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WAEC Financial Accounting 1991 (August) Question 3

Question 3

Public Sector Accounting

In government imprest system the amount reimbursed is the

  1. A.actual amount spent
  2. B.amount of the float
  3. C.amount spent above the float
  4. D.balance of the float
  5. E.sum of unreceipted vouchers.
Show the answer and explanation

Answer: A (actual amount spent)

Explanation

Under the imprest system the holder is refunded exactly what was spent, bringing the float back to its fixed amount.