i The amount of the imprest is the same from one organization to another
ii.At the end of a fixed period, the petty cashier received a fixed sum of money.
iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?
-
A.
i, ii and iii -
B.
i, iii and iv -
C.
i, ii and iv -
D.
iii and iv
Correct Answer: Option C
Explanation
The basic characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.