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WorksheetsCash Management
Total questions: 10
Worksheet time: 5mins
True or False. A business that makes good profits will always have enough cash to meet its commitments?
(a)
Which of the following items do not appear as a payment in a cash budget?
payments of wages
payments to suppliers (Accounts Payable)
cash purchase of equipment
depreciation on equipment
During May, credit sales totalled $240 000. The business usually receives 80% of its debts in the first month after sale. How much cash is received in June from the credit sales in May?
$192,000
$48,000
$240,000
$190,000
Which item is not included in the GST Collected section of the Statement of GST Payable to the ATO?
rent revenue
interest received from investments
cash sales
accounts receivable
True or False. The cash budget is an attempt to predict future events for the business?
True
False
Both
None of the above
Show the formula to calculate GST Credits received , if Cash Purchases for the month of May were $90,000?
(a)
Use the following information to calculate the Closing Cash position of the business. Opening cash balance $20,000Cr; estimated cash payments $90,000; estimated cash receipts $180,000.
$110,000
$70,000
$200,000
None of the above
When cash receipts exceed cash payments on the cash budget, the resultant cash position is referred to as a
shortage
profit
surplus
deficit
Which of the following items are included in the GST Credits Received section of the Statement of GST Payable to the ATO? 'Tick all relevant options'
purchase of assets
cash purchases
payment of wages
payment of drawings to owner
Strategies to improve the cash receipts within the budget period could include?
increase sales price on inventories sold
tighten collection rates for payments received from accounts receivable
source supplies from cheaper suppliers so you are spending less
all of the above
