Fixed-Time Period System (or Periodic Review system) is the inventory management system in which
inventory is checked in fixed time periods, T, and the quantity ordered varies.
The imprest system is a form of financial accounting system. The most common imprest system is the
petty cash system. The base characteristic of an imprest system is that a fixed amount is re-served,
which after a certain period of time or when circumstances require, because money was spent, it will
be replenished.
So the correct answer should be "Items are reviewed as part of an imprest system"
LO 2, AC 2.3
