Management Accounting Online Test Questions Part 5

21. Folio refers to the _____ of the books of original entry or the ledger.

a. Books
b. Page number
c. File
d. Transactions


22. Which of the following is true about the nature of Ideal Standards?

i] They are generally practical
ii] They are generally theoretical
iii] They usually show an unfavourable trend
iv] They usually don't show variances

a. i and ii
b. i and iv
c. ii and iii
d. ii and iv


23. What type of a statement is Profit & Loss statement?

a. Periodical
b. Limited
c. Final
d. Irrelevant