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WAEC Financial Accounting 2011 Question 21

Question 21

Petty Cash

A petty cashier operates with an imprest of D1,000 per week. At the end of the week he had disbursed D920. How much is needed to restore the imprest?

  1. A.D1,920
  2. B.D1,000
  3. C.D920
  4. D.D80
Show the answer and explanation

Answer: C (D920)

Explanation

Under the imprest system the cashier is reimbursed exactly what was spent: D920.