WAEC Accounting 2016 Paper

Concept:The imprest system keeps petty cash at a fixed amount by reimbursing exactly what was spent during the period.Explanation:The fixed imprest amount is GH¢6,000.At the end of the period, the amount left in the petty cash box is GH¢2,000.Therefore, the amount spent by the petty cashier is:$$GH¢6,000 - GH¢2,000 = GH¢4,000$$Under the imprest system, the reimbursement is equal to the amount spent.So, the cashier will be reimbursed GH¢4,000 to restore the imprest to GH¢6,000.Answer:C. GH¢4,000