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Question Four a. Discuss any five (5) cash control measures that may be taken by management of firms to discourage fraudulent financial activities within organizations. (5 marks) b. Differentiate between speculative and transactional motives for holding cash by business organizations. (2 marks) C. Alfreda Company Ltd presented the following estimates and policies for your perusal for the year 2020: 1. Monthly sales and purchases Month Units Produced and sold Purchases February 5,500 at CH12/unit GH20,000 March 6,800 at CH15/unit GH18,000 April 7,200 at CHC20/unit GH30,000 May 9,900 at GHc25/unit GH032,000 11. Repairs and maintenance cost is estimated at GH20,400 each month (20% of this amount was estimated for depreciation). 111. Wages and salaries payable per month is estimated at GHC16,000, iv. 60% of all sales are paid promptly by cash and the rest collected as follows: 1. 80% the month following the sale; 2. The rest, the month following. v. The company is allowed one month credit for all purchases made. vi. The payment plan is as follows: 1. 60% the month after the credit period; GOOD LUCK! FYG/ABM ACC481 3 2. The rest payable in the month that follows. vii. Commission receivable is expected to be GHC25,200 for April; whiles Insurance payable is GH15,000 per month Required: You are required to prepare a Cash Budget for Alfreda Company Ltd covering the months of March April and May, 2020. (13 marks)