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

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

A. Long Form

B. Liability Factor

C. Ledger Folio

D. Liquidity Fund

Answer: Option C

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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Question #1

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What is the primary scope of a 'Tax Audit' under Section 44AB of the Income Tax Act?

A. To assess social impact

B. To value the shares of the company

C. To find accounting errors

D. To ensure books are maintained per tax laws and compute taxable income correctly

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Correct Answer: Option D

Explanation:
A tax audit ensures compliance with the Income Tax Act, preventing tax evasion by verifying deductions and income reporting.

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

Question #2

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A liability arising from a past event, whose existence depends on a future uncertain event, is known as:

A. Fixed Liability

B. Contingent Liability

C. Deferred Liability

D. Current Liability

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Correct Answer: Option B

Explanation:
Contingent liabilities depend on the outcome of a future event (like a pending lawsuit) and are disclosed in footnotes.

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Question #3

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S1: A Cash Book is a subsidiary book. S2: A Cash Book also acts as a ledger account. Which statement(s) is/are correct?

A. Both S1 and S2

B. S1 only

C. S2 only

D. Neither S1 nor S2

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Correct Answer: Option A

Explanation:
The Cash Book is a subsidiary book (book of original entry) for cash transactions. It also serves as the Cash and Bank accounts in the ledger, eliminating the need to post them separately. Both statements are correct.

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

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