In the expenditure cycle,good control dictates that expenditures should be paid by check.This may not be feasible when minor purchases are made.To facilitate quick payment for minor purchases,a(n)________ should be set up and maintained using ________.

Question

Quizplus · Accepted Answer

An imprest fund, specifically a petty cash fund, is set up for minor purchases, and it is maintained using vouchers to track each disbursement, ensuring good control over small expenditures.

In the Expenditure Cycle,good Control Dictates That Expenditures Should Be