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petty cash

This topic has 3 replies, 3 voices, and was last updated 4 years ago by John Moffat.

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September 2, 2020 at 11:40 am #583111
mkfatima
Member
- Topics: 19
- Replies: 3
All expenditure out of the petty cash must be properly authorized, why this statement is incorrect?
September 2, 2020 at 3:46 pm #583141
John Moffat
Keymaster
- Topics: 57
- Replies: 54482
I think that you are referring to Question 2 of the specimen exam.
The question asks which of the following explains the imprest system of petty cash.
Although the statement is true (expenditure should be properly authorised) it is not explaining the imprest system.
September 3, 2020 at 4:31 pm #583284
lokeshdh00
Participant
- Topics: 132
- Replies: 129
Sir can you please explain, what is imprist system.
September 4, 2020 at 9:24 am #583356
John Moffat
Keymaster
- Topics: 57
- Replies: 54482
I explain it in my free lectures on Chapter 10 of our free lecture notes.
The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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