In the operation of an imprest of petty cash, the

Accounts - Principles of Accounts

WAEC 2014

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

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Correct Answer: Option C

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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In the operation of an imprest of petty cash, the

Correct Answer: Option C

Explanation

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