The 'Ledger Folio' (L.F.) column in journal is filled when: MCQ with Answer and Explanation

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The 'Ledger Folio' (L.F.) column in journal is filled when:

A. Posting is done to ledger

B. Trial balance is prepared

C. Final accounts are made

D. Transaction is recorded

Answer: Option A

Solution (By JKSSB Mock Tests)

Ledger folio is written in journal after posting to ledger, indicating the page number of ledger.

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

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Question #1

Opportunity Cost can be best described as:

A. The benefit sacrificed when choosing one alternative over the next best alternative

B. The cost of idle time

C. A cost that cannot be changed

D. The direct cost of making a product

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Correct Answer: Option A

Explanation:
Opportunity cost is a crucial economic and management concept reflecting the value of the foregone alternative in decision making.

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Question #2

The 'Integrated Goods and Services Tax' on imports is levied under:

A. Customs Tariff Act

B. Only Customs Act

C. IGST Act

D. Both A and B

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Correct Answer: Option D

Explanation:
IGST on imports is levied under IGST Act read with Customs Tariff Act.

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

Question #3

In the context of the Cash Book, the term 'C' written against an entry stands for:

A. Cash

B. Carry forward

C. Contra

D. Credit

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Correct Answer: Option C

Explanation:
The letter 'C' in the Ledger Folio column signifies a contra entry, which impacts both cash and bank columns.

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

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