The imprest of a petty cashier is N2450 Expenses on Printing 420 Cleaning 250 Stamp and postage 175 How much was received to maintain the imprest at the end of the month?
A. N1, 605 B. N875 C. N2, 450 D. N1, 300
Correct Answer: B
Explanation
The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished. 450 + 250 +175 = 875 the imprest will be reimbursed with the amount that was spent which is 875
