Monografia Flujo de Caja

UNIVERSIDAD NACIONAL DE EDUCACIÓN “Enrique Guzmán y Valle” ESCUELA DE CIENCIAS EMPRESARIALES ADMINISRACIÓN DE EMPRESAS

AN!LISIS E INERPREACIÓN INERPREACIÓN DE ESADOS ESADOS "INANCIEROS E M A

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ALUMNOS

ESTADO DE FLUJO DE CAJA

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JIMENEZ ALVARO, ALVARO, CEFERINO CEFERI NO

BUSTOS PAJUELO, OBED ROJAS FLORES, JEAN CARLOS HUAMANÍ MANDUJANO, JEAN PIERRE DE LA CRUZ VELA, JOSÉ LUIS

SEMESRE

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SEPTIMO

PRO"ESOR

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Mg. GUILLERMO MUÑOZ DEL POZO

Lima, O!"#$% &'()

INDICE A.

INTRODUCCI*N....................................... .......................................... ........................ +

B.

-UÉ ES UN FLUJO DE CAJA................................................................................. /

C.

UTILIZACI*N DEL FLUJO DE CAJA 0.0................................................................. /

D.

ELEMENTOS DEL FLUJO DE CAJA........................................................................... )

E.

PROP*SITOS DE UN FLUJO DE CAJA 0................................................................ )

F.

CLASIFICACI*N DEL FLUJO DE CAJA 0................................................................. )

G.

EE.FF. PREVIOS RE-UERIDO PARA HACER UN FLUJO DE CAJA........................ 1

H.

MÉTODOS PARA ELABORAR UN FLUJO DE CAJA................................................. 2

I.

ESTRUCTURA BASE DE CADA TIPO DE FLUJO DE CAJA...................................... 2

J.

FACTORES ASOCIADOS A LA ELABORACI*N DEL FLUJO DE CAJA.................... 3

4.

RECOMENDACIONES PARA MEJORAR EL FLUJO DE CAJA............................... ((

L.

PRO5ECCIONES DEL FLUJO DE CAJA 6 EJEMPLOS............................................ (/

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INRODUCCIÓN

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$% &'U( ES UN "LU)O DE CA)A* S% %?!i%?9% >:$ ;7"<: 9% a %$:9: 9a9:. E7 ;7"<: 9% a %$i:9: 9%!%$mi?a9: =, >:$ 7: !a?!:, :?8!i!"=% "? i?9ia9:$ im>:$!a?!% 9% 7a 7i"i9% 9% "?a %m>$%8a. E7 ;7"<: 9% a a$a !%?%$ 7a$: "7%8 8:? 7:8 i?g$%8:8 = ga8!:8 "% !i%?%? "% %$ :? %7 m:imi%?!: 9% %;%!i:. E? >:a8 >a7a#$a8, :m: "8!%9 : 8" %m>$%8a ga8!a? : i?i%$!%? %? 9i?%$:, 8%g? ?"%8!$: $i!%$i:, 7: m8 im>:$!a?!% 8:? 7a8 >$:=%i:?%8 9%7 mi8m: ;7"<: >:$"% 7% >"%9%? >%$mi!i$ $%ai:?a$ : !:ma$ 9%i8i:?%8 a?!% >:8i#7%8 %%?!"a7i9a9%8. E7 ;7"<: 9% a a$a :?:%$ :? "?!: %;%!i: :mi%?a %7 9a = :? "?!: !%$mi?a. S" "8: = m:?i!:$%: >"%9%? 8%$ 9ia$i:8, 8%ma?a7%8, m%?8"a7%8 : :m: "8!%9 %8!im% :?%?i%?!%, i?7"=%?9: a7 m:m%?!: 9% %7a#:$a$7: 9%?!$: 9%7 >a"%!% >$%8">"%8!a$i: = 7:8 a:8 8"#8ig"i%?!%8. C% UILI+ACIÓN DEL "LU)O DE CA)A L:8 ;7"<:8 9% a $%8a >"%9% 8%$ "!i7ia9: >a$a 9%!%$mi?a$ (. P$:#7%ma8 9% 7i"i9%. E7 8%$ $%?!a#7% ?: 8ig?i;ia ?%%8a$iam%?!% >:8%%$ 7i"i9%. U?a :m>aa >"%9% !%?%$ >$:#7%ma8 9% %;%!i:, a"? 8i%?9: $%?!a#7%, >:$ 7: !a?!:, >%$mi!% a?!ii>a$ 7:8 8a79:8 %? 9i?%$:. &. Pa$a a?a7ia$ 7a ia#i7i9a9 9% >$:=%!:8 9% i?%$8i?, 7:8 ;7"<:8 9% ;:?9:8 8:? 7a #a8% 9% 7"7: 9%7 a7:$ a!"a7 ?%!: = 9% 7a !a8a i?!%$?a 9% $%!:$?:. +. Pa$a m%9i$ 7a $%?!a#i7i9a9 : $%imi%?!: 9% "? ?%g:i: "a?9: 8% %?!i%?9a "% 7a8 ?:$ma8 :?!a#7%8 ?: $%>$%8%?!a? a9%"a9am%?!% 7a $%a7i9a9 %:?mia.

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D% ELEMENOS DEL "LU)O DE CA)A (. Sa79: i?iia7 9% a:?9% a7 m:?!: 9% %;%!i: :? %7 "a7 8% i?iia %7 >%$i:9: :?!a#7% = "% 9%#% !:ma$8% 9%7 #a7a?% i?iia7. P$im%$ $%?g7? 9%7 a!i: :$$i%?!%. &. Eg$%8:8 :>%$a!i:8 S% 77ama ga8!:8 :>%$ai:?a7%8 a7 9i?%$: "% "?a %m>$%8a " :$ga?iai? 9%#% 9%8%m#:78a$ >:$ :?%>!:8 9% 9%8a$$:77: 9% 8"8 9i;%$%?!%8 a!ii9a9%8. +. I?g$%8:8 :>%$a!i:8 S:? 7:8 i?g$%8:8 "% 9i8>:?% $%g"7a$m%?!% 7a :$ga?iai?, g$aia8 a 8"8 a!ii9a9%8 :!i9ia?a8. E<%m>7: %7 im>"%8!: a 7a $%?!a. /. F7"<: ?%!: 9%7 >%$i:9: R%8"7!a 9% 7a 9i;%$%?ia %?!$% %?!$a9a8 = 8a7i9a8 9%7 >%$i:9:, %7 "a7 >"%9% 8%$ >:8i!i: : ?%ga!i:. ). Sa79: ;i?a7 9% a%$i:9:. E% PROPÓSIOS DE UN "LU)O DE CA)A (. P$%8%?!a$ 7a i?;:$mai? >%$!i?%?!% 8:#$% 7:8 i?g$%8:8 = %g$%8:8 9% %;%!i:, %? "?a %m>$%8a, 9"$a?!% "? >%$i:9: 9%!%$mi?a9: 9% !i%m>:. &. Ea7"a$ 7a @a#i7i9a9 9% 7a %m>$%8a >a$a g%?%$a$ ;"!"$:8 ;7"<:8 9% %;%!i:. +. P$%%$ 7a8 ?%%8i9a9%8 9% %;%!i: = 7a ma?%$a 9% "#$i$7a8 a9%"a9a = :>:$!"?am%?!%. /. P%$mi!i$ 7a >7a?%ai? 9% 7: "% 7a %m>$%8a >"%9% @a%$ :? 7:8 %%8:8 !%m>:$a7%8 9% %;%!i:. ). Ea7"a$ 7a8 >:8i#i7i9a9%8 9% 7a %m>$%8a >a$a "m>7i$ 8"8 :#7igai:?%8 ;$%?!% a %?!i9a9%8 ;i?a?i%$a8, >$:%%9:$%8, %!. 1. A?a7ia$ 7a >:8i#i7i9a9 9% ;"!"$:8 $%>a$!:8 9% "!i7i9a9%8 : >ag:8 9% 9ii9%?9:8. 2. Ea7"a$ %7 %;%!: 9% 7a8 i?%$8i:?%8 ;i$%8a. "% CLASI"ICACIÓN DEL "LU)O DE CA)A (. F7"<: 9% a a$a "? >%$i:9: =a !$a?8"$$i9:, 9%7 m:imi%?!: 9% %;%!i:, %? "a?!: a %?!$a9a8, 8a7i9a8 = 8a79: a7 ;i?a7 9% 9i@: >%$i:9:.

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&. F7"<: 9% a $%8">"%8!: 9% a$:;:$ma "% >%$mi!% %8!a#7%%$, >a$a "? >%$i:9: ;"!"$:, %7 m:imi%?!: 9% %;%!i:, %? "a?!: a %?!$a9a8, 8a7i9a8 = 8a79: a7 ;i?a7 9% 9i@: >%$:9:. +. F7"<: 9% a $:=%!a9: 8im>7i;ia9:. E8!% ?: im>7ia "? :$9%?ami%?!: 8:;i8!ia9: 9% 7a8 %?!$a9a8 : 8a7i9a8 9% a: 9% %?!$a9a8 = :!$: 9% 8a7i9a8. /. F7"<: 9% a $:=%!a9: C7a8i;ia9:. La >$%8%?!ai? 7a8i;ia9a %8 a"%77a %? 9:?9% 7:8 $%?g7:?%8 8% ag$">a? 8%g? 8" ?a!"$a7%a, i?9%>%?9i%?!%m%?!% 9% 8i 8:? %?!$a9a8 : 8a7i9a8. E7 ;7"<: 9% a %$ai:?a7%8 E;%!i: $%i#i9: : %>%?9i9: :m: $%8"7!a9: 9% 7a8 a!ii9a9%8 %:?mia8 9% #a8% 9% 7a :m>aa. &. F7"<:8 9% a %?9i9: :?8i9%$a?9: 7:8 ga8!:8 %? i?%$8i? 9% a>i!a7 "% #%?%;iia$? %7 ?%g:i: a ;"!"$:. E< 7a :m>$a 9% ma"i?a$ia ?"%a, i?%$8i:?%8 : a9"i8ii:?%8K. +. F7"<:8 9% a %?9i9: :m: $%8"7!a9: 9% a!ii9a9%8 ;i?a?i%$a8, !a7%8 :m: $%%>i? : >ag: 9% >$8!am:8, %mi8i:?%8 : $%:m>$a 9% ai:?%8 =: >ag: 9% 9ii9%?9:8. G% ESADOS "INANCIEROS PREVIOS RE'UERIDO PARA ,ACER UN "LU)O DE CA)A (. Ba7a?% g%?%$a7 i?iia7. &. Ba7a?% g%?%$a7 ;i?a7. +. E8!a9:8 9% $%8"7!a9:8 9%7 >%$i:9:.

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,% M(ODOS PARA ELA$ORAR UN "LU)O DE CA)A (. M!:9: i?9i$%!: S% #a8a %? 7a %8!imai? 9i$%!a 9% 7:8 i?g$%8:8 = %g$%8:8 9% %;%!i:. A7 >$%9%!%$mi?a$ %7 im>:$!% 9% !:9:8 = a9a "?: 9% 7:8 %7%m%?!:8 " :>%$ai:?%8 9% a$:=%i? 9% 7:8 $%gi8!$:8 9% a$!ia = %8 %7 m8 a>$:>ia9: >a$a :#!%?%$ "? "a9$: :m>7%!: "% m"%8!$% 7a8 ;7"!"ai:?%8 "% a;%!%? !a?!: a 7:8 i?g$%8:8 :m: a 7:8 %g$%8:8 9% %;%!i: %8 %7 m8 a>$:>ia9: "a?9: %7 ?%g:i: %8! 8"<%!: a a$iai:?%8 %8!ai:?a7%8. &. M!:9: 9i$%!: S% 9%?:mi?a m!:9: 9i$%!: >:$"% m"%8!$a 9% ma?%$a 7a$a = 9i$%!a "7%8 8:? 7a8 %?!$a9a8 = 8a7i9a8 9% %;%!i: 9% "? ?%g:i:, >a$a "? >%$i:9: 9%!%$mi?a9: 9% !i%m>:. Pa$a 7:g$a$ %8!: %ami?a "?: >:$ "?: !:9:8 7:8 $%?g7:?%8 9%7 %8!a9: 9% $%8"7!a9:8, >a$a 9%!%!a$ %? 9:?9% %8!? 7a8 %?!$a9a8 = 8a7i9a8 9%7 %;%!i: = 7: mi8m: @a% :? %7 #a7a?% g%?%$a7 i?iia7, :m>a$?9:7: :? 7: "% 8%$ a9a $%?g7? a7 ;i?a7ia$ %7 >%$i:9: >$:=%!a9:. I% ESRUCURA $ASE DE CADA IPO DE "LU)O DE CA)A (. F7"<: N%!: O$igi?a9: >:$ A!ii9a9%8 9% O>%$ai:?  •

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)% "ACORES ASOCIADOS A LA ELA$ORACIÓN DEL "LU)O DE CA)A (. E7 %?!$: 9% >7a?i;iai? 9%7 %;%!i: E7 >$%8">"%8!: 9% %;%!i:, !am#i? :?:i9: :m: ;7"<: 9% a $:=%!a9:, %8 "? >$%8">"%8!: "% m"%8!$a %7 >$:?8!i: 9% 7a8 ;"!"$a8 %?!$a9a8 = 8a7i9a8 9% %;%!i: 9i?%$: %? %;%!i:K 9% "?a %m>$%8a, >a$a "? >%$i:9: 9% !i%m>: 9%!%$mi?a9:. La im>:$!a?ia 9%7 >$%8">"%8!: 9% %;%!i: %8 "% ?:8 >%$mi!% >$%%$ 7a ;"!"$a 9i8>:?i#i7i9a9 9%7 %;%!i: 8a#%$ 8i am:8 a !%?%$ "? 9;ii! : "? %%9%?!% 9% %;%!i:K =, %? #a8% a %77:, 8

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I?%$!i$7: %? 7a %>a?8i? 9%7 ?%g:i:.

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U8a$7: %? i?%$8i:?%8 a<%?a8 a 7a %m>$%8a, >:$ %<%m>7:, i?%$!i$7: %? ai:?%8.

P:$ :!$: 7a9:, %7 >$%8">"%8!: 9% %;%!i: ?:8 >%$mi!% :?:%$ %7 ;"!"$: %8%?a$i: 9% "? >$:=%!: : ?%g:i: 8a#%$ 8i %7 ;"!"$: >$:=%!: : ?%g:i: 8%$ $%?!a#7% "a?9: 7:8 ;"!"$:8 i?g$%8:8 8:? ma=:$%8 "% 7:8 ;"!"$:8 %g$%8:8K, : 8a#%$ 8i 8%$%m:8 a>a%8 9% >aga$ :>:$!"?am%?!% "?a 9%"9a :?!$a9a. &. H:$i:?!% %? %7 !i%m>: 9% 7a >7a?i;iai? 9%7 ;7"<: 9% %;%!i:  E? "a?!: a7 @:$i:?!% : !i%m>: 9% >7a?%ai?, %7 ;7"<: 9% %;%!i: :m>$%?9% >:$ 7: $%g"7a$, %? >$%8%?!a$ 9% ;:$ma :m>$%?8i#7% 7a i?;:$mai? 8:#$% %7 ma?%<: 9% %;%!i:, %8 9%i$, 8" :#!%?i? = "!i7iai? >:$ >a$!% 9% 7a %?!i9a9 9"$a?!% %7 >%$:9: 9%!%$mi?a9: =, :m: :?8%"%?ia, m:8!$a$ "?a 8?!%8i8 9% 7:8 am#i:8 :"$$i9:8 %? 7a 8i!"ai? ;i?a?i%$a >a$a "% 7:8 "8"a$i:8 9% 7:8 %8!a9:8 ;i?a?i%$:8 >"%9a? :?:%$ = %a7"a$ 7a 7i"i9% : 8:7%?ia 9% 7a %?!i9a9 = :#!%?%$ 7a >7a?%ai?, 7:8 a:8 "% 8% $%"i%$a? %? ;"?i? 9% 7a ?a!"$a7%a 9%7 ?%g:i: = 9% 8"8 %8!$a!%gia8, >a$a 7a !:ma 9% 9%i8i:?%8 9%?!$: 9% 7a mi8ma. D%?!$: 9%7 @:$i:?!% : !i%m>: 9% >7a?%ai? %i8!%? 9i%$8:8 :#<%!i:8 a 9%8a$$:77a$ >:$ %7 a9mi?i8!$a9:$ :m:

9

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P$:>:$i:?a$ i?;:$mai? a>$:>ia9a a 7a g%$%?ia, >a$a "% 8!a >"%9a m%9i$ 8"8 >:7!ia8 9% :?!a#i7i9a9 = !:ma$ 9%i8i:?%8 "% a="9%? a7 9%8%?:7imi%?!: 9% 7a %m>$%8a.

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Fai7i!a$ i?;:$mai? ;i?a?i%$a, 7: "a7 7% >%$mi!% m%<:$a$ 8"8 >:7!ia8 9% :>%$ai? = ;i?a?iami%?!:.

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P$:=%!a$ %? 9:?9% 8% @a %8!a9: ga8!a?9: %7 %;%!i: 9i8>:?i#7%, "% 9a$ :m: $%8"7!a9: 7a 9%8a>i!a7iai? 9% 7a %m>$%8a.

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M:8!$a$ 7a $%7ai? "% %i8!% %?!$% 7a "!i7i9a9 ?%!a = 7:8 am#i:8 %? 7:8 8a79:8 9% %;%!i:. E8!:8 8a79:8 9% %;%!i: >"%9%? 9i8mi?"i$ a >%8a$ 9% "% @a=a "!i7i9a9 ?%!a >:8i!ia = i%%$8a.

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R%>:$!a$ 7:8 ;7"<:8 9% %;%!i: >a8a9:8 >a$a ;ai7i!a$ 7a >$%9ii? 9% ;7"<:8 9% %;%!i: ;"!"$:8, 7a %a7"ai? 9% 7a ma?%$a %? "% 7a a9mi?i8!$ai? g%?%$a = "!i7ia %7 %;%!i: = 7a 9%!%$mi?ai? 9% 7a a>ai9a9 "% !i%?% "?a :m>aa >a$a >aga$ i?!%$%8%8 = 9ii9%?9:8 = >a$a >aga$ 8"8 9%"9a8 "a?9: 8!a8 %?%?.

+. P:7!ia8 9% 7i"i9% •

Si "8!%9 %?9% a7 :?!a9:, :m>$% a7 :?!a9:. Si :m>$a a >7a:8 = %?9% 9% :?!a9: g%?%$a$ "?a 7i"i9% a$!i;iia7, =a "% ?: :$$%8>:?9% a g%?%$ai? i?!%$?a.

E8!% %%8: 9% ;:?9:8 7: @a$ 8%?!i$8% $i: = $%a7ia$ ga8!:8 : :m>$a8 "% %7 ?%g:i: ?: >"%9% a 7a 7a$ga 8:>:$!a$. •

Em>a$%<% 7:8 >7a:8 9% %?!a8 = 9% :m>$a8 8i %?9% a >7a:8.

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Si %?9% a >7a:8, :#$% "? i?!%$8 ma=:$ a7 "% a "8!%9 7% a$ga? >:$ ;i?a?ia$7% 7: "% "8!%9 %?9% : 8" ma!%$ia >$ima.

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N: ;i?a?i% a!i:8 ;i<:8 :? $9i!:8 9% :$!: >7a:.

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N: ;i?a?i% a>i!a7 9% !$a#a<: :? 9%"9a8 %? "?a 8:7a m:?%9a, a?a7i% 7a a$ia#i7i9a9 %? 7:8 !i>:8 9% am#i:.

10

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Si 8% ;i?a?ia %? 97a$%8, #$a8%. T%?ga 8i%m>$% i?%?!a$i: im>:$!a9: =: a$%%?ia8 %? 97a$%8 ma=:$%8 a 7: "% 9%#%.

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N: ma?!%?ga %;%!i: :i:8:. Pag"% 8i%m>$% :? 7 8"8 >a8i:8 m8 :8!:8:8.

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Ei a$!: 9% "!i7i9a9%8. F:$a$ 7a a
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Si a7 :?!a$ :? 7i"i9% 9%8%a >$%>aga$ 9%"9a %? m:?%9a ?ai:?a7, a?%7% >$im%$: a"%7 >aga$ "% %8! m8 >$im: a 8" %?imi%?!: ;i?a7.

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E? "?a %:?:ma i?;7ai:?a$ia >"%9% 8%$ m%<:$ i?%$!i$ 7:8 8:#$a?!%8 %? a9"i8ii? 9% ma!%$ia8 >$ima8 "% %? >$%>ag: 9% 9%"9a8.

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Tm%8% !:9:8 7:8 9%8"%?!:8 >:$ >$:?!: >ag: "% $%>$%8%?!%? "?a %:?:ma ma=:$ a7 :8!: 9%7 9i?%$:. E? 7a >$!ia, a8i !:9:8 9%#%? !:ma$8%. Haga 9% %77: "?a ?:$ma.

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P$:!%$:!%g%$7:, >"%9%? 8%$i$7% >a$a %?9:8a$, !am#i? :m: ga$a?!a8, "a?9: $%"i%$a 8:7ii!a$ $9i!:8.

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N: :m>$:m%!a %;%!i: %? a9"i$i$ a!i:8 %? 7a %!a>a i?iia7 9% 8"8 ?%g:i:8. A7"i7% 7: "% >"%9a, 8"#:?!$a!%. R%8%$% 7a a9"i8ii? 9% i?m"%#7%8 >a$a "a?9: %7 ?%g:i: %8! :?8:7i9a9:.

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E?!$% a7!%$?a!ia8 9% ig"a7 $%?!a#i7i9a9 %8:$% 7a "% ma=:$ 7i"i9% 7% a8%g"$%.

-% RECOMENDACIONES PARA ME)ORAR EL "LU)O DE CA)A (. O$ga?i% 8" >$:g$ama 9% ;a!"$ai?  C"a?!: m8 $>i9a 8%a 7a $:!ai? 9% 8"8 "%?!a8 >:$ :#$a$, ma=:$ 8%$ %7 a>i!a7 "% >:9$ i?%$!i$ %? %7 $%imi%?!: 9% 8" %m>$%8a. Pa$a >:9%$ ;a!"$a$ a?!%8 = :? ma=:$ ;$%"%?ia, >$%>a$% "? >$:g$ama 9% ;a!"$ai? :? "? 8:;!a$% 9% :?!a#i7i9a9. A7g"?:8

11

>$:g$ama8 >"%9%? 7a8i;ia$ 9% ;:$ma a"!:m!ia 7a8 "%?!a8 >:$ :#$a$ 8%g? 8" a?!igQ%9a9, %? 7a8 a!%g:$a8 9% m%?:8 9% +' 9a8 9% a?!igQ%9a9, 9% %?!$% +' = ) 9a8, 9% %?!$% 1' = ' 9a8, %!. E8!% !i>: 9% 8i8!%ma a"!:m!i: 9% 8%g"imi%?!: 7% >%$mi!% %m>$%?9%$ ai:?%8 i?m%9ia!a8 a?!% %7 %?imi%?!: 9% 7a8 "%?!a8.

&. A>7a% 8"8 "%?!a8 >:$ >aga$ @a8!a 7a ;%@a mima >%$mi!i9a  Haga "8: 9%7 >7a: mim: "% 7% :?%9%? 8"8 >$:%%9:$%8 >a$a >aga$ 8"8 ;a!"$a8 :? ;$%"%?ia, 1' : ' 9a8K. Pi%?8% "% %8!:8 >7a:8 %"ia7%? a "?a 7?%a 9% $9i!: 8i? i?!%$%8%8 "% 7% :!:$ga 8" >$:%%9:$. D% %8!a ma?%$a, :?!a$ :? 8";ii%?!% !i%m>: >a$a :#!%?%$ %7 9i?%$: 9% 8"8 "%?!a8 >:$ :#$a$ 8i? ?%%8i9a9 9% i?"$$i$ %? %7 ga8!: "% i?:7"$a? 7a8 7?%a8 9% $9i!: 9% :$!: >7a:. +. A>$:%@% 7:8 i?%?!i:8 "% 8% :;$%%? >a$a 7:8 >ag:8 a9%7a?!a9:8  Si 8"8 >$:%%9:$%8 7% :;$%%? "? 9%8"%?!: >:$ >ag: a9%7a?!a9: g%?%$a7m%?!%, >:$ %7 >ag: 9%?!$: 9% 7a8 9:8 8%ma?a8 9%8>"8 9% $%i#i$ 7a ;a!"$aK, ?: 9%<% >a8a$ %8a :>:$!"?i9a9. Pi?8%7: 9% %8!a ;:$ma "? & 8:#$% "?a ;a!"$a a +' 9a8 %"ia7% a "?a ga?a?ia 9% "? &/ a?"a7, 8i 8% i?i$!i%$a %8a a?!i9a9. Si 8"8 >$:%%9:$%8 ?: 7% :;$%%? ?i?g? !i>: 9% i?%?!i:, 8:7i!%7: "8!%9. E8 >:8i#7% "% %8!? 9i8>"%8!:8 a :!:$ga$7% "? 9%8"%?!: a am#i: 9% "? >ag: m8 $>i9: 9% 8"8 ;a!"$a8. /. E"i7i#$% 8" #a8% 9% 7i%?!%8  M"@a8 %m>$%8a8 >$:;%8i:?a7%8 = 9% 8%$ii:8, :m: %8 %7 a8: 9% ag%?ia8 9% >"#7ii9a9 : $%7ai:?%8 >#7ia8, :?!a9:$%8, %8!"9i:8 <"$9i:8, ;i$ma8 9% :$$%!a<% 9% >$:>i%9a9%8, %!. :>%$a? :? a7g"?:8 7i%?!%8 8:#$% 7a #a8% 9% >$:=%!:8. B"8"% 7a ;:$ma 9% !$a?8;:$ma$ 8" $%7ai? :? %8!:8 7i%?!%8 %? "?a $%7ai? #a8a9a %? 7a ig"a7a 9% @:?:$a$i:8, %8 9%i$, "% 7% >ag"%? "?a a?!i9a9 9%!%$mi?a9a m%?8"a7 >:$ "? ?m%$: %8>%;i: 9% 8%$ii:8. P"%9% :;$%%$7%8 a7g? !i>: 9% i?%?!i:, :m: 8%$ii:8 9% a7:$ ag$%ga9: : "? 9%8"%?!:, >a$a "% a%>!%? :>%$a$ 8:#$% %8!a #a8%. C:? %8!% 8i8!%ma >:9$a #a:9$ >$%9%i$ 8" ;7"<: 9% a
). R%i8% 8" %8!$"!"$a 9% ;i$%i:8  Ha 7:g$a9: %"i>a$a$ 8"8 >$%i:8 :? 8"8 :8!:8 $%i%?!%8 C"?9: $%a<"8! 8"8 >$%i:8 >:$ 7!ima % M"@a8 %m>$%8a8 >%"%a8 8% $%@8a? a a"m%?!a$ 8"8 >$%i:8 >:$ !%m:$ a >%$9%$ 7i%?!%8. Si? %m#a$g:, 7:8 7i%?!%8 9% @%@: %8>%$a? "% 8"8 >$:%%9:$%8 i?!$:9"a? >%"%a8 a7a8 >%$i9ia8 %? 7:8 >$%i:8. A8imi8m:, a8%g$%8% 9% %$i;ia$ 7:8 >$%i:8 9% 7a :m>%!%?ia :? i%$!a $%g"7a$i9a9. Si 8"8 $ia7%8 :#$a? >$%i:8 m8 a7!:8, "8!%9 9%#% @a%$ 7: mi8m:. 1. N: :>%$% :? "? ?i: >$:%%9:$  P"%9% a@:$$a$ 9i?%$: 8i :>%$a :? a$i:8 >$:%%9:$%8. Ea7% "i9a9:8am%?!% %? " a8:8 9%#% >aga$ >:$ %7 8%$ii: ag$%ga9: = "?9: >"%9% a@:$$a$ 9i?%$: a7 >aga$ %7 >$%i: 9% >$:9"!:8 #8i:8. P:$ %<%m>7:, >"%9% a9"i$i$7% %7 @a$9a$% 9% 7a8 :m>"!a9:$a8 a "? :m%$ia?!% :? a7:$ ag$%ga9: "% 7% a="9a$ a 8%7%i:?a$ %7 8i8!%ma a9%"a9: >a$a 8a!i8;a%$ 8"8 ?%%8i9a9%8 :m%$ia7%8. Si? %m#a$g:, >"%9% a9"i$i$ :!$:8 a$!"7:8, :m: >:$ %<%m>7: a$!"@:8 >a$a im>$%8:$a, a#7%8 : 8:;!a$% :m%$ia7, m%9ia?!% :m>$a8 >:$ a!7:g: : 9% :!$: %?9%9:$. 2. E8!a#7%a "?a ::>%$a!ia 9% :m>$a8  A@:$$% %? i?8"m:8 a7 ag$">a$8% :? :!$:8 :7%ga8 9% 8" $"#$: >a$a :m>$a$ a$!"7:8, :m: 9i8"%!%8 = >a>%7 9% im>$%8:$a, a7 >:$ ma=:$ = 7"%g: 9i8!$i#"=a 7a "%?!a %? ;:$ma >$:>:$i:?a7 a 7a a?!i9a9 :m>$a9a >:$ a9a "?:. 3. R%?%g:i% 8"8 >7ia8 9% 8%g"$: = 8"8 >$:%%9:$%8  G:a 9% 7a8 m%<:$%8 :?9ii:?%8 :? 7:8 8%g"$:8, %7 8%$ii: !%7%;?i: = :!$:8 ga8!:8 $%g"7a$%8 9% 8" %m>$%8a U?a % a7 a:, $%i8% a9a "?a 9% 8"8 >7ia8 9% 8%g"$:8 = 8:7ii!% !$%8 :!iai:?%8 >a$a a9a "?a, >a$a a8%g"$a$8% "% %8! :#!%?i%?9: %7 m%<:$ >$:9"!: >:$ 8" 9i?%$:. S">%$i8% 9% %$a 7:8 8%$ii:8 "=: >$%i: %8 im>:$!a?!%, :m: %7 8%$ii: !%7%;?i: 9% 7a$ga 9i8!a?ia = %7 8%$ii: 9% a%8: a I?!%$?%!. R%i8% %8!a8 "%?!a8 %? ;:$ma >%$i9ia, = :m>a$% >a$a a8%g"$a$8% 9% >aga$ 7a m%<:$ !a$i;a 9i8>:?i#7% %? %7 m%$a9:. 13

. R%9"a 8" i?%?!a$i:  Ma?!%?%$ "? i?%?!a$i: %%8iam%?!% g$a?9% >"%9% im>7ia$ "? %?:$m% a>i!a7 :i:8:. A<"8!% >%$i9iam%?!% 7a $:!ai? 9%7 i?%?!a$i: >a$a a8%g"$a$8% 9% "m>7i$ :? 7a8 ?:$ma8 9%7 8%!:$. P"%9% @a%$7: a7 a7"7a$ 8" ?9i% 9% $:!ai? 9% i?%?!a$i: :8!: 9% 7:8 #i%?%8 9ii9i9: >:$ %7 a7:$ >$:m%9i: 9%7 i?%?!a$i:K. Ei!% :m>$a$ m8 9% 7: ?%%8a$i: "a?9: 7:8 >$:%%9:$%8 7: 8%9"a? :? g$a?9%8 9%8"%?!:8, =a "% %8!: >:9$a i?m:i7ia$ 8" a>i!a7. V%$i;i"% >%$i9iam%?!% %7 i?%?!a$i: >a$a #"8a$ 7:8 >$:9"!:8 %?i9:8 : a?!ig":8 = >:8>:?ga 7:8 >$im:8 >%9i9:8 >a$a 9%8@a%$8% 9% !a7%8 %i8!%?ia8, : ?9a7a8 a7 :8!: >a$a $%">%$a$ 7i"i9%. ('. C:?8i9%$% a$$%?9a$ %? 7"ga$ 9% :m>$a$  E7 a$$%?9ami%?!: >:$ 7: g%?%$a7 !i%?% "? :8!: m8 a7!: "% 7a :m>$a, 8i? %m#a$g:, %8!:8 :8!:8 ma=:$%8 :? ;$%"%?ia 8% %? <"8!i;ia9:8 >:$ #%?%;ii:8 %? %7 ;7"<: 9% a:8 9% :m>"!ai?, a"!:mi7%8 " :!$a8 @%$$ami%?!a8 ?%%8a$ia8 >a$a 7a %>a?8i? 9% 8" %m>$%8a, >:9$ %i!a$ 7a i?m:i7iai? 9% 8" a>i!a7 : 7a :#!%?i? 9% 7?%a8 9% $9i!: "% >"%9% 9%8!i?a$ :? m8 >$:%@: a 7a8 a!ii9a9%8 9ia$ia8 9% 7a %m>$%8a. P:$ :!$a >a$!%, 7:8 >ag:8 >:$ :?%>!: 9% a$$%?9ami%?!: 8% :?8i9%$a? "? ga8!: :m%$ia7, 9% ma?%$a "% 7:8 #%?%;ii:8 !$i#"!a$i:8 8% ma?!i%?%? a"?"% ?: 8% $%a7i%? :m>$a8. L% PRO.ECCIONES DEL "LU)O DE CA)A / E)EMPLOS (. C:?9ii:?%8 >$%ia8 a "m>7i$ >a$a >$:=%!a$ %7 ;7"<: 9% a
P$:=%!% 8"8 i?g$%8:8. D%;i?a 7a m%<:$ ;:$ma 9% >$%8%?!a$ 7:8 a7:$%8 9% 7:8 "% 9%>%?9%? 7a8 %?!a8 9% 8" ?%g:i:, :m: ?m%$: 9% 7i%?!%8 a!%?9i9:, :7"m%? = ;$%"%?ia 9% :m>$a, >$%i:. E8!a#7%a 8"8 %8!ima9:8 9% %8!a8 a$ia#7%8 >a$a 7:8 8ig"i%?!%8 a:8, >%$: :$9?%7:8 %? %7 m:m%?!: "% %8!im% >:9$ $%a7ia$ 7a :#$a?a %;%!ia 9% 7a8 %?!a8.

14

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Ca7"7% 7a :m>$a 9% a!i:8 = ga8!:8 >$% :>%$a!i:. A?:!% !:9:8 7:8 >ag:8 "% 9%#%$a $%a7ia$ %? :m>$a 9% %"i>:8, 7:a7 : %8!"9i:8 >$%i:8, @a8!a %8!a$ 7i8!: >a$a %m>%a$ a :>%$a$. La ma=:$a 9% %8!:8 %g$%8:8 8% 9%#%? 8i!"a$ %? 7a %!a>a >$% :>%$a!ia, >%$: !am#i? 8% >"%9% i?7"i$ 7a8 am>7iai:?%8 9% 8" a>ai9a9 >$%i8i#7%8.

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S%a7% 8"8 ga8!:8 :>%$a!i:8. A >a$!i$ 9% 8" 9i8%: 9% 7:8 >$:%8:8 >$:9"!i:8, i?9i"% 7a8 :m>$a8 9% ma!%$ia >$ima, 8%$ii:8, ga8!:8 %? >%$8:?a7 "% 9%#%$ $%a7ia$ >a$a 7:g$a$ :;$%%$ 8" >$:9"!: %? %7 m%$a9:, 8%g? 7:8 %8!ima9:8 9% %?!a =a $%a7ia9:8. T:m% %? "%?!a "% 7:8 ga8!:8 >:$ 7: g%?%$a7 8% $%a7ia? a?!%8 9% >:9%$ $%a7ia$ 7a8 %?!a8.

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A$m% %7 ;7"<: 9% a%?9%?ia8 %?!$% i?g$%8:8 = ga8!:8, = 9%8a$$:77% 7a8 ;$m"7a8 "% 7% >%$mi!a? !%?%$ "a9$:8 %? 7:8 "% am#ia?9: 7a8 a$ia#7%8 7a%8, 8% $%:$9%?%? a"!:m!iam%?!% 7a8 >$:=%i:?%8. Ea7% 7a :@%$%?ia 9% 7:8 $%8"7!a9:8 = %8! :?8i%?!% 8:#$% m: 8% i?!%$:?%!a? !:9a8 7a8 a$ia#7%8 9% 8" >$:=%!:.

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B"8"% 7:8 $%8"7!a9:8 >!im:8. R%a7i% 9i;%$%?!%8 8im"7ai:?%8 am#ia?9: 7a8 >$:=%i:?%8 9%7 ?m%$: 9% 7i%?!%8 : ?i%7%8 9% %?!a8, a<"8!% 7:8 :8!:8, a8"ma ga?a?ia8 9% >$:9"!ii9a9 % i?%$8i:?%8 a9ii:?a7%8, =a 8%a %? >7a?!a : i?g$%8: a ?"%:8 m%$a9:8. C:7:"% "? a7:$ 9% $%8a!% >:$ %7 ?%g:i: a7 ;i?a7 9%7 7a>8: >$:=%!a9:, >a$a a7"7a$ :$$%!am%?!% 7a TIR %:?mia = %7 VAN.

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Monografia Flujo de Caja

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