All expenditure out of the petty cash must be properly authorized, why this statement is incorrect?
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petty cash
6y ago#1I 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.
Sir can you please explain, what is imprist system.
6y ago#3I 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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