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Question

What do you mean by the Imprest System followed by business concerns for managing petty cash expenses?


  1. As soon as a fixed amount is spent, the Chief Cashier again pays the required sum to the Petty Cashier

  2. Under this system the Petty Cashier receives from the Chief Cashier a fixed Sum of money for a fixed period of time

  3. Under this system, the total petty expenses for a particular period are estimated and that amount is advanced by the Chief Cashier to the Petty Cashier

  4. None of the above


Solution

The correct option is C

Under this system, the total petty expenses for a particular period are estimated and that amount is advanced by the Chief Cashier to the Petty Cashier


This amount plus the amount lying unspent with the Petty Cashier will be equal to the imprest cash.

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