Which one of the following statements about an imprest system of petty cash is correct?

A

An imprest system for petty cash controls small cash expenditures because a fixed amount is

paid into petty cash at the beginning of each period.

B

The imprest system provides a control over petty cash spending because the amount of cash

held in petty cash at any time must be equal to the value of the petty cash vouchers for the

period

C

An imprest system for petty cash can operate without the need for petty cash vouchers or

receipts for spending.

D

An imprest system for petty cash helps with management of small cash expenditures and

reduces the risk of fraud