JAMB Accounting 2017 Objective — Question 14

Consider the statements: 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 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 following is correct about the imprest system?

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