INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET

Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders) claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks

THE MANAGEMENT OF A PORTFOLIO IN THE CONDITIONS OF ECONOMIC CRISIS

The need for money is one of the main financial goals of any company. Such needs have led to specific segments of demand and supply that demand for money and the money supply, in particular capital. Were created following specific markets: financial markets, with specialized division of labour in money markets and capital markets. Capital market is to supply and demand for medium and long term capital, with the same role as the financial market in general, having featured the long duration of maturity. From the viewpoint of the agents involved two types of markets that is the primary market, which are negotiated in the presence of primary and secondary securities issuer, that and his participation, and market secondary market investors, financial flows are directed to a investor to another. Institution typical secondary capital market is the stock market. Coverage of financial instruments, according to EU directives in force, is broad, including both tradable capital market instruments and money market instruments. Investment is defined in national accounts as gross fixed capital formation is the value of durable goods purchased by the production units to be used at least one year in production processes. The investment flow is therefore measured over a period, often a year, noted that the yield from an investment is proportional to the risk assumed. Investing in shares of the opportunity to diversify revenue and achieving consistent earnings, earnings from sales and purchases of shares may be significantly higher earnings from a bank

Bank Products and Services Offered by BRD Groupe Société Générale Petrosani Branch - Hunedoara County

Through this article, the authors attempt to demonstrate that banks, through their broadinvolvement in economic and social life, constitute a very important structural element in the life ofsociety, whose permanent and efficient organization is conditional on the entire economic life ofthe country. Thus, the good organization and functioning of banks can not be left free, but must bemanaged under high efficiency and order in order to develop and promote banking services andactivities. Banking products and services involve a multi-significance bank-client relationship. BRD SGS Petrosani ensures its success in the banking market through the products and services itoffers to its clients, based on an efficient management, based on programming, creation ofpremises, challenge. The article ends with the authors’ conclusions regarding the promotion of theproducts and services offered by this institution, considering that the most important bankingproduct offered is the credit given to its clients

The Dynamics of the Revenues and Expenditures of the State Budget in the Period 2014 - 2018

With this article, the authors want to emphasize that, as one of the major components of the financial system, by the weight of about 30% in the gross domestic product and by the role it plays in the operation of financial leverage such as fiscal, customs and public spending, the state budget is a fundamental category of finance sciences, linked to the existence of the state and the market mechanism. Formally, the state budget is a list of state revenues and expenditures related to a certain amount of time, usually one year. Highlighting the complex role of the state budget in Romania, the authors try to present its components, namely: financial, economic and allocative, redistributive and regulation for a period of five years. The article ends with the authors’ conclusions regarding the dynamics of state budget revenues and expenditures in the period 2014- 2018

Estimating the Cash Flows to the Economic Entities in Romania

This article tries to demonstrate that the most important stage in drafting a draft budget for aninvestment is the estimation of cash flows. If the cash flow estimate does not have a reasonabledegree of accuracy, any analytical technique, irrespective of its complexity, can lead to mistakendecisions and hence to operating losses and market price cuts. This does not mean that economicentities are not allowed to make estimation errors, but only that the estimation of cash flows mustbe the best possible when evaluating a project. Therefore, describing the importance of accuratelyestimating cash flows is rather difficult, but observing some basic principles will help minimizeforecast errors. The article ends with the author’s conclusions on estimating cash flows for aninvestment budget

SOME ASPECTS REGARDING BALANCE SHEET ANALYSIS

This paper presents some aspects of the analysis based on the balance sheet at an economic entity. Attempting to use economic analysis as a support tool in the decision. The case study is performed on the financial accounts of a company, analyzing the structure of the assets using the following rates: the rate of intangible assets; rate of tangible assets; rate financial assets; rate stocks; rate receivables and cash and cash equivalents rate. Liability structure is analyzed using the following rates: the rate of financial stability; global financial autonomy rate; overall borrowing rate; term borrowing rate

SOME ASPECTS REGARDING MEANING OF INTERMEDIATE MANAGEMENT BALANCES

This paper presents some aspects regarding intermediate management balances as a pay instrument of production factors and financing future activities. Paper debate intermediate management balances determination and interpretation

STUDY ON THE ACCOUNTING OF ADJUSTMENTS FOR RECEIVABLES DEPRECIATION IN OPERATIONS WITH CLIENTS

The present work approaches an important topic for credit institutions: limiting the credit risk and determining the prudential value adjustments for the depreciation of client credits, and their reflection in the accounting statements. The Chart of Accounts applicable to credit institutions includes class-two accounts Operations with clients and expenses and revenues accounts, which help record the adjustments for receivables depreciation in operations with clients. To constitute, diminish or annul depreciations, credit institutions have the obligation to assure the classification of their credits based on classification categories according to three criteria: financial performance, debt service and initiation of juridical procedures. By the present study, we present the way the credit portfolio is structured according to the criteria mentioned and the reflection in accounting of the prudential adjustments of value. The article ends with the authors’ conclusions regarding the specificity of the way of classification of the credits according to risk categories in agreement to the evolution of the class determination criteria

Cost - Volume - Profit Analysis – An Instrument of Managerial Control of the Economic Entities in the Extractive Industry

This study intends to demonstrate that the cost-volume-profit analysis is based on the analysis of the balance point, of the relations between the prices of goods, the activity’s volume, the unit variable cost, the total fixed costs, the balance of the mixed production, the managerial planning and the decision making is actually a financial model which highlights the changes occurred in the profit size as a consequence of the amendment of the sold volume of good, of the selling price and of the manufacturing costs. The case study was conducted in Mol Romania, an economic entity with integrated activity on oil and natural gas. The CPV relation offers a general model of the economic activity.The study ends up with conclusions in what concerns the advantages offered by the analysis which can be made on the basis of the cost-volume-profit relation and that can be implemented in the decision making process

FINANCIAL ANALYSIS BASED ON THE ANNUAL BALANCE

This article demonstrates the fact that an important place in the statistical analysis of the financial management of the company goes to the analysis of the balance of assets, this representing a certain state of the capital in point of its existence, material structure and financial results obtained. It represents as well a consequence of the development of the processes forming the activity object of the company, constituting its financial framework. The balance of assets relies on the analysis liquidities-exigibility and highlights the company’s insolvency risk, namely the firm’s incapacity of honouring its commitments to third parties. The financial analysis aims to research the company’s balance statements and, especially, to measure the financial profitability starting from the balance sheet in the result account and from any other information given by the trading company or which could be obtained based on them. The authors of this article believe that by the financial analysis of the assets one can determine the net patrimony and also the accounting value of the shareholders’ shares and, respectively, one can establish the liquidity and solvency of the company, and the evaluation of the financial performances, detecting eventual situations of financial imbalance that could affect the continuity of the activity