In an imprest system, the bank account is reimbursed for the exact amount of the disbursements made from the fund.

Question

Quizplus · Accepted Answer

In an imprest system, the custodian of the fund initially receives a fixed amount from the issuer. As the custodian incurs disbursements, he or she records them, and when the fund is nearly depleted, the custodian submits receipts to the issuer for reimbursement. The issuer then reimburses the custodian for the exact amount of the disbursements that occurred, thereby restoring the fund to its original amount.

In an Imprest System, the Bank Account Is Reimbursed for the Exact