In the journal, 'L.F.' stands for: MCQ with Answer and Explanation

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In the journal, 'L.F.' stands for:

A. Liability Factor

B. Long Form

C. Liquidity Fund

D. Ledger Folio

Answer: Option D

Solution (By JKSSB Mock Tests)

L.F. column indicates the page number of the ledger where the account is posted.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Management Letter' in audit is:

A. Tax letter

B. The audit report

C. Engagement letter

D. Communication to management on internal control weaknesses and other observations

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Correct Answer: Option D

Explanation:
Management letter (letter of weakness) suggests improvements in internal controls.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

The 'Independence' of auditor means:

A. Auditor is a relative of management

B. Auditor is free from any influence that could compromise professional judgment

C. Auditor can hold shares in the client company

D. Auditor can take loan from client

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Correct Answer: Option B

Explanation:
Independence in mind and appearance is fundamental to audit.

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Question #3

Under the double-entry system, a decrease in an asset is recorded by:

A. Crediting the asset account

B. Debiting the asset account

C. Debiting a liability account

D. Crediting the capital account

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Correct Answer: Option A

Explanation:
Assets have normal debit balances. A decrease is recorded by crediting the account.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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