terms per unit of the sum insured or as a percentage of the total sum insured.

The main part of the insurance rate - the net rate - is intended for the formation of future insurance payments to policyholders. The construction of the net rate is based on the probability of an insured event, which is determined on the basis of statistical data accumulated over a number of years (tariff period).

The net rate is determined using actuarial calculations, which are a system of mathematical and statistical methods by which the costs associated with the insurance of individual objects are established and the tariff rate is calculated.

The basis for the formation of the net rate is the loss ratio of the sum insured, which is defined as the ratio of the amount of insurance compensation paid for a certain period to the sum insured of all insured objects for the same period.

Then the average loss ratio is calculated, adjusted for the value of the risk premium (the probability of the loss ratio deviating from its average value). To do this, a dynamic series of unprofitability indicators is built and its stability is assessed using the standard deviation indicator.

The second element of the tariff rate is the load. It includes the insurer's expenses for doing business, deductions for preventive measures, reserve funds and profit from insurance operations.

The share of the load in the gross tariff is determined by the insurer independently.

A developed market suggests that supply outstrips demand. The objective basis of the demand for insurance services is the need for insurance, which is realized as an insurance interest. The insurance interests of society are extremely diverse. Thus, the insurance interests of the population are determined not only by the level of material well-being of the family, but also by the lifestyle of the potential insured, his belonging to a particular nationality and social group, age, gender, etc.

In addition, the insurance service must be structured in such a way that the price for it corresponds to the solvency of the insurers for whom it is intended.

45. The essence of financial control

Financial control is an integral part of the financial management process, which is determined by the most important functions of finance: distribution and control.

The process of distribution and redistribution of the value of GDP must be accompanied by the control of cash flows in the economy.

Financial control is a legislatively regulated activity of specially created control institutions and controllers-auditors who monitor compliance with financial legislation and financial discipline by economic entities, as well as the expediency and efficiency of their financial transactions.

Thus, financial control is not limited to the legal and quantitative aspects and has an analytical aspect.

Historically, financial control arose as a state one, its appearance was associated with the need to control the spending of funds from the state treasury. Then, in addition to state financial control, carried out by specially created control bodies of executive power, parliamentary financial control arose, as well as audit (non-state) financial control, carried out on a commercial basis.

State financial control is a complex system of economic and legal actions of individual authorities and administration, which is based on the constitution and other laws of the state.

It is necessary to track the cost proportions of the distribution of the gross national product. State financial control extends to all ways of movement of monetary resources associated with the formation of public funds, the completeness and timeliness of their receipt and intended use.

The main goal of state control is to maximize the flow of funds to the treasury and prevent their misuse.

State controllers first of all check the observance of financial discipline, i.e. the strict execution of all established state instructions regarding the use of public funds, including budgetary resources, extra-budgetary funds, funds of the central bank, local governments, etc.

Controllers are empowered to carry out audits and checks mainly in the public sector of the economy. The sphere of private and corporate business is subject to state control only in part, on a certain range of issues, such as taxation, the use of state resources.

46. Principles of organization of financial control

The universal principles of the organization of financial control include the principles of independence and objectivity, competence and publicity.

The independence of control should be ensured by the financial independence of the control body, longer, compared with the parliamentary terms of office of the heads of state control bodies, as well as their constitutional nature.

Objectivity and competence imply obligatory observance by controllers of the current legislation, a high professional level of work based on established standards for conducting audit work.

Glasnost provides for constant communication of state controllers with the public and the media.

There are other principles that are more applied, including:

1) effectiveness of control;

2) clarity and consistency of requirements imposed by controllers;

3) incorruptibility of subjects of control;

4) the validity and evidence of the information given in the acts of inspections and audits;

5) prevention (prevention) of probable financial violations;

6) presumption of innocence (before trial) of persons suspected of financial crimes;

7) coordination of actions of various regulatory bodies, etc.

Each institution and type of control has its own regulations, that is, the order and sequence of control actions.

For example, the generally accepted rules for conducting a comprehensive audit of an economic entity include the following step-by-step actions of control bodies:

1) an inventory of the availability and safety of inventory items, objects of work in progress or construction, semi-finished products, office and other equipment, cash and settlements;

2) a visual check of the correctness of the execution of documents, the completeness and reliability of filling in the details, the compliance of the documents presented for verification with the approved standards, the identification of low-quality documents, the arithmetic calculation of the results, their data;

3) verification of the completeness and correctness of the reflection in the documents of financial and economic transactions, as well as the correctness and completeness of the reflection of accounting records in accounting registers, development tables, order journals, in the general ledger, etc.;

4) verification of the correctness of the calculation of calculated indicators (wages, taxes, depreciation amounts, reserves, interest on a loan, etc.);

5) verification of the correctness of reporting - accounting, financial, tax, statistical, insurance, credit and other, provided for by the current legislation of the country.

47. Models and forms of financial control

In world practice, there are two established models of financial control.

In countries that adhere to the Anglo-Saxon model, the activities of the control body are limited to the preparation of an audit report.

The issue of sanctions is considered by administrative and judicial bodies. In countries where the French model has taken root, control bodies also perform some judicial functions: they have the right to determine the degree of guilt of persons in financial violations, as well as to demand compensation for damages.

Forms of control are usually classified according to the following criteria:

1) implementation regulations - mandatory (external), proactive (internal);

2) time of holding - preliminary, current (operational), subsequent;

3) subjects of control - presidential, legislative authorities and local self-government, control of executive authorities, control of financial and credit authorities, intra-company, departmental, audit;

4) objects of control - budgetary; control over off-budget funds, tax, currency, credit, insurance, investment, customs control; control over the money supply.

Mandatory control over the financial activities of legal entities and individuals is carried out on the basis of the law. This applies, for example, to tax audits, control over the targeted use of budgetary resources, mandatory audit confirmation of financial and accounting data of enterprises and organizations, etc.

Initiative (internal) control does not follow from financial legislation, but is an integral part of financial management to achieve tactical and strategic goals.

Preliminary financial control is carried out before financial transactions and is of great importance for the prevention of financial irregularities. It provides for an assessment of the financial feasibility of planned expenditures in order to prevent wasteful and inefficient spending of funds.

An example of such control at the macro level is the preparation and approval of budgets at all levels and financial plans for extrabudgetary funds.

At the micro level, this is the development of financial plans and estimates, cash requests, financial sections of business plans, the preparation of forecast balance sheets, joint venture agreements, etc.

Current (operational) financial control is carried out when making monetary transactions, financial transactions, issuing loans and subsidies. It prevents possible abuses in receiving and spending funds, contributes to the observance of financial discipline and the timely implementation of cash settlements. Accounting plays an important role here.

Subsequent financial control is intended to assess the results of the financial activities of economic entities, the effectiveness of the implementation of the proposed financial strategy, compare actual financial costs with projected ones, etc.

It is carried out in the analysis and revision of financial and accounting records.

48. Methods of financial control

There are the following control methods:

1) documentary and cameral checks;

2) surveys;

3) supervision;

4) analysis of the financial condition;

5) observation (monitoring);

6) revisions.

When conducting audits of reporting documentation and expenditure documents, certain issues of financial activity are considered and measures are outlined to eliminate the identified violations.

The survey covers a wider range of financial and economic indicators of the studied economic entity to determine its financial condition and possible development prospects.

Supervisory authorities supervise economic entities that have received a license for a particular type of financial activity. It implies compliance with established rules and regulations.

An analysis of the financial condition as a kind of financial control involves a detailed study of financial and accounting statements (periodic or annual) for a general assessment of the results of financial activity, the provision of equity capital and the effectiveness of its use.

Supervision (monitoring) - constant control by the creditor over the use of the issued loan and the financial condition of the client.

The inefficient use of the received loan and the decrease in liquidity may lead to tightening of credit conditions or the requirement for early repayment of the loan. Revision is the deepest and most comprehensive method of financial control. Its essence lies in a complete examination of the financial and economic activities of an economic entity in order to verify its legality, correctness, expediency, and effectiveness. Types of audit: full and partial, complex and thematic, scheduled and unscheduled.

Audits are carried out both by internal control structures and by various state and non-state control bodies (Department of Financial Control and Audit of the Ministry of Finance of the Russian Federation, Treasury, Central Bank, audit services). The results of the audit are documented in an act, on the basis of which measures are taken to eliminate violations, compensate for material damage and bring the perpetrators to justice.

49. The Accounts Chamber as a body of state financial control

Financial control by representative authorities is carried out by the relevant structures, committees, commissions of the Federation Council and the State Duma, the Accounts Chamber of the Russian Federation, and the Chambers of Control and Accounts of the constituent entities of the Russian Federation.

Accounts Chamber of the Russian Federation. It has a special place in the system of financial control by representative authorities.

The sphere of authority of the Accounts Chamber is control over federal property and spending of federal funds.

The following tasks were set for the officials of the Accounts Chamber:

1) organization of control over the execution of the federal budget and off-budget funds;

2) preparation of proposals to eliminate detected violations and streamline the budget process;

3) evaluation of the effectiveness of spending public funds, including those provided on a returnable basis, and the use of federal property;

4) identification of the validity of articles of the federal budget and off-budget funds;

5) financial expertise, i.e., an assessment of the financial consequences of the adoption of federal laws relating to the federal budget;

6) control of receipt and movement of budgetary funds on bank accounts;

7) regular submission to the Federation Council and the State Duma of information on the implementation of the federal budget;

8) control over the flow of funds to the federal budget from the privatization of federal property, its sale and management.

The duties of the Accounts Chamber also include monitoring the state of the state external and internal debt of the Russian Federation and the activities of the Central Bank in servicing the state debt; the effectiveness of the use of external credits and loans received by the Government of the Russian Federation, as well as control over the provision by Russia of loans and gratuitous transfers to foreign states and international organizations.

The main forms of control carried out by the Accounts Chamber are thematic inspections and revisions.

It is legally determined that the activities of the Accounts Chamber are public: all results must be covered in the media.

The Control Department has the right to demand from the heads of state bodies, organizations and enterprises documents, materials and other information necessary for conducting inspections.

It can also involve specialists and representatives of law enforcement agencies in inspections and submit proposals based on the results of inspections for consideration by the President. They send orders to eliminate violations, which are considered within ten days. But they are not given the right to apply any sanctions on their own.

Executive authorities exercise financial control within their powers, and also control the activities of structures subordinate to them.

50. Financial control of the Government of the Russian Federation

In accordance with the Constitution of the Russian Federation and the Law "On the Council of Ministers - the Government of the Russian Federation" it is endowed with the broadest powers. The Government of the Russian Federation controls the process of developing and executing the federal budget, the implementation of a unified policy in the field of finance, money and credit.

It controls and regulates the financial activities of federal ministries and departments, directs the activities of financial control bodies subordinate to it.

Under the Government of the Russian Federation, there is an Interdepartmental Council for State Financial Control, established in accordance with the Decree of the Government of the Russian Federation of February 2, 1996, to coordinate control over state funds. The Council includes the chairman of the Central Bank, the head of the Federal Treasury, and the heads of financial and control bodies.

The most important place in the system of financial control is occupied by the Ministry of Finance of the Russian Federation. It develops and implements the financial policy of the country, and also controls its implementation by the executive authorities. All structural subdivisions of the Ministry of Finance control financial relations in one form or another.

First of all, the Ministry of Finance exercises financial control during the development of the draft federal budget; controls the receipt and expenditure of budgetary funds and funds of federal non-budgetary funds; conducts currency control; control over the direction and use of public investments allocated on the basis of decisions of the Government of the Russian Federation.

Based on the results of the control, the Ministry of Finance has the right to demand the elimination of detected violations, to limit and suspend funding from the federal budget to enterprises and organizations that carry out illegal spending of funds and do not provide appropriate reporting, as well as to recover public funds used for other purposes, with the imposition of prescribed fines.

An important role in the conduct of financial control is played by the Methodological Guidelines for the organization of accounting in the country approved by the Ministry of Finance, as well as the certification of auditors and licensing of audit activities (except for the audit of banks).

It should be noted that the control powers of the Ministry of Finance apply to financial resources only at the federal level.

The budgetary legislation provides for the financial independence of the subjects of the Federation and local governments, which are responsible for the formation and use of their budgets and extrabudgetary funds.

51. Operational control of the use of public funds

Operational control over the use of public funds is carried out by the Department of State Financial Control and Audit operating within the Ministry of Finance, as well as by the bodies of the Federal Treasury.

The Department and its territorial subdivisions must carry out comprehensive audits and thematic audits to control the receipts and targeted use of the federal budget and state off-budget funds; documentary checks of financial and economic activities on the decisions of law enforcement agencies, as well as state authorities of the constituent entities of the Russian Federation and local governments.

The bodies of the Federal Treasury are called upon to implement the state budget policy, manage the processes of execution of the federal budget, while controlling strict control over the receipt and targeted use of public funds.

The following tasks are assigned to the Treasury:

1) control of the revenue and expenditure parts of the budget in the course of its execution;

2) monitoring the state of public finances and providing the highest bodies of legislative and executive power with reports on financial transactions of the Government of the Russian Federation and the state of the budget system;

3) control of the state of the state internal and external debt of the Russian Federation;

4) control over state federal off-budget funds and financial relations between them and the federal budget.

Treasury bodies have the right to check monetary documents, reports and estimates in state bodies, banks, enterprises of all forms of ownership using federal budget and extra-budgetary funds; suspend operations on bank accounts in case of violations.

They have the right to make decisions on the collection in an indisputable manner of state funds subject to return to the budget, the period for which the return of which has expired, as well as to collect in an indisputable manner penalties from commercial banks in case of untimely crediting of funds received from economic entities to the accounts of the federal budget and extrabudgetary funds.

It should be noted that at present there are no serious administrative or criminal liability for the misuse of budgetary funds, which sharply reduces the degree of effectiveness of state financial control.

52. Specialized bodies of state financial control

In connection with the increased role of taxes in state revenues during the transition to a market economy, it became necessary to separate tax authorities into a special centralized system - the State Tax Service of the Russian Federation, which, by Decree of the President of the Russian Federation of December 23, 1998, was transformed into the Ministry of the Russian Federation for Taxes and Duties.

The following functions are entrusted to the Ministry:

1) development of the main directions of tax policy and its implementation;

2) coordination of the activities of territorial tax authorities;

3) interaction with other regulatory structures and law enforcement agencies.

The main task of the tax authorities is to provide a unified system of control over compliance with tax legislation, the correctness of the calculation, the completeness and timeliness of paying taxes and other obligatory payments. The main operational link is the city and district tax inspectorates, since it is they who carry out current tax control and keep records of taxpayers.

In accordance with the Tax Code of the Russian Federation, the tax authorities have the right to check the monetary documents of legal entities and individuals, including joint ventures, foreign citizens and stateless persons, obtain the necessary information from them (with the exception of those constituting a commercial secret), examine any premises used to extract income.

In accordance with the Decree of the President of the Russian Federation of February 18, 1992 "On State Insurance Supervision in the Russian Federation", financial control in the field of insurance is carried out by the Russian Federal Service for Supervision of Insurance Activities as part of the Ministry of Finance of the Russian Federation.

In addition to licensing insurance activities and regulating the single insurance market, the state insurance supervision bodies in the center and locally exercise control over the observance of the rights and interests of policyholders.

A special role in the implementation of financial control belongs to the Bank of Russia (Central Bank). As a government body endowed with power, it organizes and controls monetary relations in the country, supervises the activities of commercial banks. A special unit created for this purpose - the Department of Banking Supervision - checks the compliance of commercial banks with banking legislation and the banking standards established by the Central Bank.

The State Customs Committee of the Russian Federation (SCC RF) is entrusted with monitoring compliance with tax, customs and currency legislation when goods are moved across the customs border of the Russian Federation.

53. Non-state financial control

Non-state types of financial control include:

1) intracompany (corporate);

2) control by commercial banks over client organizations;

3) audit control.

Intra-company financial control is carried out by the economic services of the enterprise itself, firm, corporation - accounting, financial department, financial management service and others - over the finances of their enterprise, its branches and subsidiaries.

Internal control services monitor the effectiveness and expediency of monetary costs, both own and borrowed funds; analyze and compare actual financial results with forecasted ones; evaluate financial results from investment projects; control the financial condition of the company.

Commercial banks are obliged to monitor compliance by client enterprises with the procedure established by the state for conducting settlement and cash transactions and currency legislation.

Auditor control is a new type of financial control that appeared in Russia in the late 1980s.

The main tasks of audit control:

1) establishing the reliability of accounting and financial statements;

2) control over compliance with Russian legislation when performing certain financial and business transactions;

3) verification of settlement and payment documentation, tax declarations and other financial obligations of the audited economic entities. The audit can be mandatory and proactive.

An initiative audit is carried out at the request of the economic entity itself, and a mandatory audit is carried out in the prescribed manner in all cases provided for by the Federal Law of August 7, 2001 No. 119-FZ "On Auditing".

All organizations that have the organizational and legal form of an open joint stock company, credit, insurance organizations, stock exchanges, extra-budgetary funds created at the expense of mandatory contributions, charitable funds, state and municipal unitary enterprises, as well as other enterprises stipulated by law are subject to mandatory audit.

54. Property insurance

Compulsory property insurance in Russia includes: insurance of property of collective farms, state farms and other state agricultural enterprises, insurance of buildings and some farm animals in the households of citizens.

Animals are subject to insurance in the amount of 70% of their book value.

Insurance of buildings and other fixed and circulating assets is carried out against fires, explosions, accidents and natural disasters in the amount of the balance sheet value, and fixed assets - at residual value, i.e. with a depreciation discount.

For insurance of agricultural crops, insurance coverage is 70% of the damage.

Voluntary property insurance covers property insurance of state enterprises (associations) in the sphere of material production, property insurance of cooperative and public organizations, insurance of citizens engaged in self-employment, insurance of household property and means of transport belonging to citizens.

The objects of property insurance of state enterprises and cooperative organizations are buildings, structures, equipment, vehicles, products, raw materials, materials, fuel and other inventory items, both owned by the insured and accepted from outside for processing, transportation, repair or storage. The volume of insurance liability - from fires, natural disasters, accidents and other cases.

Under a separate agreement, it is possible to insure property in case of theft, robbery, theft of means of transport. The term of insurance is 1 year or an indefinite period, if before the end of the next term the insured makes insurance payments again.

The insurance coverage is calculated at the book value without a depreciation allowance for own property and with a depreciation discount for property taken over or leased.

Means of transport (cars, motorcycles, motor boats, etc.) are also insured up to their full value at state retail prices with a depreciation discount in the event of a natural disaster, accident or theft.

For property insurance of citizens engaged in self-employment, relevant equipment, tools, finished products and other material assets are insured, valued at state retail prices, and when property is leased from organizations - at book value with a depreciation discount.

The volume of insurance liability - in case of fire, natural disasters, accidents, theft, robbery and other cases.

Insurance term - from 3 months to 1 year.

55. Personal insurance

The basis of this industry is voluntary life insurance, the types of which provide for the payment of the sum insured to policyholders or other persons in connection with: upon the onset of a stipulated period or event or until retirement age, followed by a lifetime payment of a monthly pension in the prescribed amount; upon the death of the insured person; with various injuries from an accident that occurred during the insurance period.

The most popular are those types of life insurance that have a savings function: mixed life insurance, children's insurance, marriage insurance, additional pension insurance.

Mixed insurance is a type of life insurance that combines several independent types of insurance in one contract.

At the end of the insurance period, the insured is paid the full sum insured for which the insurance contract was concluded, regardless of the fact that during the period of insurance the sums insured were paid for the consequences of accidents.

In the event of the death of the insured during the period of insurance, the sum insured is paid to its posthumous beneficiary, who, at the conclusion of the contract, is indicated by the insured, who is also the insured.

In Russia, several types of accident insurance are also carried out with the payment of contributions both at the expense of insurers and at the expense of enterprises and organizations.

Citizens can conclude accident insurance contracts in favor of themselves, in favor of children at a certain age, in favor of children studying at school.

Contracts at the expense of organizations are concluded with employees who carry out their activities in dangerous working conditions for life and health (mine rescuers, explosives, pilots, firefighters, etc.). They are insured in case of death or loss of health in the performance of their respective official duties.

Compulsory insurance of passengers against accidents on long-distance railway, road, water and air transport routes. Each passenger is insured in the amount of 15 thousand rubles. The insurance premium is included in the cost of a passenger ticket.

In Russia, compulsory insurance of military personnel is also carried out at the expense of the Russian Ministry of Defense and other departments.

In addition, there is compulsory insurance for scientific and medical workers involved in AIDS research or treatment.

56. Liability insurance

Liability insurance has not previously been carried out in our country, although it is widely developed in other countries. Only in the 1990s. two types of insurance related to this industry and sub-sector - debt insurance were introduced. These are voluntary loan default risk insurance and voluntary borrower liability insurance for loan default.

The conditions for insuring the risk of non-repayment of loans consist in the fact that the risk of non-repayment by borrowers of loans received from the bank and interest on these loans is accepted for insurance.

The agreement provides for reimbursement of 50 to 90% of the amount of the loan outstanding by the borrower within the specified period and the interest on this loan.

The term of insurance corresponds to the term for which the loan was issued. When insuring the risk of non-repayment of all loans issued by the bank, the contract is concluded for 1 year.

When insuring accounts receivable to a bank, the tariff rates of insurance payments, depending on the term of insurance, range from 1 to 2,2% of the amount of debt, while insuring individual loans - from 1,8 to 3,5%.

For liability insurance of borrowers for non-repayment of loans, the state insurance organization concludes agreements with enterprises, organizations that have received a loan from a bank.

In case of non-repayment of the loan received by the enterprise, the bank receives compensation in the amount of 50 to 90% of the amount of the specified loan and interest on it.

In many countries, compulsory insurance of civil liability of owners of means of transport is carried out.

The inflicted material damage and other costs associated with injuring injured citizens are subject to compensation by the insurance organization.

The insurance fund for this type of insurance is formed at the expense of mandatory insurance payments by all owners of vehicles in a given country.

The paid insurance indemnity may subsequently be recovered from the persons guilty of the traffic accident.

Alternative insurance companies (joint-stock, cooperative, mutual, departmental) are beginning to carry out types of insurance related to a special industry - insurance of business risks.

The sustainability of business risk insurance depends on the level of market relations, business ties between legal entities.

Author: Ekaterina Kotelnikova

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