Maksimov D.V., Karpenko P.L.

M 171 Financial aspects of the activities of tourism enterprises: Textbook. Ed. 2nd, add. and processing - Krasnodar, 2012. - 143 p.

The textbook gives a general idea of the financial relations in which tourism enterprises participate. The formation and use of fixed assets of funds of the state and enterprises are considered. The main methods of their analysis are outlined.

The textbook will be useful for students of higher and secondary educational institutions, graduate students, as well as specialists from tourism companies.

UDC 338.48(075.8)

BBK 65.433ya73

INTRODUCTION

The purpose of the textbook is to teach students of higher and secondary educational institutions, specialists working in the tourism business the basics of financial relations. The manual is a summary of the basic principles of financial science. It is divided into 2 sections. The first section examines national funds of funds (budget, extra-budgetary funds, insurance, credit organizations, financial market). In other words, this represents the financial sphere (environment) in which tourism enterprises operate. The second section is devoted directly to the finances of travel agencies. It consistently sets out the main tasks, methods for analyzing financial condition, the most important characteristics of the source documents for analysis, as well as guidelines for their analysis, and finally describes the main directions of analysis, presents and comments on the indicators used in this case.

The importance of the ability to use financial management methods at both the macro and micro levels does not require proof: during the period of market transformations, those companies successfully operate whose top and middle management, at least, do not neglect the methodologies of financial analysis and management, which helps to find “ bottlenecks in activities and eliminate them in a timely manner.

SECTION I.

GENERAL PUBLIC FINANCE

TOPIC I

ESSENCE AND FUNCTIONS OF FINANCE

1. Stages of financial development

2. Functions of finance

Stages of financial development

The concept of “finance” is often equated with money. If they are the same thing, then why are there two different terms for the same category? What is finance?

Term financier arose in the 13th-15th centuries in the trading cities of Italy and at first meant any monetary payment. Subsequently, the term gained international distribution and began to be used as a concept associated with the system of monetary relations between the population and the state regarding the formation of funds of funds. Thus, this term reflected, firstly, monetary relations between two entities, i.e. money acted as the material basis for the existence and functioning of finance (where there is no money, there can be no finance). Secondly, the subjects had different rights in the process of these relations: one of them (the state) had special powers. Thirdly, in the process of these relations, a national fund of funds was formed - the budget. Therefore, we can say that these relations were of a stock nature. Fourthly, the regular flow of funds into the budget could not be ensured without giving taxes, fees and other payments a state-compulsory nature, which was achieved through the legal rule-making activities of the state and the creation of an appropriate fiscal apparatus.

These are the main features of finance. Using them, one can unmistakably distinguish finance from the entire set of monetary relations. For example, monetary relations that arise between citizens, between citizens and retail trade, cannot be classified as finance, since the state here regulates monetary relations using the civil law method. Thus, Finance is a set of monetary relations organized by the state, during which the formation and use of national funds of funds is carried out to carry out economic, social and political tasks.

What are the prerequisites for the emergence of finance?

1. It was in Central Europe that, as a result of the first bourgeois revolutions, although monarchical regimes were preserved, the power of monarchs was significantly curtailed and, most importantly, the head of state was separated from the treasury. A nationwide fund of funds arose - a budget that the head of state could not use individually.

2. The formation and use of the budget has become systematic, i.e. systems of state revenues and expenditures with a certain composition, structure and legislative support arose. It is noteworthy that the main groups of budget expenditures have remained virtually unchanged for many centuries. Even then, 4 areas of spending were identified: for military purposes, management, economics, and social needs.

3. Taxes in cash acquired a predominant character, whereas previously state revenues were formed mainly through taxes in kind and labor duties.

Thus, at this stage of development of statehood and monetary relations, it became possible to distribute the created product in value terms. Distribution relations are part of economic relations in society, and finance, being an expression of this objectively existing sphere of economic relations, is an economic category. They have a clearly defined specific social purpose - the formation and use of state funds through special forms of value movement. Finance is also a historical category, since it has stages of emergence and development, that is, they change over time.

There are 2 main stages in the development of finance.

The first stage is an undeveloped form of finance. It is characterized by the unproductive nature of finance, that is, the bulk of the funds (2/3 of the budget) were spent on military purposes and had virtually no impact on the economy. Another characteristic feature of this period was the narrowness of the financial system, since it consisted of one link - the budgetary one, and the number of financial relations was limited. All of them were related to the formation and use of the budget.

The second stage is a developed form of finance. It is characterized by a variety of state monetary funds (in addition to the budget), each of which is created for specific purposes (PFR, Social Insurance Fund, Compulsory Medical Insurance Fund, etc.).

Finance functions

The essence of finance is manifested in its functions. Functions refer to the “work” that finance does. The question of the number and content of functions remains controversial.

However, no one denies that finance is a set of monetary relations organized by the state in the process of which the formation and use of funds of funds is carried out. And to the question of what is the source of the formation of numerous funds at different levels, the answer is usually the same - gross domestic product. The process of GDP distribution can be carried out using financial instruments: norms, rates, tariffs, deductions, etc., established by the state.

Let's take the simplest example. The company sold a certain volume of products. The proceeds are credited to the current account, but from this amount the company must transfer established taxes to the budget. Of the remaining amount, the enterprise must allocate a portion that reimburses the consumed means of production, thereby ensuring the continuity of the production process. It is determined from the norms established by the state for depreciation charges, the cost of fixed assets, norms for the consumption of objects of labor and their cost. Next, the part associated with wages is highlighted - the wage fund (WF), again through the norms of labor expended and the system of its payment. According to the standards established for the payroll, part of the cost of the created product is allocated for transfer to the pension fund, social insurance fund, etc. Finally, profit remains. It was as if a primary distribution had taken place. But payroll and profits are subject to further distribution, i.e. second order distribution. The payroll is divided between workers, the budget and the pension fund according to the standards established by the state. Profit is divided between the enterprise, its parent organization and budgets of different levels. Distribution processes also take place within the enterprise.

Thus, if we talk about finance in general, then, apparently, we should assume that they perform two main functions: distribution And test. That part of finance that functions in the sphere of material production and participates in the process of creating cash income and savings performs not only distribution and control, but also the function of generating cash income.

The control function of finance is closely related to the distribution function. Among the huge variety of financial relations, there is not a single one that is not associated with control over the formation and use of monetary funds. At the same time, there are no financial relations that would only have a control function.

With the help of finance, the state distributes the social product not only in physical form, but also in value. In this regard, it becomes possible and necessary to control the provision of cost and natural-material proportions in the process of expanded production.

The control function of finance is, first of all, “ruble control” in the process of objectively existing monetary relations. It permeates the entire system of relations associated with the movement of value and the change in forms of value, and represents cost control, control through the form of value. Since finance expresses relationships, control of the ruble, like the function of finance, is only control of real money turnover.

Finance exercises control at all stages of the creation, distribution and use of the social product and national income. Their control function is manifested in all the diversity of economic activities of enterprises. Ruble control is carried out over production and non-production costs, the correspondence of these costs to income, the formation and use of fixed assets and working capital. It operates at all stages of the circulation of funds during financing and lending, non-cash payments, in relations with the budget and other parts of the financial system.

The object of the control function of finance is the financial performance indicators of enterprises, organizations, and institutions. Depending on the entities exercising financial control, a distinction is made between national, departmental, on-farm, public and independent audit financial control.

National (non-departmental) financial control carried out by government and management bodies. Objects are subject to control regardless of their departmental subordination.

State financial control in the Russian Federation are carried out by the highest bodies of state power and administration - Federal Assembly and its two chambers - State Duma And Federation Council. The Federal Assembly of the Russian Federation forms Accounts Chamber as a permanent body of state financial control.

The Accounts Chamber exercises control over the timely execution of revenue and expenditure items of the federal budget, the legality and timeliness of the movement of budget funds in the Central Bank of the Russian Federation and other financial institutions.

The activities of economic entities are monitored by the Ministry of Taxes and Duties.

Departmental financial control carried out by control and audit departments of ministries and departments. These bodies carry out inspections of the financial and economic activities of subordinate enterprises and institutions.

On-farm financial control carried out by financial services of enterprises and institutions (accounting, financial departments). Their functions include checking the production and financial activities of the enterprise itself, as well as its structural divisions.

Public financial control performed by individual individuals on a voluntary basis.

Independent financial control carried out by audit firms and services. The object of this control is the activities of all economic entities.

Security questions

1. What is the original definition of finance?

2. Reasons for the emergence of finance?

3. Name the forms of financial relations.

4. What is “Finance”?

5. Define “Finance of a travel company.”

6. List the functions of finance (including a travel agency).

7. What is the state regulation of financial activities?

TOPIC II. MONEY

2. Functions of money

3. Money circulation

Money is a tool for managing the life of an individual and society as a whole. Money is a document that gives the right to receive any benefits and property in life. Money is always close to a person. A person carries cash in his pocket, and keeps non-cash money on a plastic payment card, in bank deposits and accounts.

The role of money in managing human society was vividly characterized by the main character of Maupassant’s novel “Mont-Oriol,” the banker Andermatt, saying that “... money is... a cluster of all types of activities that have captured and attracted people at all times: politics, war, and diplomacy. ...The great battles of our time are battles fought by money. And now I see my troops in front of me: hundred-sou coins are private soldiers in red trousers, twenty-franc gold coins are brilliant young lieutenants, hundred-franc banknotes are captains, and thousand-franc notes are generals. And I'm fighting».

To the question: “What is money?” You can give a simple answer: “Money is a commodity that can always be exchanged for any other product, service, work, legal rights, intangible benefits (for example, pay for treatment, gain power, etc.).”

However, the same question asked in another aspect, for example, “What is money as an economic category?”, causes great difficulty in answering. These answers could be: “Money is a sign of exchange”, “Money is the crystallization of exchange value”, “Money is a universal commodity equivalent”, “Money is an artificial social convention, i.e. a product of agreement between people”, “Money is a means of payment, measurement of value and its accumulation”, “Money is a type of security that has autonomy of movement and the possibility of accumulation”, etc.

The English politician Gladstone once joked that “even love has not driven as many people crazy as philosophizing about the essence of money.”

The Austrian economist K. Menger calculated that from the times of Xenophon, Plato and Aristotle until the beginning of the 20th century. (over about 2300 years) about 6 thousand special works on money problems were published in the world. In the modern world, the number of such works is growing almost exponentially.

What is money?

Money- historical and economic category.

As a historical category, money is a product of civilization. They arise with the advent of commodity exchange and as a derivative of exchange. The role of money comes down to the functions of an intermediary of exchange between different goods; historically, money is a special kind of commodity, a commodity is an intermediary of exchange, a commodity is a sign of value.

One of the first intermediary goods in many countries was livestock. This follows from the fact that in many languages of the world money and cattle are denoted by one word or similar words that have a common root. Thus, the wealth of the heroes of the epic of Homer and the ancient Germanic tribes was measured by the number of heads of livestock. And when the African explorer Livingston told local residents about the queen’s wealth, they asked him: “How many cows does the queen have? More than our leader, or not?

Furs, grain, copper, silver, etc. were also intermediary goods. Ultimately, the role of money was assigned to gold.

Gold has special specific properties that only it can make it the world's money. Namely, gold does not deteriorate over time. It can be stored for a very long time without changing its quality and weight. It can be measured in any quantity by weighing. The price of gold is influenced by only one factor: the amount of gold in the world. Unlike natural precious stones, the value of gold depends on its quantity and remains unchanged, no matter in what form it is offered. This constancy of the price of the pledge made it the standard for assessing the value of all other goods. Therefore, gold began to be used as world money.

The first gold coins (consider the first real money) appeared in the Lydian state around 550 BC. In Russia, a unified money system was created during the regency of Elena Glinskaya (1534-1538), mother of Ivan the Terrible. It was based on the ruble (68 grams of silver), which consisted of 100 kopecks (weight - 0.68 grams of silver). One kopeck was equal to two money of 0.34 grams of silver, or four half coins of 0.17 grams of silver. The first ruble in Russia appeared in the 13th century. The name “ruble” comes from the name “ruble hryvnia”. It is believed that the ruble hryvnia was made like this: a narrow long ingot of silver was cast, which was then chopped into pieces (hryvnias) with a chisel. These hryvnias were called ruble, or simply rubles.

Paper banknotes first appeared in China in the year 100, and in Russia in 1769 under Catherine II under the name banknote (Polish. asygnacja, lat. assignatio- purpose).

These banknotes existed until the reform of 1849, when silver monometallism was introduced.

Monometalism- this is a monetary system in which the universal equivalent (measure of the value of all goods) is only one metal: either silver or gold.

The emergence of money as an intermediary of exchange significantly reduced the time and costs associated with the exchange of goods. For example, the explorer of Africa Cameron in the 19th century. faced the phenomenon of direct reusable exchange of goods (multi-stage barter). Cameron needed a boat, and he had wire. He went to an Arab merchant who had a boat. He agreed to exchange the boat for ivory. Then Cameron went to the merchant who had the ivory. The merchant agreed to exchange it for shoes and cloth. Cameron went to a merchant who had shoes and cloth, and he agreed to exchange them for the wire that Cameron had. Cameron spent 6 days on this entire exchange of goods. And using money, he would make the exchange in a few minutes.

Money as an intermediary commodity, standing out from the general mass of goods, retains its commodity form: it has use value and value. The use value of money is its usefulness as a thing that can be exchanged for any other things and benefits. Money made from precious metals (gold, silver, platinum) can be used as jewelry.

The value of money as an intermediary commodity means the labor embodied in it, i.e. labor costs for the production of money as a thing (coins and banknotes).

Since money is a “commodity of commodities,” it has a special character of action of use value and value.

First, the use value of money includes the use value of all exchanged goods.

Secondly, the value of money, or its price, has an external form of manifestation before the process of its exchange for goods. Money can always be exchanged for any product at its value. The value of money is the purchasing value of money. The value of a commodity (the labor embodied in it) has a hidden form, which appears only in the process of exchanging goods for money.

The main property of money is its liquidity. Liquidity of money means the ability of money to participate in the immediate acquisition of goods or other goods.

The monetary unit of any country is called currency.

Functions of money

The essence of money is manifested in its functions. Money serves as a means:

Ø circulation (exchange function);

Ø measuring value (accounting function);

Ø preservation and accumulation of value (savings function).

The content of the function as a medium of exchange is the use of money as an intermediary in the exchange of some goods (services, works) for others. This exchange is manifested in the purchase and sale of goods, in payments for services rendered, work performed and intangible goods provided, in the payment of taxes and debts, in property transactions (pledge, rent, hire, leasing, loan, credit, etc.). Commodity exchange occurs according to the following scheme:

...T - D - T...,(2.1)

Where T- goods (services, works, benefits);

D- money;

(T-D)- sale of goods (exchange of goods for money);

(D-T)- purchase of goods (exchange of money for goods);

(...) - means an endless chain of sequence of this exchange.

The existence of money makes it possible to exclude direct exchange of goods (barter).

Today, due to the high level of inflation in individual countries and the difficulty of conducting monetary policy during wars, barter is also widely used as a tool for non-monetary exchange.

Price scale is a monetary unit used to measure and compare the cost of goods (services, works). Each country has its own price scale: in the Russian Federation - ruble, in the USA - dollar, in Germany - German mark, etc.

The content of the function of money as a means of preserving and accumulating value is manifested in the fact that money is a financial asset that is preserved after the sale of goods (services, works) and provides purchasing power in the future. Purchasing power money is the ability to exchange it for a certain amount of goods (services, works). It expresses the filling of a monetary unit in circulation with a mass of goods (services, works) at a given level of prices and tariffs. The amount of purchasing power of money depends mainly on the price level, types of goods and the structure of trade turnover.

The accumulation of value can occur in the form of:

Ø cash (banknotes and coins);

Ø securities, securities (shares, bonds);

Ø precious metals and natural precious stones;

Ø income-generating real estate.

The functions of money determine its role in the economic life of society. This role is expressed as follows:

Ø money is an equivalent product that acts as an intermediary in the exchange of different goods (works, services) and contributes to significant savings in time and labor costs;

Ø money is a tool of economic practice. It is used in accounting, management and statistical accounting, in drawing up a balance sheet and financial plan, etc. Money is the language of the market;

Ø money is used in the study and solution of such phenomena of economic life as inflation, deflation, unemployment, etc.

Inflation means the depreciation of paper money and non-cash funds that are not exchangeable for gold. Inflation is an overflow of money circulation channels relative to the mass of goods. This situation leads to an increase in prices for goods (services, works). Inflationary processes are constantly occurring in the world. With inflation rates of up to 3% per year, it is called “soft” inflation. High inflation rates (more than 10% per year) indicate a sick economy leading to stagnation, those. to an economic crisis.

The state of the country's economy, which characterizes the combination of simultaneous processes of stagnation and inflation, means stagflation economy.

Inflation- a painful phenomenon for lenders, but it makes life easier for borrowers who pay off their debt with worthless money.

Deflation- This is the opposite of inflation and is associated with a fall in the price level. Deflation means an increase in the value of money, i.e. increasing their purchasing power. Low rates of deflation are a great joy for consumers, but for the economy as a whole, deflation is an undesirable phenomenon, since it leads to an economic recession and a deterioration in business conditions. Money can be divided into:

Ø coins;

Ø banknotes;

Ø treasury notes;

Ø money surrogates, i.e. money substitutes.

Coins- this is metal money. Coins can also be made from precious metals. Precious metal coins are legal tender. They are usually issued as commemorative (anniversary) coins and have a market value rather than a nominal value. Issued for numismatists and for trading on precious metals exchanges.

Banknotes are made of paper and represent bank notes issued by the central bank of the state. Essentially, banknotes are promissory notes from a government bank.

Banknotes should theoretically be backed by precious metals and other assets of the state bank. Banknotes are not exchangeable for gold and are no different in economic nature from Treasury notes.

Treasury notes- this is paper money issued by the Treasury, i.e. government agency in charge of cash execution of the state budget. The issuance of treasury notes is typical for underdeveloped countries. There are none in the Russian Federation.

Money surrogates, or money substitutes, are commercial securities intended for making payments and various property transactions. These are checks (checks, traveler's checks, euro checks), bills of exchange, mortgages, certificates of pledge, bank certificates, etc.

Money circulation

Money is in constant movement between a citizen, an economic entity and government authorities. The circulation of money continuously flowing over time is cash flow. Cash flow, limited by the initial and final reference points, represents the turnover of money, or cash turnover. Cash flow, in which the movement of money is associated with the performance of its functions, is money circulation.

Money circulation is carried out in cash and non-cash form. The cash form of money circulation is the movement of cash (coins and banknotes). A non-cash form of money circulation is payment in non-cash money, i.e. non-cash payments. They are carried out by bank transfer of money, through the use of letters of credit, collection, credit and debit cards, smart cards, etc.

These forms of monetary circulation exist in interconnection and interdependence. Cash changes its form to non-cash money and back.

Monetary circulation is subject to a certain law, which determines the amount of money (or money supply) required at any given moment to ensure commodity circulation in the country.

The mathematical formula for the law of money circulation is as follows:

, (2.2)

Where D- amount of money (money supply), rub.;

R- sum of prices of goods (services, works) to be sold, rub.;

TO- the sum of prices of goods (services, works), payments for which exceed the limits of a given period of time (sold in installments or with deferred payment), rub.;

P- the sum of prices of goods (services, works), the payment terms for which have already arrived, rubles;

IN- amount of mutually repayable payments, rub.;

ABOUT- the speed of money turnover for a given period of time, turnover.

Money supply- this is a set of purchasing, payment and accumulated funds (all cash and non-cash money), serving economic relations and owned by citizens, business entities, and the state.

Money turnover rate is measured by the number of revolutions of the ruble per unit of time and shows how many times the ruble is used to pay for goods (services, works) during a certain period of time, usually per year.

The law of monetary circulation implies a requirement for a balance between the money and commodity supply in circulation. This balance is expressed by the level of exchange between the money supply and the nominal value of the gross national product.

Gross National Product represents the annual cost of the final (finished) product produced in the country at market prices. Gross national product includes the value of the product created both within the country and abroad using factors of production (land, labor, capital, organizational skills of the entrepreneur) belonging to that country.

The equation of exchange is a calculated relationship according to which the product of the value of the money supply and the speed of money turnover is equal to the product of the price level and the real value of the gross national product.

М´О=Р´Н,(2.3)

Where M- amount of money in circulation (money supply), rub.;

ABOUT- speed of money turnover per year, turnover;

R- the level of prices of goods (services, works), expressed relative to the basic annual indicator equal to 1;

N- real value of gross national product, rub.;

(Р´Н)- nominal value of gross national product, rub.

The equation of exchange shows a relationship, the fulfillment of which leads to the fact that the amount of money in circulation will correspond to its real need. The state must maintain this dependence by pursuing correct monetary and financial policies.

Currently, monetary aggregates are used to analyze changes in the movement of money. Monetary aggregates are types of money and funds(substitutes for money) differing in degree of liquidity. Monetary aggregates (lat. aggregatus- attached) are indicators that represent the combination of several parts of cash flow into a single whole. There are 5 types of monetary aggregates.

M 0- cash in circulation.

M 1- cash, checks, demand deposits. In other words, the unit M 1 includes the unit M 0 and money in current bank accounts. These are cash and non-cash money.

M 2 consists of an aggregate M 1 and small time deposits. This is cash, non-cash money, money in bank deposits and government securities (savings loan bonds, etc.).

M 3 consists of an aggregate M 2, money on any deposits, including securities traded on the financial market (stock securities - shares, bonds, etc. and commercial securities - bills, etc.).

M 4 includes all types of money and funds. Unit M 4 consists of an aggregate M 3 and various types of deposits.

In order for monetary circulation not to be disturbed, monetary aggregates must be in a certain equilibrium. The equilibrium conditions, as practice shows, are:

M 2 > M 1 And M 2 + M 3 > M 1(2.4)

In this case, money capital goes from initial turnover to non-cash turnover. To determine the money supply, countries use different numbers of aggregates. Four units have been adopted in the Russian Federation: M 0, M 1, M 2, M 3.

The structure of the total money supply in the Russian Federation is approximately as follows: M 0 - 30%; M 1 - 96; M 2 - 99; M 3 - 99.5%.

Using monetary aggregates, you can determine the speed of money turnover:

Where ABOUT- speed of money turnover, turnover;

GNP- annual volume of gross national product, rub.;

M 2- monetary aggregate, rub.

The turnover rate of non-cash money (money in current accounts) is calculated using the formula:

, (2.6)

Where O 1- speed of non-cash money turnover, turnover;

M 0, M 1, M 2- monetary aggregates, rub.

Security questions

1. Define the category “Money”.

2. Give examples of intermediary goods before the advent of money.

3. What functions of money do you know?

4. How does the use value of money differ from the labor value?

5. What is inflation and deflation?

6. What types of money do you know?

7. Give the formula for the law of monetary circulation.

8. List the types of monetary aggregates.

9. What are the conditions for equilibrium of monetary circulation?

10. How to determine the speed of turnover of money (paper money)?

TOPIC III.

STATE BUDGET