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WAEC Financial Accounting 2016 Question 7

Question 7

Petty Cash

A petty cash account has an imprest of GH¢6,000. If GH¢2,000 were left, how much will be re-imbursed at the end of the period?

  1. A.GH¢8,000
  2. B.GH¢6,000
  3. C.GH¢4,000
  4. D.GH¢2,000
Show the answer and explanation

Answer: C (GH¢4,000)

Explanation

Under the imprest system the amount spent is refunded: 6,000 - 2,000 = GH¢4,000.