The major advantage of an imprest system is that it

Assessment: JAMB UTME - Principles of Accounts - 2014 Subject: Financial Accounting

Question 1 Report

ensures a proper accountability for every expenditure

trains the young accountants in preparation for greater responsibilities

relieves the cheif cashier of the numerous petty cash payments

serves as an analysis column for every expenses

Answer Details

The major advantage of an imprest system is that it relieves the chief cashier of the numerous petty cash payments. This means that instead of the chief cashier having to handle and keep track of many small expenses, the responsibility for this is given to another person or department. This can make the cash management process more efficient and help to reduce the workload of the chief cashier.

Read lesson note on Cashbook (JAMB)

Cashbook

View Answer

The major advantage of an imprest system is that it

Related Questions

Download The App On Google Playstore