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The fixed amount of money given to a petty cashier at the beginning of a...

Accounts - Principles of Accounts
JAMB 2018

The fixed amount of money given to a petty cashier at the beginning of a period is called?

  • A. Imprest
  • B. float
  • C. cash advance
  • D. cash
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Correct Answer: Option A
Explanation

The word 'imprest' means 'advance amount' given to certain person to make petty payments. It is a system of petty cash book where a person (petty cashier) is given a fixed amount in the beginning of the month or week.


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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709