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invisible friend's gift Hope sent me


This morning I received my gift from Santa, you have me Hope sent, and I'm over the moon, look what wonders has made and sent me
now teach you everything in more detail

first cabinet, with accessories, which is beautiful, the whole

the top of the cabinet with a vase of flowers, a metal pot and a candle, but you tell me the wonderful decoupage which is behind the furniture, the finish is beautiful and I love

the shelf of through the cabinet with a china plate and a vase

and lower a bucket with a fine drawing
as Esperanza told me pulling style Shabby-chic with white worn, soft colors, all beautiful

came with a beautiful watch seems natural ceramic furniture, this beautiful

And the plants in detail, all containers that contain them are decorated With a fine that I love, and plants are all but a wonder and judge yourselves, I say this Hortensia made in cold porcelain, the box that contains it is not square, is cut in a diamond shape, although the note photo is not at this very beautiful natural

And the wicker basket filled to bursting revosar carnations and green bow motif
simply divine

and this elephant standing in another container to match the rest will say no that is not perfect and seems to scale 1 / 1

An orchid, which I loved, both color as the vessel that contains it that reveals all its roots and tiny pieces perfect imitation of the bark, is an evening of beautiful and well done

The amaryllis in all its splendor, beautiful and very cute pot

and roses, with roses perfect, so lush and divine, and all the pretty little pots

The small detail of Christmas a Santa Claus hanging from my tree, every time I see him I will remember you
Special
all together forming a mini scene

And with the accompanying santa
rest
THANK YOU SO MUCH HOPE NO out of my astonishment and joy to see so much beauty together, I loved every piece I've done this all lovable

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Know the Concept Paper as renowned authors, the concept of projects in various areas of life .....

By: Ms. Monica Thompson Baldiviezo
Janneth

Generally the term project is related to the idea, an intention or desire to do something is a mental process management methodically addresses what to do and be of a design, an outline or a sketch.

There are many interpretations of the term project and there are many areas where applicability is, depends greatly on the scope of development and the perspective taken by the designer in a particular job.

To begin any project, we know that is a project which is the concept of project and / or definition, to perform quality work, the designer who defines that work shall issue guidance, depend upon the of view to take, whether to develop a life plan, a technology project, a private investment project, a social investment project, an architectural design etc.

conducted a project in order to estimate the feasibility of a certain action, running the least risk of failure, allowing the best use of available resources. It must be clear about the project concept will be fundamental to the application of knowledge to develop a particular project.

PROJECT CONCEPT

most frequently used concepts

• A project is an instrument that seeks to collect, create, analyze systematically a set of data and background to estimate the feasibility of conducting a certain action.
• A project is finding a smart solution to a problem statement, aimed at resolving a human need.
• A project is a set of coordinated and interrelated looking to fulfill a specific objective must be achieved at a predefined time period and maintaining a budget.
• A project is a path for the achievement of specific knowledge in a given area or situation, through the collection and analysis.
• A project is a work plan, systematic action, ie, coordinate among themselves, using the means necessary and possible seeking to achieve specific objectives in a given time.
• A project is a model of entrepreneurship to be held with details of resources, time of execution and expected results.
• A project is a response to the conception of an "idea" that seeks to solve a problem or how to exploit a business opportunity.
• A project is the compilation of history and diagnostic elements that can plan, conclude and recommend actions to be carried out in order to materialize an idea.

Conclusion Article

"A project is a proposed ordinance that aims to find stock solution or reducing the magnitude of a problem that affects an individual or group of individuals and which raises the magnitude, characteristics, types and periods of resources required to complete the solution proposed in the technical, social, economic and political in which the project will unfold. "

The development of a project is essentially to organize a series of actions and activities to perform, involving the use and application of human resources, environmental, financial and technicians in a particular area or sector, in order to achieve certain goals or objectives. In the formulation process, which makes it organizes ideas logically and accurately, the objectives can be achieved with its action, specifically the need to perform specific activities that make a project is primarily a creative process.

projects are implemented in all spheres of human existence, as project is to look into the future. A person without projects, does not seek personal progress, and that is contrary to human nature, which tends to make sense of their actions.

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PROJECT EVALUATION SOCIAL PROJECTS

BASIS FOR EVALUATION OF SOCIAL PROJECTS

Any definition of social or economic Assessment Project for the impact of a project or policy on the country's welfare. But to refer to national welfare, it is essential from a welfare analysis of an individual, then seek to define welfare of different individuals within the national community.

economic theory assumes that individuals have preferences for consumption goods and / or services and it is accepted that between higher consumption possibilities have, the higher your comfort level.

In the conventional theory that is handled frequently refers to "utility" as being synonymous, then the terms "welfare", "utility" or "satisfied" they are used interchangeably as synonymous.

To understand the rationale of economic evaluation of projects is necessary to return to the definition of economics. Economics is the science of how nations can optimize the allocation of its resources to meet their growing needs. As such, the economy is not limited to an analysis of financial earnings, but incorporates all the elements that lead to the satisfaction of needs.

Thus, the economic and social assessment (also known as cost - benefit analysis), the economist is to analyze projects and policies in order to allocate resources in such a way that is most beneficial to the national population.

consumer theory considers that consumer preferences for a quantity of goods q = (q1, q2 ..... qn) can be represented by a continuous function that is called "utility function" that function represents consumer behavior and is expressed as:

Where:

Set Q = Consumer

R = Real Numbers

is clear that if

q

and is preferable to r then

programmatic level is possible, represent the preferences of a given individual. The set of all combinations of costs that the consumer considers indifferent to each other and provide the same level of utility constant, is called "curve Indifference ".

Table 1

Indifference Curve

Note that from above is the indifference curve, the greater the level of family welfare.

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SENSITIVITY ANALYSIS OF EDUCATIONAL PROJECTS

is called sensitivity analysis because it shows how sensitive the cash budget to certain changes, such as reduced income or increased costs ...

By: Jannette Monica Thompson

Sensitivity analysis is involve changes to punish the cash budget, for example a certain percentage decrease in income or a percentage increase in costs and / or expenses, etc. (Eg interest rate, volume and / or the sales price, the cost of labor, the raw materials, the tax rate, the amount of capital, etc.), And time, show the gap with that for its implementation before any changes in such variables on the market.

Some frequently asked questions to investigate the sensitivity analysis are

1. How much income could vary, costs and / or expenses?

2. What percentage variation should be assumed?

The answer depends on what is the magnitude of risk involved in the activity of the firm. As such, the risk of making and selling refined oil and soybean meal (the dregs of soy has little effect on income).

Assuming that the risk of the cash budget is 10%, the situation could result from:

• turnover less than estimated. But you could buy fewer raw materials, materials and other inputs to produce a smaller volume.
  
• Low price of products.
  
• Increased cost of raw materials (soy beans), materials and inputs.

For sensitivity analysis is advisable to assume variations in revenues and costs up to a maximum of 10% from the figures originally calculated without risk, although this statement should not be taken dogmatically.

Assuming that the risk is greater than 10% of variations, such as 18%, then you better prepare several contingent cash budgets that include variations of 15%, 18%, 20%, etc., Or better even resorting to a simulation model that simulates a wide range of variations combined.

In this case it is assumed that the executives of the Industrial Society, preventing the possibility changes that cause risk on expenses, they want to know what the cash position would be if the next administration were to materialize:

• Only 10% of total revenues, with the decrease of 10% of income.
  
• The increase of 10% of costs and expenses, unchanged from the level of income (compensation).

IMPORTANCE OF SENSITIVITY ANALYSIS

The importance of sensitivity analysis is manifested in the fact that the values \u200b\u200bof the variables that have been used to carry out the project evaluation may have departures effects consideration in measuring results.
project evaluation will be sensitive to variations in one or more parameters if, by including these variations in the assessment criteria used, the initial decision to change. The sensitivity analysis through the different models reveals the effect on profitability changes in forecasts of relevant variables.

is important to see which variables have more effect on the result against varying degrees of error in its estimate for deciding about the need for further study of these variables, to improve estimates and reduce the degree of risk for error .

However, mistakes are more common in the estimates for the uncertain future that is the projection of any uncontrolled variable, such as changes in levels of real prices of the product or its inputs.

Depending on the number of variables that are sensitized simultaneously, the analysis can be classified as one-dimensional or multidimensional. In dimensional analysis, awareness is applied to a single variable, while in the multidimensional, we examine the effects on the results produced by the incorporation of variables simultaneously in two or more relevant variables. BIBLIOGRAPHY

1. Nassir Sapag Chain, Reinaldo Sapag Chain, "Preparation and Evaluation", Fourth Edition.

2. Oscar G. Montalvo Claros, Basic Financial Management - The Short Term, First Edition, Publications Center, Faculty of Economics and Finance.

3. Karen Marie Mokate, "Financial Evaluation of Investment Projects", First Edition.

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Education Project Preparation

Learn how to make an educational project and what is the methodology to be adopted for the Preparation and Development Educational Projects.

1. Preparation of an Educational Project

An educational project should and must respond to the need to develop educational management. Educational Project is a management tool that allows the community to come up with solutions to educational problems and meet the needs of both curricular and pedagogical nature of infrastructure and school furniture.

To develop a project for an educational center, you have to take the following steps: Organize

• management team in each educational unit. Develop
  
• diagnosis educational unit.
  
• Identify the main problem the educational unit.
  
• Set the overall objective of the educational project.
  
• Designing action plans.
  
• prepare the general budget.

1.1. Diagnosis of Present Situation

diagnosis is imperative Education Unit (School, College, etc..) Aspects must be specified as:

1.1.1 Project Identification

• Name and code educational unit.
  
• Project Type: Integral and pedagogical processes.
  
• Education Project Objective.
  
• Term.
  
• Name and Code of the educational units that will benefit.
  
• Location.

1.1.2 Socioeconomic Characteristics

• geographic location and accessibility of educational units, type and condition of access roads (attach map). Distances
  
• educational units to the central educational unit, address, area or neighborhood of educational units.
  
• Economic Characterization: main economic activities of the municipality, county, area or district where you will find educational units benefited.
  
• Existence of services: water, sewerage (system, shed, well), electricity (red, panel, motor), telephone, transportation.

1.1.3 Legal and Institutional Aspects

• Date shaping the educational unit.
  
• Date of formation of the board of parents.
  
• Name and address representatives of parents.
  
• Date conformation of the management team.
  
• Name and address of educational adviser.
  
• name directors or managers of educational units from that year occupy the same position. Payroll
  
• teachers (Item, age, specialty, etc.) Staff payroll (Item, old).
  
• teaching and administrative staff by gender and specialty.

1.1.4 Core Features School

• Type of Schools form the core (central, branch, branch multigrade public convention, primary, primary, secondary).
  
• Level shift cycle and educational units or network core.
  
• Number of students per cycle and unit level education (preschool, primary, secondary)
  
  predominant language
• core

1.2 Educational Aspects

1.2.1 Teaching Curriculum

Current status of pedagogical curriculum, by level and cycle:

• What skills, knowledge and common core curriculum skills are being built with students and in which there are difficulties?. This must be analyzed in each cross-cutting theme and from different areas of knowledge: i) language and communication, ii) Mathematics, iii) Life Sciences iv) Technology and know-how, v) expression and creativity, vi) ethics and religion moral, vii) physical education.
  
• Attitudes that develop in students.
  
• linguistic approach.
  
• staff training levels.
  
• Methodology and form of organization the classroom.
  
• type activities.
  
• Materials used in the classroom.
  
• teaching support materials.

1.2.2 Infrastructure and Educational Furniture

In this section, we want to know the current state of infrastructure and educational furniture educational unit. 1.2.2.1 Real

Educational

inventory is made of educational goods distributed in the different raids, according to the following details, interested in knowing the current state of the same:

• Textbooks.
  
• Sports equipment
  . Material
  
• permanent.
  
• Equipment and supplies. Library
  
• 
  
• educational furniture.

1.3 Identifying the Problem of the Education Unit

The management team identifies the problem of the educational unit from the identified problems in every aspect analyzed in previous sections such as:

1.3. 1 Identification of Problem Teaching

Once the participatory assessment is completed and has identified the main problem, the situation is projected without project. This step means, analyze existing resources: educational, infrastructure and school furniture and educational goods. That is, if an optimal allocation of those that does not involve major investments, it is possible to respond to problems identified.
In the absence of a marginal solution, ie that the problem can not be resolved despite the best allocation of resources, it justifies the project design.

To identify the most important educational problem, are ordered by their importance and is selected by consensus that it is common. We suggest the following steps: Note

• problems common in the educational unit.
  
• For each problem, consider the following aspects:
  
• Who (students, teachers, principals, community) and how many are affected?
  
• What areas of learning affects or how it affects the quality of the educational process?
  
• How long is deemed necessary to resolve it?
  
• What resources are available to solve it?
  
• What other resources are needed?
  
• What are the consequences if not resolved the problem?
  
• Each of these aspects, we must assign a score.
  
• The problem with the highest score is considered the most important.

1.3.2 Infrastructure Problem Identification and Educational furniture.

Educational Projects for Nucleus, the management team and board of education:
identify, prioritize, hierarchy and consensus on the demand for infrastructure and educational furniture.

And according to the complaint must meet the real needs of the population in a participatory educational planning for the next five years.

1.4 Status "Without Project"

Once the participatory assessment is completed and has identified the main problem, is projected without the project. This step means, analyze existing resources: educational, infrastructure and school furniture and educational goods. That is, if an optimal allocation of those that does not involve major investments, it is possible to respond to problems identified.

In the absence of a marginal solution, ie that the problem can not be resolved despite the best allocation of resources, it justifies the project design.

1.5 Status "With Project"

a) Value of Objective General Education Project with the current educational policy.
To formulate the objective of the educational project, take into account the objectives of the Program on Education Reform and define: What is your contribution?

b) General Education Project Objectives and Indicators
The overall objective is formulated, should serve as a working guide to the designers and their management teams in implementing the project. Having been drafted to respond to the following questions:
- What is to be improved?
- Which groups of people will benefit?
- To what extent? (Meta)
- In what period? (Time)
To facilitate the assessment of the overall objective should be established with precision: the impact indicators, measurement units and targets.

c)
Target Population The target population is the same benefits directly to educational projects. Differentiate the population is required to be addressed and educational levels.

d) Alternatives Analysis and Selection
Once the most important problem of the Education Unit has been selected and identified The general objective of education, it is chosen instrument. The instrument allows to clarify the purpose and direct the activities of the action plan of the educational project.

To select the most appropriate to the educational project, an analysis of alternatives. This step is to assess and monitor the proposed instruments according to:

• Further integration of the knowledge areas: language and communication, mathematics, life sciences, technology and practical knowledge and creative expression, religion, ethics and moral and physical education.
  
• The use of more competencies and indicators.
  
• responds to the particularities of each educational unit or combination of them while the pedagogical objective pursued by the community.

1.6 Description of Project

Educational Process Component 1.6.1

Once the project has been identified are applicable to the development of the project (Action Plan).

1.6.1.1 Formulation of the Objectives

specific objectives are formulated as follows:
for educational projects

• team management (composed of teachers, parents and students) formulate specific objectives, one aspect: i) Teaching Curriculum, ii) learning resources and materials, and iii) Socio which will contribute to achieving the overall objective of the core and reflect their needs and interests.
  
• Each specific objective should consider the goal or achievement, as well as human resources and time required for execution.
  
• Each instructional unit or combination of them, made the specific objective of the plan of action which reflects the chosen instrument.

1.6.1.2 Preparation Action Plans

• The management team developed action plans relating to aspects of teaching resources and materials, socio, from a menu of possible things to do.
  
• This action plan shall consider: time, activities, sub-activities, teaching patterns, time, resources, responsibilities and indicators for assessing compliance and performance.
  
• The team of each educational unit, prepare the action plan curriculum based learning element to the instrument selected from the main activity menu.
  
• Each instructional unit or combination of them, will produce a single action plan that includes: time, activities, sub-activities, tasks, time, resources, responsibility, competence assessment indicators, compliance and performance.

1.6.1.3 Development of General Education Project Schedule.

• The action plans will be organized in a general timetable that will identify the sequential and parallel activities in time.
  
• can draw up the schedule in a Gantt chart, which specifies start-up, runtime activity, etc..

1.6.1.4 Development of General Education Project budget.

• The team will prepare a budget for every aspect of component: educational curriculum, educational resources and socio-educational. The team will prepare the budget action plan curricular educational aspect, the budgets of the various educational units or combination of them, are added to form the network budget. The management team will prepare budgets and aspects of socio-educational resources, as well as the general budget of the network.
  
• Each instructional unit or combination of them, develop your budget plan. The management team meets these assumptions and develops the core budget.

Component 1.6.2 Infrastructure and Educational Furniture

All infrastructure requirements of a network of educational establishments, must necessarily be enrolled in educational units, the same participatory manner and with all educational community has prioritized, hierarchical and consensual municipal educational demand.

• What normally is subject to financing is: the construction of new classrooms, repair of existing and provision of school furniture. The furniture component of infrastructure and education, must necessarily be accompanied by a component of pedagogical processes.
  
• Once the municipal education committee (represented by the municipality, district education management and district boards) certifies that the demand for network is included, and requests the municipal government, the drafting of the folders a final design, based on benchmark prices of the municipality.
  
• management team, raises core participatory demand on the basis of a budgetary ceiling.

management team with the backing of the Municipal Education Committee based on the PBS presentation of infrastructure projects and school furniture provided by the national fund for social investment and productive investment cost estimates.

1.7 Evaluation of Educational Projects

When educational projects have been completed, each team presents its project management to a committee of Education approves the assessment phase and manages them to the council, the resolution Approval of educational projects.

1.8 Size and Location of Project

For educational project, the project size is determined by the target population or target population of interventions. While the location of the project, is the core of the educational units. 1.9

Technical Analysis Determine the consistency of the educational project from the standpoint of technical, organizational, socio-economic and financial.

1.9.1 Technical Feasibility Criteria for

i) Component pedagogical processes

ii) infrastructure and school furniture component

Demand each of the educational units should adequately meet the following basic relations) Student / classroom, b) student desk chair or table or c) positive rate of enrollment growth.

iii) Criteria for Organizational Viability

The organizational design of the project is to define the responsibilities for implementation, operation and monitoring of the activities of the Action Plans of the elementary schools in educational projects. According to the guidelines, the management of education projects are the responsibility of management teams.

specific aspects to be defined in the organizational design are

Act

• management team formation.
  
• Agreements to promote the core team work, interaction and commitment to challenges.
  
• participation and involvement of parents in the implementation of the educational project.

The requirement of pedagogical advisers and teacher education units to remain in the network core or at least during the implementation of educational projects.

iv) Criteria for Financial Feasibility

• Compliance with maximum amounts per project and set the regulator component. Compliance
  
• financial structure defined by the regulator of Education, primary and secondary (investment costs, operation, consulting and incentives for teacher).

2 EVALUATION PROJECT

2.1 Determining costs

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ELEMENTS OF A CASH FLOW EXAMPLE

elements that are part of a flow of funds are basically the following: income, investment costs, operation and maintenance and salvage values. So there are other elements that can affect the flow of funds from a project, such as depreciation, depletion of intangible assets and depletion of natural resources.
1.
income revenues are included in cash flow are obtained through the sale or rental of goods or services of the project. Must be recorded in the year they expect to receive, regardless of when they are incurred.

It should be noted that revenue in the cash flow of the project should include both operating income (whether from the sale of the finished product or service delivery) and financial income (for example, for investment of reserves).

It is possible that some projects do not generate any income, do not produce any products or services tradable. Also create projects that simply change the way of producing a particular good or service, without changing the income received from its sale. The financial evaluation of these projects is still important for two reasons: first, to fill out a detailed profile of costs so that you can develop an investment plan and financing, and 2 to compare project costs with other alternatives to ensure that is done in the most efficient way possible, that is most convenient for the investor.

2.

costs

Project costs are usually classified into two broad categories: investment costs and operating costs. For purposes of proper preparation of cash flow will be necessary to study the handling should be given to the dead and the costs of opportunity costs.

2.1 The investment costs

The first major category of costs that should be included in the assessment of a project are those of investment or production of it.
investment costs generally consist of outlays for the acquisition of nominal assets or assets and working capital financing. Acquisition costs Fixed assets represent disbursements for the purchase of land and buildings: the payment of civil works, and purchase of equipment, machinery and works of installation or support. Costs for nominal assets are investments in intangible assets, but needed to make the project work: patenting and licensing, technology transfers and technical assistance costs of formation and organization, and also the costs of training and training.

Finally, investments in working capital reflects the funds must be committed to achieving short-term assets and inputs for the production cycle, necessary for the operation of project. Within this area are basically cash and inventories (both inputs and raw materials and final product). We must distinguish between stock and working capital requirements and investment in working capital (or change in stock) that is what is recorded in the cash flow and cost. This reversal or at least a part of it is retrieved later (at the end of the life of the project), recorded in the flow with a positive sign, as income.

investment costs are not deductible taxes directly. These costs are not deducted when they are paid and are not recorded in the flow of funds and securities tax deductible. Is depreciation deduction that allows asset values \u200b\u200bnet taxable income annually, but in periods after the investment outlay.

2.2 The Operating Costs

The second major category of cost is for operating costs, consisting of payments for inputs and other items necessary for the production cycle of the project over its operation.

These costs can be classified as production costs, sales, administrative and financial. These, in turn, can be disaggregated, inter alia, labor costs, raw materials and supplies, leases and rentals and financial costs and taxes.
Operating costs are recorded in the period of the respective disbursements occur (cash accounting).

In any evaluation, it is necessary to distinguish between operating costs that are deductible from income tax and not deductible. Where most of them are deductible, any cost that is not register with the flow of funds in a manner different from other costs.

Generally, the estimated project cost also includes a category for "incidental."

2.3 The Costs Dead

is important not make the mistake of including dead cost on the flow of funds. These costs are defined as already done, which are inescapable, regardless of the investment decision is taken.

In other words, they are unavoidable costs, but decided not to make the project being evaluated. Such as proposing a bill that would increase the productivity of agricultural land, it engages a multidisciplinary team to design the project. They propose two possible projects and charge $ 100,000 for his advice. The proposed project costs include labor, equipment procurement, civil works and operating costs. These are avoidable costs and which are not paid if not done the project. In contrast, the $ 100,000 paid for professional advice represent an unavoidable cost, or cost dead, that in no way change the fact that professionals charge for their work, ie the cost of the advice has to be paid. As a result, should not be recorded as cost of the project.

costs is clear that death should not be included in the cash flow of a project. However, these can influence the flow, to the extent that the depreciation of fixed assets, natural resource depletion and amortization of intangible assets affecting the payment of taxes for a project, for this reason, it is indispensable establish the carrying cost of the items considered dead at the beginning of the life of the project and determine the amount of depreciation, depletion or amortization thereof, and applicable taxes. However, always essential to ensure that you compare the situation with project and without project, giving only the differences.

2.4 The Opportunity Cost

The opportunity cost is defined as the value or profit generated by a resource in its best alternative use. If the opportunity cost of an input used by the project is different from its acquisition price, then cash flow should be assessed according to the first.

's often presents an opportunity cost when the input used by the project is not acquired solely for him and have alternative uses.

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A project will be done in a country where there is no inflation. Requires a total investment of $ 100 million: half for depreciable assets and the other for non-depreciable assets.

investment is made in period 0. The life of the project has an implementation period of five years and depreciable assets have no salvage value. The loss on sale of other assets, which amounts to $ 20 million, will be charged to last period.

investment is financed at a 50% equity and 50% with a loan. This $ 50 million loan is amortized in five equal installments of $ 10 million each from the period 1.

The interest rate on this loan is 10% annual percentage yield on balances past due. Sales are $ 150 million per year and operating expenses excluding financial expenses and depreciation are $ 80 million per year.

rate income tax is 20%.
Depreciation is performed on 100% of the acquisition value of depreciable assets over a period of five years, with the method linear.

PROBLEM SOLUTION

Cashflow without funding, that is pure flow of a project without funding:

Funds flow financing, ie flow of a project funded:

BIBLIOGRAPHY

1. Nassir Sapag Chain, Reinaldo Sapag Chain, "Preparation and Evaluation", Fourth Edition.

2. Ernesto R. Fontaine, "Social Evaluation of Projects", 12 th Edition

3. Karen Marie Mokate, "Financial Evaluation of Investment Projects", First Edition.

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CASH FLOW CASH FLOW TYPES OF MARKET STRUCTURE

There are two types of cash flows: the flow of the project without funding (also called the flow of the "pure") and the flow financing (also known as flux or flow of the project financed by the investor).

In the flow of the project without funding, it is assumed that the investment required for the project funding comes from internal sources (own), ie that the total resources needed from the project executing agency or the investor.

funded in the flow, it is assumed that the resources used by the project are in part owned and part of third persons (natural or legal) ie that the project uses external resources for funding.

PROJECT PURE FLOW

flow recorded in the taxable income including income from sales, services and investments of temporary excess cash. Of this income, deductible expenses are subtracted, which are operating, maintenance, management, marketing, sales, excise taxes, and depreciation. Upon completion of this process gives the net taxable income, which is the basis for the calculation of taxes attributable to the project.

The result of subtracting the taxable net direct taxes add the gain from the sale of assets, income taxes take extraordinary and non-deductible costs and add non-taxable income (sale of assets by book value and subsidies, mainly) could be called the "net."

This net income, depreciation must be added, since it represents a cash disbursement of the project and subtract the costs of investment (fixed assets and nominal, pre expenses - operating and working capital). We also have to adjust for other costs not deductible or taxable income. This is the end-result: the flow of funds from the project (without funding).

FUNDED PROJECT FLOW

This flow differs from the earlier to the extent that they consider the sources of project financing. Therefore, revenues are recorded by the receipt of principal on loans and credits (income is not taxable, being an account of the Balance Sheet). Also include the costs of debt servicing in the flow: the interest and fees are deductible operating costs and depreciation are not deductible disbursements.

BASIC OUTLINE OF A CASH FLOW

CASH FLOW AND INVESTMENT DECISIONS

As described, the cash flows used in the financial evaluation of projects to synthesize the data generated in studies that are part of the formulation and preparation of a project.

However, we must not forget that this whole procedure is followed in order to summarize this information in a selection criterion.

From this point of view, the information recorded in the flow must be studied in order to reflect the positive and negative impacts that are actually attributable to the project and which had not been incurred if the project been carried out. That is why the decision whether or not a project takes only with regard to so-called "incremental cash flow."

This flow is formed only from the revenues and costs attributable to the project, which is where it had not been incurred if the project had not executed.

REFERENCES 1. Nassir Sapag Chain, Reinaldo Sapag Chain, "Preparation and Evaluation", Fourth Edition
2. Ernesto R. Fontaine, "Social Evaluation of Projects", 12 th Edition
3. Karen Marie Mokate, "Financial Evaluation of Investment Projects", First Edition.

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Know which is shaping the market structure for your product in a project ......

By: Monica Thompson Mrs. Jannette B.

The competitive environment that will occur in the project, if implemented, can acquire one of the following forms of market: From the point of view of the number of applicants, most popular markets are monopsonistic and oligopsony. The termination "sone" indicates that we are referring to the next buyer in the market, "mono" is one and "oligo" there are a few. From the point of view of bidders, economic theory identifies four basic market types: perfect competition, monopoly, oligopoly and monopolistic competition. This allows us to analyze and predict how operators will behave in each of them. These market structures are defined by four characteristics.

• number of producers in the market.
  
• either type (homogeneous or differentiated). Grade
  
• price control by the company.
  
• existence of barriers to entry.

Market Structure

Perfect competition is characterized by that there are many buyers and sellers of a product, by their size, can not influence prices, the product is identical and homogenous there perfect resource mobility, and economic actors are fully informed of market conditions.

Distinguishing features of perfect competition are:

1. coexist many vendors and applicants who are willing to buy or sell a particular product.
   
2. products offered in this market are homogeneous or equal, ie there is no difference in the product that is offered by all companies.
   
3. Buyers and sellers have no control distinguishable on the selling price, ie no influence on the market price is set so impersonal in the market.
   
4. Buyers and sellers are well informed that this type of market information flows perfectly.
   
5. The efertantes or sellers do not spend much time developing a marketing strategy, or its related activities.
   
6. Buyers and sellers can freely sell or buy them so they have freedom of movement (in or out).
   
7. Under the conditions reported, vendors companies have horizontal demand curve (or perfectly elastic).

monopoly exists when a single supplier sells a product for which no substitutes, and difficulties in entering the industry are great.
The three characteristics of a monopolistic market are the following:

1. The market is composed of a single vendor.
   
2. The seller only sells a product that has no similar substitute.
   
3. Barriers to entry are high. This means it is very difficult to enter the market.

Thus, the monopolist has concentrated all the force of a given sector, a group of consumers who are forced to consume their product no matter what conditions this imposes to trade with them and for them. With which consumers see their power restricted to the conditions set by the monopolist.

The near monopoly has no competition because there are barriers to entry by other producers of the same product. These barriers can be of different types (legal barriers, technological or otherwise), and become potential obstacles that new producers can not pass.

Monopolistic competition is characterized by numerous sellers of a differentiated product and because in the long run there is no difficulty entering or exiting the industry.

Monopolistic competition is defined as the market organization in which there are many companies that sell merchandise similar but not identical. Because this product differentiation, the sellers have some degree of control over the prices they charge.

However, the existence of many close substitutes significantly limits the power of "monopoly" of vendors and results in a very elastic demand curve.

In this type of competition, there is a significant number of producers operating in the market without a control dominant part of any of these in particular.

The key issue here is that it presents a product differentiation, ie a particular product, depending on the producer, may have variations that allow it to be, in some respects, different from other similar products made by other companies.

A oligopolistic market structure exists when there are few sellers of a homogeneous or differentiated product and enter or exit the industry is possible, albeit with difficulty.

The conditions for the submission of an oligopoly, and that also distinguishes it from other models could be:

• Competitors maintain close communication, either directly or indirectly.
  
• There are no restrictions to competitors wishing to participate in the market segment, we can only indirectly restrict the entry of these new competitors.
  
• oligopolistic competitors can reach substantial agreements, whether direct or indirect.
  
• The competition is not as closed as other models such as monopolistic competition.
  

Resources page:

1. Nassir Sapag Chain, Reinaldo Sapag Chain, "Preparation and Evaluation Project ", Fourth Edition
2. http://www.promonegocios.net/mercado/competencia-perfecta.html
3. http://www.liccom.edu.uy/bedelia/cursos/economia/archivos / STRUCTURES DE
MERCADO.pdf
4. http://www.monografias.com/trabajos15/tipos-mercado/tipos-mercado.shtml
   

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TECHNICAL PROJECT EVALUATION PROJECT CAMEL

TECHNICAL EVALUATION OF INVESTMENT

Technical Paper Evaluation of Investment Projects of Dr. Guillermo López Dumrauf author is in PDF format, as slide show for display in a number of 26 films, download time 4min. Approximately
Note the following contents:

• Loans with stakeholders and their classification.
  
• Accounting Rate of Return.
  
• Accounting Rate of Return - Reviews.
  
• Pay Back (Recovery Period)
  
• Pay Back - Reviews.
  
• Discounted Pay Back. VAN
  
• .
  
• The NPV and shareholder wealth.
  
• TIR - assuming reinvestment of funds
  
• What is really the IRR?
  
• Profitability Ratios (Ratio Cost-Benefit)
  
• TIR - Reviews Frequently
  
• Contradictions between the NPV and IRR
  
• TIR TIR Multiple or absence of IRR and NPV
  
• with Irregular Cash Flow

Download Project Evaluation Techniques Investment

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How to Make a Project

The project is called Meat Processing Plant Flame Nutrillama SA "is an example of how to do a project, the document is fairly 242 p. It contains complete in Microsoft Word format, the download time is 8 min. About the whole project consists of 7 chapters, 109 tables and 7 Charts, distributed in 7 chapters, mentioned below:

Project Executive Summary

DOWNLOAD EXECUTIVE SUMMARY

• Chapter I: Legal Background, Overview, Objectives and Justification.

DOWNLOAD CHAPTER I

• Chapter II: Analysis Market

DOWNLOAD CHAPTER II

• Chapter III: Size & Location

DOWNLOAD CHAPTER III

• Chapter IV: Project Engineering

DOWNLOAD CHAPTER IV

• Chapter V: Investment and Financing

DOWNLOAD CHAPTER V

• Chapter VI: Economic Analysis - Financial

DOWNLOAD CHAPTER VI

• Chapter VII: Evaluation Project

DOWNLOAD CHAPTER VII

Download Private Investment Project For chapters

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DOWNLOAD GUIDELINES FOR PROJECT EVALUATION FEASIBILITY STUDY

According to International Cooperation Agency (JICA)
This document provides information about the guidelines that follow the International Cooperation Agency of Japan respect to the Project Evaluation, is quite comprehensive, and consists of 242 pages and is in PDF format consists of 3 parts division of the document.

Part I. Project Appraisal of JICA

Chapter 1 Overview of Project Evaluation

I.1.1 Objectives of the Evaluation Project of JICA.

I.1.2 Types of Evaluation. I.1.3

Assessment Systems JICA. I.1.4
Feedback from the Assessment. I.1.5
Evaluation Criteria for Good.

Part II: Methods for Assessment of the JICA
Chapter 1: Confirmation of the Millennium Assessment and Organization of Project Information II.1.1
Confirmation of Objective Evaluation.
II.1.2 Overview Understanding the Current Project. II.1.3
Using Logical Framework. II.1.4
Understanding the Status of Implementation.
Chapter 2: Planning Project Evaluation Development
II.2.1 Assessment questions. II.2.2
Bases of Judgement. II.2.3
Consideration of data and information sources necessary. II.2.4
data collection methods.
Table II.2.5 Formulation of Evaluation.
Chapter 3: Data Interpretation and Reporting Results of Evaluation.
II.3.1 Interpretation of data. II.3.2
recommendations and proposals. II.3.3
Sending information on the results of the evaluation.
Part III: Managing Project Evaluations
Chapter 1: Problems in the Management Assessment
III.1.1 The role of the Project Operational Departments.
III.1.2 Preparation of Contract Advertising. III.1.3 Preparation
Preliminary Evaluation. III.1.4
Management Assessments on the site.
III.1.5 Preparation of the Evaluation Report. III.1.6
feedback on the results of the evaluation.
Chapter 2: Points in the ex - ante and ex - post
key points III.2.1 Evaluation Studies Ex - ante. III.2.2
monitoring points and the Interim Evaluation Studies. III.2.3
Highlights of the Final Evaluation Studies. III.2.4
Highlights of the ex - post.

Download the document here or download area ---->

Guidelines for Project Evaluation

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Project Preparation is the process that allows for technical feasibility studies, economic, financial, social, environmental and legal information in order to gather information for the preparation of cash flow project to this end the project entities must perform feasibility study for investment projects for the realization of this should apply methodologies Preparation and Evaluation.

The pre-feasibility study including technical analysis - Economic Alternatives investment to provide solutions to the problem. The objectives of the feasibility is accomplished through the preparation and evaluation of projects to reduce the margins of uncertainty through the estimation of indicators of socio-economic benefit and support private investment decisions. The source of information should come from secondary sources.

The feasibility study should focus on identifying alternatives and technical analysis of them, which must be incremental. That is, should be performed comparing the situation "with project" with the "without project." The study feasibility must be at least the following:

1. Diagnosing the current situation, identifying the problem to solve with the project. To this effect, should include an analysis of supply and demand for the good or service that the project will generate.
   
2. The identification of the situation "without project" which is to establish what would happen if you do not run the project, considering the best use of available resources.
   
3. The technical analysis of engineering alternatives proposed techniques to determine the costs of investment and operating costs project.
   
4. The size of the project to determine its capacity.
   
5. The location of the project, which includes analysis of supply and consumption of inputs and distribution of products.
   
6. analysis of current legislation applicable to the project on specific issues like environmental pollution and waste disposal.
   
7. environmental specs.
   
8. Socio-Economic Assessment Project to determine the suitability of its execution and which incorporates environmental costs generated by externalities consistent with the environmental tab.
   
9. private financial evaluation of the project without funding to establish their operational sustainability.
   
10. sensitivity analysis and / or risk, when appropriate, the variables that directly affect the profitability of the alternatives considered more suitable.
    
11. The findings recommend allowing any of the following decisions:
    
1. Delaying the project. Recast
   
2. project.
   
3. abandon the project.
   
4. continue its feasibility level study.
   

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STAGES OF PHASE

PREINVESTMENT

is the phase of the stages in which projects are studied and analyzed in order to obtain the information necessary for making investment decisions. This process of study and analysis is done through the preparation and evaluation of projects to determine the socio-economic and private returns, based on which investment must be programmed.

The stages of the preliminary stage are: profile, pre-feasibility and feasibility.

1. profile study preliminary project addresses major technical and economic aspects of the idea of a project includes the project approach, for which are identified on the one hand, unmet need, the problem to solve or the potential to develop, and other possible solutions and their main benefits and costs. THE source of information may come from secondary sources.
   
2. pre-feasibility study comprises technical and economic analysis of investment alternatives that solve the problem. The objectives of the feasibility is accomplished through the preparation and evaluation of projects that will reduce uncertainties by estimating the socio-economic indicators and private profitability supporting investment decisions. The source of information should come from secondary sources.
   
3. Feasibility Study includes the analysis of the selected alternative in the pre-feasibility stage. To that end, return to practice the preparation and evaluation of projects by reducing the uncertainties and recalculating the socio-economic indicators and private profitability of projects. The source of information should come from primary source.

MINIMUM CONTENT pre-investment studies

Profile Study.

This is the first study of the idea of \u200b\u200ba project shall at least have the following elements:

1. Preliminary diagnosis of the situation that motivates considering the project, to identify unmet need, the problem solved or the potential to develop the project. This diagnosis should include a basic analysis of the target population, the location of the project, its economic environment, the existing basic services, the accessibility of the area, service indicators, and additional information relevant to know the characteristics of the project will .
   
2. preliminary description of the main technical aspects of the project, such as their components, capacity, sizing, etc.
   
3. Identification and estimation of benefits and costs (investment and operation) of the project and possible funding.
   
4. The conclusions resulting from the study should recommend any of the following decisions:
   


• give up the idea of \u200b\u200bproject analysis. Delaying
  
• study analyzed the project idea.

deepen the study of the project, in which case they must state clearly the terms of reference for all studies (feasibility).

The information needed to conduct this study, must be obtained from secondary official sources, which must be quoted accurately.

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Preinvestment

The classification of projects differs according to each author, trends or inclination to pursue that have the concepts in this article we will present our point of view, the classification of projects.
By: Ms. Jannette Thompson

A. ACCORDING TO THE TYPE OF GOODS AND / OR SERVICES


generating projects

• consumer goods (beverages, food, etc..) Projects that generate
  
• capital goods (increase efficiency in human work vehicles)
  
• Products generating intermediate goods (shirts, cotton yarns, steel for agricultural machinery)
  

B. BY THE PRODUCTIVE SECTORS

• Agricultural Projects (animal and plant)
  
• Industrial Projects (Extractive Manufacturing, fisheries, agriculture)
  
  Social Infrastructure Projects (meeting the needs of such people. Sanitation)
  
• Projects Economic Infrastructure (directly or indirectly more production this implies certain inputs such as electricity, transport and communications)
  
• Services (personal, material or technical)

C. OPTICAL ASSESSMENT BY PROJECT

• generating projects or market specific assets (consumption of a person can not consume another example. A magnifying glass with a certain measure diotria.) Projects that generate
  
• public goods ( goods whose consumption by one person in society does not prevent other can consume, ie Public Safety, covers the cost through taxes)
  
• Semi Public Projects (eg Education; service that can be delegated to private and public sector )

BIBLIOGRAPHY
• ING. CASTRO ORDONEZ, José M. Notes from the Field: Preparation and evaluation of Projects I and II. Semester I/2004.
  

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CLASSIFICATION OF PROJECTS MAKING A PROJECT: FINAL DESIGN II

CHAPTER II: ANALYSIS OF MARKET

Brief introduction of the data collected in the chapter, the importance of market analysis for the project, the importance of with the results of quantifying supply and demand, the historical record, the projected level of participation of the project in the market, ie the most relevant.

2.1 PRODUCT DESCRIPTION.

Brief introduction of product attributes, the importance of this tool for the project, for example, serves as a technical element to the movement of information and sound decision-making. Do not exceed a few lines.

2.1.1 GENERAL.

Historical data from the industry that owns the project, the treatment can be for sub-captions as an example we have:

2.1.1.1 camelid livestock population in Bolivia
camelid 2.1.1.2 Cattle Population In the Andean region
Breeders 2.1.1.3 camelids: Places usual raising of llamas and alpacas
2.1.1.4 Species. 2.1.1.5

Products derived from Camelids Production Chain. 2.1.1.6 Description

Scientific. 2.1.1.7

bromatological composition.

2.1.1.8 Description of the product and sub product.

Senior Product Definition 2.1.1.9.

2.2 GEOGRAPHICAL DISTRIBUTION.

Brief introduction where is concentrated the main competitors in the industry, and the delineation of the location of our project.

2.2.1 Product Traders

Generic

Conduct a study to obtain information from the direct and indirect competition, this study must be complete and reliable information, such as: Institutions state such as Research Institute, Registrar of Companies in the industry, etc. The data collected are the Names and Addresses of competing companies and their addresses fall into a map of the city or the country. As shown below

TABLE 2-XX

ADDRESSES OF COMPETITION

TABLE No. 2-XX
ADDRESSES OF COMPETITION FOR CITIES

Map No. 2-XX

CITY OF EL ALTO, LA PAZ-BOLIVIA

The arrows on the map indicate the location of competitors, is essential and indispensable this information for diagnosis and decision making, but it has more relevant when identifying the supply and demand.

2.3 STUDY AND QUANTIFICATION OF THE OFFER

In this section, we examine the behavior of the offer, the amount equal importance can provide raw material suppliers. The provider market is often a factor as much or more critical than the consumer market. Many projects have a dependency on the quality, quantity, timing of receipt and cost of materials, there are few projects based its viability in this market is necessary for that purpose rather than a current or historical study of the supply market, know their future projections.

The availability of inputs will be crucial for determining the procedure for calculating the cost of supplies.

Example No. 2-1

camelids 2.3.1 Population in La Paz

camels
Livestock is one of the main productive activities in the departments of La Paz, Oruro, Potosi and to a lesser extent Cochabamba, Chuquisaca and Tarija. The following table shows the existence of camelid livestock in the Department of La Paz.

Table 2 - XX

PEACE: EXISTENCE OF LIVESTOCK camelids (llamas)

Source: Based on information obtained from the National Environment

Chart No. 2 - XX
NUMBER OF HEADS OF FLAME

Source: Own

All information will be vitally important, all alternatives should be explored to obtain raw material costs, purchase terms, substitutes, perishability, infrastructure needs, availability, etc.

Table No. 2 - XX

PEACE: FLAMES ESTIMATED POPULATION BY PROVINCE

Source: UNEPCA

2.3.2. Analysis of the Offer.

The supply of livestock products are camelid composed of three classes of agents from different socioeconomic and even with different views about the target market for their products These agents are characterized with the aim of obtaining the key elements of their behavior and way of market entry:

1. breeders, farmers scattered in all regions of raising the Department of La Paz.
   
2. INTERMEDIARIES, farmers and / or residents of rural or medium-sized cities who frequently visit rural fairs with the purpose of marketing livestock and livestock products in their raw state, without due process, such as meat, fiber and leather.
   
3. production plant, operators organized under the form of company with legal personality established, those engaged in processing, in different degrees of complexity, the camelid livestock products.

2.3.3. Llama Meat Production

According to the study of supply, camelid livestock population in the Department of La Paz we can deduce that largely meets the demand required for the industrialization of llama meat.

Table No. 2 - XX

MEAT PRODUCTION (EXPRESSED IN MT. / YEAR)

PAGE UNDER CONSTRUCTION

Illinois Driverse License Template

CASH FLOWS FROM MAKING A PROJECT

Know what is the importance of cash flow or cash flow, what are its elements and what information it requires to perform the construction.

By: Monica Thompson Baldiviezo
Janneth
Companies are operating normally, ie companies that are in place they operate on a continuous, uninterrupted, continuously generating sales revenues, collection of credit sales, etc., And simultaneously made payments to cover the purchase of raw materials, materials and other inputs as well as to pay debts , Make investments, pay dividends, etc.. Consequently, we can talk about income and expense accounts.
cash flows and cash flows deal with the analysis of these flows of money.
The financial assessment is done through the systematic presentation of the financial costs and benefits of a project, are summarized by an indicator of profitability, which is defined based on a criterion, so that the project can be compared with other projects and serve as a tool for effective decision making regarding the appropriateness of doing or not.
For this reason, analysis of cash funds and deal with the analysis of those accounts money.

assessment then has two major steps:

• The systematization and presentation of costs and benefits in cash flow.
  
• The summary of these costs and benefits in an indicator to compare with other projects. This step is the intertemporal discount and calculation of a parameter of evaluation in order to identify the profitability of the project.

Cash flow and cash flow (also called cash flow) is a pattern that has systematically recorded revenue and costs year by year, so that funds can flow regarded as a synthesis of all studies conducted as part of the pre-investment phase (for ex-ante) or as part of the implementation phase (for ex-post).

There are important differences between cash flow and cash flow, because each of them is a different tool of analysis, although both are on the accounts of income and expenditure of money from the firm, either as working capital , or cash and equivalents.

Here are a few similarities and differences between cash flows and cash flow or cash.

Similarities between Cash Flow and Cash Flow

• Both are complementary Financial Statements Balance Sheet, Income Statement of Cost and the Statement of Changes in Equity, are complementary, because they provide complete information about the generation and application of funds (cash flow) and about the sources and uses of money (cash flow).
  
• Both states are prepared on the basis of two balance sheet.
  
• Both are produced by taking the net differences in each account of the balance sheet resulting from the changes that occurred between two consecutive dates mentioned.

Differences between Funds Flow and Cash Flow

• To prepare your cash flow, plus the general balances (two consecutive dates), we need the income statement on the last balance sheet.
  
• In the flow of funds, the concept of funds are net working capital: where "FUNDS = Resources Working Capital" and "NET FUNDS = Current Assets - Current Liabilities"
  For
• cash flow, the concept of funds are cash (money) or cash equivalents. Where: CASH = Cash and Cash Equivalents

Four basic elements make up the flow of funds, these are

1. 
   operating Benefits
2. investment costs or assembly, ie the initial costs.
   
3. Operating Costs
   
4. scrap or salvage value of project assets.

Each of the elements should be characterized by:

1. amount or magnitude
   
2. location in time.

Each element is recorded in the cash flow, specifying the amount and the time it is received or disbursed.

The information required by the evaluator include prices, interest rate and exchange rate at the time, also need to specify that infalcionarionarias trends for this is done a rigorous analysis of possible changes that may be caused by the project, the next step well be the statistical information on free markets and government, national and international additionally require information from producers, traders, exporters and importers and other experts.

only information the assessor may know what the relevant price of each product or service and each input.

income and financing costs are calculated based on reliable data on the conditions of loans and other financial transactions and the value of the interest rate. As with the previous data the tester requires information from multiple sources, conditions in financial markets will be determined by the sources to be consulted.

For the calculation of cash flow or cash flow is prepared in a period between two consecutive dates: a start date and the other end, so as to identify operations that generated, revenue streams, including these two dates, just NSRF can determine which operations were used such money flows.

For the preparation of cash flow balance sheet is required initial and final balance sheet

For the construction of a flow of funds is necessary to have the cash accounting rather than accrual. In other words, that is, the various expenses are recorded when they are disbursed and not the time obligation is incurred, revenue is recorded when they are received.

flow of funds disbursed presents the costs and revenues received in each year of the project. Similarly, another unit could be used for the flow of time, months, semesters, etc..

The time period used to assess depends on the nature of the project and the characteristics of their costs and revenues. The flow of an agricultural project which is planted under conditions in the first half and on another in the second semester can be defined. The short-term projects such as construction and sale of property, generally use months as time unit.

PRESENTATION OF A CASH FLOW

The flow of funds for a new project is usually presented in matrix form, another way of presenting the cash flow is through a graphical representation that summarizes the flow and cut total costs and benefits.

In this form of representation Cash flow is measured along the horizontal axis, divided into units that represent periods of time. On the same axis with arrows point to the benefits and costs upwards are represented with arrows pointing down.

Cash flow and cash are planning tools and financial control, which complement the Preparation and Evaluation.

Taking this into account, the cash flows include:

• Historical Cash Flow, if the analyzed information concerning the financial statements of past efforts, in which case, definitely the cash flow or cash is an instrument of control, about the capacity the company had on these efforts to generate cash.
  
  Projected Cash Flow, when based on a statement last estimated future flows of origin or source of funds, and applications or uses of funds. In this case the flows are financial planning tools.

The Cash Flow should be exposed through two states:

• Statement of Changes in Financial Position
  
• Statement of Cash Flows.

The two states are interdependent, so that one does not fulfill the objective of reporting on the flow of funds without informing the other.

Click on the image to enlarge.

Statement of Cash Flows

Source: Basic Financial Management. "Mr. Oscar G. Montalvo Claros."

process for preparing the cash flow

To illustrate the process for preparing a cash flow balance sheets are used comparable, show step by step as you build a cash flow.

1. "Preparation Worksheet 7 columns"
   column 1. Details of balance sheet accounts of the company.
   column 2. Balances balance to the start date.
   column 3. Balances balance to the ending date.
   columns 4 and 5. is for the working capital accounts, ie assets and liabilities. Both columns form a set.
   column 4. Where recorded differences in account balances (final minus initial), representing increases in working capital accounts.
   column 5. Where recorded differences between the balances of the accounts, which represent decreases in working capital.
   columns 6 and 7 . For different accounts for working capital, or to any other, except assets and liabilities.
   column 6. This column record changes (differences in the balance, minus the initial balance) occurring in the balances of the accounts that represent sources of funds. Source of funds is the operation whose implementation increases the funds of the firm.
   column 7. Column in which record changes (differences in the balance, minus the initial balance) occurred in the account balances of cash accounting. Application of funds is the operation that causes a decrease in the funds of the firm.
   
2. Fill the worksheet with the information "ion corresponding to the beginning and ending balances in columns 1, 2, 3.
   In column (1) of the table include the accounts of the balance sheet, starting with the Assets, and continuing through the Account Fund - Banking, to conclude with the Heritage group accounts, and ending with the sum of liabilities and Capital.

In column (2) the balances of the accounts of the balance that has the oldest date.

In column (3) shows the balances of balance sheet accounts of the deadline. At this point, you can display horizontally the balances. Calculate

3. occurring variations in account balances of working capital, taking into account that the formula for working capital.

WORKING CAPITAL = ASSETS - LIABILITIES

• An increase in the balance of account assets causes an increase in working capital.
  
• A decrease in the balance of an account of the causes decremnto assets in working capital.
  
• An increase in the balance of an account of liabilities causes a decrease in working capital.
  
• A decrease in the balance of an account current liabilities causes an increase in working capital.

These four rules are possible variations in the equation for working capital, as shown below:
is called:

CT = AC
Working Capital = Current Assets = Liabilities
PC

CT = AC - PC

The explanation is as follows: If the value of AC increases, without modifying the PC, the CT value will be higher.

Likewise if you lower the value of AC without changing PC, then the value of CT decreases, and so on. Calculate

4. occurring variations in the balances of the accounts other than working capital, taking into account the rules outlined in the following scheme:

accounts earnings and management performance (profit or loss) should be treated as equity accounts item.

rules resulting from the above scheme are as follows: Active

• increases is an application of funds. Active
• decreasing is a source of funds. Passive
• increases is a source of funds. Passive
• decreasing is an application of funds.
• positive results (profits) are a source of funds.
• losses are increasing application funds.
• Heritage is an increasing source of funds.
• The decline of heritage is an application of funds.
  Taking into account these rules are reduced in columns 6 and 7, the differences resultaten variations in accounts other than the working capital.

5. The next step is to aggregate the columns increases in working capital (column 4) and decreases in working capital (column 5), and the difference between the totals.
   


• The result is interpreted as an increase in working capital (or increase the phones of the firm), if the sum of increases in working capital is greater than sum of working capital reductions.
  
• If the sum of reductions is greater than the increases, then there occurred a decrease in working capital (or reduction of funds).
  
  We note that if:

• The increase in working capital is greater than the decrease in working capital, then, also, the sum of sources of funds is greater than the sum of application funds.
  
• The working capital reductions are greater than the increases in working capital, then, too: The total application of funds is greater than the sum of sources of funds.

6. Just as in the previous step, the columns are totaled (6) sources of funds and (7) application of funds, distinguishing between the two, it must match the difference between columns (4) and (5), depending on whether the increase or decrease in working capital, according to what is explained in point.


7. Once established the differences between the columns, first (4) and (5), and other (6) and (7) as shown in the box example, corresponds to summarize the information in the following states:

• Statement of changes in financial position, which turns the information contained in columns 4 and 5.