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As I discussed with my worthy students, there was a trick involved in the following question of Financial Management and Accounting.
(b) $340
(c) $400
(d) $500
(e) $160
Now most of the students have given the answer (e) $160, because they have subtracted 400 total expenses from 560 total income. Now this is wrong because you have to reclaim the money which is spent and not saved. The trick is that while doing your calculation, the $160 is simply the difference of amount or in other words, this is the amount left with you in your cash drawer after doing all the expenses. Now you have to make this 160 left with you back to 500, so you have to ask for another $340 to make it 500. So the actual answer is (B) $340 and NOT (e).
So everyone of 1st, 2nd and 3rd semester except Dr Nazar Mohammad, did this question wrong.
As I discussed with my worthy students, there was a trick involved in the following question of Financial Management and Accounting.
The following is a summary of the petty cash
transactions for a week:
transactions for a week:
| Income | $ | Expenditure | $ |
| Opening balance | 500 | Travelling expenses | 150 |
| Sale of stamps | 10 | Subsistence expenses | 250 |
| Sale of paper | 50 |
Petty cash is maintained using the imprest system.
What sum should be reclaimed by the cashier at the
end of the week?
(a) $150What sum should be reclaimed by the cashier at the
end of the week?
(b) $340
(c) $400
(d) $500
(e) $160
Now most of the students have given the answer (e) $160, because they have subtracted 400 total expenses from 560 total income. Now this is wrong because you have to reclaim the money which is spent and not saved. The trick is that while doing your calculation, the $160 is simply the difference of amount or in other words, this is the amount left with you in your cash drawer after doing all the expenses. Now you have to make this 160 left with you back to 500, so you have to ask for another $340 to make it 500. So the actual answer is (B) $340 and NOT (e).
So everyone of 1st, 2nd and 3rd semester except Dr Nazar Mohammad, did this question wrong.
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