CIMA Exam CIMAPRA17-BA3-1 Topic 1 Question 83 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam

Question #: 83
Topic #: 1

GH operates an imprest system for petty cash, maintaining a float of $250 The following petty cash book extract is available for a week in March 20X6:

How much does GH need to transfer from the bank account at the end of this week In order to maintain the imprest system?

AThe total spend of $185

BThe float total of $250.

CThe total of the float and total spend of $435

DThe difference between the float and total spend of $65

Show Suggested Answer

Suggested Answer: A

by Glory at Mar 21, 2024, 05:55 PM

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Annett

5 months ago

I agree with Haley and Allene, it makes sense that the answer would be B) The float total of $250.

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Allene

6 months ago

I think Haley is correct, the float amount needs to be maintained for the imprest system to work properly.

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Halina

6 months ago

But wouldn't GH need to transfer only the total spend to maintain the imprest system?

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Haley

6 months ago

I disagree, I believe the answer is B) The float total of $250.

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Halina

6 months ago

I think the answer is A) The total spend of $185

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Judy

6 months ago

I think the answer is A) The total spend of $185. We need to transfer that amount to replenish the petty cash.

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Galen

7 months ago

I agree with Maira. Maintaining the imprest system means keeping the float amount constant.

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Maira

7 months ago

I think the answer is B) The float total of $250.

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