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

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

Question #: 85
Topic #: 1

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?

AThe total of the expense vouchers has been overstated by $10

B$10 expense has been paid for which there is a missing expense voucher

CA $20 bill has been counted as a $10 bill in the float

DA $10 receipt from an employee has not been added to the float

Show Suggested Answer

Suggested Answer: A

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

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Krystina

29 days 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 months 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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Veta

5 days ago

I think it's B - missing expense voucher.

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Elke

1 months 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 months 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

17 days ago

We should definitely make sure to keep track of all receipts and vouchers in the petty cash system.

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Ellsworth

18 days ago

I agree, missing expense vouchers can definitely cause discrepancies.

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Margery

20 days ago

I think B is the most likely explanation for the difference.

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Armanda

2 months 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

6 days 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

16 days 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

18 days 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 months 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

2 months ago

That's a good point, Izetta. It could be either of those reasons causing the $10 difference.

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Izetta

3 months 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

3 months ago

I think the answer is B) $10 expense has been paid for which there is a missing expense voucher.

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