Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 44 - No. 48)
Which of the following describes an 'imprest system' for petty cash?
The petty cash fund is replenished at irregular intervals.
The petty cash fund is replenished to a fixed amount at regular intervals.
The petty cash fund balance fluctuates depending on the needs.
The petty cash fund is used for all cash transactions.
Explanation
The imprest system involves replenishing the petty cash fund to its initial balance at the end of a set period.
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