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WAEC Financial Accounting 2006 Question 3

Question 3

Petty Cash

A system where a separate cash book is maintained for small payments is

  1. A.single entry
  2. B.imprest
  3. C.float
  4. D.reimbursement.
Show the answer and explanation

Answer: B (imprest)

Explanation

The imprest system keeps a petty cash book for small payments.