1. The amount of the imprest is the same from one organization to another. 2.
FINANCIAL
JAMB 2016
1. The amount of the imprest is the same from one organization to another.
2. At the end of a fixed period, the petty cashier received a fixed sum of money.
3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
4. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?
- A. II and IV
- B. II, III and IV
- C. I, II and III
- D. III and IV
Correct Answer: B. II, III and IV
Explanation
The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of animprest 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.
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