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Author(s): T. Kaminska

Journal: Economics of Development
ISSN 1683-1942

Volume: 66;
Issue: 2;
Start page: 86;
Date: 2013;
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Keywords: capital turnover | production | accounting | costs | calculation

Often, in practice, capital of the company is viewed as a derivative, as an indicator, which plays a minor role, and the first one should be the process of enterprise performance. Therefore, minimized is the role of capital, although the capital is the objective basis for the emergence and future activities of the enterprise. After all, the use of capital brings revenue, profit but not activities of the company as such. Only the capital invested in the production brings profit at the investment implementing the process of self-reproduction and bringing added value.At the second stage of capital turnover the value of goods is created. Methodological basis for accounting at this stage is revealing the essence of the transformation of the production cost in to the cost of finished products. Accounting purposes to carry out cost accounting, materials, labor and financial resources for production, quantification of the resulting product, the calculation of the cost of finished goods and calculation of unit costs.The production cost is a combination of cost of live and materialized labor. The materialized labor instruments of labor play the role of live labor costs are presented in the form of worker’s labor, embedded in the finished product.Traditional approaches to the notion that the accounting system should include only non-public information, and the activity is regarded as one main item of the business expenditure, are not valid howdahs. The system of national accounting should be focused not only on production but also on the market itself. Product oriented thinking must be changed to the clients’ problem-solving thinking. Based on this study it can be argued that at the stage of production the foundation for making a profit from operations is laid down. Therefore, the production has an important place in the capital turnover, and the clear organization of its accounting is necessary for the success of the enterprise.
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