MC Qu. 5-92 Which of the following statements incorrectly... Which of the following statements incorrectly describes...
MC Qu. 5-92 Which of the following statements incorrectly...
Which of the following statements incorrectly describes an imprest system?
Multiple Choice
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An imprest system helps eliminate the risk that the bank might overpay or underpay an employee.
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An imprest system is an internal control procedure relating to cash payments.
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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.
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The use of an imprest system eliminates the need for bank reconciliations.
Homework Answers
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Answer)The use of an imprest system eliminates the need for bank reconciliations. Bank reconciliation is for the assessing the causes for difference between the cash and bank account and to record for the changes. |
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MC Qu. 5-92 Which of the following statements incorrectly...
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