Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 35 - No. 26)
In an imprest system for petty cash, what action typically occurs at the end of a specific period?
The petty cash fund is replenished to its original amount.
The petty cash fund is closed and all remaining cash is deposited into the bank.
The petty cash fund is increased to cover anticipated future expenses.
The petty cash fund is audited.
Explanation
The key characteristic of the imprest system is replenishing the fund to its initial balance at the end of a period.
Comments (0)
