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WAEC Financial Accounting 2026 Question 49

Question 49

Petty Cash

An imprest of GH¢ 800,000 was given to a petty cashier and GH¢200,000 was spent during the period. The reimbursement at the beginning of another period would be

  1. A.GH¢1,000,000.
  2. B.GH¢800,000
  3. C.GH¢600,000
  4. D.GH¢200,000
Show the answer and explanation

Answer: D (GH¢200,000)

Explanation

Under the imprest system the cashier is refunded exactly what was spent, GH¢200,000, to restore the float.