Imprest system is used in

Name: Imprest system is used in
Brand: Quizplus
Rating: 4.8 (51 reviews)

Question

Quizplus · Accepted Answer

The Imprest system is specifically used in managing petty cash. It involves keeping a fixed amount of cash on hand for small, routine expenses, and replenishing this amount periodically to maintain the set level. This system is most commonly associated with the petty cashbook, where small transactions are recorded separately from the main cashbook to simplify accounting and improve control over minor expenditures.

Imprest System Is Used in