16 Questions
Which of the following documents must every cooperative have ready and accessible for inspection?
A register of members
Who is responsible for the maintenance of the cooperative in accordance with generally accepted accounting practices?
The accountant or bookkeeper
What is the required postal address for cooperatives?
An official postal address registered with the Authority
Which entity should have a copy of the articles of cooperation and bylaws of the cooperative?
The members and representatives of the Authority
Who should be responsible for the production of financial statements at the time of audit or inspection?
The accountant or bookkeeper
What does the official postal address serve as for cooperatives?
A point of contact for notices and communications
What is the responsibility of the audit committee in relation to the books and records of account?
To review the books and records periodically to ensure compliance with generally accepted accounting practices
What is the consequence of a cooperative's failure to file the required reports?
Subjecting the accountable officer/s to fines and penalties by the Authority
What is the primary function of any register or list of members shares kept by a registered cooperative?
To record the date on which any person ceased to be a member
What is the fiscal year of every cooperative according to the text?
The calendar year
What happens if a cooperative fails to make, publish, and file the reports required by the Code?
The Authority sends a written notice stating non-compliance and commensurate fines and penalties
According to generally accepted auditing standards, when should the financial statements be published?
Annually
What is the responsibility of a cooperative regarding its program activities at the end of every fiscal year?
Draw up regular reports showing progress and achievements
What is the tax treatment for duly registered cooperatives under this Code?
They are taxed only if they transact business with non-members or general public
What is the period within which reports should be filed with the Authority?
One hundred twenty (120) days from the end of the calendar year
What does a cooperative have a primary lien upon for any debt due from a member?
Capital, deposits, or interest of a member
Test your knowledge on the responsibilities, rights, and privileges of cooperatives, including the official postal address requirement and the maintenance of essential documents for inspection. This quiz covers the regulations outlined in Chapter VI.
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