WAEC Book Keeping 2025 Theory — Question 4

Question 4 of 40 from the West African Examinations Council (WAEC) Book Keeping 2025 Theory paper, with the correct answer and a full explanation.

State two reasons for keeping a petty cash book on the imprest system.

Model answer

i. Expenditure control - a fixed float limits how much petty cash can be spent ii. Simplified accounting - only the exact amount spent needs reimbursing/recording each period

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