Which of the following is an advantage of the impurest system?
Answer Details
The advantage of the imprest system is that it enables the meeting of small items of expenditure. In this system, a fixed amount of money is given to a person known as the imprest holder to meet small expenses that occur regularly. When the imprest holder spends the money, they account for the expenditure and are reimbursed back to the original fixed amount. This system helps to ensure that small expenses are met without having to go through the full process of authorization and reimbursement, which can be time-consuming and costly. Thus, it is an advantage of the imprest system.