INTERVIEW QUESTIONS ACCOUNTING PROCESS CASH BOOKS DETAILS

Question: In petty cash book, the system followed:-

(a) Accrual System
(b) Imprest System
(c) Ledger System
(d) None

Answer: (b) Imprest System
Description: The system followed for maintaining Petty Cash Book is known as Imprest system. 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 new period. Such a system is known as the Imprest system of petty cash.

(b) Imprest System
Description: The system followed for maintaining Petty Cash Book is known as Imprest system. 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 new period. Such a system is known as the Imprest system of petty cash. Source: CoolInterview.com

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