i The amount of the imprest is the same from one organization to another

ii.At the end of a fixed period, the petty cashier received a fixed sum of money.

iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.

iv The system is a method by which a measure of control is kept on petty cash expenses.

Which of the above is correct about the imprest system?

  • A i, ii and iii
  • B i, iii and iv
  • C i, ii and iv
  • D iii and iv
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The correct answer is C. i, ii and iv

The basic characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.

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