Accounting WAEC

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

Correct Answer: Option C

C. petty cashier regularly begins each period with the same amount of money

Explanation

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,.

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