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From course:

ACCA Paper F3/FA/FFA

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Question:

What is the Imprest System of petty cash?

Author: Christy B.



Answer:

A system petty cash where the previous week/months expense's worth of petty cash is topped up from the bank. This keeps the petty cash at a set balance, that is low enough for there not to be a great loss if there is any theft.


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