JAMB Accounting 2016 Objective — Question 14

14. 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 following is correct about the imprest system? (a) I, III and IV (b) II and IV (c) I, II and III (d) III and IV

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