Question on: WAEC Accounting - 2014
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
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Correct Option: C
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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