The sum of money given to a petty cashier out of which small payments are made is called ___
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Correct Answer: Option D
Explanation:
The float (also known as petty cash float) is the fixed sum of money given to the petty cashier at the start of a period under the imprest system. This amount is used to make small, everyday payments such as postage, transport fares, or minor office supplies.
At the end of the period, the petty cashier submits a record of all expenses made, and the total amount spent is reimbursed - restoring the float to its original amount.
The float (also known as petty cash float) is the fixed sum of money given to the petty cashier at the start of a period under the imprest system. This amount is used to make small, everyday payments such as postage, transport fares, or minor office supplies.
At the end of the period, the petty cashier submits a record of all expenses made, and the total amount spent is reimbursed - restoring the float to its original amount.