12 Questions
Who is responsible for the maintenance of the cooperative in accordance with generally accepted accounting practices?
The accountant of the cooperative
Which document must be accessible for inspection during reasonable office hours at the cooperative's official address?
The articles of cooperation and bylaws
What is responsible for the continuous and periodic review of the cooperative's books and records of account?
Board of directors
Which record should each cooperative maintain to ascertain the true and correct condition and results of its operation?
Financial statement only
What is NOT a document that a cooperative should have ready and accessible for inspection?
Personal documents of members
Who is responsible for ensuring that the books and records of account are in accordance with generally accepted accounting practices?
The audit committee
Every cooperative should have a copy of the regulations of the Authority accessible for inspection.
True
The books of the minutes of the meetings should NOT be made accessible for inspection.
False
Every cooperative must maintain a register of board members.
False
The accountant or bookkeeper is responsible for maintaining the cooperative in accordance with generally accepted accounting practices.
True
The audit committee is responsible for the production of financial statements.
False
Each cooperative is not required to maintain records of accounts that show the true and correct condition and results of its operation.
False
Study Notes
Cooperative Maintenance and Accountability
- The accountant or bookkeeper is responsible for ensuring the cooperative's maintenance in accordance with generally accepted accounting practices.
- The audit committee is responsible for the continuous and periodic review of the cooperative's books and records of account.
Records and Documents
- Each cooperative must maintain a register of board members.
- The cooperative must maintain a record to ascertain the true and correct condition and results of its operation.
- A copy of the regulations of the Authority must be accessible for inspection.
Documents Accessible for Inspection
- The cooperative's books and records of account must be accessible for inspection during reasonable office hours at the cooperative's official address.
- The documents accessible for inspection do not include the books of the minutes of the meetings.
Note: These notes focus on key facts and figures, avoiding repetition and extra words.
Test your knowledge on the required documents that every cooperative should have ready and accessible for inspection. Topics include the Code, laws, regulations, articles of cooperation, bylaws, register of members, and meeting minutes.
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