JAMB Accounting 2021 Objective — Question 19

Question 19 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.

19. The petty cash book is usually _____ periodically a. Refunded b. Reimbursed c. Written off d. Discounted

A. Refunded
B. ReimbursedCorrect
C. Written off
D. Discounted

Explanation

The petty cash book (imprest system) is usually reimbursed periodically to restore the petty cashier's float to its fixed balance.

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