Question

Explain the Charachteristics and the internal controlfeatures of an imprest fund.

An imprest fund has ______ balance at all​ times, which equals the sum of ______ accounts receivable cash in the bank cash in the fund deposits in transit plus the ______ check stubs credit memos total of the tickets that support payments from the fund. The internal control feature of an imprest fund is that it _______ clearly debits clearly identifies decreases increases the amount of money for which the fund custodian is responsible.

Answer 1

the Same; cash in the fund; total of the tickets; clearly identifies.

Step-by-step explanation:

Okay, let us first fill in the gap in the question above. Please note that the capitalized words are the missing words.

"An imprest fund has THE SAME balance at all​ times, which equals the sum of CASH IN THE FUND accounts receivable cash in the bank cash in the fund deposits in transit plus the TOTAL OF THE TICKETS check stubs credit memos total of the tickets that support payments from the fund. The internal control feature of an imprest fund is that it CLEARLY IDENTIFIES (decreases increases) the amount of money for which the fund custodian is responsible."

IMPREST FUND can simply be defined as the money that one can keep in order to be able to pay for little-little day-by-day expenses. IMPREST fund is one of the powerful tools that is been used in accounting. IMPREST fund is generally kept with a custodian.