AccountancyCLASS 11CBSE
answered 23 Jun 2026What do you mean by ‘ Imprest System of petty cash’ ?
A.VERIFIED ANSWERfact-checked by tutors
It is convenient to entrust a definite sum of money to the petty cashier in the beginning of a period and to reimburse him for payments made at the end of the period. Thus, he will have again the fixed amount in the beginning of the period.
Such a system is known as the ‘Imprest system of petty cash.’