Practice Test

Q1) A co-op. society operating in several states has to follow the co-operative societies Act of all the concerned states. Show Answer

Q2) Co-operative society is a corporate body distinct from its members. Show Answer

Q3) Under the Maharashtra Co-op. Societies Act, audit of a co-op. society can be conducted by a person other than a chartered accountant. Show Answer

Q4) Under the Maharashtra Co-op. Societies Act, audit of a co-op. society can be conducted by a person who holds a Government diploma in Co-op. accounts and audit. Show Answer

Q5) Under the Maharashtra Co-op. Societies Act, audit of a co-op. society can be conducted by a person who has served as an auditor in the Co-operative department of the State Government. Show Answer

Q6) Under the Maharashtra Co-op. Societies Act, the term ‘member’ includes an associate member. Show Answer

Q7) Under the Maharashtra Co-op. Societies Act, a nominal member is not treated as a ‘member’. Show Answer

Q8) Under the Maharashtra Co-op. Societies Act, a society must maintain a Register of audit objections and their rectifications. Show Answer

Q9) Under the Maharashtra Co-op. Societies Act, every Society shall transfer 25% of the profit to the Reserve Fund. Show Answer

Q10) Under the Maharashtra Co-op. Societies Act, no society can incur a borrowing liability exceeding two times the total amount of paid up capital, accumulated reserve fund, and building fund minus accumulated losses. Show Answer

Q11) Under the Maharashtra Co-op. Societies Act, an auditor has, under certain circumstances, a right to impound the books or documents of a society. Show Answer

Q12) Under the Maharashtra Co-op. Societies Act, the Audit fees of co-operative societies are to be decided by the General Body. Show Answer

Q13) Under Maharashtra Co-op. Societies Act, auditor has to report on transactions involving infringements of provisions of the Act, Rules and Buy-laws. Show Answer

Q14) Under the Maharashtra Co-op. Societies Act, auditor need not report on sums which ought to but have not been brought into account by the society. Show Answer

Q15) Under the Maharashtra Co-op. Societies Act, auditor has to report on any material impropriety or irregularity in the expenditure or in the realisation of moneys due to the society. Show Answer

Q16) Under the Maharashtra Co-op. Societies Act, auditor need not report on any money or property belonging to the society which appears to the auditor to be bad or doubtful debt. Show Answer

Q17) “Housing Society” also includes society which provides open plots to members for housing. Show Answer

Q18) A co-operative housing society does not prepare Trading and Profit & Loss Account. Show Answer

Q19) Income from ‘Non-occupancy charges’, parking charges, outsiders occupancy charges is normally credited to the Sinking Fund A/c. Show Answer

Q20) Entrance Fees are treated as revenue receipts. Show Answer

Q21) Transfer Fees are credited to Repairs Fund. Show Answer

Q22) Authorised Share Capital of a Co-operative Housing Society is mentioned in the Memorandum of Association of the society. Show Answer

Q23) Every member on his admission to the society has to purchase 5 shares of Rs. 50 each of the housing society. Show Answer

Q24) Debit balance in income & expenditure account should be deducted from the Share Capital. Show Answer

Q25) Property Taxes are divided among the members equally. Show Answer

Q26) Water charges are divided among the members on the basis of the area of flats. Show Answer

Q27) Normal recurring repairs should be recovered from members @ minimum of 1/4% of the cost of the flat per annum from each member. Show Answer

Q28) Normal recurring repairs are divided among the members equally. Show Answer

Q29) Expenses on repairs and maintenance of the lift, including charges for running the lift are not recovered from ground floor flats not using the lifts. Show Answer

Q30) Parking Charges are divided among the members equally. Show Answer

Q31) Insurance Charges are divided among the members equally. Show Answer

Q32) Subject to buy-laws members of Tenant Co-partnership Societies are free to reconstruct, repair, rebuild, demolish the property according to their free will without any interference from the society. Show Answer

Q33) Any income arising from investment of an ear-marked fund will be credited to Show Answer

Q34) A co-op. society operating in Maharashtra, Gujarat and Delhi has to follow Show Answer

Q35) Capital of a co-operative society is in the form of Show Answer

Q36) Working capital of a society as defined under the Maharashtra Co-op. Societies Act includes Show Answer

Q37) Under the Maharashtra Co-op. Societies Act, audit of a co-op. society can be conducted by Show Answer

Q38) Under the Maharashtra Co-op. Societies Act, the term ‘member’ includes, in addition to a person duly admitted as a member Show Answer

Q39) The whole of the day-to-day management of a Co-operative Society vests in Show Answer

Q40) Under the Maharashtra Co-op. Societies Act, a society must prepare the following financial statements for an accounting year - Show Answer

Q41) Under the Maharashtra Co-op. Societies Act, a society must prepare the Profit & Loss A/c and the Balance Sheet for an accounting year Show Answer

Q42) In the case of such societies, the Land and Building do not appear in the Balance Sheet Show Answer

Q43) In this case the members are the owners of the property Show Answer

Q44) In the case of such societies, Society as a whole is the owner of the property Show Answer

Q45) Contribution towards the sinking fund Show Answer

Q46) Value of Share of each member in capital of the society Show Answer

Q47) Non-occupancy Charges Show Answer

Q48) Audit charges Show Answer

Q49) Bye Law No. 67 Show Answer

Q50) Bye Law No. 68 Show Answer

Q51) Bye Law No. 69 Show Answer

Q52) Bye-Law No. 84 Show Answer

Q53) Bye-Law No. 72 Show Answer

Q54) Interest on the defaulted charges Show Answer

Q55) Books, Records & Registers Show Answer

Q56) Maximum Cash Balance Show Answer

Q57) Cheque Payments Show Answer

Q58) Final Accounts Show Answer

Q59) A co-operative housing society has 15 members. All payments in excess of the following limits shall be made by means of Crossed A/c Payee Cheque. Show Answer

Q60) A co-operative housing society has 45 members. All payments in excess of the following limits shall be made by means of Crossed A/c Payee Cheque. Show Answer

Q61) A co-operative housing society has 51 members. All payments in excess of the following limits shall be made by means of Crossed A/c Payee Cheque. Show Answer

Q62) A member who holds jointly a share of society with others, but whose name does not stand first in share certificate. Show Answer

Q63) Expulsion of a member can be done Show Answer

Q64) Amendment of bye-laws of the society can be done Show Answer

Q65) Proper custody and maintenance of property belonging to the society is the function of Show Answer

Q66) Proper maintenance of accounts relating to financial transactions of the society Show Answer

Q67) To summon all the meetings including Annual General Meeting and record the proceedings in respective books Show Answer

Q68) To keep all the necessary registers and records required by the Act and Rules and bye-laws Show Answer

Q69) Register of audit objections is required to be maintained by a Show Answer

Q70) Register of audit objections is required to be maintained by a Co-operative Society under Show Answer

Q71) List of Members in ‘1’ Form is required to be maintained by a Co-operative Society under Show Answer

Q72) List of members shall have to be maintained in ‘U’ form is required to be maintained by a Co- operative Society under Show Answer

Q73) Receipts and Payments accounts is required to be prepared by a Co-operative Society under Show Answer

Q74) The prescribed form of Balance Sheet and Profit & Loss Account (Form ‘N’) is dealt with in Show Answer

Q75) Section of the Act states that a society shall construct its relevant annual financial statement and arrive at its consequent net profit or loss in the manner prescribed. Show Answer

Q76) Section of the Act states that no parts of the profits shall be appropriated except with the approval of the General Body. Show Answer

Q77) Section of the Act states that no part of the funds other than the dividend equalisation or Bonus equalisation shall be paid by way to bonus or dividend to its members. Show Answer

Q78) Section of the Act states that every society shall contribute annually towards the Education Fund. Show Answer

Q79) Annual contribution towards Education Fund by a Primary Consumers Society Show Answer

Q80) Every Society deriving profits, shall transfer % of the profit to the Reserve Fund Show Answer

Q81) No society can incur a borrowing liability exceeding Show Answer

Q82) A Consumer Society Show Answer

Q83) In case of loans given by the society to the depositors on the security of his fixed deposit with the Society, the amount of loan shall not exceed Show Answer

Q84) The maximum amount of cash allowable to be kept by Sugar Factories Show Answer

Q85) The maximum amount of cash allowable to be kept by Consumer Societies Show Answer

Q86) The maximum amount of cash allowable to be kept by Salary Earners Societies Show Answer

Q87) The maximum amount of cash allowable to be kept by Housing Societies Show Answer

Q88) In consumers’ co-operative societies Sales made to members are recorded in Show Answer

Q89) In consumers’ co-operative societies % of net profit is transferred to ‘dividend equalisation reserve’. Show Answer

Q90) The first item on Assets side of the balance sheet of a co-operative society is Show Answer

Q91) Tools and Equipments are shown in the balance sheet of a co-operative society Show Answer

Q92) Deadstocks is shown in the balance sheet of a co-operative society Show Answer

Q93) Value of Share of each member in capital of the society Show Answer

Q94) The maximum amount of cash allowable to be kept by Sugar Factories Show Answer

Q95) The maximum amount of cash allowable to be kept by Consumer Societies Show Answer

Q96) The maximum amount of cash allowable to be kept by Salary Earners Societies Show Answer

Q97) The maximum amount of cash allowable to be kept by Housing Show Answer

Q98) Annual contribution towards Education Fund by a Primary Consumers Society Show Answer

Q99) A co-operative housing society has 15 members. All payments in excess of the following limits shall be made by means of Crossed A/c Payee Cheque Show Answer

Q100) A co-operative housing society has 45 members. All payments in excess of the following limits shall be made by means of Crossed A/c Payee Cheque. Show Answer

Q101) A co-operative housing society has 51 members. All payments in excess of the following limits shall be made by means of Crossed A/c Payee Cheque. Show Answer