Saved Bookmarks
| 1. |
What is meant by imprest amount in petty cash book |
| Answer» An imprest system of petty cash means that the general ledger account Petty Cash will remain dormant at a set amount. For example, if the petty cash custodian is entrusted with a locking bag containing $100 of currency and coins, then the Petty Cash account will always report a debit balance of $100. | |