JAMB Accounting 2020 Objective — Question 9

Question 9 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.

9. Imprest is used to record

A. A. All cash transactions
B. B. Petty cash transactionsCorrect
C. C. All credit transactions
D. D. Petty credit transactions

Explanation

The imprest system is used to record petty cash transactions in order not to overload the main cash book.

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