Basic introduction Chinese name: current liabilities mbth alias: short-term liabilities subject classification: economics; Scope of application of accounting: construction project content, confirmation, valuation, classification, financing characteristics, financing form, financing strategy, debt mode, short-term loan, commercial credit, advantages and disadvantages, influence, content (1) short-term loan (2) notes payable, accounts payable (3) wages payable, benefits payable (4) dividend payable (5) payable. (7) Long-term liabilities and other current liabilities due within one year (8) Recognition of other current liabilities and short-term liabilities 1. It fits the definition of short-term liabilities. 2. General characteristics of contingent liabilities: (1) is a current debt liability formed by economic activities that have been completed in the past or now. (2) It must be debts and liabilities that can be accurately measured or reasonably estimated in monetary form. (3) It is a real debt that must be repaid with assets or services in the future. (4) Generally, there should be an exact creditor and payment date, or the creditor and payment date can be reasonably estimated and determined. 3. It has the main characteristics of short-term liabilities. The purpose of confirming short-term liabilities is mainly to compare with current assets and reflect the short-term repayment ability of enterprises. Short-term solvency is a financial indicator that creditors are very concerned about. Current liabilities and non-current liabilities must be listed separately on the balance sheet. Valuation 1. Theoretically, the valuation of liabilities should be based on the present value of cash outflow needed to repay debts in the future, and measured according to the discounted value of future payables (that is, its present value). 2. China's current system stipulates that all current liabilities should be accounted for according to the actual amount. Accounting of short-term liabilities The accounting of short-term liabilities mainly includes: accounting of short-term loans, accounting of notes payable, accounting of accounts payable and advance receipts, accounting of wages payable and welfare expenses payable, and accounting classification of other current liabilities. Currency current liabilities. Refers to the current liabilities that need to be paid off with monetary funds. Generally, it includes: short-term loans, notes payable, taxes payable and non-monetary employee salaries payable. Non-monetary current liabilities. Refers to the current liabilities that do not need to be paid off with monetary funds. Generally, it includes: accounts received in advance and other payables that do not need to be paid off with monetary funds. Second, according to the classification of whether the repayment amount is determined, according to whether the repayment amount is determined, it can be divided into the following three categories: the current liabilities with determined amount refer to the current liabilities determined by the creditors, the repayment date and the repayment amount. Such as: short-term loans, notes payable, accounts receivable in advance and accounts payable with settlement vouchers. Current liabilities whose amount depends on operating conditions refer to the determination of creditors and repayment date, but the amount of liabilities needs to be determined according to the actual situation of sales or turnover in the actual operation of the enterprise. Such as: dividend payable, tax payable, etc. Current liabilities whose amount depends on contingencies refer to current liabilities whose creditors and repayment date are uncertain and whose repayment amount needs to be estimated according to the situation. For example, contingent liabilities in pending litigation, contingent liabilities arising from security matters, etc. 3. According to different forms, current liabilities can be divided into the following three categories: current liabilities formed by financing activities refer to current liabilities formed by enterprises borrowing funds from financial institutions. Such as short-term loans and interest payable. The current liabilities formed by business activities refer to the current liabilities formed by enterprises in their daily production and business activities. Such as accounts payable, notes payable, accounts received in advance, taxes payable, wages payable to employees, etc. The current liabilities formed by income distribution activities refer to the current liabilities formed by enterprises in the process of distributing net profits. Such as dividends payable. Fourth, according to the causes, it can be divided into the following four categories: 1. Current liabilities formed by borrowing.
2. Current liabilities arising from the settlement process
3. Current liabilities arising in the course of operation
4. Characteristics of current debt financing generated by profit distribution Short-term debt financing includes commercial credit and short-term borrowing. Short-term debt financing has the characteristics of high speed, good flexibility, low cost and high risk. 1) When short-term debt financing is fast, it usually takes a short time, the procedure is relatively simple, and funds can be obtained quickly. 2) When short-term debt financing is flexible, the company and creditors directly agree on the amount, time and interest rate of financing; During the loan period, if there are special circumstances, the company can also negotiate with creditors to change the relevant financing terms. Therefore, short-term debt financing has greater flexibility. 3) Certified public accountants have important knowledge points, and the cost is low, and the short-term debt financing cost is generally low. For example, the short-term borrowing cost is lower than the capital cost under the long-term financing mode; Most natural financing methods such as accounts payable are free financing methods, so the financing cost can be ignored. 4) The interest rate of high-risk short-term financing fluctuates greatly and the financing time is short. Therefore, in the case of a large amount of financing, if the company's funds are poorly allocated, it may not be able to repay the principal and interest on time. Financing forms There are two forms of short-term debt financing: short-term debt mainly includes two basic forms: commercial credit financing and short-term loan financing. (1) commercial credit financing commercial credit refers to the loan relationship between enterprises due to deferred payment or early payment in commodity transactions, which is a direct credit behavior between enterprises. Commercial credit is widely used in short-term debt financing and occupies a considerable proportion because it is produced in the frequent commodity purchase and sale activities of enterprises. The specific forms of commercial credit financing include accounts payable financing, notes payable financing and prepayment financing. Short-term liabilities 1. Accounts payable financing accounts payable are debts owed to the seller by enterprises for purchasing goods without payment. If the seller allows the buyer to pay for the goods within a certain period of time after purchasing the goods, it constitutes a fund settlement relationship formed by the commercial credit between the buyer and the seller. The essence of this fund settlement relationship is the fund lending relationship. For sellers, this way can be used to promote sales; For the buyer, deferred payment is equivalent to borrowing money from the seller to buy goods, which can meet the short-term capital demand. For enterprises that continue to operate normally, accounts payable financing is a continuous form of commercial credit financing. Its main advantages are: first, it is easy to obtain, and the company can obtain commercial credit without going through any formalities; Second, the company enjoys great autonomy. During the credit period, there is great flexibility to enjoy cash discount, give up cash discount, or ask for deferred payment after the credit period. Third, the scale of accounts payable financing can be automatically adjusted with the changes in business activities of enterprises. Of course, there are risks in the financing of accounts payable, especially when the enterprise delays the payment of its accounts payable excessively, which may lead to credit loss, penalty interest expenses, sometimes lead suppliers to stop supplying, and even use some legal means to force the company to seek bankruptcy protection. 2. Notes payable financing Notes payable are notes issued by enterprises to reflect the relationship between creditor's rights and debts according to the settlement requirements of deferred payment. According to different acceptors, bills payable are divided into commercial acceptance bills and bank acceptance bills. The payment period is generally 6 months, and the longest is not more than 9 months. Notes payable can be interest-bearing or interest-free. The interest rate of notes payable is generally lower than that of bank loans, so the financing cost of notes payable is lower than that of bank loans. However, the bills payable must be returned at maturity, and if they are postponed, they will be fined, so the risk is even greater. 3. Prepayment Financing Prepayment is a form of credit in which the seller's enterprise collects part or all of the payment from the buyer in advance before delivery. For the seller, advance payment is equivalent to borrowing money from the buyer and then paying with the goods. Advance accounts are generally used to order special equipment with long production cycle and large capital demand, and to sell goods with tight market. It should be pointed out that enterprises often have some spontaneous financing expenses payable in their production and business activities, such as wages payable, taxes payable, interest payable and other payables. The expenses payable make the enterprise benefit first and then pay the expenses, which is equivalent to enjoying the interest-free loan, which constitutes the cost-free financing of the enterprise. The time limit for paying fees is usually mandatory and cannot be used by enterprises at will. Short-term liabilities (II) Short-term loan financing Short-term loans refer to loans borrowed by enterprises from banks or other non-bank financial institutions with a term of less than one year. Short-term loans can be divided into credit loans and mortgage loans according to whether they are guaranteed or not. 1. Credit loan Credit loan, also known as unsecured loan, refers to the loan that an enterprise obtains from a bank by virtue of its own reputation. Credit loans are divided into conditional loans and unconditional loans. Short-term credit loans issued by banks, if the credit conditions are different, constitute credit loans with different credit conditions, mainly including: (1) Credit line Credit line refers to the maximum amount of loans obtained from banks as stipulated in the agreement signed between the borrowing enterprise and the bank. The credit line is usually valid for one year. Enterprises can apply for bank loans at any time within the validity period of the credit line. However, banks do not undertake the obligation to provide full credit line guarantee. If the enterprise's reputation deteriorates or the bank's credit funds are tight, even if the bank has agreed to provide loans according to the credit line, the enterprise may not get loans, and the bank will not bear legal responsibility for this. (2) Revolving credit agreement Revolving credit agreement means that banks have a legal obligation to provide loan agreements that do not exceed a certain maximum limit to the enterprises that sign the agreement. Therefore, within the validity period of the revolving credit agreement, banks must meet the loan requirements of enterprises at any time as long as the total loan amount does not exceed the maximum limit. Enterprises can enjoy the rights stipulated in the revolving credit agreement because they promise to pay the commitment fee to the bank according to the unused part of the loan amount. For example, the revolving credit line is 6,543,800 yuan, and the promised interest rate is 0.5%. If the borrower borrows 600,000 yuan during the year and 400,000 yuan is not borrowed, the borrower must pay the loan interest according to the actual loan amount of 600,000 yuan, and at the same time pay the commitment fee of 2,000 yuan (400,000 yuan ×0.5%) to the bank. (3) Compensatory balance Compensatory balance refers to the minimum deposit balance that the bank requires the borrowing enterprise to keep in the bank according to the loan limit or a certain proportion of the actual loan amount (generally 10% ~ 20%). From the bank's point of view, compensatory balance can reduce the loan risk; For borrowing enterprises, the compensatory balance increases the real interest rate of borrowing. For example, the annual interest rate of a company's short-term loan is 654.38+00%, and it borrows 6.5438+00 million yuan from the bank. After one year's use, the bank requires to maintain the compensatory balance of 20% of the loan amount, then the company's actual available loan is only 800,000 yuan; For the compensation difference, the interest income of the enterprise is calculated according to the deposit interest rate of 2%, and the actual borrowing interest rate of the enterprise is: (10%-2% × 20%)/(1-20%) = 9.6%/80% =12%. Thus, the compensation obtained by the company can be seen. However, when the borrowing enterprise cannot pay the interest on time due to the shortage of funds, the bank can automatically transfer the compensatory balance deposit to pay the due interest due to the existence of the compensatory balance, thus avoiding the occurrence of overdue penalty interest of the borrowing enterprise. Therefore, the compensatory balance also plays an insurance role for enterprises to avoid the risk of overdue penalty interest. 2. Mortgage loan refers to the loan obtained by the borrowing enterprise with part of the assets of the enterprise as collateral for repayment of debts. The security of bank loans depends on the value of collateral and the speed of liquidation. The greater the value, the stronger the liquidity and the smaller the risk of bank loans. Usually, the collateral that the borrowing enterprise can provide includes accounts receivable, bills receivable, inventory, etc. (1) Accounts receivable mortgage loan refers to short-term loans secured by accounts receivable. If the borrower fails to fulfill the repayment obligation on schedule and the accounts receivable as collateral cannot be recovered on schedule, the lending bank may exercise the right of recourse against the borrower. Therefore, the borrower still has to bear the default risk of accounts receivable. (2) Discounting bills receivable loan bills discount means that the unit delivers the unexpired bills receivable to the bank for discount and collects cash. When a company discounts bills, the bank will charge a certain discount interest and pay cash to the discount unit by deducting the discount interest from the maturity value of the bills, and the essence of this cash payment is to provide loans. Because the discount unit still bears the default risk that the bills receivable cannot be realized when they are due, that is, when the bills receivable are due and the payer cannot pay, the discount bank still has the right of recourse against the discount unit. (3) Inventory mortgage loan refers to the loan that the borrower applies to the bank with inventory as collateral. Under the way of inventory mortgage loan, the lending bank is very cautious, not only to conservatively estimate the liquidity of mortgaged inventory, but also to appropriately raise the loan interest rate. Current liabilities do consider 1. It conforms to the definition of current liabilities. 2. General characteristics of contingent liabilities: (1) is a current debt liability formed by economic activities that have been completed in the past or now. (2) It must be debts and liabilities that can be accurately measured or reasonably estimated in monetary form. (3) It is a real debt that must be repaid with assets or services in the future. 3. It has the main characteristics of current liabilities. The valuation of current liabilities is 1. China's current system stipulates that all current liabilities should be accounted for according to the actual amount. Accounting of current liabilities The accounting of current liabilities mainly includes: accounting of short-term loans, accounting of notes payable, accounting of accounts payable and advance receipts, accounting of wages payable and welfare expenses payable, accounting of other current liabilities (IV) Internal combination strategy of short-term financing. Because short-term financing includes fees payable for spontaneous financing, accounts payable, notes payable, advance receipts for commercial credit financing, short-term bank loans for bank credit, etc. The risks and costs of different financing projects are different, so it is necessary to establish a reasonable. On the basis of legal use of spontaneous financing, enterprises should make full use of the commercial credit formed by commodity purchase settlement to raise funds, and include short-term bank loans in advance plans. The internal combination of short-term financing should first ensure the normal capital demand of enterprises and reduce the comprehensive cost of short-term financing as much as possible on the premise of ensuring demand. Financing strategy Short-term debt financing is directly related to the stability of current assets, because current assets generally include volatile assets and permanent assets, the former refers to current assets held for seasonal or temporary reasons; The latter refers to the long-term stable holding of current assets in the operation of enterprises. When the sources of funds required for current assets include short-term financing and long-term financing, how to use short-term financing needs to weigh the relationship with different current assets. The combination strategy of short-term financing and current assets is to formulate the guarantee degree of short-term financing to different current assets, thus forming three combination strategies: stable, radical and eclectic. 1. Steady portfolio strategy A steady portfolio strategy is a strategy to minimize short-term financing and increase the proportion of long-term financing, which brings a relatively stable source of funds for the volatile current assets of enterprises. 2. Aggressive portfolio strategy Aggressive portfolio strategy is a strategy that makes full use of short-term financing and reduces the proportion of long-term financing, thus forming an expanding portfolio strategy. Accounting net, China. Compromise portfolio strategy Compromise portfolio strategy is a combination of stable portfolio strategy and aggressive portfolio strategy. Its main feature is to make short-term financing correspond to the capital demand of volatile liquid assets and keep a balance. Theoretically, this is an ideal fund-raising combination strategy, but it is difficult to grasp in practice. In addition to issuing bonds, stocks and long-term loans to raise long-term capital, indebted enterprises should also raise short-term capital through short-term loans and commercial credit. Short-term loans Short-term loans are loans borrowed by enterprises from banks and other non-bank financial institutions with a term of less than 1 year. 1. Types of short-term loans. At present, China's short-term loans are divided into production revolving loans, temporary loans and settlement loans according to their purposes. According to international practice, short-term loans are often divided into one-time repayment and installment repayment according to different repayment methods; According to different interest payment methods, it can be divided into collection loans, discount loans and interest rate loans; According to whether there is guarantee, it is divided into mortgage loan and credit loan, and so on. The following mainly introduces credit loans and mortgage loans. (1) Credit loan. Credit loan refers to the loan that an enterprise obtains from a bank by virtue of its own reputation. On the basis of analyzing the financial statements, cash budget and other data of enterprises, banks decide whether to lend to enterprises. Generally speaking, only reputable and large-scale companies can obtain credit loans. This kind of credit loan generally comes with some credit conditions, such as credit limit, revolving credit agreement, compensatory balance, etc. (2) mortgage loan. In order to reduce risks, banks often need collateral to guarantee loans. Collaterals for short-term loans mainly include accounts receivable, inventories, bills receivable, bonds, etc. Banks will issue loans at 30%-90% of the face value of collateral, and the specific proportion depends on the liquidity of collateral and the bank's attitude towards risks. The interest rate of mortgage loans is usually higher than that of credit loans, because banks mainly provide credit loans to customers with good reputation and regard mortgage loans as a kind of venture capital, so they charge higher interest rates; In addition, it is more difficult for banks to manage mortgage loans than credit loans, and they often charge extra fees for it. The types of mortgage loans mainly include accounts receivable secured loans, accounts receivable selling loans, bills receivable discounted loans and inventory secured loans. 2. The cost of short-term borrowing. Short-term borrowing costs mainly include interest and handling fees. The cost of short-term borrowing mainly depends on the loan interest rate and the payment method of interest. There are three ways to pay short-term loan interest: pooling method, discount method and interest rate increase method, and the calculation of short-term loan cost is different in different ways. (1) Payment method. Collection method is a method of paying interest to the bank when the loan is due. Banks generally charge interest on loans to enterprises in this way. When the pooling method is adopted, the real interest rate of short-term loans is the nominal interest rate. (2) Discount method. Discount method, also known as discount method, refers to a kind of interest payment method in which banks deduct interest from the principal when granting loans to enterprises, and the borrowing enterprises repay all the loan principal at maturity. Under this interest payment method, the loan that an enterprise can use is only the difference between principal and interest, so the real interest rate of the loan is higher than the nominal interest rate. (3) Interest rate method. The interest rate increase method is an interest-collecting method adopted by banks to repay loans in equal installments. In the case of repayment of the loan by installments, the bank will add the interest calculated at the nominal interest rate to the loan principal, calculate the sum of the loan principal and interest, and require the enterprise to repay the sum of the principal and interest by installments during the loan period. Because the loan principal is repaid in installments, the borrowing enterprise actually only uses half of the loan principal on average, but pays the full interest. In this way, the real interest rate borne by the enterprise will be about 1 times higher than the nominal interest rate. Commercial Credit Commercial credit refers to the loan relationship between enterprises due to deferred payment or early payment in commodity transactions, which is a direct credit behavior between enterprises. Commercial credit is accompanied by commodity trading and belongs to natural financing. The specific forms of commercial credit include accounts payable, notes payable and accounts received in advance. 1. Accounts payable. (1) The concept and types of accounts payable. Accounts payable is a natural financing formed by enterprises that have not paid for the goods, that is, a form in which the seller promises the buyer to pay for the goods within a certain period after purchasing. The seller uses this form to promote sales, while the buyer's delay in payment is equivalent to borrowing money from the seller to buy goods to meet short-term capital needs. This form of commercial credit is generally based on the seller's better understanding of the buyer's reputation and financial situation. (2) Cost of accounts payable. Corresponding to accounts receivable, accounts payable also have credit conditions such as payment period, discount period and discount ratio. If the enterprise pays within the preferential period, it can enjoy free credit. At this point, the enterprise has not paid the price for enjoying credit. However, if the payment exceeds the discount period, the enterprise will bear the implied interest cost brought by giving up the cash discount. The calculation formula is: but if the enterprise gives up the cash discount, the longer the payment is delayed, the smaller its cost will be. 2. Notes payable. Notes payable are notes issued by enterprises to reflect the relationship between creditor's rights and debts when they conduct deferred payment commodity transactions. According to different acceptors, bills payable are divided into commercial acceptance bills and bank acceptance bills; Divided into interest-bearing bills and non-interest-bearing bills according to whether they bear interest or not. The acceptance period of notes payable shall be agreed by both parties to the transaction, and the longest period shall not exceed 6 months. The interest rate of notes payable is generally lower than that of short-term loans, so there is no need to maintain the corresponding compensatory balance, and there is no need to pay agreement fees and handling fees. However, the bills payable must be returned when due, and fines will be paid when overdue, so the risk is greater. Generally, it includes accounts payable and bank acceptance bills. 3. Accounts received in advance. Advance payment is a form of credit in which the seller's enterprise collects part or all of the payment from the buyer in advance before delivery. For the seller, advance payment is equivalent to borrowing money from the buyer and then paying with the goods. Accounts received in advance are generally used for commodity sales with long production cycle and large capital demand. 4. Accrued expenses. In addition to the above commercial credit forms, enterprises also form some accrued expenses in non-commodity transactions, such as wages payable, taxes payable, interest payable and dividend payable. The payment period of these accrued expenses is later than the occurrence period, which is equivalent to the enterprise enjoying the loan from the payee and is a kind of "natural financing". To some extent, accrued expenses are a cost-free financing method. However, for enterprises, the accrued expenses are not really discretionary, because the time limit is usually mandatory, such as paying taxes and interest within the prescribed time limit and paying wages on a fixed date every month. Therefore, accrued expenses cannot be used as the main short-term financing method for enterprises. Advantages and disadvantages (I) Operational advantages of current liabilities It is very important to understand the advantages and disadvantages of current liabilities (with a term of 65,438+0 years or less) and long-term liabilities (with a term of more than 65,438+0 years). In addition to the differences in costs and risks, there are also operational differences in the use of short-term liabilities and long-term liabilities when financing current assets. The main operating advantages of current liabilities include: easy to obtain, flexible and able to effectively finance seasonal credit demand. This makes the financing demand and access to financing synchronized. In addition, short-term loans are generally less restrictive than long-term loans. If funds are only needed in the short term, short-term borrowing can keep the flexibility of future borrowing decisions. If the enterprise has signed a long-term loan agreement, which stipulates binding terms, a large amount of prepaid costs and/or the initial cost of a credit contract, then the current liabilities do not have this flexibility. One of the main uses of current liabilities is to finance the current assets of seasonal industries. In order to meet the needs of growth, seasonal enterprises must increase their inventory and/or accounts receivable. Current liabilities are the main tools to finance the temporary and seasonal growth of current assets. (II) Operational disadvantages of current liabilities One of the operational disadvantages of current liabilities is the need for constant renegotiation or rolling arrangement of liabilities. Due to the changes in the financial situation of the enterprise or the overall economic environment, the lender may be unwilling to extend the loan or reset the credit line when it expires. Moreover, lenders who provide credit lines generally require that loans raised for short-term liquidity shortage should be paid in full at least 1 to 3 months every year, which is called settlement period. The reason why the lender does this is to confirm whether the enterprise is still using current liabilities when long-term liabilities are suitable sources of financing. The practice of many enterprises shows that it is a dangerous thing to finance permanent current assets with short-term loans. Influence of short-term liabilities on enterprise capital structure: When studying enterprise capital structure, we can't ignore the problem of short-term liabilities because: 1. Short-term liabilities affect enterprise value. Short-term debt is the most risky financing method for enterprises, but it is also the lowest capital cost. Therefore, the proportion of short-term liabilities will inevitably affect the value of enterprises. Studying capital structure is to reveal whether financial risk and capital cost are balanced by analyzing the proportional relationship between various funds. In the modern market economy, with the development of capital market and various financing tools, short-term debt funds are more convenient to adjust the capital structure of enterprises because of their convertibility, flexibility and diversity. Therefore, to judge whether an enterprise has the best capital structure, we can no longer rely entirely on the proportional relationship between long-term debt funds and equity funds, but must consider the influence of short-term debt. 2. Most short-term liabilities are relatively stable. Those who oppose the inclusion of short-term liabilities in the study of capital structure usually think that short-term liabilities are completely fluctuating and have no rules to follow. We believe that in a normal production and operation enterprise, most short-term liabilities are often occupied and have certain stability. For example, the funds occupied by the lowest raw material reserves in industrial enterprises and the lowest inventory reserves in products and commercial enterprises are generally short-term funds for a long time, although short-term liabilities are used to raise funds. A short-term fund is constantly circulating and has certain regularity, so it needs to be included in the capital structure for research. 3. Repayment of short-term liabilities. From the repayment order of short-term liabilities, it can be seen that enterprises should first repay short-term liabilities, followed by long-term liabilities, which should be converted into short-term liabilities before maturity, and together with existing short-term liabilities, constitute the total liabilities that enterprises need to repay in the short term, forming the debt repayment pressure of enterprises. Therefore, enterprises should fully consider the risks brought by short-term liabilities when analyzing financial risks. From a practical point of view, enterprises repay short-term debts, because long-term debts only face repayment problems after they are converted into short-term debts. The main reason for the weak solvency of enterprises in China is excessive short-term debt. This is directly related to the neglect of studying debt structure in theory.