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Topic Content:
- Definition of Imprest System
- Example of Imprest System
This is a system usually used by most organisations to maintain the petty cash book.
The imprest system states that the petty cashier is given a sum of money, usually from the chief cashier, from which payments are made.
This payment is called a Cash Float, whatever amount is spent by a petty cashier during a period must be given back to the petty cashier to maintain the float.
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