Problem supplement
According to the accounting law, the fiscal year in China is from 1 in October to 1 and to 3 1 in February.
The fiscal year is the time interval for accounting by year, and it is the time limit for reflecting the financial status and accounting operating results of the unit.
The accounting law stipulates the accounting year by law. All units must strictly implement the Gregorian calendar accounting year in accordance with the provisions of the Accounting Law, which is consistent with the national planning year and the national budget year.
What is finance? What is finance generally refers to financial activities and financial relations, refers to the movement of funds in the process of enterprise reproduction, and reflects the relationship between enterprises and all aspects. Finance also refers to people who are engaged in financial work. Financial personnel are used by business owners to assist, manage, count and sort out entrepreneurs. The property owner of an enterprise really knows the operation of the enterprise through the financial personnel, who are the eyes and hands of the enterprise owner. Whoever controls the financial personnel will control the capital flow of the enterprise, and can know the profit and loss of the enterprise at any time, how much money has been lost, how much money has been earned, who should pay more, who should pay less, who should delay paying the money, who should pay it immediately, when and how the enterprise should spend it, and want to buy a house. Finance is the objective existence of capital movement and the economic relationship reflected in the process of material reproduction in various departments and units of the national economy. Because it occurs in a large number of enterprises, it usually mainly refers to corporate finance. After the emergence of commodity currency economy, finance has shown itself as capital movement in all social forms. If we produce goods, we must raise a certain amount of monetary funds before we can buy the three elements of production-labor, labor materials and labor objects. In the process of production, workers use labor materials to produce labor objects. Workers not only transfer the value of labor objects and labor materials they consume to products, but also create new values. Part of the newly created value of workers is paid to workers by enterprises in the form of wages, and the other part forms the net income of enterprises. After the product production is completed, the full value of the product is recovered through sales. Most of the product sales income obtained by enterprises is used to make up for the production cost, and the rest should be distributed among investors, enterprises and the state to make up for the production cost, and then continue to participate in the production turnover in the form of money, re-purchase labor objects, update labor materials, pay employees' wages, and realize product reproduction. In this way, in the process of enterprise reproduction, on the one hand, it is the material movement, that is, the supply, production and sales of materials, on the other hand, it is the capital movement, that is, the collection, use, consumption, recovery and distribution of funds. The former is economic activity and the latter is financial activity. Although finance is a capital movement, it is not capital, but reflects the economic relationship behind capital, that is, financial relationship. Marx pointed out in Das Kapital: "Capital is not a thing, but a certain, social and historical production relationship, which is integrated into a thing and endowed with unique social nature." Marx's exposition puts aside the unique attributes of capitalism, and its basic principles are also applicable to socialist finance. Therefore, the objective existence of capital movement in the process of material reproduction in various departments and units of the national economy is the appearance of finance, and the economic relationship embodied by capital movement is the essence of finance. Only by unifying the two can we form a complete financial concept.
Finance: the state participates in the distribution of social products for the purpose of exercising its functions, and the resulting distribution relationship between the state and relevant parties.
In China, there is a view that finance is the distribution relationship that occurs when the state distributes value. This kind of value distribution belongs to the financial distribution in the production field before the country comes into being, and belongs to the national financial distribution after the country comes into being. Another point of view is that finance is the distribution relationship generated by the distribution of surplus products to meet social needs, and finance is not produced with the emergence of the country, but with the emergence of surplus products.
What is finance? It is the process of accounting, filling in accounting vouchers, registering accounting books and preparing accounting statements according to the actual economic and business matters of an enterprise.
What is the daily financial audit for reference only? Suitable for hotels and restaurants.
1. Further review and summarize the daily report of operating income and various settlement documents, and modify the entries to ensure the authenticity and accuracy of daily income.
2. According to the daily income report of the hotel area, prepare the income trial balance, check whether the income division is correct, and check whether there is any unrecorded income.
3. Review the miscellaneous adjustment statement and credit adjustment statement. Miscellaneous adjustment forms should be reviewed to ensure the correctness of the accounts entered. If there is any error, it should be adjusted in time. The credit adjustment form should first check the signature and approval of the department manager or general manager, and check whether the reasons are clear and reasonable, and whether the accounts entered are accurate.
4. Check whether the occupancy rate and average house price are correct through the daily room report, and adjust them in time when problems are found.
5. Prepare the hotel operating income report on the computer account, including the operating income of each region, restaurant operating income, room income, average occupancy rate, average house price, number of people dining in the restaurant, average consumption, etc. The report also provides the budget proportion of each business department, monthly and annual cumulative data, and submits it to the general manager for review and then sends it to the relevant leaders of each business department and the company.
6. Carefully check the summary table of cash income made by the chief cashier every day. If it is found unreasonable, immediately find the reason and handle it in time.
7, daily according to the cashier's cash income summary table, computer reports, according to the provisions of the accounting system and subjects, prepare accounting vouchers, operating income do Nissin monthly statement.
8. Review all foreign currency exchange documents and solve the problems found in time.
9. Review the dining situation of employees in the restaurant, and submit the unreasonable or over-limit dining list to the cost department in time after approval by the department or general manager Bao.
10. Assist other business departments to complete relevant audit work.
1 1 Review the implementation of reservation orders of catering and banquet department, and make statistics on banquet sales at the end of the month.
12 Record and review all kinds of training courses, attendance fees and card counting of the Recreation Department, and check the card seller's commission with the Recreation Department every month.
13, at the end of each month, do an income analysis of each business department.
14. Check the amounts of accounts receivable and accounts payable at the end of each month, and report relevant transfer information to the general ledger.
15. Keep and preserve the processed historical materials.
What is lending in finance? Debit is a symbol of double-entry bookkeeping. According to the different nature of the account, follow the accounting equation: assets = liabilities+owner's equity, expenses = profits-income to confirm the nature. On the left, it shows that borrowing has increased and loans have decreased (as well as assets, expenses and costs). On the right, it shows that loans increase and loans decrease. I hope you can understand.
What is financial operation? Financial operation is the planning, organization, implementation and control of enterprise financial (including assets) operation process, and it is the general name of all kinds of management work closely related to enterprise financial management and capital operation. From another perspective, financial operation can also refer to the process of designing, operating, evaluating and improving various systems (links) related to enterprise financial work.
What is the financial effect? Financial effect is also called financial leverage effect.
Financial leverage effect refers to the phenomenon that when one financial variable changes in a small range, another related variable will change in a large range because of the existence of fixed expenses.
Forms of financial leverage effect
Three forms of financial leverage effect:
The financial leverage effect includes the following three forms: operating leverage, financial leverage and compound leverage.
1, operating leverage
The meaning of operating leverage
Operating leverage refers to the leverage effect that the change of earnings before interest and tax is greater than the change of production and sales due to the existence of fixed costs.
Operating leverage's measure
The most commonly used index to measure operating leverage is the operating leverage coefficient or operating leverage degree. Operating leverage coefficient refers to the rate of change of earnings before interest and tax is equivalent to the multiple of the rate of change of production and marketing business.
The calculation formula is:
Operating leverage coefficient = earnings before interest and tax change rate/production and sales change rate.
The simplified formula of operating leverage coefficient is:
Operating leverage coefficient in the reporting period = marginal contribution in the base period/earnings before interest and tax in the base period.
The relationship between operating leverage and business risk;
Operating leverage coefficient, fixed cost and operating risk change in the same direction, that is, when other factors are fixed, the higher the fixed cost, the greater the operating leverage coefficient and the greater the operating risk of the enterprise. This relationship can be expressed as:
Operating leverage coefficient = marginal contribution of base period/(marginal contribution-fixed cost of base period)
2. Financial leverage
The concept of financial leverage
Financial leverage refers to the leverage effect that the change of earnings per share of common stock is greater than the change of earnings before interest and tax due to the existence of debt.
Measurement of financial leverage
The main index to measure financial leverage is the degree of financial leverage. The degree of financial leverage refers to the rate of change of common stock's profit per share equivalent to the multiple of earnings before interest and tax's rate of change.
The calculation formula is:
Degree of financial leverage = change rate of profit per share of common stock/change rate of earnings before interest and tax = base period earnings before interest and tax/(base period earnings before interest and tax-base period interest)
For enterprises that have both bank loans and financial leases and issue preferred shares, their financial leverage can be calculated according to the following formula:
Degree of financial leverage = EBIT/[EBIT-interest-finance lease deposit-(preferred stock dividend/1- income tax rate)]
The relationship between financial leverage and financial risk
Financial risk refers to the risk that an enterprise will increase the chance of bankruptcy or the chance of substantial change in the profit per share of common stock when using debt funds to obtain financial leverage benefits. Financial leverage will increase financial risks. The greater the proportion of corporate debt, the stronger the financial leverage effect and the greater the financial risk. The relationship between financial leverage and financial risk can be tested by calculating and analyzing the profit per share of common stock and its standard deviation and standard deviation rate under different capital structures.
3. Composite lever
The concept of compound lever
Compound leverage refers to the leverage effect that the change of common stock profit per share is greater than the change of production and sales business volume due to the existence of fixed production and operation costs and fixed financial expenses.
Measurement of composite lever
The main index of comprehensive leverage measurement is comprehensive leverage coefficient or comprehensive leverage. Composite leverage coefficient refers to the rate of change of common stock's profit per share is equivalent to the multiple of the rate of change of business volume.
Its calculation formula is:
Comprehensive leverage coefficient = change rate of profit per share of common stock/change rate of production and sales.
Or: comprehensive leverage coefficient = operating leverage coefficient × financial leverage degree.
Relationship between compound leverage and enterprise risk
The risk that the profit per share of common stock fluctuates greatly due to compound leverage is called compound risk. Compound risk directly reflects the overall risk of the enterprise. When other factors remain unchanged, the greater the compound leverage coefficient, the greater the compound risk; The smaller the compound leverage coefficient, the smaller the compound risk. By calculating and analyzing the composite leverage coefficient, standard deviation and standard deviation rate of common stock earnings per share, we can reveal the internal relationship between composite leverage and composite risk.
Performance of financial leverage effect
(A) the positive effects of financial leverage
1. Interest tax credit effect
On the one hand, the most important feature of debt relative to equity capital is that it can bring preferential treatment to enterprises and reduce the tax paid. That is, interest on liabilities can be deducted from pre-tax profits, thus reducing taxable income and increasing enterprise value. Most countries in the world stipulate that liabilities are exempt from income tax. China's "Provisional Regulations on Enterprise Income Tax" also clearly stipulates: "During the production and operation period, the interest expenses borrowed from financial institutions can be deducted according to the facts." The utility of debt interest tax deduction can be quantified and expressed by the formula: interest tax deduction utility = debt amount × debt interest rate × income tax rate. Therefore, under the given debt interest rate and income tax rate, the more debts an enterprise has, the greater the interest tax deduction effect will be. On the other hand, because the interest on liabilities can be deducted from the pre-tax profit, the income tax paid by enterprises is reduced, and the comprehensive capital cost of enterprises is relatively reduced.
2. High return effect
Debt capital, like equity capital, gains corresponding investment profits. Although creditors have priority to claim the assets of the enterprise, they can only get fixed interest income and due principal, and all the remaining high profits are owned by equity capital, which improves the profit rate of equity capital. This is the financial leverage effect of debt. It should be noted that financial leverage is an after-tax utility, because both the profits generated by debt capital and the profits generated by equity capital are subject to enterprise income tax. Therefore, the final utility of financial leverage can be expressed by a formula: financial leverage utility = debt amount × (capital profit rate-debt interest rate )× (L-income tax rate). When the debt ratio, debt interest rate and income tax rate are fixed, the higher the capital profit rate, the greater the financial leverage effect; When the profit rate of capital is equal to the interest rate of liabilities, the utility of financial leverage is zero; When it is less than the debt interest rate, the financial leverage effect is negative. Therefore, financial leverage may also bring negative effects to enterprises. Whether an enterprise can benefit from the utility and income of financial leverage depends on the comparative relationship between capital profit rate and debt interest rate.
(B) the negative effects of financial leverage
1. financial crisis effect
On the one hand, debt will increase the fixed costs of enterprises and increase the pressure on enterprises to pay regularly. First of all, servicing the principal and interest is a contractual obligation that an enterprise must undertake. If the enterprise can't repay, it will also face financial crisis, increase the extra cost of the enterprise and reduce the cash flow created by the enterprise. The cost of financial crisis can be divided into direct cost and indirect cost. Direct expenses are the expenses paid when an enterprise goes bankrupt according to law. After an enterprise goes bankrupt, the ownership of its assets will be transferred to creditors, and the legal fees, management fees, attorney fees and consulting fees incurred in this process are all direct costs. The direct cost is obvious, but before declaring bankruptcy, the enterprise may have borne a huge indirect financial crisis cost. For example, due to excessive debt, enterprises have to give up valuable investment opportunities and lose expected returns; Consumers may therefore question the production capacity and service quality of the enterprise and eventually give up using the products or services of the enterprise; Suppliers can refuse to provide business credit to enterprises; Enterprises may lose a large number of excellent employees.
All these indirect costs are not reflected in the direct cash expenditure of enterprises, but the negative impact on enterprises is enormous. And with the increase of corporate debt, this effect will become more and more significant. On the other hand, it will lead to insolvency or even bankruptcy of enterprises. The total debt of an enterprise is too large, it is insolvent, or it is unable to repay the current liabilities due, which will cause creditors to collect debts and even bring a lawsuit to the court, which will eventually lead to the bankruptcy of the enterprise.
2. Conflict of interest effect
That is, excessive debt may cause conflicts of interest between owners and creditors. On the one hand, a prerequisite for creditors' interests not to be harmed is that the risk degree of the enterprise should be within the range allowed by the forecast, and in real economic life, owners often like to invest in high-risk projects. Because if the project is successful, the creditor can only get fixed interest and principal, and the remaining high profits belong to the owner, thus realizing the transfer of wealth from the creditor to the owner; If the high-risk project fails, the losses will be shared by the owners and creditors, and some creditors' losses are far greater than the owners' losses. This is called "betting on creditors' money". On the other hand, in order to obtain new debt capital, enterprises often give new creditors more priority, which will also harm the interests of the original creditors and increase the risks borne by the original creditors. In order to protect their own interests and limit their own risks to a certain extent, creditors often require personal guarantee clauses to be added to loan agreements to restrict enterprises from increasing high-risk investment opportunities; In order to prevent the issuance of new bonds, creditors will also add a resale clause to the contract, that is, if new bonds are issued, the original bondholders are allowed to resell the securities to the company at face value. This limits the normal investment and financing of enterprises and brings intangible losses to enterprises.
Calculation of financial leverage effect
The so-called financial leverage income (loss) refers to the influence of debt financing operation on the owner's income. After debt management, the net income formula of enterprise equity capital is:
Profit on equity capital = (capital profit rate x total capital-debt interest rate x debt capital) ×( 1- income tax rate) = (capital profit rate (equity capital+debt capital)-debt interest rate x debt capital) ×( 1- income tax rate) = (capital profit rate x equity capital-(capital profit rate-debt interest rate))
The capital profit rate of the above enterprises-the total capital order of earnings before interest and tax, that is, the profit rate before interest and tax. Therefore, the formula for calculating the profit rate of available equity capital is:
Profit rate of equity capital = (capital profit rate x debt capital/equity capital) x(L- income tax rate) or = ((capital profit rate x total capital-debt interest rate x debt capital) x(L- income tax rate) ÷ equity capital.
Visible, as long as the enterprise investment profit rate is greater than the debt interest rate, financial leverage will increase the absolute value of equity capital income due to debt operation, so that the equity capital profit rate is greater than the enterprise investment profit rate, and the higher the debt ratio (debt capital/total capital), the greater the financial leverage interest, so the essence of financial leverage interest is that the profit rate of enterprise investment is greater than the debt interest rate, and part of the profits obtained from debt are converted into equity capital, thus improving the profit rate of equity capital. If the profit rate of enterprise investment is equal to or less than the interest rate of debt, then the profit generated by debt can only or not make up for the interest required by debt, and even the profit obtained by using equity capital is not enough to make up for the interest, so we have to reduce equity capital to pay off debt, which is the essence of financial leverage loss.
The financial leverage effect of liabilities is usually measured by the degree of financial leverage, and the degree of financial leverage reflected in the second dynamic data refers to the multiple of the change rate of enterprise equity capital profit relative to the change rate of pre-tax profit. The formula is:
Degree of financial leverage = change rate of equity capital profit/change rate of earnings before interest and tax.
After mathematical deformation, we only need to use the static data of the first stage to reflect the following formula:
Degree of financial leverage = EBIT/(EBIT-debt capital × interest rate)
According to the financial leverage calculated by these two formulas, the latter reveals the relationship among earnings before interest and tax, debt capital and debt interest rate, and the former can reflect that the rate of change of the profit rate of equity capital is equivalent to the multiple of the rate of change of earnings before interest and tax. The use of debt funds by enterprises can not only improve the profit rate of equity capital, but also make the profit rate of equity capital lower than the profit rate before interest and tax, which is the positive and negative effect of financial leverage.
To sum up, the financial leverage effect can bring additional benefits to enterprises, and may also cause additional losses, which constitutes financial risks. Financial leverage benefits do not increase the wealth of the whole society, but the distribution of established wealth between investors and creditors; Financial risk has not increased the risk of the whole society, but transferred the commercial risk to investors. Financial leverage effect and financial risk are important factors in enterprise capital structure decision-making, and capital structure decision-making needs to make a reasonable balance between financial leverage income and related risks. Finally, the purpose of improving the interests of investors is achieved.
The essence of financial leverage effect
The essence of financial leverage effect is that because the profit rate of enterprise investment is greater than the interest rate of debt, some profits obtained from debt are converted into equity capital, which makes the profit rate of equity capital rise. If the profit rate of enterprise investment is equal to or less than the interest rate of debt, then the profit generated by debt can only or not make up for the interest required by debt, and even the profit obtained by using equity capital is not enough to make up for the interest, so we have to reduce equity capital to pay off the debt, which is the loss caused by the negative effect of financial leverage.
What is a financial child? "deficit" is accounting, and the negative number when income is less than expenditure is indicated in red. So the scarlet letter (deficit) means loss, overspending, and making ends meet. However, when the State Council first defined this word, because it was not unique to China, but existed all over the world, China's "red" was expressed in English, but the reverse translation of "red" could not be translated into "red", so the use of "fiscal deficit" could avoid the problem of incorrect translation of financial statements and related books.
What is financial exit? This is an inventory statement, and the inventory procedure is as follows:
1) initial quotation. Generally carried out by managers or users.
2) Re-quote. Some companies stipulate that only 60% of the re-quotations need to be checked, that is, the cancellation of orders. Extraction is not necessarily carried out by financial personnel, but can also be exchanged by different departments. (It is best to re-quote across departments)
I think repeated quotation needs 65,438+0,000%, and quotation cannot be extracted.
3) Financial personnel randomly select materials for inventory. Generally, items with large amounts will be listed.