The 3rd quiz in Management accounting (Group B Aud. and Cor.

)
Choose the best choice for each of the following statements:
"ZARKESH" firm started its activities on July 1st 2021, it provided Accountant with necessary information to
compute purchases in the third quarter of 2021:
 Expected sales are LE 100 000 in July, LE 120 000 in August, and LE 150 000 in September.
 Cost of goods sold is 80% of sales. Ending inventory is 20% of cost of goods sold in the same month.
1. July Purchases are (in LE):
a) 124 800 b) 99 200 c) 320 000 d) 96 000
2. August Purchases are (in LE):
a) 124 800 b) 99 200 c) 320 000 d) 96 000
3. September Purchases are (in LE):
a) 124 800 b) 99 200 c) 320 000 d) 96 000
4. Total purchases of the third quarter are (in LE):
a) 124 800 b) 99 200 c) 320 000 d) 96 000
Choose the best choice for each of the following statements:
"THE CHOICE" firm started its activities on July 1st 2021, it provided Accountant with necessary information
to compute payments in the third quarter of 2021:
 Expected purchases are LE 50 000 in July, LE 80 000 in August, and LE 100 000 in September.
 All purchases are collected as follow: 40% in the same month and 60% in the next month.
5. July payments are (in LE):
a) 62 000 b) 88 000 c) 60 000 d) 20 000
6. August payments are (in LE):
a) 62 000 b) 88 000 c) 60 000 d) 20 000
7. September payments are (in LE):
a) 62 000 b) 88 000 c) 60 000 d) 20 000
st
8. Accounts payable balance on October 1 2021 is (in LE):
a) 62 000 b) 88 000 c) 60 000 d) 20 000
Choose the best choice for each of the following statements:
Beginning cash balance on July 1st 2021 is LE 10 000. Total collections and payments are:
July August September
Total collections LE 420 000 LE 300 000 LE 300 000
Total payments LE 456 000 LE 373 000 LE 240 000
Monthly minimum cash is LE 10 000. Money can be borrowed and repaid as promptly as possible (in multiples
of LE 5 000). Annual interest rate is 18%. Interest is paid only at time of repaying - in full or in part – principals
of loans.
9. Total available cash in July 2021 is (in LE)
a. 1 030 000 b. 311 000 c. 314 000 d. None of these
10. Total cash needed in July 2021 is (in LE)
a. 240 000 b. 466 000 c. 383 000 d. None of these
11. The ending cash balance in July 2021 is (in LE)
a. 13 750 b. 10 000 c. 14 000 d. None of these
12. Cash excess or deficit in August 2021 is (in LE)
a. (36 000) b. (69 000) c. 61 000 d. None of these
13. The loan that firm will get in August 2021 is (in LE)
a. Zero b. 110 000 c. 70 000 d. None of these
14. Total available cash in September 2021 is (in LE)
a. 1 030 000 b. 311 000 c. 314 000 d. None of these
15. Cash excess or deficit in September 2021 is (in LE)
a. (36 000) b. (69 000) c. 61 000 d. None of these
16. Part of July loan principals that will be paid in September 2021 is (in LE)
a. 15 000 b. 40 000 c. 41 800 d. None of these
17. Interest on August loan principals that will be paid in September 2021 is (in LE)
a. 150 b. 450 c. 1 800 d. None of these
18. The ending cash balance in the September 2021 is (in LE)
a. 13 750 b. 10 000 c. 14 000 d. None of these
19. Total available cash in the third quarter 2021 is (in LE)
a. 1 030 000 b. 311 000 c. 314 000 d. None of these
20. Cash excess or deficit in the third quarter 2021 is (in LE)
a. (36 000) b. (69 000) c. 61 000 d. None of these
21. The total financing part in the third quarter 2021 is (in LE)
a. 70 000 b. 57 250 c. 52 750 d. None of these
Choose the best choice for each of the following statements:
To prepare collection budget for Jan.2022, you have got the following information:
 January sales are LE 1000, all sales are on credit.
 Credit sales are collected as follow: 60% in the next month, and 40% in the following month.
 January beginning balance of accounts receivables on Jan.1st 2022 is LE 1100, included LE 300 form
November credit sales.
22. Collection of November credit sales in Jan. 2022 is (in LE) ….
a. 480 b. 800 c. 300 d. None of these
23. Collection of December credit sales in Jan. 2022 is (in LE) ….
a. 480 b. 800 c. 300 d. None of these
24. December credit sales are (in LE) ….
a. 480 b. 800 c. 300 d. None of these
25. Balance of accounts receivables on Jan.31 2022 (in LE) ….
st

a. 480 b. 800 c. 300 d. None of these

Student Name: ID:
Answers
1 A B C D 8 A B C D 15 A B C D 22 A B C D

2 A B C D 9 A B C D 16 A B C D 23 A B C D

3 A B C D 10 A B C D 17 A B C D 24 A B C D

4 A B C D 11 A B C D 18 A B C D 25 A B C D

5 A B C D 12 A B C D 19 A B C D

6 A B C D 13 A B C D 20 A B C D

7 A B C D 14 A B C D 21 A B C D