Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 42 - No. 31)
Which of the following is a characteristic of the Imprest system of Petty Cash?
The petty cash fund balance fluctuates.
The petty cash fund is replenished on a regular basis.
Petty cash vouchers are not used.
The petty cash fund is used for large purchases.
Explanation
The Imprest system replenishes the fund to its original balance, and vouchers are used to document expenditures.
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