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In the operation of an imprest of petty cash, the

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Accounts - Principles of Accounts WAEC 2014

In the operation of an imprest of petty cash, the

  • petty cashier pays all expenses
  • petty cashier pays money to the accountant
  • petty cashier regularly begins each period with the same amount of money checkmark
  • main cashier accounts to the petty cashier for some experiences made by him

The correct answer is: 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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