In the operation of an imprest of petty cash, the

  • A petty cashier pays all expenses
  • B petty cashier pays money to the accountant
  • C petty cashier regularly begins each period with the same amount of money
  • D main cashier accounts to the petty cashier for some experiences made by him
waec 2014accounting

The correct answer is C. petty cashier regularly begins each period with the same amount of money

An imprest system is a Self-checking account where a fixed balance is maintained by regular replenishments and used for paying small, routine operating expenses. Also called Imprest account, Imprest fund, petty cash account, or petty cash fund,.

Previous question Next question