Hada Marginean, Galati 2012

International Conference Risk in Contemporary Economy ISSN 2067-0532
XIII
th
Edition, 2012, Galati, Romania,
Dunarea de Jos University of Galati Faculty of Economics and Business Administration

347

Profitability and Investment Risk in Beverages Retail

Teodor HADA
teohada@yahoo.com
Radu MRGINEAN
marginean.radu23@yahoo.com
1 Decembrie 1918 University of Alba-Iulia, Romania,

This paper addresses the issue of investment in beverages retail within the Romanian
market, in the current economic climate. This paper contains a theoretical approach of
what beverages retail means, presenting the particular aspects. Elements related to
economic performance, profitability and the risk faced by the companies of this profile in
the economic crisis are addressed too in the content. We presented in examples the
financial impact of investments for a specialized company, by means of economic
analysis, and we draw conclusions concerning the usefulness of economic analysis in
making financial decisions.

Key words: retail, beverage, performance, accounting, taxation.

1. Introduction
Beverage trade can be an area that attracts a large profit in the current economy, but this can only
occur by carefully studying market profile and accurately assessing the managerial decisions to be
adopted. A substantiation of a managerial decision from economic point of view is done by studying the
performance, return and risk to which a company is subjected through a comprehensive assessment made
in terms of financial position and in terms of economic activity, for a specific period of time.
The present paper aims to highlight the impact of the investment in the retail trade of
beverages, by studying the financial information of companies, in a period of 2 years. At the same time,
another objective of this work is to highlight the usefulness of economic-financial analysis methods by
using specific indicators.
For this study have been used financial statements of a profile company and economic literature,
focusing mainly on economic and financial analysis methods.
The utility of the present is found in the case study based on real and actual financial data
retrieved from a specialized firm, and the conclusions can be of real interest to investors in retail
beverages.

2. Particular aspects related to beverage trade
2.1. Accounting rules on trade in beverages
As far as the trade in beverages in our country is concerned, the economic activity is regulated in
terms of accounting and taxation.
In accounting terms, activity of trade with beverages is organised according to the order No. 3055
of October 29, 2009 approving the regulations of accounting in accordance with the European directives,
published in Official Gazette no. 766 / October 10, 2009.
Beverages shall be treated for accounting purposes as goods, loading and discharge shall be
carried out in accordance with the guidelines of the OMFP 3055/2009, as follows[1]:
Purchase of goods:
% = 401 Suppliers
371 Merchandise
4426 VAT Deductible
Retail price formation
371 Merchandise = %
378 Price differences in goods
4428 Unrealized VAT
Selling goods with cash receipts:
5311 Cash register or 5121 Bank = %
707 Revenue from the sale of goods
4426 VAT collected
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Discharge of goods sold
% = 371 Merchandise
607 Expenditure on goods
378 Price differences in goods
4428 Unrealized VAT
A category specific to trade in beverages is the reduction granted by the manufacturers. According
to OMPF 3055/2009, paragraph 51, par. 5 and 6, the cuts are regulated in two categories: trade discounts
and financial discounts.
Trade discounts are classified as follows [2]:
Rebates are received for quality defects and are related to the selling price;
- Discounts: received if the sales are higher than the agreed volume or if the buyer has
preferential status;
-Volume discounts: the discounts calculated on all transactions with the same third party, within
a given period.
Financial reductions, as required by law, "are in the form of discounts granted for payment of
debt settlement prior to the deadline for charging normally. Financial discounts received from the
supplier is income regardless of the time period covered (account 767 << income obtained from discounts
>>). For the supplier, these discounts represent expenditures of the period, irrespective of the period to
which they relate (account 667 << expenditures relating to discounts granted>>)[3].
In the case of the studied company, the commercial discount is of volume discount type, and has a
value of 10% of the amount invoiced, under contract. In accounting terms, they are recorded as follows:
401 Suppliers = 609 Received trade discounts

2.2. Tax regulations on trade in beverages
Fiscally, in the case of beverages, the Romanian Fiscal Code introduces a special category called
excise. Specific to excise taxes is that they are due in one phase of the economic circuit, namely by the
manufacturers, importers and purchasers.
Thus, according to the Fiscal Code, article 206, paragraph 1: "harmonised excise duties,
hereinafter referred to as excise duties are special taxes levied directly or indirectly on the consumption of
the following products:
a) Alcohol and alcoholic beverages;
b) Processed tobacco;
c) Energy products and electricity[4].
In accordance with Chapter 2 of "The harmonised excise duty" of the fiscal code, in the category
alcohol and alcoholic beverages enter: beer, wine, fermented beverages other than wine and beer,
intermediate products and alcohol. Whereas the wines are of interest to the studied company, we define
fiscally the wines and wine excise calculation.
According to the fiscal code, art. 206, paragraph 11 the wines are classified as follows:
-Still wines, which include all products of CN codes 2204 and 2205, except sparkling wine as
defined in point. b) which: have an alcohol concentration of more than 1.2% vol. but not exceeding 15% by
volume, and the alcohol content in the finished product results entirely from fermentation, or have an
alcohol concentration greater than 15% in volume but not exceeding 18% by volume, have been produced
without any enrichment and that the alcohol contained in the finished product results entirely from
fermentation;
- Sparkling wines which include all products falling within CN codes 2204 10, 2204 21 10, 2204
29 10 and 2205 and which are presented in bottles sealed with a "mushroom" shape stopper, fixed by
means of bonds, or that are under pressure due to carbon dioxide in solution of or not less than 3 bar; and
have an actual alcoholic strength exceeding 1.2 per cent by volume but not exceeding 15% by volume, and
the alcohol content in the finished product resulting entirely from fermentation.
- Is exempted from excise duty, the wine produced by individuals and used by them and their
family members, provided it is not sold[5].
For still wines, the excise is 0 [6], but for the sparkling the excise is calculated as follows [7]:
A = K x R x Q, where
A= Amount of excise
K= Provided unit excise
R= Exchange rate leu/euro
Q= Quantity in hectolitres
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3. Performance and risk in the economy
Trying to summarize the performance issues, the authors M. Niculescu and G. Lavalette define
this concept as "unstable equilibrium resulting from the evolution of concepts such as efficiency and
effectiveness" [8]. There is no consensus on the definition of financial analysis. Thus, the financial
analysis is defined as "a condition diagnostic activity of financial performance of the company at the end
of the year. It aims to determine the strengths and weaknesses of financial management for the
foundation of a new strategy for the maintenance and development in a competitive environment[9].
Performance of an entity is measurable in the economy by means of economic and financial
analysis. Economic-financial analysis "is a scientific discipline which aims to study the methodology for
knowledge of the results of economic and financial factors, and causes that made them, and ways to
increase economic efficiency of work carried out, in accordance with the requirements of objective
laws[10].
Financial analysis is a tool particularly valuable for policy makers to investigate and assess the
State of affairs in the field of financial accounting "[11], or it can be said that the financial analysis leads
to a diagnosis.
Although economic analysis is focused on the economic activity of the entity, following a more
direct cause and effect, we can say that only with financial analysis, focused on studying the information
in the financial statements may outline a detailed picture of the economic entity . Thus, annual financial
reporting statements are used to develop accounting diagnosis and provide database and information
necessary to assess the performance and financial position of the company.
Thus, in the view of Prof. Silvia Petrescu Ph.D., for the financial-accounting diagnosis two
specific approaches are allowed [12]:
1. Diagnostic analysis of performance and risk based on income statement (profit and loss)
2. Analysis and diagnosis of the situation and financial position on the basis of the balance
sheet
Of economic and financial instruments that can be used to achieve economic and financial
analysis, we mention those presented and used in our case study:
- Analysis of financial position through the analysis of balance sheet;
- Analysis of the company's business by analyzing the Profit and loss Account;
- Analysis of company performance by drawing the table of Intermediate Management
Balances;
- The status of the main economic and financial indicators;
- Rates calculation of economic, financial and commercial return.

4. Case Study

The company studied is a legal person with entirely Romanian capital, the organization and
activity complying with the commercial and civil law existing at the time in force in Romania. The object of
the company, according to NACE 4725 classification is "Retail sale of beverages in specialized stores.
The company was established in the legal form of limited liability, envisaged by the law 31/90,
art. 2, let. e republished and subsequently amended. The company has two outlets, both in the city of Sibiu.

Analysis based on Balance Sheet
Of the basic analysis for financial diagnosing, the analysis of the financial position of the company
on the basis of the balance sheet is the most important. Abridged balance sheet on December 31, 2011
presents the following information:
Table no. 1. Indicators of abridged balance sheet on December 31, 2011 (Lei)

INDICATORS 2010 2011 Differences
FIXED ASSETS
FROM WHICH:
10891 82033 +653%
ITANGIBLE ASSETS 16 16 -
TANGIBLE ASSETS 10875 82033 + 654%
FINANCIAL ASSETS 0 0 -
CURRENT ASSETS
FROM WHICH:
160822 154108 -4.17%
Stock 13122 21834 +66.40 %
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350
Book debt 76235 10504 -86.22%
Cash and bank accounts 71465 121770 +70.39%
TOTAL
ASSETS/LIABILITIES
(TA-TL)
171,713 236,141 +27.28 %
DEBTS- UP TO 1 YEAR 91303 161.601 +77%
LONG-TERM DEBTS 0 0 -
TOTAL DEBTS 91303 161.601 + 77%
NET ASSETS (YEAR)
Total Assets- Total Debts
80410

74540

-0.70 %
Net Asset Coefficient
NAC= AN/TA * 100
46.82% 31.98% -31.69%
EQUITY (TOTAL), FROM
WHICH:
80410 74540 -0.70 %
Registered share capital 250 250 -
Capital Reserve 50 50 -
Carried forward profit or
loss (balance C.)
43893 68111 +55.17%
Profit or loss for the
financial year
36217 6129 -83.07%

From observing the economic dynamics of the assets result the following:

Fig. 1 Analysis of Assets
10891
82033
13122
21834
76235
10504
71465
121770
0
50000
100000
150000
Assets Stock Debts Cash
2010 2011

As shown in figure no. 1, we note that there have been major oscillations between the values of
the assets between the years 2010-2011. Thus, in 2011 there is a major injection of capital in relation to
the assets of the company. On subcategories, the companys assets increased from 10891 to 82033, by
653%, approximately seven times. Referring to the assets register on March 31, 2011, we notice that in
2011 were acquired tangible assets in the amount of 47,190.32 lei, consisting of a car, equipment, tank,
joinery and furniture. It appears that the company invested heavily in tangible assets, facilities and
specific work equipment, i.e. special tanks. At the same time, the investment is reflected in the structure of
the assets and not just by increasing the assets, but also by decreasing the companys availability, i.e.
reducing claims by 86%, and increasing the debts by 77%. Changes resulting from investments although
explicable in economic terms by following the funding of investment they attract subsequent effects.
Immediate or long-term effects will be analyzed in the following subsections.
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351
Fig. 2 Liabilities Analysis
80410
74540
91303
161601
43893
68111
36217
6129
0
50000
100000
150000
200000
CAP.
PROPRII
DEBTS REPORTED
PROFIT
FIN. PROFIT
2010 2011 EQUITY

In respect of liabilities, equity proprietary grew smaller fluctuations of 0.7%, and maintained the
practical value. A significant increase, however, had debts of the company, from 91,303 to 161,601 lei,
with 77%, representing an important loan contracted by the company to finance tangible fixed assets. The
loan is contracted by the company in the short term, however, as shown in the abridged balance sheet.
Thus, the pressure on the retention of this debt is high. To quantify this pressure which is contained in the
companys level of indebtedness will be presented in the following subchapter, the analysis of main
economic-financial indicators.
A first sign of vulnerability is given by the debt structure (fig. 3). The problem lies in the fact that
of the total debt of 197,068 lei, 129,455 lei are commercial debts (to suppliers), respectively 65.7%.

Fig. 3 Debts Structure
FURNIZORI
PERSONNEL
BUDGET
LONG-T. CREDIT
INTERESTS

The most commonly encountered problem any companys debt to suppliers entails is that the the
charging is immediate or has short terms. Thus, financially the company will be forced to pay the debts
and accumulated consumption through investment and there is the possibility of being forced to enter
into long-term loans.
Analysis of financial activity of the company on the basis of the profit and loss account
As regards the analysis of the economic activity of the company, we will proceed to analyze the
Profit and Loss accounts available at the end of 2011. It has the following economic information:

Table no.2 Profit and Loss Account Indicators on December 31, 2011 (Lei)

PROFIT AND LOSS ACCOUNT INDICATORS:
INDICATORS 2010 2011 Differences
NET TURNOVER 669664 826031 +23.35 %
OPERATING INCOME, from which: 669664 826231 -
Revenue from the sale of goods (account
707)
669664 826231 -

OPERATING EXPENSES, from which: 619983 818440 +32%
Cost of Goods: 487722 604337 +23.9%
Raw materials and consumables Expenses 34661 52142 +50.4%
Received Trade Discounts 20665 19603 -5.1%
Personnel Expenses 14027 26479 +88%
Other operating expenses 263 2497 +949%
OPERATING PROFIT: 49681 7591 -84%
FINANCIAL INCOME, from which: 0 590 +
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Interest Income 0 590 +
FINANCIAL EXPENSES (interests) 521 614 +17%
Financial Profit/Loss -520 -24 -95.3%
EXTRAORDINARY INCOME / / /
EXTRAORDINARY EXPENSES / / /
Extraordinary Profit/Loss / / /
TOTAL INCOME 669665 826621 +23%
TOTAL EXPENSES 620504 819054 +31%
GROSS PROFIT 49161 7567 -84%
PROFIT TAX 12944 1438 -88%
NET PROFIT 36217 6129 -83.07%

Fig. 4 Analysis of Profit and Loss Account

669604
14027
49681
36217
826861
26479
7591
6129
2010
2011
2010 669604 14027 49681 36217
2011 826861 26479 7591 6129
TURNOVER PERSONNEL EXPENSES OPERATING PROFIT NET PROFIT

From studying the Profit and Loss Account, it is firstly established that the turnover increased
significantly, 19% which shows that sales revenue increased in 2011. Then, the company invested heavily,
the operating expenses increased significantly by 32%, the largest share had the expenses with goods and
personnel expenses.
It is outlined at this stage of analysis, a financial involution of the company. It can be stated that
while we speak of an investment assumed by the company, the expenses increased significantly, and the
net profit fell sharply: 84%. Specifically, the goods necessary to the company increased significantly, by
24%, effect combined with the very rapid increase in personnel expenses, by 88%. Combining the
information concerning the economic activity of the studied company, it is discovered that through the
investment of cash resources in a socio-economical context less favourable, the risks that arise are
significant and hardly controllable.

The Table of the Intermediate Management Balances
These intermediate management balances represent successive levels in the final result, with a
large role in decision-making at the level of the management entity [13].
In our case, on the basis of the Profit and Loss Account has been made the Table of intermediate
management balances. For comparability, the analysis was done on the documents from 2010 and 2011.

Table no.3 Table of the Intermediate Management Balances
Table of the Intermediate Management Balances
Indicators FORMULA[14] VALUE
2010
VALUE
2011
DIFFEREN
CES
A. Trade margin Sale of goods
cost of goods sold
181942 221654 +21.8%
B. Production year Production sold +/- production
in progress + production of
fixed assets
0 0 There is no
industrial
activity
C. Value added A + B external consumption
(gr. 61 and 62)
90701 91928 +1.3%
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D. Gross operating
surplus
C + operating subsidies
- taxes, fees,
contribution(gr.63)
- personnel expenses
76411 62952 -18%
E. Operating result D +other operating income
+Revenue from operating
provisions other operating
expenses Operating expenses
for depreciation and provisions.
68363 55495 -18.8%
F. The current result
of the year
E + Financial income
financial expenses
67843 55441 -18.2%
G. Extraordinary
result
F + Exceptional income-
exceptional expenses
67843 55441 -18.2%
G. NET Result of year
or the
Self-financing ability
F + The current result of year
Profit tax

54899 54003 -1.63%

Fig. 5 Analysis of the Intermediate Management Balances
0
200000
400000
2010 2E+05 76411 68363 67843 54899
2011 2E+05 62952 55495 55441 54003
Marja E.B.E. Oper. Curr Self-

From the analysis of the intermediate management balances it is noted that the opening of a new
selling point is uninspired. In terms of an economic crisis that still shows its adverse effects, increased
expenditure and increasing the cost of goods can mean a threat to society. From the chart above it can be
seen that although the entity had a larger trading margin in 2011 by 21.8%, due to higher turnover, once
enter into the equation expenditure taxes, staff salaries, gross operating surplus decreased by 18%. Thus,
the decreasing line is maintained at the operating result and the current result until the profit tax adjusts
the balance, but still in a negative sense. The operating result decreased by 18.9% and the current result
by 18.2%, given that the impact at this stage is felt the influence of investments in tangible assets
(depreciation influence) and financial expenses (interest expenses on the loan contract). Self-financing
capacity of the unit is approximately constant over the two years, while intervening in the case of 2010 a
large tax, 12,944, 88% higher than in 2011 when the value was 1,438 lei-impact of investment costs.

The Situation of Main Economic and Financial Indicators
The analysis so far is growing by studying the main economic and financial indicators calculated
according to accounting legislation in force, Order no. 3055 of 29 October 2009 for approval of accounting
regulations compliant with European Directives, published in Official Gazette no. 766 / 10.10.2009. These
indicators are 16 and are divided into five major specific groups: liquidity, risk, activity, profitability and
solvency.
Table no. 4 Table with Main Economic and Financial Indicators on December 31, 2011

VALUE OF MAIN ECONOMIC AND FINANCIAL INDICATORS for year 2011 calculated acc.to O.M.F.P.
3055/2009
1. Liquidity Indicators
Indicators FORMULA[15] VALUE COMMENTS[16]
1. Current Ration Current Assets
Current Debts
0.95 Recommended acceptable
value around 2.
2. Immediate Liquidity
Acid Test
Current Assets Stocks
Current Debts
0.82 Recommended value
around 1. As the acid test
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is greater than 1, then the
companys situation is
better.
2. Risk Indicators
3. Gearing Ratio Borrowed Capital x100
Equity
38.9% The risk does not have to
rise to more than 30%.
4. Interest coverage GROSS Profit
Interest expenses
12.69 This indicator determines
how often the entity can pay
interest expense
3.Indicators of business (management)
5.Stock Rotation Speed Turnover
Average stock

27.68 The indicator shows how
many times the stock has
been run throughout the
fiscal year
6.Number of days of Storage Average stock x 365
Cost of Sales

12.86 As the number of days is
less, then the situation is
better.
7. Rotational speed of
customer-receivables
Average balance per
customer x365
Turnover
10.2 When the value of the
indicator is large, then the
claims are harder to be
collected
8. Rotational speed of
payables-supplier
Average balance per
supplier x365
Turnover

57.20 The indicator represents the
number of days of credit
that the entity obtains from
its suppliers
9. Rotational speed of fixed
assets
Turnover
Assets
10.07 The indicator expresses the
number of rotations made
by the assets to achieve
turnover
10. Rotational speed of total
assets
Turnover
Total Assets
3.50 The indicator assesses total
asset management
efficiency by examining the
value of turnover generated
by the assets of the entity
4. Profitability Indicators
11.Return of Equity Gross Profit
Equity
0.11 The indicator represents the
profit entity obtains from
the money invested in
business
12. Gross margin from Sales Gross Profit x 100
Turnover
0.91% A fall in the percentage may
reveal that the entity does
not get optimal selling price
13.Profitability Operating Profit
Permanent Capital

0.10 When profitability is lower
than the basic interest rate
on long-term, the entity
management should study
the situation for the
purpose of targeting assets
in another direction or even
to carry out the liquidation
of the company
5. Long-term Solvency
14. Ratio of debt to equity Total debts
Equity

2.16 If this ratio is too high, this
could signal that the entity
has consumed the entire
capacity of gearing ratio
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15. Ratio of Net Tangible
Assets to equity

Tangible assets
Equity

1.10 This indicator gives
information about the
current quality of Equity as
intangible assets are
eliminated
16. Degree coverage of
Interests
Operating Profit
Interest expenses

12.73 Degree Coverage of interest
shows how stable is the
entity's ability to meet its
payment obligations on
interest
From the values of key economic and financial indicators for 2011, one can see that the company
is suffering at Liquidity Chapter and profitability and risk. The Investments made have weakened the
company's financial stability, and the profitability is minimal. Thus, while the investments are not
included in profit, the company is in a delicate situation, showing a high economic risk.

Performance analysis by studying the rates of return

Conclusive for this study are especially the figures provided by the calculation of the return,
commercial, financial and economic rates. For a picture of the development of the company, were
calculated the rates of return for the years 2010 and 2011. The image of the company's profitability seen
in three parts from three perspectives, in terms of trade, financial and economic, is shown in the following
table.

Table no. 5. Table of Return Rates
ANALYSIS OF RETURN RATES
1. BUSINESS RETURN
INDICATORS FORMULA[17] VALUE
2010
VALUE
2011
DIFFEREN
CES
1. Trade Margin Rate Trade margin
Sale of Goods
0.27 0.31 +14.8%
2. Gross margin rate of self-
financing
Self-financing capital
Turnover
0.081 0.065 -18.75%
3. Net trade return (Ntr) Net result for the year x100
Turnover
5.40 0.75 -86%
2. FINANCIAL RETURN
4. Net financial return Net result for the year
Equity

0.45 0.08 -82.2%
5. Financial return before
tax
Current result for the year
Equity
0.61 0.10 -83.6%
6. Financial return on total
assets
Net result for the year
Total Assets
0.21 0.025 -88%
3. ECONOMIC RETURN
7. Economic return Gross operating income
Total Assets
0.22 0.23 +4.5%
Alarming issues for any trade company are obvious particularly when the observed problems are
found at the level of business and financial return. Note that financial and commercial return fall by nearly
90% in 2011 compared with 2010. At the same time, in the context of the investment, notwithstanding the
significant amounts spent for the development of the company, the economic profitability increased by
only 4.5%, which is insignificant.

5. Conclusions
For the company studied, according to the values recorded by the indicators presented, the
investment in retail beverages was profitable in the first stage. At the time of the decision to reinvest
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capital in opening a new retail outlet, appeared important issues that translated into significant risk for
the entity. Briefly, based on indicators note the following problems:
- The current liquidity is 0.95 (acceptable limit is around 2) and immediate liquidity is set to
0.82 (1 the recommended value);
- In the total debt structure, debts to suppliers is 65.7%;
- Risk indicator of gearing ratio has a value of 38% (30% being the maximum recommended
value)
- Trade and financial return declined by about 90%;
- Staff costs increased by 88%;
- Profit decreased drastically by 84%;

According to indicators calculated in the case study, from a financial standpoint the company
undergoes a major liquidity crisis. In this case, the economic crisis manifests directly through higher
prices of goods (24%) and increased operating costs (32%), it is indicated to halt investment and
rationalize of expenditure. Also, for the second selling point because of low sales volume, it is indicated an
analysis of the commercial venue. These figures reveal the existence of several risks indicators. Following
this analysis, result the following significant risks for the company: liquidity risk, solvency risk, maturity
risk and market risk.
We believe that the objectives of the work have been reached since the usefulness of economic-
financial analysis is highlighted by motivating the case study findings above. Calculated indicators helped
to formulate a financial-economic diagnosis useful for the entity, particularly in the context of present
economic crisis.

References
[1] Order no. 3055 of 29 October 2009 for approval of accounting regulations compliant with European Directives,
published in Official Gazette no. 766 /10.10.2009
[2] Ibidem, point 51, paragraph 5.
[3] Ibidem, point 51, paragraph 6.
[4] Law 571/2003 on Fiscal Code as amended and subsequently supplemented which was published in Official Gazette no.
927/23.12.2003, art. 206.1
[5] Ibidem, art. 206.11.
[6] Annex 1 of Law 571/2003 on Fiscal Code as amended and subsequently supplemented which was published in Official
Gazette no. 927/23.12.2003
[7] Prof. Univ. Dr. Hada Teodor, Fiscalitatea din Romnia n anul 2011, Alba-Iulia, Edit. Aeternitas, p. 161.
[8] Niculescu M., Lavalette G., Strategii de cretere, Ed. Economic, Bucureti, 1999, p. 255
[9] I.Stancu, Gestiunea financiar a agenilor economici, Editura Economica, Bucureti, 1994, p.26
[10] Conf. Univ. Dr. Camelia Burja, Analiz Economico-Financiar, Edit. Casa crii de tiin, Cluj-Napoca, 2009, p. 12.
[11] M.D.Paraschivescu,W.Pvloaia, Modele de contabilitate i analiz financiar, Editura Neuron, Focani, 1994, p.419.
[12] Prof. Univ. Dr. Silvia Petrescu, Analiz i diagnostic financiar-contabil, Edit. CECCAR, Bucureti, 2010, p. 22.
[13] Adriana Florina Popa, Contabilitatea si fiscalitatea rezultatul ntreprinderii, Bucureti, Edit. CECCAR, 2011, p. 298.
[14] Ibidem, pp. 299-303.
[15]Order no. 3055 of 29 October 2009 for approval of accounting regulations compliant with European Directives,
published in Official Gazette no. 766 /10.10.2009.
[16] Prof. Univ. Dr. Silvia Petrescu, op. cit., pp. 247-258.
[17] Adriana Florina Popa, op. cit., p. 298

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International Conference Risk in Contemporary Economy ISSN 2067-0532

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