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CIMAPRA17-BA3-1 Exam - Topic 1 Question 78 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 78
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

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?

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Suggested Answer: A

by Renea at Dec 14, 2023, 08:06 AM

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Serita
4 months ago
I agree, it's just the difference!
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Viki
5 months ago
Wait, are we sure about that $65? Seems off.
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Alease
5 months ago
I think it's just the difference, so $65?
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Katina
5 months ago
Definitely need to top up to $250!
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Yuriko
5 months ago
The float is $250, and they spent $185.
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Miles
6 months ago
I believe the answer is the difference between the float and total spend, which should be $65, but I need to double-check that.
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Deja
6 months ago
I'm a bit unsure if we should just look at the total spend or if we need to consider the float too.
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Nicholle
6 months ago
I remember practicing a similar question, and I think we just need to add the total spend to the float amount.
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Wilburn
6 months ago
I think we need to calculate how much was spent and then see how much we need to bring the float back to $250.
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King
6 months ago
I'm a bit unsure about this one. The imprest system is throwing me off a bit. I think the key is to focus on maintaining the float at $250, but I'm not 100% sure how to calculate the exact amount needed to be transferred. I'll have to think it through carefully before selecting an answer.
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Beckie
6 months ago
Okay, let me think this through. The imprest system means the float should stay at a fixed amount, in this case $250. The total spend for the week was $185, so to maintain the float, GH would need to transfer $185 from the bank account. I'm going with A.
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Werner
6 months ago
This looks straightforward to me. The imprest system means the float should always be maintained at $250, so the amount GH needs to transfer is the total spend of $185 to bring the float back up to $250. I'm going with A.
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Noemi
6 months ago
Okay, let's think this through step-by-step. The question is asking how much GH needs to transfer from the bank account to maintain the imprest system, which has a float of $250. The petty cash book shows the total spend for the week was $185. So I think the answer is D, the difference between the float and total spend, which is $65.
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Salina
6 months ago
Hmm, I'm a bit confused. The question mentions an imprest system, but I'm not entirely sure how that works. I'll need to review my notes on imprest systems to make sure I understand the concept before I can confidently answer this.
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Joaquin
6 months ago
Okay, let's see. The question mentions an "Employee Form", so I'm guessing the answers are stored in a form-related table. Maybe the "Form [sys_ui_form]" table?
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Angelica
6 months ago
For D, I feel conflicted. While renewable energy is crucial, I think the concerns of the community shouldn't be completely dismissed.
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