- 1 Marks
FA – Mar/July 2020 – L1 – SA – Q3 – Recording Financial Transactions
Definition of imprest system
Question
What is an imprest system?
A. Records of the use of an entity’s resources
B. It is part of computerised accounting
C. A system where an accountant pays for expenses, maintains and provides records of the expenses at a regular interval
D. Helps to control petty cash by making available a fixed amount of money at a regular interval
E. Helps to reconcile the cash book with the bank statement
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