Bycalebho
The Imprest System is a system for controlling petty cash. The person petty cashier is given an amount in advance of expenditure. This amount also known as the “float.” Under the Imprest system, the chief cashier replenishes the cash such that the petty cash box always has the same amount of float at the start…
Bycalebho
PURPOSE Accounting principles or concepts are set up to ensure all business standardise accounting definitions, assumptions and methods when recording transactions in the business Accounting concept Definition Frequently tested in Materiality Concept Requires the disclosure of information which is deemed to be material in accounting reports. Information is deemed to be material if it has…
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