JAMB Accounting 2013 Objective — Question 11

I. The amount of the imprest is the same from one organisation to another. II. At the end of a fixed period, the petty cashier receives 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?

• A. I and III
• B. I, III and IV
• C. II and IV
• D. III and IVCorrect