Accounting, analysis and control of current assets of LLC “Letychiv Furniture Factory”
Students Name: Panasiuk Iryna Volodymyrivna
Qualification Level: magister
Speciality: Accounting and Taxation
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2020-2021 н.р.
Language of Defence: ukrainian
Abstract: Panasiuk I.P., Grytsay O.I. Accounting, analysis and control of current assets of LLC "Letychiv Furniture Factory". Master’s qualification work. - Lviv Polytechnic National University, Lviv, 2020. Extended annotation. Current assets are those assets in the form of objects of labor that can be converted into cash within one calendar year or one production cycle. Their constant presence ensures a continuous production process. A characteristic feature of current assets is their full use in each production cycle and the full transfer of its value to the finished product [1]. Rational use of current assets and their optimization is one of the main provisions of any manufacturing enterprise to ensure continuous production in the face of inflation, crisis, increased competition. This affects the ability to implement production plans of the enterprise, compliance with obligations to consumers, ensuring a stable financial position and creating conditions for further competitive development of the enterprise [2]. The object of work is the process of production consumption and the efficiency of the use of current assets at LLC "Letychiv Furniture Factory" and the efficiency covered by the system of accounting, auditing and control. The subject of the work is a set of theoretical and practical issues of organization and methods of accounting, auditing and control of the formation and use of current assets in advertising enterprises. The purpose of the master’s thesis is to improve the theoretical and methodological aspects and develop practical recommendations for accounting, analysis and control of current assets at LLC "Letychiv Furniture Factory" to ensure their effective operation. Accounting for current assets play an important role in shaping management decisions. The main law regulating the accounting of current assets is the Law of Ukraine "On Accounting and Financial Reporting in Ukraine". The essence and classification of current assets as well as their recognition and measurement were considered. How objectively assessed current assets in accounting and financial reporting, depends on management decisions regarding their formation and use. LLC "Letychiv Furniture Factory" produces wood products, manufacture of products and plant materials, cork, straw, ie the manufacture of lumber from logs and provides services for drying wood. Letychiv Furniture Factory LLC has created and approved an accounting policy with attached document management applications and an approved list of primary documents, accounting registers. There is not a very impressive picture given the reduction in profitability by 30 times. In order to improve the company’s profitability, it is necessary to encourage more workers by increasing wages, it is necessary to update the fixed assets with which the finished product is manufactured and, if possible, to automate the transfer of information from production to accounting. With the help of such actions you can optimize the company’s activities and improve performance. According to the results of the analysis of current assets of Letychiv Furniture Factory LLC for 2015–2019, it can be concluded that inventories occupy the largest share in the structure of current assets. As for the liquidity of current assets, the assets are illiquid, but during the analyzed period there is a tendency to increase liquidity [3]. The efficiency of the use of current assets increases during the analyzed period, as indicated by the increase in turnover. The main methods of improving the accounting and control of current assets of LLC "Letychiv Furniture Factory" were considered. A worthwhile way to reduce this waste of time is to start using a computer self-service system for employees. Arranging the workplace of the storekeeper, production manager, warehouse manager with a computer with which you can quickly and efficiently transmit information and receive answers from the company’s staff. Also, this option will reduce the use of paper media [4]. The organization and methods of control should be organized by LLC "Letychiv Furniture Factory" with the help of internal audit service. In order to improve the quality of planning, it is advisable to use pre-developed standard audit plans, which the auditor must adjust in detail, taking into account the specific circumstances [5]. List of used literature sources. 1. Shmatkovskaya TO Demedyuk L., Vorona O. Some aspects of current assets management at the enterprise. Scientific Bulletin of Odessa National Economic University. 2016. Vip. 3. S. 174–184. 2. Chukhno IS Definition of the economic essence of the concept of "current assets of the enterprise". Bulletin of the Chernivtsi Trade and Economic Institute. Economic sciences. 2009. Vip. 3. S. 358–363. URL: http://nbuv.gov.ua/UJRN/ Vchtei_2009_3_45. 3. Economic analysis of the enterprise [Text]: textbook. manual / GV Savitskaya. - 3rd ed., Ed. and ext. - Київ: Знання, 2007. - 668 с. 4. Kononenko VA Accounting for production stocks: current status and areas of improvement / VA Kononenko // Scientific Bulletin of Kherson State University. - 2016. - №16. - P. 147–151. 5. Mnykh EA The concept of building a computer information system for accounting of corporations / EA Mnykh, OO Bradul // Accounting and Auditing. - 2014. - №4. - P. 41–45