Concept:The imprest system is a petty cash control method where a fixed float is maintained and reimbursed by the exact amount spent during the period.
Explanation:Statement I is false because the imprest amount is decided by each organization and is not the same everywhere.
Statement II is false because the petty cashier receives the fixed sum at the beginning of the period, not at the end.
At the end of the period, the petty cashier is reimbursed with the amount actually spent, which is not a fixed sum.
Statement III is true: reimbursement equals the amount spent in that period.
Statement IV is true: the system provides control over petty cash expenses.
Answer:Correct statements are III and IV, so the answer is D. III and IV.