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Questions and Answers
Which of the following documents must every cooperative have ready and accessible for inspection?
Which of the following documents must every cooperative have ready and accessible for inspection?
- A collection of staff holiday records
- A list of employee names
- A register of members (correct)
- A copy of the cooperative's utility bills
Who is responsible for the maintenance of the cooperative in accordance with generally accepted accounting practices?
Who is responsible for the maintenance of the cooperative in accordance with generally accepted accounting practices?
- The accountant or bookkeeper (correct)
- The general assembly members
- The board of directors
- The members of the Authority
What is the required postal address for cooperatives?
What is the required postal address for cooperatives?
- Any address within the country
- A residential address of a board member
- A temporary address for communication purposes
- An official postal address registered with the Authority (correct)
Which entity should have a copy of the articles of cooperation and bylaws of the cooperative?
Which entity should have a copy of the articles of cooperation and bylaws of the cooperative?
Who should be responsible for the production of financial statements at the time of audit or inspection?
Who should be responsible for the production of financial statements at the time of audit or inspection?
What does the official postal address serve as for cooperatives?
What does the official postal address serve as for cooperatives?
What is the responsibility of the audit committee in relation to the books and records of account?
What is the responsibility of the audit committee in relation to the books and records of account?
What is the consequence of a cooperative's failure to file the required reports?
What is the consequence of a cooperative's failure to file the required reports?
What is the primary function of any register or list of members shares kept by a registered cooperative?
What is the primary function of any register or list of members shares kept by a registered cooperative?
What is the fiscal year of every cooperative according to the text?
What is the fiscal year of every cooperative according to the text?
What happens if a cooperative fails to make, publish, and file the reports required by the Code?
What happens if a cooperative fails to make, publish, and file the reports required by the Code?
According to generally accepted auditing standards, when should the financial statements be published?
According to generally accepted auditing standards, when should the financial statements be published?
What is the responsibility of a cooperative regarding its program activities at the end of every fiscal year?
What is the responsibility of a cooperative regarding its program activities at the end of every fiscal year?
What is the tax treatment for duly registered cooperatives under this Code?
What is the tax treatment for duly registered cooperatives under this Code?
What is the period within which reports should be filed with the Authority?
What is the period within which reports should be filed with the Authority?
What does a cooperative have a primary lien upon for any debt due from a member?
What does a cooperative have a primary lien upon for any debt due from a member?
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