Q118
The most common imprest system is the ______ system
A.
Petty cash
AnswerB.
Cash book
C.
Cash receipts journal
D.
Discount
Answer: Option A
Solution
Answer: Option A
Solution:
The most common imprest system is the Petty cash system. The base 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.