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
a. Books
b. Page number
c. File
d. Transactions
Answer: b. Page number
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
Answer: c. ii and iii
23. What type of a statement is Profit & Loss statement?
a. Periodical
b. Limited
c. Final
d. Irrelevant
Answer: a. Periodical
