Most petty cash funds use an imprest system.

Name: Most petty cash funds use an imprest system.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The imprest system is a widely used method for managing petty cash funds. Under this system, a fixed amount of money is initially placed in the fund, and receipts are collected for all expenses. When the fund runs low, it is replenished to its original amount based on the receipts provided. This ensures that the petty cash fund remains at a constant level and helps to prevent misappropriation of funds.

Most Petty Cash Funds Use an Imprest System