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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?
Suggested Answer: A
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16 comments · newest first
SE
Serita
11 months ago
I agree, it's just the difference!
VI
Viki
11 months ago
Wait, are we sure about that $65? Seems off.
AL
Alease
11 months ago
I think it's just the difference, so $65?
KA
Katina
12 months ago
Definitely need to top up to $250!
YU
Yuriko
12 months ago
The float is $250, and they spent $185.
MI
Miles
1 year 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.
DE
Deja
1 year ago
I'm a bit unsure if we should just look at the total spend or if we need to consider the float too.
NI
Nicholle
1 year ago
I remember practicing a similar question, and I think we just need to add the total spend to the float amount.
WI
Wilburn
1 year 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.
KI
King
1 year 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.
BE
Beckie
1 year 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.
WE
Werner
1 year 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.
NO
Noemi
1 year 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.
SA
Salina
1 year 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.
JO
Joaquin
1 year 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?
AN
Angelica
1 year ago
For D, I feel conflicted. While renewable energy is crucial, I think the concerns of the community shouldn't be completely dismissed.