The petty cash fund should be replenished
A)only for the total amount of expense receipts on hand.
B)for the total amount that was originally set up in the imprest fund.
C)for the total amount of expense receipts on hand plus cash remaining before replenishment.
D)for the amount needed to bring the petty cash fund back to its imprest amount.

Question

Quizplus · Accepted Answer

The petty cash fund should be replenished for the amount needed to bring the petty cash fund back to its imprest amount. This is because the imprest system requires that the petty cash fund is always at a specific amount, and the replenishment should bring it back to that amount. The other options (A, B, and C) do not take into account the imprest system and may result in an incorrect amount in the petty cash fund.

The Petty Cash Fund Should Be Replenished