{"id":11284,"date":"2022-11-08T19:16:01","date_gmt":"2022-11-08T16:16:01","guid":{"rendered":"https:\/\/bestessayhomework.com\/tr\/?p=11284"},"modified":"2022-11-08T19:16:01","modified_gmt":"2022-11-08T16:16:01","slug":"finansman-ve-yatirimi-ayirmak-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri","status":"publish","type":"post","link":"https:\/\/bestessayhomework.com\/tr\/finansman-ve-yatirimi-ayirmak-muhasebe-alaninda-tez-yaptirma-muhasebe-tez-yaptirma-ucretleri-muhasebe-odevleri-muhasebe-odev-ucretleri\/","title":{"rendered":"Finansman ve Yat\u0131r\u0131m\u0131 Ay\u0131rmak \u2013 Muhasebe Alan\u0131nda Tez Yapt\u0131rma \u2013 Muhasebe Tez Yapt\u0131rma \u00dccretleri \u2013 Muhasebe \u00d6devleri \u2013 Muhasebe \u00d6dev \u00dccretleri"},"content":{"rendered":"

Muhasebenin Art\u0131lar ve Eksiler<\/span><\/strong><\/h3>\n

S\u0131kl\u0131kla bir “pro” arg\u00fcman\u0131n bir “con” arg\u00fcman\u0131 taraf\u0131ndan iptal edildi\u011fi ve karar vericinin fakt\u00f6r\u00fcn karara nas\u0131l dahil edilece\u011fini \u00f6znel olarak de\u011ferlendirmeye b\u0131rak\u0131ld\u0131\u011f\u0131 g\u00f6r\u00fclebilir.<\/span><\/p>\n

\u0130yi tan\u0131mlanm\u0131\u015f ko\u015fullar alt\u0131nda iki alternatifle (sat\u0131n alma ve kiralama) ili\u015fkili nakit ak\u0131\u015flar\u0131n\u0131 ele alaca\u011f\u0131z. Sat\u0131n alma alternatifine e\u015flik eden geleneksel bor\u00e7la kiralamay\u0131 kar\u015f\u0131la\u015ft\u0131raca\u011f\u0131z.<\/span><\/p>\n

Temel sat\u0131n alma ve kiralama analizini g\u00f6sterir. \u00d6ncelikle yat\u0131r\u0131m\u0131n kabul edilebilir olup olmad\u0131\u011f\u0131na karar verilmelidir. \u0130kinci olarak, \u00f6d\u00fcn\u00e7 al\u0131nan fonlarla varl\u0131\u011f\u0131 sat\u0131n alman\u0131n y\u0131ll\u0131k maliyeti, y\u0131ll\u0131k kiralama maliyeti ile kar\u015f\u0131la\u015ft\u0131r\u0131lmal\u0131d\u0131r. Sat\u0131n alma ve \u00f6d\u00fcn\u00e7 alma maliyeti, kiralama maliyetinden d\u00fc\u015f\u00fckse, \u00fc\u00e7\u00fcnc\u00fc ve son ad\u0131m, yat\u0131r\u0131m\u0131n bor\u00e7la m\u0131 yoksa bor\u00e7 ve \u00f6z sermaye kar\u0131\u015f\u0131m\u0131yla m\u0131 finanse edilmesinin istendi\u011fini de\u011ferlendirmektir.<\/span><\/p>\n

\u00dc\u00e7 Temel Sorun<\/span><\/strong><\/h3>\n

Sat\u0131n alma ve kiralama kararlar\u0131n\u0131n analizinde \u00fc\u00e7 temel sorun vard\u0131r. Biri, kullan\u0131lacak nakit ak\u0131\u015flar\u0131n\u0131n tan\u0131m\u0131d\u0131r. \u0130kincisi, indirim oran\u0131n\u0131n se\u00e7imidir.<\/span><\/p>\n

\u00dc\u00e7\u00fcnc\u00fc sorun, uygun iskonto oran\u0131n\u0131 nakit ak\u0131\u015f\u0131 se\u00e7imiyle e\u015fle\u015ftirmektir. Basitlik ad\u0131na, vergi sonras\u0131 nakit ak\u0131\u015flar\u0131n\u0131n kullan\u0131lmas\u0131n\u0131 tavsiye edece\u011fiz. Basitle\u015ftirme amac\u0131yla, ilk \u00f6rnek i\u00e7in vergi \u00f6ncesi ve vergi sonras\u0131 nakit ak\u0131\u015flar\u0131n\u0131n ayn\u0131 olmas\u0131 i\u00e7in ba\u015flang\u0131\u00e7ta s\u0131f\u0131r vergi oran\u0131 kullan\u0131lacakt\u0131r.<\/span><\/p>\n

Nakit ak\u0131\u015f\u0131 hesaplamas\u0131yla ilgili \u00f6nemli bir sorun, kiralama ak\u0131\u015flar\u0131n\u0131n bor\u00e7 bile\u015feninin dahil edilmesi veya hari\u00e7 tutulmas\u0131d\u0131r. Ama\u00e7, sat\u0131n alma analizi ile kiralama analizini bor\u00e7 \u00f6zellikleri a\u00e7\u0131s\u0131ndan kar\u015f\u0131la\u015ft\u0131r\u0131labilir hale getirmektir. Genel olarak bu, kiralama nakit ak\u0131\u015flar\u0131n\u0131n bor\u00e7 e\u015fde\u011feri vergi indirim unsurlar\u0131n\u0131n \u00e7\u0131kar\u0131lmas\u0131 anlam\u0131na gelir.<\/span><\/p>\n

\u0130ndirim oran\u0131n\u0131n se\u00e7ilebilece\u011fi \u00fc\u00e7 temel se\u00e7enek vard\u0131r:<\/span><\/strong><\/p>\n

1. Vergi sonras\u0131 bor\u00e7lanma faiz oran\u0131,<\/span>
\n2. Vergi \u00f6ncesi bor\u00e7lanma oran\u0131 veya<\/span>
\n3. A\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyeti gibi bir t\u00fcr riske g\u00f6re d\u00fczeltilmi\u015f oran.<\/span><\/p>\n

D\u00f6rt olas\u0131 nakit ak\u0131\u015f\u0131 grubu (ger\u00e7ekte daha fazlas\u0131 vard\u0131r) ve \u00fc\u00e7 olas\u0131 iskonto oran\u0131 (yine, ger\u00e7ekte daha fazlas\u0131 vard\u0131r) oldu\u011funu varsayarsak, o zaman iki unsuru birle\u015ftirmenin on iki farkl\u0131 yolu vard\u0131r. Daha sonra, sat\u0131n alma veya kiralama bile\u015feni i\u00e7in farkl\u0131 t\u00fcrdeki nakit ak\u0131\u015flar\u0131n\u0131 iskonto etmek i\u00e7in farkl\u0131 iskonto oranlar\u0131 kullanma olas\u0131l\u0131\u011f\u0131n\u0131 kabul edersek, sat\u0131n alma ve kiralama kararlar\u0131n\u0131 analiz etme y\u00f6ntemi \u00fczerinde neden anla\u015fma yap\u0131lmad\u0131\u011f\u0131n\u0131 kolayca g\u00f6rebiliriz.<\/span><\/p>\n

Bir alternatifin (sat\u0131n alma) nakit ak\u0131\u015flar\u0131n\u0131 ve bug\u00fcnk\u00fc de\u011ferini di\u011fer alternatif (kiralama) ile kar\u015f\u0131la\u015ft\u0131rmak gerekir. Sermaye b\u00fct\u00e7elemesinin temel teorisini ve prati\u011fini g\u00f6zden ge\u00e7irmek yerine, bu tart\u0131\u015fman\u0131n ortas\u0131na atlayaca\u011f\u0131z ve en az\u0131ndan herhangi bir ba\u015fka y\u00f6ntem kadar iyi ve bir\u00e7ok ama\u00e7 i\u00e7in daha iyi oldu\u011fu i\u00e7in net bug\u00fcnk\u00fc de\u011fer y\u00f6nteminin kullan\u0131lmas\u0131 gerekti\u011fi sonucuna varaca\u011f\u0131z.\u00a0<\/span><\/p>\n

Finansman ve Yat\u0131r\u0131m\u0131 Ay\u0131rmak<\/span><\/strong><\/h3>\n

Leasing’in finansal boyutunun de\u011ferlendirilmesi, finansman ve yat\u0131r\u0131m unsurlar\u0131n\u0131n ayr\u0131\u015ft\u0131r\u0131lmas\u0131 gerekmektedir. Sat\u0131n alma fiyat\u0131n\u0131n \u00f6d\u00fcn\u00e7 al\u0131nmas\u0131yla sat\u0131n almaya olduk\u00e7a benzer bir kiralamay\u0131 tart\u0131\u015ft\u0131\u011f\u0131m\u0131z\u0131 varsayaca\u011f\u0131z. \u0130ncelenen kira s\u00f6zle\u015fmesi, uzun vadeli bir yasal bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcn\u00fcn t\u00fcm \u00f6zelliklerini ta\u015f\u0131maktad\u0131r.<\/span><\/p>\n

Kirac\u0131, belirlenen \u00f6deme zamanlar\u0131nda belirtilen tutar\u0131 kiraya verene \u00f6demek veya yasal sonu\u00e7lara katlanmak zorundad\u0131r. Kirac\u0131 taraf\u0131ndan \u00f6nemli bir ceza \u00f6demeden feshedilebilen bir kiralama, bu b\u00f6l\u00fcmde tart\u0131\u015f\u0131lan kiralama t\u00fcr\u00fc de\u011fildir.<\/span><\/p>\n

Analiz edilen durumda, bir ki\u015finin \u015firketini bir dizi kira \u00f6demesi taahh\u00fct etmesi, \u015firketin bir dizi kar\u015f\u0131la\u015ft\u0131r\u0131labilir bor\u00e7 hizmeti \u00f6demesi taahh\u00fct etmesiyle e\u015fde\u011ferdir. Herhangi bir bilgili finansal analist, teknik olarak faaliyet kiralamas\u0131 olsalar bile finansal kiralamalar\u0131 derhal aktifle\u015ftirecektir. \u00d6rne\u011fin, belirli bir \u015firketin bir kiralama firmas\u0131na \u00fc\u00e7 y\u0131l boyunca diyelim ki y\u0131lda 36.829 $ \u00f6demek zorunda oldu\u011fu a\u00e7\u0131klan\u0131rsa, bu kiralama y\u00fck\u00fcml\u00fcl\u00fcklerinin mevcut bor\u00e7 f\u0131rsat maliyetindeki bug\u00fcnk\u00fc de\u011feri \u00f6nemlidir.<\/span><\/p>\n

Analist, firmaya 91.590 $ de\u011ferinde kira e\u015fde\u011feri varl\u0131klar\u0131 ve 91.590 $ de\u011ferinde bor\u00e7 e\u015fde\u011feri bor\u00e7lar\u0131 ekleyerek mevcut bilan\u00e7o verilerini de\u011fi\u015ftirecektir. Karar ama\u00e7lar\u0131 i\u00e7in ilgili kar\u015f\u0131la\u015ft\u0131rma, sat\u0131n alma ve \u00f6d\u00fcn\u00e7 alma ile kiralamad\u0131r.\u00a0<\/span>Sat\u0131n alma ve kiralama karar\u0131n\u0131n temel bile\u015fenlerini ay\u0131rmaya \u00e7al\u0131\u015faca\u011f\u0131z.<\/span><\/p>\n

\n

Leasing \u00f6rnekleri<\/span>
\nYeni kurulan \u015firket leasing yapabilir mi<\/span>
\nLeasing<\/a> firmalar\u0131<\/span>
\nAz parayla yat\u0131r\u0131m yapmak<\/span>
\n\u0130\u015f Bankas\u0131 Leasing Hesaplama<\/span>
\nKuveyt T\u00fcrk Leasing<\/span>
\nLeasing hesaplama<\/span>
\nLeasing Nedir<\/span><\/p>\n

\n

Al-Bor\u00e7 ve Kiralama<\/span><\/strong><\/h3>\n

Varsay\u0131mlar<\/span><\/strong><\/p>\n

1. Vergi hususu yok.<\/span>
\n2. Nakit ak\u0131\u015flar\u0131yla ilgili belirsizlik yok.<\/span>
\n3. Yat\u0131r\u0131m\u0131n kurtarma de\u011feri yoktur.<\/span><\/p>\n

Sorun<\/span><\/strong><\/p>\n

Ekipman\u0131n ekonomik \u00f6mr\u00fc \u00fc\u00e7 y\u0131ld\u0131r. Projeye devam etmeye zaten karar verdiniz, ancak sorun, makineyi 90.000 $ maliyetle sat\u0131n almak m\u0131 yoksa \u00fcreticiden \u00fc\u00e7 y\u0131l i\u00e7in y\u0131ll\u0131k 36.829 $ kiralama \u00fccretiyle kiralamak m\u0131. Kira \u201cnet, net\u201d, yani t\u00fcm bak\u0131m ve sigortay\u0131 siz sa\u011fl\u0131yorsunuz.<\/span><\/p>\n

Analiz<\/span><\/strong><\/p>\n

Yerel bankac\u0131ya yap\u0131lan bir \u00e7a\u011fr\u0131, bankan\u0131n firman\u0131za y\u00fczde 10’luk bir faiz oran\u0131yla 90.000 dolar bor\u00e7 vermeye istekli oldu\u011funu ortaya koyuyor. Bu, banka kredi g\u00f6revlisinin size bildirdi\u011fine g\u00f6re, y\u0131ll\u0131k 36.190 $ \u00f6deme gerektirecektir. Banka kredi memuru, y\u0131ll\u0131k \u00f6demeleri elde etmek i\u00e7in a\u015fa\u011f\u0131daki hesaplamalar\u0131 yapt\u0131.<\/span><\/p>\n

Karar<\/span><\/strong><\/p>\n

Sat\u0131n almak-\u00f6d\u00fcn\u00e7 almak, kiralamaktan \u00fc\u00e7 y\u0131l boyunca y\u0131lda 639$ daha ucuz oldu\u011fundan, krediyi ayarlar ve ekipman\u0131 sat\u0131n al\u0131rs\u0131n\u0131z. Firma, kiraya verene 36.829$ \u00f6demektense bankaya 36.190$ \u00f6demeyi tercih eder. Kiralaman\u0131n \u00f6rt\u00fck maliyetinin y\u00fczde 11 oldu\u011fu g\u00f6sterilebilir.<\/span><\/p>\n

Bu ger\u00e7ekler g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, ekipmana ihtiyac\u0131m\u0131z oldu\u011funa karar verilmi\u015fse, sat\u0131n alma-\u00f6d\u00fcn\u00e7 alman\u0131n kiralamaya tercih edildi\u011fini g\u00f6r\u00fcyoruz. B\u00f6ylece, tasvir edilen karar a\u011fac\u0131n\u0131n ikinci d\u00fc\u011f\u00fcm\u00fcndeki karar\u0131m\u0131z sat\u0131n almak-\u00f6d\u00fcn\u00e7 almakt\u0131r. \u015eimdi ilk karar\u0131 sat\u0131n alma karar\u0131 olarak d\u00fc\u015f\u00fcn\u00fcn.<\/span><\/p>\n

Yeni Ekipman Al\u0131ns\u0131n m\u0131?<\/span><\/strong><\/h3>\n

Sorun<\/span><\/strong><\/p>\n

Bir ekipman al\u0131m\u0131yla ili\u015fkili artan nakit ak\u0131\u015flar\u0131, y\u0131lda 38.000 ABD Dolar\u0131 olacakt\u0131r (\u00fcr\u00fcn sat\u0131\u015f\u0131ndan elde edilen tahmini y\u0131ll\u0131k gelir, ekipman maliyeti hari\u00e7 \u00fcretim maliyeti d\u00fc\u015f\u00fcld\u00fckten sonra). Ekipman\u0131n maliyeti 90.000 dolar. Firma normalde yat\u0131r\u0131m analizinde \u201cengel oran\u0131\u201d olarak a\u011f\u0131rl\u0131kl\u0131 ortalama sermaye maliyetini (WACC) kullan\u0131r. WACC’nin y\u00fczde 14 oldu\u011fu tahmin ediliyor.<\/span><\/p>\n

WACC iskonto oran\u0131 olarak kullan\u0131ld\u0131\u011f\u0131nda, ekipman\u0131n sat\u0131n al\u0131nmas\u0131n\u0131n net bug\u00fcnk\u00fc de\u011feri negatiftir. Ancak, ekipman\u0131 kiralarsak, kiralama, y\u0131ll\u0131k 38.000 $ – 36.829 $ = 1.171 $ beklenen net fayda sa\u011flad\u0131\u011f\u0131ndan, herhangi bir iskonto oran\u0131nda net bug\u00fcnk\u00fc de\u011fer a\u00e7\u0131k\u00e7a pozitiftir.<\/span><\/p>\n

Karar<\/span><\/strong><\/p>\n

Bu analiz, firman\u0131n sat\u0131n alma alternatifini reddetmesi gerekti\u011fini, ancak kiralaman\u0131n kabul edilebilir oldu\u011funu g\u00f6steriyor gibi g\u00f6r\u00fcnmektedir (kiralama, herhangi bir pozitif iskonto oran\u0131 ile pozitif bir net bug\u00fcnk\u00fc de\u011fere sahiptir). Ancak \u00d6rnek, ekipman kabul edilebilirse, firman\u0131n kiralamak de\u011fil sat\u0131n almak-\u00f6d\u00fcn\u00e7 almak gerekti\u011fini zaten g\u00f6sterdi!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Muhasebenin Art\u0131lar ve Eksiler S\u0131kl\u0131kla bir “pro” arg\u00fcman\u0131n bir “con” arg\u00fcman\u0131 taraf\u0131ndan iptal edildi\u011fi ve karar vericinin fakt\u00f6r\u00fcn karara nas\u0131l dahil edilece\u011fini \u00f6znel olarak de\u011ferlendirmeye b\u0131rak\u0131ld\u0131\u011f\u0131 g\u00f6r\u00fclebilir. \u0130yi tan\u0131mlanm\u0131\u015f ko\u015fullar alt\u0131nda iki alternatifle (sat\u0131n alma ve kiralama) ili\u015fkili nakit ak\u0131\u015flar\u0131n\u0131 ele alaca\u011f\u0131z. Sat\u0131n alma alternatifine e\u015flik eden geleneksel bor\u00e7la kiralamay\u0131 kar\u015f\u0131la\u015ft\u0131raca\u011f\u0131z. Temel sat\u0131n alma ve…
Devam\u0131<\/a><\/p>\n","protected":false},"author":6,"featured_media":9976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[28163,28161,28162],"tags":[24738,28167,28168,28166,28169,24500,28164,28165],"class_list":["post-11284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leasing-hesaplama","category-leasing-ornekleri","category-yeni-kurulan-sirket-leasing-yapabilir-mi","tag-az-parayla-yatirim-yapmak","tag-is-bankasi-leasing-hesaplama","tag-kuveyt-turk-leasing","tag-leasing-firmalari","tag-leasing-hesaplama","tag-leasing-nedir","tag-leasing-ornekleri","tag-yeni-kurulan-sirket-leasing-yapabilir-mi"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t