Interested to Buy Any Domain ? << Click Here >> for more details...
What is the difference between an Imprest and Non-imprest
petty cash account?
- 2 Answers
- 45828 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / eilynn
In a non-imprest system, a fixed amount is issued every
month.
Every time cash is required, there is no incentive to
ensure all money issued has been documented because when
money is all spent, a cheque for a fixed amount is issued
by the chief cashier.
It is much more difficult to reconcile a non-imprest system
as you never know how much exactly should be in the float.
In an imprest system, the amount requested is documented.
So, at all times, you can check how much should be left in
the pretty cash float by deducting the amount spent from
the opening petty cash float.
| Is This Answer Correct ? | 82 Yes | 13 No |
Answer / nagesh
petty cash fund is by definition an imprest fund. There is
no such thing as non imprest petty cash. If you haven't set
aside money into petty cash (imprest is "lending" money to
a fund to pay future expenses), then it isn't imprest.
And if you don't have any cash in the fund, petty cash
doesn't exist. Requirements are such that there need to be
specific controls surrounding petty cash.
If not, there is room for abuse and fraud that will not be
caught by a normal bank reconciliation process. Basically
additional controls need to be established.
| Is This Answer Correct ? | 18 Yes | 45 No |
While preparing BRS, if we find difference in cash book with bank statement,we rectify the entries after that where it is posted which is rectifyed? it is posted in cash book or other separate book?
define instsllment system?
what is accounting standard?
58 Answers ABC, Accounting, Banking, College School Exams Tests, Genpact, JK Associates, Livewire, TCS, Vijai Electricals, YCH,
what is a share?
26 Answers Facebook, Franklin Templeton,
what is the journal entry for tax refund?
28 Answers Firm, HSBC, Rahman Industries, Taj Group,
what annual retten of sale tax
Explain sensex?
Sales Return is asset or laibility
Short Answer on ___________Arbitrator
Can anybody send me Interview questions & Answers to me IN Accounts & finance my Mail ID - razvinotes@yahoo.com
What is the difference between Cash accounting System and Mercantile system of accounting
Expand------BIFR
Audit 
