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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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts