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Quirk Company has the following cash balances: Cash in Bank $15,742, Payroll Bank Account $6,000, and Plant Expansion Fund Cash $25,000. Explain how each balance should be reported on the balance sheet.
Weegy: Current Assets Cash & Cash Equivalents - 21,742 Non-Current Assets Investment (Plant Expension Fund) 25,000 Since the cash in the Plant Expansion Fund is restricted for a specific purpose reduces its liquidity and must be classified as a [ non-current asset, usually as an long term investment. ] User: The principle of an efficient accounting system that states that an accounting system should accommodate a variety of users is Weegy: The principle of an efficient accounting system that states that an accounting system should accommodate a variety of users is flexibility. User: To be useful, the information outputs of a system should be Weegy: To be useful, the information outputs of a system should be relevant, reliable, timely, and accurate. User: Which of the following is a true statement about manual and electronic accounting systems? Few small companies begin with manual systems. The design and structure of manual and electronic systems are essentially the same. Many companies convert from electronic to manual systems. The design and structure of manual and electronic systems are fundamentally different. (More)
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