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

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

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

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

Which of the following is correct about the imprest system?

  • A II and IV
  • B II, III and IV
  • C I, II and III
  • D III and IV
jamb 2016accounting

The correct answer is B. II, III and IV

The imprest system is a form of financial accountingsystem. The most common imprest system is the petty cash system. The base characteristic of animprest 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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