Question Tag: Cash Flow Management

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MA – Nov 2017 – L2 – Q2b – Cash budgets and master budgets

Calculate purchases figures and prepare a cash budget for a three-month period based on given financial information and sales projections.

Question

b) Abigail Acheampong is in the process of preparing budgets for the period October to December 2017. The following information has been provided to assist in the budgeting process:

Sales are 20% cash and 80% credit. Credit sales are collected over a three month period, 15% in the month of sale, 70% in the month following sale and 15% in the second month following sale. Bad debts of 5% are anticipated on all credit sales.
Total sales revenue in August amounts to GH¢30,000 and September’s total sales revenue amounts to GH¢36,000.
Cost of sales is expected to amount to 60% of sales revenue each month.
The business maintains its closing inventory levels at 75% of the following month’s cost of sales. Inventory at the beginning of October is expected to amount to GH¢18,000.
50% of inventory purchased is paid in the month of purchase. The remaining 50% is paid for in the month following purchase. As at 30 September 2017, amount owed for purchases are GH¢11,700.
A grant of GH¢20,000 is expected to be received in mid-October.
A second hand van which cost GH¢8,000 three years ago is expected to be sold in December 2017 for GH¢3,000. At this time the expected net book value of the van is GH¢1,800.
Equipment costing GH¢4,500 will be purchased and paid for in November 2017. The equipment will be depreciated on a straight line basis over three years.
Operating expenses are paid as incurred. These have been estimated as follows: GH¢ October 12,800 November 18,900 December 14,600 The above figures include depreciation on existing assets of GH¢2,000 per month.
The cash balance on 1 October is expected to amount to GH¢8,000

Required: i) Calculate the purchases figure for each month from October 2017 to December 2017.

(3 marks)

ii) Prepare a cash budget on a monthly basis and in total for the period October 2017 to December 2017. (12 marks)

Answer

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Tags: Cash Budgeting, Cash Flow Management, Financial planning, Purchases Calculation, Sales Revenue
Level: Level 2

Topic: Cash Budgets and Master Budgets
Series: NOV 2017

MA – May 2020 – L2 – Q2b – Cash budgets and master budgets

Prepare a cash budget for Emefa Ltd for October 2019 based on the given sales and cost data.

Question

b) Emefa Ltd (Emefa) is in the process of preparing its budget for the month of October 2019 for its product, YEK. The Company expects to sell the product for GH¢75 but this price is expected to increase in the last quarter of 2019 by 5%. The following are the expected sales in units for the last six months in 2019.

Month	Units
August	7,000
September	8,000
October	9,000

In October 2019, a total of 9,150 units of product YEK are expected to be produced to meet demand.

Typically, cash sales represent 20% of sales. Credit sales terms are 2/10, n/30. Emefa bills customers on the first day of the month following the month of sale. Experience has shown that 60% of the billings will be collected within the discount period, 25% by the end of the month after sales, 10% by the end of the second month after the sale, and 5% will ultimately be uncollectible. The firm writes off uncollectible accounts after 12 months.

The firm uses two materials for production, Mat and Pat. The purchase terms for materials are 2/15, n/60. Experience has shown that 80% of the purchases are paid in the month of the purchase and the remainder is paid in the month immediately following. In September 2019, the firm budgeted purchases were GH¢32,000 for Mat and GH¢20,000 for Pat.

The firm’s budgeted direct material and labour budgets are as follows:

Direct Materials Purchases Budget (in Cedis) For October 2019

Material	Budgeted Purchases (Pounds)	Expected Purchase Price per Unit (GH¢)	Total (GH¢)
Mat	45,000	2.00	90,000
Pat	25,000	3.00	75,000
Total Budgeted Purchases			165,000

The production process requires direct labour at two skill levels (SL). The rate for labour at the SL1 level is GH¢45 per hour and for the SL2 level is GH¢25 per hour. The SL1 level can process one batch of YEK per hour while SL2 uses two (2) hours for the same output. Each batch consists of ten (10) units. The manufacturing of YEK also requires one-fifth of an hour of SL2 workers’ time for each unit manufactured.

Variable manufacturing overhead is GH¢100 per batch plus GH¢75 per direct labour-hour. In addition to variable overhead, the firm has a monthly fixed factory overhead of GH¢60,000, of which GH¢18,000 is depreciation expense. The firm pays all manufacturing labour and factory overhead when incurred.

Total budgeted marketing, distribution, customer service, and administrative costs for the 2019 annual budget are GH¢3,000,000. Of this amount, GH¢2,000,000 is considered fixed and includes depreciation expense of GH¢400,000. All marketing and administrative costs are paid in the month incurred.

Management desires to maintain an end-of-month minimum cash balance of GH¢100,000. The firm has an agreement with a local bank to borrow its short-term needs in multiples of GH¢10,000 up to GH¢1,000,000 at an annual interest rate of 26%. Borrowings are assumed to occur at the end of the month. Bank borrowing at October 1 was GH¢0.

Required:

Prepare the cash budget for October 2019 for Emefa Ltd. (10 marks)

Answer

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Tags: Cash Budgeting, Cash Flow Management, Payables, Receivables, Sales Forecasting
Level: Level 2

Topic: Cash Budgets and Master Budgets
Series: MAY 2020

PSAF – May 2017 – L2 – Q3a – Public sector fiscal planning and budgeting

This question involves preparing a cash forecast for a public hospital for the first quarter of 2017 and advising on financing options.

Question

KTM Regional Hospital is a public referral hospital under Ghana Health Services established in 1980. The hospital is a sub-vented organization that finances its operations from Internally Generated Revenues (IGR) and government subventions. In order to forecast for the first quarter of 2017, you are provided with the following information on revenues and expenditure projections of the Hospital for the fourth quarter of 2016 and first quarter of 2017.

Month	IGR (GH¢ ‘000)	Subvention (GH¢ ‘000)	Donations (GH¢ ‘000)	Non-Established Post (GH¢ ‘000)	Goods and Services (GH¢ ‘000)	Non-Financial Assets (GH¢ ‘000)	Other Expenditure (GH¢ ‘000)
October 2016	2,000	8,000	200	300	700	1,200	120
November 2016	2,400	–	–	310	740	–	240
December 2016	2,500	–	100	400	900	1,000	125
January 2017	3,000	10,000	500	600	800	–	130
February 2017	3,200	–	700	820	1,600	–	150
March 2017	3,400	–	900	800	840	–	290

Additional Information:

The cash and bank balance of the Hospital as at December 2016 was a deficit of GH¢500,000.
Breakdown of IGR:
- National Health Insurance Customers (60% of IGR) pay two months after service.
- Corporate Customers (20% of IGR) have one-month credit terms.
- Cash Customers (20% of IGR) pay immediately.
Government subvention is released in two equal instalments in the second and third month of each quarter.
Donations for March 2017 (GH¢900,000) will be received 40% in cash and 60% in kind.
Non-established post refers to wages and salaries for casual and contract workers, paid in the month incurred.
Goods and services are paid 40% in the month incurred and 60% in arrears.
Non-financial assets are paid for in four equal instalments starting from the month of purchase.
Other expenses are paid as and when incurred.

Required:

i) Prepare a cash forecast for the Hospital for the first quarter of 2017, showing the forecast for each month and that of the quarter as a whole. (12 marks)

ii) On the basis of the cash forecast in (i) above, advise management on the financing options available to them for the 2017 fiscal year. (4 marks)

Answer

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Tags: Budgeting, Cash Flow Management, Cash Forecasting, Hospital Finance, Public Sector
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2017

FINANCIAL MANAGEMENT – MAY 2021 – L2 – Q1B – Discounted cash flow

Compute the effective annual interest rate and withdrawal amount for an investment account, and distinguish between annuity due and ordinary annuity.

Question

Puma Beverages Plc currently operates a single processing plant in Tema. The company plans to install and run processing plants in four other regions in Ghana.

The Finance Manager has presented an investment and financing strategy for this expansion project to the Board of Directors for their study. The proposed investment strategy is that the company sets up the four processing plants in turns. Specifically, the company will install the first plant at the end of the fifth year from now, the second at the end of the sixth year from now, and the rest follow annually in that order.

The proposed financing strategy is that the company finances the expansion project with its retained earnings. To do this, the company should deposit GH¢100 million into an investment account today. The account will earn interest at an annual nominal interest rate of 16%, with monthly compounding through the account’s life. The company will withdraw even amounts from the account at the end of each year starting from the end of year five until the account is closed at the end of year eight (i.e., four withdrawals in all) to finance the installation of each of the four processing plants in line with the investment strategy.

Required:
i) Compute the effective annual interest rate on the investment account. (3 marks)
ii) Compute the even amount that should be withdrawn from the account at the end of each year from the fifth year to the eighth year such that the account balance reduces to zero upon the last withdrawal at the end of the eighth year. (5 marks)
iii) Distinguish between annuity due and ordinary annuity. (2 marks)

Answer

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Tags: Annuity, Cash Flow Management, Effective Interest Rate, Investment strategy
Level: Level 2

Topic: Discounted cash flow

FM – AUG 2022 – L2 – Q5 – Cash management | Foreign exchange risk and currency risk management | Working Capital Management

Analyzes cash management using the Miller-Orr model, explains motives for holding cash, and discusses the advantages of currency forwards over futures.

Question

a) Adjei Departmental Stores’ demand for cash has been quite volatile recently, with the standard deviation in daily cash demand rising to GH¢60,000. The managers of the company are therefore considering using the Miller-Orr model to manage its cash flows. The minimum cash balance would be set to GH¢300,000. The annual interest rate is expected to be 18.25% while the cost of trading investments in securities is GH¢10,000 per transaction.

Required:
i) Compute the cash return point. (4 marks)
ii) Compute the upper cash limit. (2 marks)
iii) Explain how the minimum cash limit, upper cash limit, and cash return point would be used to manage the cash balances of Adjei Departmental Stores. (3 marks)

b) The Founder of a growing technology company has questioned her Chief Finance Officer about the company’s holdings of cash in demand deposit accounts and on hand when the money could be invested in financial securities for returns.

Required:
Explain to the Founder THREE (3) motives for holding cash. (6 marks)

c) Serwaa Home Décor Ltd, a trading company based in Ghana, usually buys foreign currency to settle invoices for imports. The Treasury Manager is considering ways of hedging the company’s foreign currency risk exposures. After considering various options available to her, she has settled on both forwards and futures contracts.

Required:
Explain TWO (2) advantages of currency forwards over currency futures contract. (5 marks)

Answer

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Tags: Cash Flow Management, Currency Forwards and Futures, Miller-Orr Model
Level: Level 2

Topic: Cash management, Foreign exchange risk and currency risk management, Working Capital Management
Series: AUG 2022

FM – NOV 2021 – L2 – Q5 – Cash management

Application of the Miller-Orr model to determine cash levels, comparison with the Baumol model, and the differences between futures and forward contracts.

Question

You are the assistant to the Finance Manager of Horthman Holdings Ltd. The Directors of the company are reviewing the cash management practices of the company. The main concern is that excessive cash balances are held in non-interest-bearing demand deposit accounts for relatively long periods. Your boss has been asked to advise the Directors on the appropriate cash balance levels the company should keep and matters relating to the investment of excess cash.

To assist your boss, you analysed the company’s demand for cash over the last three years and looked for some financial market figures. On the usage of cash, you found that the company’s daily cash needs vary with a standard deviation of GH¢25,000. However, the annual demand for cash averages around GH¢65 million. Considering the results of your examination, your boss proposes that the minimum cash balance is set at GH¢100,000 going forward.

From your search on the financial markets, you found that the company can earn interest from investments in money market securities at an annual rate of 21.6% on an actual/360-day count convention. Also, you found out that the average transaction cost for trading investments in such money market securities is GH¢2,500.

Your boss recommends using the Miller-Orr model for determining the critical cash control levels and investment of temporary excess cash in money market securities.

Required:
a) Using the Miller-Orr model, determine the following:
i) The cash spread between the lower and upper cash limit. (3 marks)
ii) The cash return point. (2 marks)
iii) The cash level at which the company should invest excess cash. (2 marks)

b) The Chief Executive Officer (CEO) believes that the Baumol model is a simpler model than the Miller-Orr model, and your boss should consider recommending that to the Directors. Considering the information provided in the preamble, would you say that the Baumol Model would be more appropriate? Explain. (4 marks)

c) Your boss recommends that temporary excess cash be invested in money market securities. Explain TWO (2) conditions required when deciding on investing temporary excess cash. (4 marks)

d) Future contracts and forward contracts (more commonly referred to as futures and forwards) are used by businesses and investors to hedge against risks or speculate. Futures and forwards are examples of derivative assets that derive their values from underlying assets. Both contracts rely on locking in a specific price for a certain asset, but they have differences.

Required:
Explain FOUR (4) differences between futures and forwards. (5 marks)

Answer

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Tags: Baumol Model, Cash Flow Management, Cash Management, Forwards, Futures, Miller-Orr Model
Level: Level 2

Topic: Cash management
Series: NOV 2021

MA – Nov 2017 – L2 – Q2b – Cash budgets and master budgets

Calculate purchases figures and prepare a cash budget for a three-month period based on given financial information and sales projections.

Question

b) Abigail Acheampong is in the process of preparing budgets for the period October to December 2017. The following information has been provided to assist in the budgeting process:

Sales are 20% cash and 80% credit. Credit sales are collected over a three month period, 15% in the month of sale, 70% in the month following sale and 15% in the second month following sale. Bad debts of 5% are anticipated on all credit sales.
Total sales revenue in August amounts to GH¢30,000 and September’s total sales revenue amounts to GH¢36,000.
Cost of sales is expected to amount to 60% of sales revenue each month.
The business maintains its closing inventory levels at 75% of the following month’s cost of sales. Inventory at the beginning of October is expected to amount to GH¢18,000.
50% of inventory purchased is paid in the month of purchase. The remaining 50% is paid for in the month following purchase. As at 30 September 2017, amount owed for purchases are GH¢11,700.
A grant of GH¢20,000 is expected to be received in mid-October.
A second hand van which cost GH¢8,000 three years ago is expected to be sold in December 2017 for GH¢3,000. At this time the expected net book value of the van is GH¢1,800.
Equipment costing GH¢4,500 will be purchased and paid for in November 2017. The equipment will be depreciated on a straight line basis over three years.
Operating expenses are paid as incurred. These have been estimated as follows: GH¢ October 12,800 November 18,900 December 14,600 The above figures include depreciation on existing assets of GH¢2,000 per month.
The cash balance on 1 October is expected to amount to GH¢8,000

Required: i) Calculate the purchases figure for each month from October 2017 to December 2017.

(3 marks)

ii) Prepare a cash budget on a monthly basis and in total for the period October 2017 to December 2017. (12 marks)

Answer

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Tags: Cash Budgeting, Cash Flow Management, Financial planning, Purchases Calculation, Sales Revenue
Level: Level 2

Topic: Cash Budgets and Master Budgets
Series: NOV 2017

MA – May 2020 – L2 – Q2b – Cash budgets and master budgets

Prepare a cash budget for Emefa Ltd for October 2019 based on the given sales and cost data.

Question

Month	Units
August	7,000
September	8,000
October	9,000

In October 2019, a total of 9,150 units of product YEK are expected to be produced to meet demand.

The firm’s budgeted direct material and labour budgets are as follows:

Direct Materials Purchases Budget (in Cedis) For October 2019

Material	Budgeted Purchases (Pounds)	Expected Purchase Price per Unit (GH¢)	Total (GH¢)
Mat	45,000	2.00	90,000
Pat	25,000	3.00	75,000
Total Budgeted Purchases			165,000

Required:

Prepare the cash budget for October 2019 for Emefa Ltd. (10 marks)

Answer

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Tags: Cash Budgeting, Cash Flow Management, Payables, Receivables, Sales Forecasting
Level: Level 2

Topic: Cash Budgets and Master Budgets
Series: MAY 2020

PSAF – May 2017 – L2 – Q3a – Public sector fiscal planning and budgeting

This question involves preparing a cash forecast for a public hospital for the first quarter of 2017 and advising on financing options.

Question

Month	IGR (GH¢ ‘000)	Subvention (GH¢ ‘000)	Donations (GH¢ ‘000)	Non-Established Post (GH¢ ‘000)	Goods and Services (GH¢ ‘000)	Non-Financial Assets (GH¢ ‘000)	Other Expenditure (GH¢ ‘000)
October 2016	2,000	8,000	200	300	700	1,200	120
November 2016	2,400	–	–	310	740	–	240
December 2016	2,500	–	100	400	900	1,000	125
January 2017	3,000	10,000	500	600	800	–	130
February 2017	3,200	–	700	820	1,600	–	150
March 2017	3,400	–	900	800	840	–	290

Additional Information:

The cash and bank balance of the Hospital as at December 2016 was a deficit of GH¢500,000.
Breakdown of IGR:
- National Health Insurance Customers (60% of IGR) pay two months after service.
- Corporate Customers (20% of IGR) have one-month credit terms.
- Cash Customers (20% of IGR) pay immediately.
Government subvention is released in two equal instalments in the second and third month of each quarter.
Donations for March 2017 (GH¢900,000) will be received 40% in cash and 60% in kind.
Non-established post refers to wages and salaries for casual and contract workers, paid in the month incurred.
Goods and services are paid 40% in the month incurred and 60% in arrears.
Non-financial assets are paid for in four equal instalments starting from the month of purchase.
Other expenses are paid as and when incurred.

Required:

i) Prepare a cash forecast for the Hospital for the first quarter of 2017, showing the forecast for each month and that of the quarter as a whole. (12 marks)

ii) On the basis of the cash forecast in (i) above, advise management on the financing options available to them for the 2017 fiscal year. (4 marks)

Answer

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Tags: Budgeting, Cash Flow Management, Cash Forecasting, Hospital Finance, Public Sector
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2017

FINANCIAL MANAGEMENT – MAY 2021 – L2 – Q1B – Discounted cash flow

Compute the effective annual interest rate and withdrawal amount for an investment account, and distinguish between annuity due and ordinary annuity.

Question

Puma Beverages Plc currently operates a single processing plant in Tema. The company plans to install and run processing plants in four other regions in Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annuity, Cash Flow Management, Effective Interest Rate, Investment strategy
Level: Level 2

Topic: Discounted cash flow

FM – AUG 2022 – L2 – Q5 – Cash management | Foreign exchange risk and currency risk management | Working Capital Management

Analyzes cash management using the Miller-Orr model, explains motives for holding cash, and discusses the advantages of currency forwards over futures.

Question

Required:
Explain to the Founder THREE (3) motives for holding cash. (6 marks)

Required:
Explain TWO (2) advantages of currency forwards over currency futures contract. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Flow Management, Currency Forwards and Futures, Miller-Orr Model
Level: Level 2

Topic: Cash management, Foreign exchange risk and currency risk management, Working Capital Management
Series: AUG 2022

FM – NOV 2021 – L2 – Q5 – Cash management

Application of the Miller-Orr model to determine cash levels, comparison with the Baumol model, and the differences between futures and forward contracts.

Question

Your boss recommends using the Miller-Orr model for determining the critical cash control levels and investment of temporary excess cash in money market securities.

c) Your boss recommends that temporary excess cash be invested in money market securities. Explain TWO (2) conditions required when deciding on investing temporary excess cash. (4 marks)

Required:
Explain FOUR (4) differences between futures and forwards. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Baumol Model, Cash Flow Management, Cash Management, Forwards, Futures, Miller-Orr Model
Level: Level 2

Topic: Cash management
Series: NOV 2021

Question Tag: Cash Flow Management

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MA – Nov 2017 – L2 – Q2b – Cash budgets and master budgets

Calculate purchases figures and prepare a cash budget for a three-month period based on given financial information and sales projections.

MA – May 2020 – L2 – Q2b – Cash budgets and master budgets

Prepare a cash budget for Emefa Ltd for October 2019 based on the given sales and cost data.

PSAF – May 2017 – L2 – Q3a – Public sector fiscal planning and budgeting

This question involves preparing a cash forecast for a public hospital for the first quarter of 2017 and advising on financing options.

FINANCIAL MANAGEMENT – MAY 2021 – L2 – Q1B – Discounted cash flow

Compute the effective annual interest rate and withdrawal amount for an investment account, and distinguish between annuity due and ordinary annuity.

FM – AUG 2022 – L2 – Q5 – Cash management | Foreign exchange risk and currency risk management | Working Capital Management

Analyzes cash management using the Miller-Orr model, explains motives for holding cash, and discusses the advantages of currency forwards over futures.

FM – NOV 2021 – L2 – Q5 – Cash management

Application of the Miller-Orr model to determine cash levels, comparison with the Baumol model, and the differences between futures and forward contracts.

MA – Nov 2017 – L2 – Q2b – Cash budgets and master budgets

Calculate purchases figures and prepare a cash budget for a three-month period based on given financial information and sales projections.

MA – May 2020 – L2 – Q2b – Cash budgets and master budgets

Prepare a cash budget for Emefa Ltd for October 2019 based on the given sales and cost data.

PSAF – May 2017 – L2 – Q3a – Public sector fiscal planning and budgeting

This question involves preparing a cash forecast for a public hospital for the first quarter of 2017 and advising on financing options.

FINANCIAL MANAGEMENT – MAY 2021 – L2 – Q1B – Discounted cash flow

Compute the effective annual interest rate and withdrawal amount for an investment account, and distinguish between annuity due and ordinary annuity.

FM – AUG 2022 – L2 – Q5 – Cash management | Foreign exchange risk and currency risk management | Working Capital Management

Analyzes cash management using the Miller-Orr model, explains motives for holding cash, and discusses the advantages of currency forwards over futures.

FM – NOV 2021 – L2 – Q5 – Cash management

Application of the Miller-Orr model to determine cash levels, comparison with the Baumol model, and the differences between futures and forward contracts.

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MA – Nov 2017 – L2 – Q2b – Cash budgets and master budgets

Calculate purchases figures and prepare a cash budget for a three-month period based on given financial information and sales projections.

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MA – May 2020 – L2 – Q2b – Cash budgets and master budgets

Prepare a cash budget for Emefa Ltd for October 2019 based on the given sales and cost data.

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PSAF – May 2017 – L2 – Q3a – Public sector fiscal planning and budgeting

This question involves preparing a cash forecast for a public hospital for the first quarter of 2017 and advising on financing options.

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FINANCIAL MANAGEMENT – MAY 2021 – L2 – Q1B – Discounted cash flow

Compute the effective annual interest rate and withdrawal amount for an investment account, and distinguish between annuity due and ordinary annuity.

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FM – AUG 2022 – L2 – Q5 – Cash management | Foreign exchange risk and currency risk management | Working Capital Management

Analyzes cash management using the Miller-Orr model, explains motives for holding cash, and discusses the advantages of currency forwards over futures.

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FM – NOV 2021 – L2 – Q5 – Cash management

Application of the Miller-Orr model to determine cash levels, comparison with the Baumol model, and the differences between futures and forward contracts.

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MA – Nov 2017 – L2 – Q2b – Cash budgets and master budgets

Calculate purchases figures and prepare a cash budget for a three-month period based on given financial information and sales projections.

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MA – May 2020 – L2 – Q2b – Cash budgets and master budgets

Prepare a cash budget for Emefa Ltd for October 2019 based on the given sales and cost data.

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PSAF – May 2017 – L2 – Q3a – Public sector fiscal planning and budgeting

This question involves preparing a cash forecast for a public hospital for the first quarter of 2017 and advising on financing options.

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FINANCIAL MANAGEMENT – MAY 2021 – L2 – Q1B – Discounted cash flow

Compute the effective annual interest rate and withdrawal amount for an investment account, and distinguish between annuity due and ordinary annuity.

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FM – AUG 2022 – L2 – Q5 – Cash management | Foreign exchange risk and currency risk management | Working Capital Management

Analyzes cash management using the Miller-Orr model, explains motives for holding cash, and discusses the advantages of currency forwards over futures.

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FM – NOV 2021 – L2 – Q5 – Cash management

Application of the Miller-Orr model to determine cash levels, comparison with the Baumol model, and the differences between futures and forward contracts.

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