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CIMAPRA17-BA3-1 Exam - Topic 1 Question 85 Discussion

MNO operates an imprest system to maintain a float of petty cash of 5100 At the end of the week the petty cash expense vouchers total $76 and there is $36 cash in the float. Which of the following, taken independently, would explain this difference of $10?
A) The total of the expense vouchers has been overstated by $10
B) $10 expense has been paid for which there is a missing expense voucher
C) A $20 bill has been counted as a $10 bill in the float
D) A $10 receipt from an employee has not been added to the float

CIMAPRA17-BA3-1 Exam - Topic 1 Question 85 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 85
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

MNO operates an imprest system to maintain a float of petty cash of 5100 At the end of the week the petty cash expense vouchers total $76 and there is $36 cash in the float. Which of the following, taken independently, would explain this difference of $10?

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Suggested Answer: A

by Julian at Apr 22, 2024, 08:59 PM

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Michell
8 months ago
Not sure about that, could be a mistake in the vouchers too.
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Tyra
8 months ago
Definitely feels like a missing voucher situation.
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Allene
8 months ago
Wait, how can a $20 bill be counted as $10? Sounds off!
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Cristina
8 months ago
I think option B makes the most sense here.
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Timothy
9 months ago
The expense vouchers total $76, so that's a fact.
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Lettie
9 months ago
I’m leaning towards option A because if the vouchers were overstated, that would directly cause the difference we see in the cash float.
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Kimberlie
9 months ago
I practiced a similar question where a bill was miscounted, so option C could be a possibility, but I feel like it’s less likely here.
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Francesco
9 months ago
I’m not entirely sure, but I think option B makes sense since it mentions a missing voucher, which could easily explain the discrepancy.
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Keshia
9 months ago
I remember something about how the petty cash should always balance, so the missing $10 must be due to an expense that wasn't documented.
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Wynell
9 months ago
I've got this! The difference is clearly due to a counting error in the float. Option C has to be the right answer - a $20 bill was mistaken for a $10 bill.
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Arlean
9 months ago
Okay, let's see. The key information is the $76 in expense vouchers and the $36 cash in the float, which adds up to $112 but the imprest float is $100. I think option B makes the most sense - there's likely a missing $10 expense voucher.
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Lennie
9 months ago
This seems like a straightforward petty cash reconciliation question. I'll carefully review the information provided and think through each option to determine the most likely explanation for the $10 difference.
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Cordelia
10 months ago
Hmm, I'm a bit unsure about this one. I'll need to double-check the details and make sure I understand the imprest system concept before selecting an answer.
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Tresa
10 months ago
Ugh, I hate these EDFA questions. They always seem to involve a bunch of complicated formulas and calculations. I'm just going to guess and hope for the best.
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Cecil
10 months ago
Hmm, I'm a bit unsure about this one. I'll need to think it through carefully to make sure I don't miss anything.
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Teddy
10 months ago
This seems straightforward to me. A receptive-identification task is all about the learner responding to the verbal stimulus, so the correct answer has to be C, listener.
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Krystina
1 year ago
I'm no accountant, but I feel like they're trying to trick us with these petty cash questions. Just keep it simple, guys!
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Troy
1 year ago
Ooh, tricky one. I think I'll go with A - overstated expense vouchers. Can't go wrong with the straightforward option, right?
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Sommer
1 year ago
I think it might be D - missing receipt in the float.
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Pamella
1 year ago
I agree with A - overstated expense vouchers.
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Margurite
1 year ago
I'm leaning towards C - counting error in the float.
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Veta
1 year ago
I think it's B - missing expense voucher.
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Elke
1 year ago
Haha, a $20 bill counted as a $10? That's a classic petty cash blunder right there. I'd go with C on this one.
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Nu
1 year ago
I was leaning towards D, the missing receipt. But B makes sense too. Either way, it's important to keep that petty cash system in order!
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Shawna
1 year ago
We should definitely make sure to keep track of all receipts and vouchers in the petty cash system.
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Ellsworth
1 year ago
I agree, missing expense vouchers can definitely cause discrepancies.
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Margery
1 year ago
I think B is the most likely explanation for the difference.
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Armanda
1 year ago
Hmm, I'm pretty sure it's B. Missing expense voucher. That seems like the most straightforward explanation to me.
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Albert
1 year ago
I'm not sure, but D could also be a possibility. Maybe a receipt from an employee was not added to the float.
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Ruthann
1 year ago
I see your point, but I still think it's B. A missing expense voucher is the most likely reason.
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Jess
1 year ago
I disagree, I believe it's C. A $20 bill being counted as a $10 bill in the float makes more sense.
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Rebeca
1 year ago
I think it could also be A. The total of the expense vouchers might have been overstated by $10.
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Dalene
1 year ago
That's a good point, Izetta. It could be either of those reasons causing the $10 difference.
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Izetta
1 year ago
I disagree, I believe it could also be C) A $20 bill has been counted as a $10 bill in the float.
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Dalene
1 year ago
I think the answer is B) $10 expense has been paid for which there is a missing expense voucher.
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