Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 32 - No. 31)
Which of the following is true regarding the Imprest System of petty cash?
The petty cash fund balance fluctuates.
The fund is replenished periodically.
Petty cash vouchers are not required.
This system is used for large purchases.
Explanation
The Imprest system is designed to replenish the petty cash fund to a fixed amount periodically.
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