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The amount of the imprest is the same from one organization to another.
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At the end of a fixed period, the petty cashier received a fixed sum of money.
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At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
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The system is a method by which a measure of control is kept on petty cash expenses.
A. II and IV
B. II, III and IV
C. I, II and III
D. III and IV
Correct Answer:
Option B – II, III and IV
Explanation
Imprest system is a form of a financial accounting system. The most common imprest system is the petty cash system. The base 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.
