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Auditing Fundamentals: Vouching

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Questions and Answers

What is the primary purpose of a property and investment register?

To track depreciation and market value (correct)
To manage fixed deposits
To monitor shareholding
To record loan disbursement

What is the minimum percentage of total shares that a member can hold?

20% (correct)
40%
10%
30%

Who can provide a guarantee for a loan?

Any individual
Two members of the society (correct)
Only one registered society
A non-member

What is the minimum percentage of profits that should be transferred to reserve funds?

25% (C) Signup and view all the answers

What is the purpose of a loan disbursement register?

To manage loan disbursement and repayment (B) Signup and view all the answers

Where can a society invest its funds?

In the central or state co-operative bank (C) Signup and view all the answers

Who can a society give a loan to?

Only to its members (A) Signup and view all the answers

What is the purpose of a surety register?

To manage loan guarantees (C) Signup and view all the answers

What is the purpose of a fixed deposit register?

To manage fixed deposits (A) Signup and view all the answers

What is the purpose of a register of recovery of loan?

To record loan recovery (D) Signup and view all the answers