Which of the Following Statements Correctly Describes an Imprest System

question 106

Multiple Choice

Which of the following statements correctly describes an imprest system?

• A) An imprest system is an internal control procedure relating to cash receipts.
• B) There is no difference between a petty cash fund and an imprest bank account.
• C) If the transfers from the payroll account to the employees' checking accounts occur without error, the imprest payroll bank account will equal zero after all employees have been paid.
• D) The use of an imprest system eliminates the need for bank reconciliations.

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Definitions:

Human Agency

The capacity of individuals to act independently and make their own free choices.

Personal Agency

The ability of people to operate autonomously and make choices freely.

Proxy Agency

The theory or capacity of individuals or groups to act on behalf of others or represent others in certain capacities or decision-making processes.

Collective Agency

The capacity of a group of individuals to act together towards a common goal, often seen in social movements or collaborative projects.