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din surse mprumutate OD QLYHOXO FRVWXOXL GH SURFXUDUH GLQ DIDU D FDSLWDOXULORU

din surse proprii (excedent de trezorerie) la nivelul costului de oportunitate, de remunerare
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pe termen mai
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fi aplicat ntr-un mod strict.

1) Mai nti, activul pe termen scurt se poate diviza :
n active pe termen scurt "permanente": acestea sunt activele circulante care nu pot fi
GLPLQXDWH I U
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VXP
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ntreprinderii.
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RGDW
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FOLHQ L
DFHVWH DFWLYH UHSUH]LQW
SH
VH GH LQ
ntru a asigura exploatarea
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2) Imediat, cum ntreprinderea nu poate prevedea ntr-XQ

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R PDUM
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termen lung
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ie a stocurilor sale de exemplu.
GH GH LQHUH D
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temporare
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pe termen lung
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de plasament pe termen scurt sunt n general mai reduse dect ratele mprumuturilor pe termen lung,
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ULL SHQWUX firma B este mai ridicat dect cel al firmei A.
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pe termen scurt
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pe termen lung
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cu fonduri pe termen scurt

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termen lung.
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acestea include creditul

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Principalele surse de credit pe termen scurt sunt:

1. VDODULLOH L LPSR]LWHOH GH SO WLW
2. FUHGLWXO FRPHUFLDO SH FDUH vQWUHSULQGHULOH L-O RIHU
3. mprumuturile bancare;
4. HIHFWHOH GH FRPHU
5. acceptele bancare.
3ULPHOH GRX
GH OD vQWUHSULQGHUH OD
vQ GHFXUV GH XQ DQ GH ]LOH
XQD DOWHLD
VXUVH PDL VXQW FXQRVFXWH L VXE GHQXPLUHD GH
surse spontane de fonduri,

8OWLPHOH WUHL VXUVH sunt surse
deoarece apar n mod natural n GHFXUVXO GHUXO ULL DIDFHULL

nespontane de fonduri GHRDUHFH HOH QX VXQW JHQHUDWH vQ PRG QDWXUDO vQ FXUVXO GHUXO
6DODULLOH L LPSR]LWHOH GH SO
ULL DIDFHULL
WLW
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RUL SH OXQ
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Q PRG DVHP Q WRU YD FRQ LQH L SR]L LD ELODQ LHU
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profit, celH SHQWUX DQJDMD L L FHOH SHQWUX YkQ] WRUL VXQW vQ JHQHUDO SO WLWH V SW PkQDO OXQDU VDX
trimestrial. Aceste VDODULL L LPSR]LWH GH SO WLW LQWU vQ FDWHJRULD VXUVHORU DWUDVH L HOH FUHVF QDWXUDO
SH P VXUD GH]YROW ULL XQHL vQWUHSULQGHUL (OH UHSUH]LQW GH DVHPHQHD R VXUV
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OH FRQWUROH]H GDWD SO
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obiceiurile existente n cadrul ramurii economice respective, iar datele pentru plata impozitelor sunt
VWDELOLWH SULQ OHJH $VWIHO vQWUHSULQGHULOH XWLOL]HD]
DFHVWH VXUVH GH FUHGLW SH FkW HVWH SRVLELO GDU HOH
nu au posibilitatea de a exercita nici un fel de control asupra lor.
Modulul 3 -
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SH WHUPHQ VFXUW
(IHFWHOH FRPHUFLDOH GH SO

Q
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SULPH
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contabil la
, cum mai este
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anciare. Acest procent este chiar mai mare pentru
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medie, ntreprinderea va datora furnizorilor

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120000 USD. Prin simSOD
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tit ale unei ntreprinderi sunt efectele comerciale de primit ale altei ntreprinderi,
LDU DFHDVWD GLQ XUP
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de credit.
FRPSRQHQWH L anume:
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utilizator net al creditului comercial, aceasta nu este un UH]XOWDW

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UDPEXUVDUHD vQ RULFH PRPHQW FX FRQGL LD V
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. Aceste tipuri de mprumuturi sunt folosite pentru
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mprumutului.
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de pensii, fondurilor mutuale de pe

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p.a./sem.I.2000, 66% p.a./sem.II.2000, 66% p.a./sem.I.2001, 67% p.a./sem.II.2001, 67%

p.a./sem.I.2002, 63% p.a./sem.II.2002.
an de la acordare;
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VFDGHQ H SHQWUX UDWH - ,Q UDWH VHPHVWULDOH vQFHSkQG FX L ILQDOL]kQG FX
L SHQWUX GREkQ]L - lunar (31.01.1998 - 31.12.2002).
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se ramburseD]
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120%. Din analiza datelor prezentate de societate, n special a fluxurilor de numerar, s-a desprins
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6.2. Creditare pe termen scurt - acordarea unei linii de credit

6&
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SH WHUPHQ VFXUW
UDSRUWXO GH JHVWLXQH SUH]HQWDW OD HGLQ D $*$ SURFHVXO YHUEDO GH DSUREDUH D DFHVWXLD L UDSRUWXO
cenzorilor;
EXJHWXO GH YHQLWXUL L FKHOWXLHOL SH DQXO
planul de trezorerie pe anul 1998 (anexa nr. 2);
VLWXD LD VWRFXULORU H[LVWHQWH L YHFKLPHD DFHVWRUD
VLWXD LD DQJDMDPHQWHORU SH WHUPHQH L YDORUL
VLWXD LD FUHDQ HORU LQWHUQH L H[WHUQH SH YDORUL L WHUPHQH
FXUULFXOXP YLWDH DO DGPLQLVWUDWRULORU VRFLHW
LL L FRPSRQHQWD FDSLWDOXOXL VRFLDO SH GH LQ WRULL
principali.
7RDWH DFHVWH LQIRUPD LL VXQW FRQILGHQ LDOH 6RFLHWDWHD QX DUH FRQWXUL GHVFKLVH OD DOWH E QFL
(deci nici credite angajate). n baza datelor furnizate s-DX FDOFXODW LQGLFDWRULL GH HILFLHQ HFRQRPLF
L ILQDQFLDU D 6& $ 6$ s-D DQDOL]DW SODQXO GH WUH]RUHULH vQWRFPLW SHQWUX DQXO DQH[D L V-a
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3UHVXSXQkQG F
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XUP WRDUHOH GDWH ILQDQFLDUH
datorii total = 3.500 + 903 = 4.403 mil.lei

active lichide = 3.950 mil.lei
datorii pe termen scurt = 3.250 mil.lei
capital propriu = 10.750 mil.lei
SURYL]LRDQH SHQWUX ULVFXUL L FKHOWXLHOL
PLOOHL
credite total = 903 mil.lei

profit net / 1997 = 1.400 mil.lei
profit brut / 1997 = 2.258 mil.lei
venituri = 18.700 mil.lei
cheltuieli aferente veniturilor = 16.442 mil.lei
,QGLFDWRULL SHUIRUPDQ HL ILQDQFLDUH
gradul de ndatorare = 4.403 mil.lei / 23.385 mil.lei = 19%
OLFKLGLWDWHD LPHGLDW
PLOOHL PLOOHL
VROYDELOLWDWHD SDWULPRQLDO
= 10.750 + 700/10.750 + 700 + 903 = 107,9%
UHQWDELOLWDWHD vQ IXQF LH GH FDSLWDO

gradul de acoperire a cheltuielilor din venituri = 18.700/16.442 = 113,7%

,QL LDO SHQWUX IDFLOLWDWHD VROLFLWDW
E QFLL VRFLHWDWHD L-a luat angajaPHQWXO
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XQGH VH DIO
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ractul de gaj a fost
vQ FD]XO JDMXULORU I U
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L vQ FD]XO LSRWHFLORU OD -XGHF WRULD VHFWRUXOXL
SC "A" SA.
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scriptic - VH UHJ VHVF YDORULF vQ FRQWDELOLWDWHD FOLHQWXOXL

faptic - H[LVW L OH VXQW DVLJXUDWH FRQGL LLOH GH FRQVHUYDUH L GH IXQF LRQDUH QRUPDO
JUDGXO GH X]XU
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OH-a fost corect apreFLDW SULQ H[SHUWL]D I FXW
OD FHUHUHD
clientului;
juridic - 6& $ 6$ D SUH]HQWDW GRFXPHQWHOH GH SURYHQLHQ vQ VSH IDFWXUL vQVR LWH GH
GRFXPHQWHOH GH DFKLWDUH D ORU FH GHPRQVWUHD]
gajate.
Clientului i se poate
UHSUH]LQW
GRDU
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OLQLD
YDORDUHD
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GH
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SH WHUPHQ VFXUW
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trimestrial;
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6.3. Calculul costurilor aferente liniei de crHGLW DFRUGDW

1. Ianuarie 1998: VH SUHVXSXQH F OLQLD GH FUHGLW QX D IRVW XWLOL]DW
]LOH VROGXO ]LOQLF GHELWRU DO FRQWXOXL
vQFHSkQG FX OXQD LDQXDULH

LQWHJUDO $VWIHO vQ SULPHOH
8WLOL] UL GLQ GHVFKLGHUL GH FUHGLWH
HVWH GH PLOOHL
XUP WRDUHOH ]L
le - PLOOHL L XOWLPHOH ]LOH - 400 mil.lei
Dobnda:
10 350 + 10 375 + 11 400 = 11.650 mil.lei
11.650 70%/365 = 22.340 mii lei
Comisionul de neutilizare: sold neutilizat n primele 10 zile zile - 125 mil.lei, iar ultimele 11 zile - 100 mil.lei
10 150 + 10 125 + 11 100 = 3.850 mil.lei
3.850 0,5%/365 = 52,7 mii lei
Comisionul flat:
500 1% = 5.000 mii lei
Marja:
11.650 2% / 365 = 638,4 mii lei
Comision de gestiune:
11.650 0,5% / 365 = 159,6mii lei
Cheltuieli directe:
150 mii lei
Total: costuri calculate n ianuarie
= 28.240,7 mii lei
din care:
SO WLELOH vQ LDQXDULH
SO WLELOH vQ PDUWLH
PLOOHL XUP WRDUHOH
PLL OHL FRPLVLRQ IODW L FKHOWXLHOL GLUHFWH

PLL OHL FRVWXUL FDOFXODWH OXQDU GDU SHUFHSXWH WULPHVWULDO
D XWLOL]DW PLOOHL ]LOQLF LDU GREkQGD HVW
2. Februarie 1998: VH SUHVXSXQH F

Dobnda:
Comision de neutilizare:
Marja:
Total:
PLL OHL SO WLELOH vQ PDUWLH
3. Martie 1998: VH SUHVXSXQH F

Dobnda penalizatoare:
Dobnda:
Dobnda penalizatoare:
Marja:
Total:
98%
500 31 68%/365 = 28.878 mii lei
20 31 98%/365 = 1.665 mii lei
520 31 2%/365 = 883,330 mii lei
520 31 0,5%/365 = 220,8 mii lei
31.652,1 mii lei
/D VIkULWXO OXQLL PDUWLH
mii lei.
6&
450 65% 28/365 = 22.438 mii lei

50 0,5% 28/365 = 19,18 mii lei
450 2% 28/365 = 690,4 mii lei
450 0,5% 28 / 365 = 172,6 mii lei
e de 65% p.a.
D XWLOL]DW PLOOHL GREkQGD HVWH GH
6$ DUH GH DFKLWDW FRVWXUL SH WULPHVWUXO , vQ YDORDUH GH

4. Aprilie 1998: VH SUHVXSXQH F D XWLOL]DW PLOOHL ]LOQLF LDU GREkQGD HVWH GH
Dobnda:
490 69% 30 / 365 = 27.789,04 mii lei
10 0,5% 30/365 = 12,33 mii lei
Marja:
490 2% 30/365 = 805,48 mii lei
490 0,5% 30/365 = 201,37 mii lei
Total:
PLL OHL SO WLELOH vQ OXQD LXQLH
SH DQ
5. Mai 1998: VH SUHVXSXQH F D XWLOLzat 400 mil.lei zilnic, iar dobnda este de 62%.
375 62% 31/365 = 19.746,58 mii lei
Dobnda:
125 0,5% 31/365 = 53,08 mii lei
Marja:
375 2% 31/365 = 636,99 mii lei
375 0,5% 31/365 = 159,25 mii lei
Total:
PLL OHL SO WLEile n luna iunie).
6. Iunie 1998: VH SUHVXSXQH F D XWLOL]DW PLOOHL ]LOQLF LDU GREkQGD HVWH GH
Dobnda:
400 64% 30/365 = 21.041,10 mii lei
100 0,5% 30/365 = 41,10 mii lei
Marja:
400 2% 30/365 = 657,53 mii lei
400 0,5% 30/365 = 164,38 mii lei
Total:
21.904,11 mii lei
/D VIkULWXO OXQLL LXQLH 6&
6$ DUH GH DFKLWDW FRVWXUL SH WULPHVWUXO ,, vQ YDORDUH GH PLL OHL
7. Iulie 1998: VH SUHVXSXQH F D XWLOL]DW PLOOHL ]LOQLF LDU GREkQGD HVWH GH
Dobnda:
415 67% 31/365 = 23.615,21 mii lei
85 0,5% 31/365 = 36,10 mii lei
415 2% 31/365 = 704,93 mii lei
Marja:
415 0,5% 31/365 = 176,23 mii lei
Total:
PLL OHL SO WLELOH vQ OXQD VHSWHPEULH
8. August 1998: VH SUHVXSXQH F
Dobnda:
Marja:
Total:
D XWL
lizat 480 mil.lei zilnic, iar dobnda este de 61% pe an.

480 61% 31/365 = 24.867,95 mii lei
20 0,5% 31/365 = 8,49 mii lei
480 2% 31/365 = 815,34 mii lei
480 0,5% 31/365 = 203,84 mii lei
25.895,62 mii leL SO WLELOH vQ VHSWHPEULH
9. Septembrie 1998: VH SUHVXSXQH F D XWLOL]DW PLOOHL ]LOQLF LDU GREkQGD HVWH GH
Dobnda:
500 65% 30/365 = 26.712,33 mii lei
Marja:
500 2% 30/365 = 821,92 mii lei
500 0,5% 30/365 = 205,48 mii lei
Total:
27.739,73 mii lei
/D VIkULWXO OXQLL VHSWHPEULH 6&
SH DQ
6$ DUH GH DFKLWDW SH WULPHVWUXO ,,, FRVWXUL vQ YDORDUH GH
78.167,82 mii lei.

10. Octombrie 1998: VH SUHVXSXQH F D XWLOL]DW PLOOHL ]LOQLF LDU GREkQGD HVWH GH
Dobnda:
250 63% 31/365 = 13.376,71 mii lei
250 0,5% 31/365 = 106,16 mii lei
Marja:
250 2% 31/365 = 424,66 mii lei
250 0,5% 31/365 = 106,16 mii lei
Total:
PLL OHL SO WLELOH vQ GHFHPEULH
SH DQ

11. Noiembrie 1998: VH SUHVXSXQH F D XWLOL]DW PLOOHL ]LOQLF, iar dobnda este de 72% pe an.
Dobnda:
475 72% 30/365 = 28.109,59 mii lei
25 0,5% 30/365 = 10,27 mii lei
Marja:
475 2% 30/365 = 780,82 mii lei
475 0,5% 30/365 = 195,21 mii lei
Total:
PLL OHL SO WLELOL vQ GHFHPEULH
12. Decembrie 1998: VH SUHVXSXQH F D XWLOL]DW PLOOHL ]LOQLF LDU GREkQGD HVWH GH
498 70% 31/365 = 29.607,12 mii lei
Dobnda:
2 0,5% 31/365 = 0,85 mii lei
498 2% 31/365 = 845,92 mii lei
Marja:
498 0,5% 31/365 = 211,48 mii lei
Total:
30.665,37 mii lei.
/D VIkULWXO OXQLL GHFHPEULH 6&
SH DQ
6$ DUH GH DFKLWDW FRVWXUL SH WULPHVWUXO ,9 vQ YDORDUH GH
73.774,95 mii lei.

Pe total an 1998 , pentru linia de credit societatea "A" SA are de achitat costuri n valoare
de 305.464 mii lei.
6.4. Concluzii generale
7RWDOXO DQJDMDPHQWHORU FOLHQWXOXL ID
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GH EDQF
VXQW vQ YDORDUH
GH

PLO
OHL
L QX
XQ QLYHO VHPQLILFDWLY vQ WRWDOXO IRQGXULORU SURSULL DOH E QFLL GH DVHPHQHD DFHVWHD VXQW
garantate n totalitate prin ipoWHFL L JDMXUL

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LL
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GH

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VFRQWDUHD
biletului de ordin, linia de credit);

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LL GH SURGXF LH H[LVWHQWH
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GH DVHPHQHD FDSDFLWDWHD GH SURGXF LH vL SHUPLWH DGDSWDELOLWDWH OD FHULQ HOH SLH HL vQ FHHD FH

SULYHWH VWUXFWXUD VRUWLPHQWDO
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circulant etc.), fluxurile de numerar pentru perioada 1998-

QXPHUDU GXS
GH EDQF
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H[FHGHQWH
GH
LORU GH FUHGLWDUH L UDPEXUVDUHD WXWXURU DQJDMDPHQWHORU ID
$1(;$ QU
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L D FHOHL ILQDQFLDUH FX
cca. 2,5%.
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XWLOL]DUHD RSWLP
D FDSDFLW
LL GH SURGXF LH UHDOL]DUHD GH SURGXVH FRPSHWLWLYH SH SLD D LQWHUQ
UHGXFHUHD L XOWHULRU S VWUDUHD XQXL QLYHO FRQVWDQW DO FRVWXULORU SH SURGXV S VWUDUHD QLYHOXOXL GH
UHQWDELOLWDWH
SUHY ]XW
FUHWHUHD
VDODULLORU
DQJDMD LORU
UHDOL]DUHD
XOWHULRDU
SHQWUX FRQWLQXDUHD PRGHUQL] ULL L UHWHKQRORJL] ULL UHDOL]DUHD OXQDU

SR]LWLYH $1(;$ QU 7RDWH DFHVWHD FUHHD]
WXWXURU UDWHORU GH FUHGLW L D FRVWXULORU DIHUHQWH
GH
VXUVH
GH IOX[XUL
SURSULL
de numerar
SUHPL]HOH UDPEXUV ULL LQWHJUDOH L OD WHUPHQ D
Modulul 3 -
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SH WHUPHQ VFXUW
CASH - FLOW
Pentru perioada 1998 - 2002
Anul
1998
-903
Anul
1999
+205
Anul
2000
+410
Anul
2001
+410
-mil.leiAnul
2002
+410
24.500
22.200
29.960
28.860
29.960
28.860
29.960
28.860
29.960
28.860
11.100
2001
11.100
250
45
500
90
111
14.430
2.602
14.430
325
56
650
117
125
14.430
2.602
14.430
325
56
650
117
125
14.430
2.602
14.430
325
56
650
117
125
14.430
2.602
14.430
325
59
650
117
125
1.439
23.392
17.849,5
11.859,5
29.755
29.960 29.960
23.591,2 23.577,1 23.600
15.806,2 15.792,1 15.815
29.960
23.600
15.815
2.138,5
5.990
2.850,2
7.785
2.847,7
7.785
2.851,8
7.785
2.851,8
7.785
1.080
1.597,9
764
590
636,3
851,3
903
1.405
2.680,7
960
1.029
200,6
458,5
500
-
1.405
2.885,7
960
1.029
200,6
352,2
500
-
1.405
2.941,8
1.000
1.029
200,9
233,2
500
-
1.405
2.941,8
1.000
1.029
200,9
98,8
500
134,1
200
335
455,4
455,4
455,4
+205
+410
+410
+410
+410
1998
100,3
36,0
500,0
541,8
305,5
1999
200,6
458,5
2000
200,6
352,2
-
2001
200,6
233,2
-
2002
200,6
98,8
-
([SOLFD LD
Anul
Nr.
crt
1997
1.
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Anexa nr. 2
PLAN DE TREZORERIE
Pentru anul 1998
Nr. crt.
6WRFXUL GLVSRQLELOLW
L E QHWL L SODVDPHQWH
Perioada 1998 (mil.lei)

12.885
GHFRQW UL DOWH FKHOWXLHOL PDL SX LQ
- DFWLYH LPRELOL]DWH F ]XWH vQ WRWal pct.1)

2. Cheltuieli necesare pentru anul 1998
I. TOTAL (1+2)
3. Fonduri proprii
5H]HUYH L ILQDQ
UL
2EOLJD LL
6. Credite din care:

- credite restante
II. TOTAL(3+4+5+6)
Deficit de trezorerie (I-II)
Excedent de trezorerie (II-I)
TOTAL
35
2.768
15.653
5.750
5.000
3.500
903
15.153
500
500
Client,
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Banca,
&RQWDELO HI
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HI VHUYLFLX
Q DFWLYHOH LPRELOL]DWH VH LQFOXG VWRFXULOH GH PDWHULL SULPH L PDWHULDOH SHVWH QHFHVDU GH SURGXVH
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GHVIDFHUH DVLJXUDW
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S.C. "A" S.A.
Anexa nr. 3
Fluxul de numerar pentru anul 1998

([SOLFD LH OXQD
$ 6ROG LQL LDO

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TVA colectat
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TVA deductibil
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Dobnzi+costuri credite
$OWH LPSR]LWH L WD[H
&KHOWXLHOL GH LQYHVWL LL
Ian.
1998
-903
3360,75
1439
1734,50
178
9,25
Feb.
1998
578,17
1921,75
1734,50
178
9,25
Mar.
1998
593,39
1921,75
1734,50
178
9,25
Apr.
1998
567,45
1921,75
1734,50
178
9,25
Mai
1998
618,67
1921,75
1734,50
178
9,25
Iun
1998
669,89
1921,75
1734,50
178
9,25
Iul.
1998
649,80
1921,75
1734,50
178
9,25
Aug.
1998
701,02
1921,75
1734,50
178
9,25
Sept.
1998
752,24
1921,75
1734,50
178
9,25
Oct.
1998
725,26
1921,75
1734,50
178
9,25
Nov.
1998
776,48
1921,75
1734,50
178
9,25
Dec.
Total an
1998
1998
827,70
-903,00
1921,75 24500,00
- 1439,00
1734,50 20814,00
178 2136,00
9,25
111,00
1870,53
1219,25
1906,69
1219,25
1947,53
1219,25
1870,53
1219,25
1870,53
1219,25
1941,84
1219,25
1870,53
1219,25
1870,53
1219,25
1870,53
1219,25
1870,53
1219,25
1870,53
1219,25
2544,61 23392,00
1219,25 14631,00
268,21
133,16
54,2
63,67
75,25
268,21
133,16
45,15
63,67
75,25
268,21
133,16
122,31
63,67
75,25
268,21
133,16
45,15
63,67
75,25
268,21
133,16
45,15
63,67
75,25
268,21
133,16
116,46
63,67
75,25
268,21
133,16
45,15
63,67
75,25
268,21
133,16
45,15
63,67
75,25
268,21
133,16
123,35
63,67
75,25
268,21
133,16
45,15
63,67
75,25
268,21
133,16
45,15
63,67
75,25
268,21
133,16
118,93
63,67
75,25
3218,50
1597,90
851,30
764,00
903,00
49,17
16,67
578,17
36,00
49,17
16,67
593,39
49,17
16,67
567,45
49,17
16,67
618,67
49,17
16,67
669,89
49,17
16,67
649,80
49,17
16,67
701,02
49,17
16,67
752,24
49,17
16,67
725,26
49,17
16,67
776,48
49,17
16,67
827,70
600,3
49,17
16,67
205,00
636,30
590,00
200,00
205,00
dezvoltare
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