i.) The amount of the imprest is the same from one organization to another
ii.) At the end of a fixed period, the petty cashier received a fixed sum of money.
iii.) At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?
i, ii and iii
i, iii and iv
i, ii and iv
iii and iv
Correct answer is C
The basic 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.