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JAMB Principles of Accounts 1999 Question 11

Question 11

Petty Cash

The fixed amount of money given to a petty cashier at the beginning of a period is called

  1. A.imprest
  2. B.petty cash
  3. C.float
  4. D.cash advance.
Show the answer and explanation

Answer: A (imprest)

Explanation

Under the imprest system the petty cashier starts each period with a fixed sum called the imprest.