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WAEC Financial Accounting 2017 Question 5

Question 5

Petty Cash

If a petty cashier has a cash float of Le 39,000 and Le 37,500 is spent, he will be reimbursed with

  1. A.Le 40,500.
  2. B.Le 39,000.
  3. C.Le 37,500.
  4. D.Le 1,500.
Show the answer and explanation

Answer: C (Le 37,500.)

Explanation

Under the imprest system the cashier is refunded exactly what was spent, Le 37,500.