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WAEC Financial Accounting 2005 Question 12

Question 12

Petty Cash

The maximum level of cash held by a cashier under an imprest system is a/an

  1. A.vote
  2. B.float
  3. C.reimbursement
  4. D.advance.
Show the answer and explanation

Answer: B (float)

Explanation

The fixed imprest amount is the float.