ACCO 30033 QUIZ5 Select the best answer for each of following questions. Please complete the exam in less than thirty (30) minutes. Points: 22/30 1. What is the title of RA no. 9520? * (1/1 Point) Cooperative Code of the Philippines Cooperative Development Authority Philippine Cooperative Code of 2008 v Revised Cooperative Code of the Philippines 2. tis the highest policy-making body of the cooperative which exercises such powers as are stated by law, in the articles of cooperation and in by laws of the cooperative. * (1/1 Point) Board of Directors Board of Cooperators General Assembly (GA) v Executive Committeex 3. What is the minimum capitalization of a cooperative? * (0/1 Point) 5,000 10,000 15,000 20,000 4. The Cooperative Development Authority is the sole government agency mandated to register all types of cooperatives. * (1/1 Point) ‘The statement is correct. ¥ The statement is incorrect. x 5, Payments of patronage refund will be reported in the statement of cash flows under: * (0/1 Point) Operating Investing Financing v 6.14, The Reserve Fund of a cooperative is 8% of its net surplus. * (1/1 Point)The cooperative violates the Cooperative Code. The allocated fund is within the amount required by law. 7.In general, the primary objective of every cooperative is: * (1/1 Point) to provide goods and services to its members to provide optimum social and economic benefits to its members to help improve the quality of life of its members v to allow the lower-income and less privileged groups to increase their ownership in the wealth of the nation 8.A cooperative formed and organized under the law acquires juridical personality from the date: * (1/1 Point) of filing the articles of cooperation and bylaws the Cooperative Development Authority (CDA) issues a certificate of registration under its official seal the Authority approves the articles of cooperation and bylaws of organization of the cooperative. 9. Cooperatives are exempted from paying taxes. * (1/1 Point) ‘The statement is correct. v The statement is incorrect.10.13. Funds set aside from the net surplus and shall be used for the acquisition of PPE. * (1/1 Point) Plant Fund Reserve Fund Optional Fund v Patronage Fund 11. One of the requirements for a prospective member to be accepted in a cooperative is the completion of a Pre-Membership Education Seminar. * (1/1 Point) The statement is correct. ‘The statement is incorrect. 12. What is the classification of the Cooperative Development Authority(CDA)? * (1/1 Point) National Government Agency v Local Government Unit Government-Owned and or Controlled Corporation Non-governmental organization x 13. The minimum number to organize a cooperative is 15 members. * (0/1 Point) The statement is correct.The statement is incorrect. 14, Cooperatives are governed by Republic Act No. (RA): * (1/1 Point) 9250 9160 g194 9520 v x 15. What shalll be used as a basis of accounting for accounts or transactions whenever PERS for SMEs differ from the revised Standard Chart of Accounts for cooperatives? * (0/1 Point) Standard chart of Accounts ~ PERS for SMEs PERS Pas 16.Statement 1 _ In primary cooperatives, members have equal voting rights of one- member, one vote. Statement 2. A regular member is one who has complied with the majority of the membership requirements. * (1/1 Point) Only statement 1 is correct. Vv Only statement 2 is correct.Both statements are correct. Both statements are incorrect. 17.A type of cooperative with the primary purpose of procuring and distributing commodities to members and non-members. * (1/1 Point) credit cooperative producers cooperative consumers cooperative v multi-purpose cooperative x 18. Cooperative fund created to provide for stability and to absorb losses, if any, in its business operations. * (0/1 Point) Patronage Fund Reserve Fund Optional Fund Cooperative Education and Training Fund 19. Who may organize a primary cooperative? * (1/1 Point) fifteen(15) or more natural persons, majority of whom must be Filipino citizens, of legal age, having a common bond of interest and are actually residing, or working in the intended area of operation and must have completed a Pre-Membership Education Seminar (PMES) at least five(5) but not more than fifteen(15) natural persons, Filipinos, of legal age, with PMES, having a common bond interest and are actually residing or working in the intendedarea of operation. fifteen(15) or more natural persons, Filipino citizens, of legal age, having a common bond of interest and are actually residing or working in the intended area of operation and must have completed a PMES. at least fifteen(15) but not more than 30 natural persons, Filipino citizens, of legal age, with PMES, having a common bond of interest and are actually residing or working in the intended area of operation. 20. Both the Articles of Cooperation and By-Laws are required for registration to the CDA. * (1/1 Point) The statement is correct. The statement is incorrect. 21.A type of cooperative that combines two(2) or more of the business activities of the different types of cooperatives. * (1/1 Point) credit cooperative producers cooperative consumers cooperative multi-purpose cooperative ¥ 22. An associate member of a cooperative is entitled to all the rights and privileges provided by cooperative laws. * (1/1 Point) The statement is correct. The statement is incorrect, v23. The following funds are the statutory funds of a cooperative, except: * (1/1 Point) Reserve Fund Education and Training fund Community and Extension Fund Optional Fund 24, National Cooperative Month is celebrated every year during the month of * (1/1 Point) July ‘August September October v 25. The Cooperative Education and Training Fund (CETF) of a cooperative is 8% of its net surplus. * (1/1 Point) The cooperative violates the Cooperative Code. The allocated fund is within the amount req red by law. 26. Unless otherwise provided in the by-laws, the direction and management of the affairs of a cooperative shall be vested in the board of directors which shall be composed of * (1/1 Point) not more than fifteen (15) members elected by the general assembly for a term of three years. not less than five (5) nor more than fifteen(15) members elected by the GA for a term of three (3) years.ot less than five (5) nor more than fifteen(15) members elected by the GA for a term of two(2) years, at least five(5) members elected by the GA for a term of two(2) years. 27.Statement 1A duly registered cooperative shall have limited liability. Statement 2A duly registered cooperative has a term of 50 years from the date of registration, with no extension. * (1/1 Point) Only statement 1 is correct. v Only statement 2 is correct. Both statements are correct, Both statements are incorrect. x 28. Collections of members’ share capital will be reported in the statement of cash flows under: * (0/1 Point) Operating Investing Financing x29,Statement 1 The cooperative may be dissolved by order of the competent court after due hearings on the grounds of violation of any law, regulations, or provision of its By-Laws and Insolvency, Statement 2. The CDA may suspend or revoke, after due notice and hearing the Certificate of Registration if the Cooperative is existing for an illegal purpose. * (0/1 Point) Only Statement 1 is correct. Only statement 2 is correct. Both statements are correct. Both statements are incorrect. x 30.Statement 1A member shall have the right to examine the records required to be kept by a cooperative on any day. Statement 2. Any officers of the Cooperative who shall refuse to allow any cooperative member to examine and copy excerpts from its records shall be liable to such member for damages. * (0/1 Point) Only statement 1 is correct. Only statement 2 is correct. v Both statements are correct, Both statements are incorrect. 31. Select your section. *BSA 3-1 BSA 3-4 BSA 3-6 BSMA 3-5 BSMA 3-6 ‘This content is created by the owner of the form. The data you submit will be sent to the form owner. Microsoft is not responsible for the privacy or security practices ofits customers, including those of this form owner, Never give out your password Powered by Microsoft Forms | Privacy and cookies | Terms of use