Account 2016 JAMB Past Questions - Question 23: 1. The amount of the imprest is the same from one organization to another. II. At the end of a fixed period, the petty cashier received a fixed sum of money. III. At the end of a period, the petty cashier is reimbursed with the amount spent in that period. IV. The system is a method by which a measure of control is kept on petty cash expenses. Which of the following is correct about the imprest system?

1. The amount of the imprest is the same from one organization to another. II. At the end of a fixed period, the petty cashier received a fixed sum of money. III. At the end of a period, the petty cashier is reimbursed with the amount spent in that period. IV. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?