Co Operative Management And Administration Set 5
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This set of Co-operative Management and Administration Multiple Choice Questions & Answers (MCQs) focuses on Co Operative Management And Administration Set 5
Q1 | Interest earned, Miscellaneous income, Commission, Profit in non-credit businessareshown on the credit side of ………
- profit and loss account
- trading account
- manufacturing account
- balance sheet
Q2 | ………………are the expenses paid on account of rent, rates and taxes, insurancepremiums, subscriptions membership fee etc. for periods that extent beyond the date of the balance sheet.
- prepaid expenses
- interest receivable
- deferred revenue expenditure
- outstanding expenses
Q3 | Expenses incurred but not paid, are called………….
- prepaid expenses
- interest receivable
- deferred revenue expenditure
- outstanding expenses
Q4 | Interest accrued up to the date of balance sheet are known as ………………..
- prepaid expenses
- interest receivable
- deferred revenue expenditure
- outstanding expenses
Q5 | When heavy expenditure is incurred and the benefits of which extend to periodsbeyond the date of the balance sheet, such expenditure should be equitably spread over the period during which the benefits of such expenditure would be available and are known as ………………….
- prepaid expenses
- interest receivable
- deferred revenue expenditure
- outstanding expenses
Q6 | In the case of non trading societies such as Co-operative Education Societies, hospital,societies and similar other types of societies, which do not undertake trading activities, it is common to term the “Profit and Loss Account” as…………..
- revenue account
- income and expenditure account
- profit statement
- both (a) and (b)
Q7 | Realisable Value of an asset is……………
- the estimated amount that the assets would fetch, if sold or disposed off.
- the amount that is estimated to replace the asset
- the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition
- all of the above
Q8 | The written down value or going concern value of an asset is……….
- the estimated amount that the assets would fetch, if sold or disposed off.
- the amount that is estimated to replace the asset
- the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition
- all of the above
Q9 | The replacement value of an asset is……………
- the estimated amount that the assets would fetch, if sold or disposed off.
- the amount that is estimated to replace the asset
- the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition
- all of the above
Q10 | Interest accrued on investment and loans, Stock in trade in case of trading concernsare known as ……………assets.
- current
- wasting
- floating
- both (a) and (c)
Q11 | ……………..assets are those of a fixed nature and are gradually exhausted and usedup in the course of working, such as a mine or quarry.
- current
- wasting
- floating
- both (a) and (c)
Q12 | ……………..will be acquired only by co-operatives which undertake publication ofbooks.
- copy rights
- trade marks
- patents
- good will
Q13 | Registered debentures, stocks and shares, Government Securities, Inscribed stocks andBearer bonds and share warrants are………
- current assets
- floating assets
- investments
- fixed assets
Q14 | Valuation of stock in trade is at ……………………….
- cost
- market price
- cost or market price
- cost or market price whichever is lower
Q15 | ………………arises due to inefficiency, negligence, mischief or bad luck etc.
- normal loss
- abnormal loss
- loss
- cost
Q16 | In manufacturing and processing societies by-products may be valued at their ……………………..
- current ruling prices
- cost
- predetermined prices
- average price
Q17 | In farming societies producing crops with an annual cycle the basis of valuation of byproducts may be …………………
- the selling price
- cost
- predetermined prices
- average prices
Q18 | ……………are certain assets which represent capital expenditure which may not haveresulted in identifiable profit earning assets and which still remain to be written off.
- fixed assets
- intangible assets
- fictitious assets
- floating assets
Q19 | The word ‘Auditor’ is derived from the Latin word …………..meaning to hear.
- audire
- audio
- perceive
- to listen
Q20 | The main object of audit today is to ……….
- find out whether the accounts of a particular concern exhibits a true and fair view of the financial state of affairs.
- to detect errors, fraud etc
- both (a) and (b)
- none of the above
Q21 | ………………… is a written record of queries made, replies furnished there against,correspondence entered into, observations made at the time of checking etc.
- audit note book
- working papers
- audit program
- both (a) and (b)
Q22 | are lists of audit procedures to be performed by audit staff in order to obtain sufficientappropriate evidence.
- audit program
- working papers
- audit note book
- both (a) and (b)
Q23 | …………………………. is a detailed plan of the auditing work to be performed,specifying the item in the financial statements and allocating tentative time required.
- audit programme
- working papers
- audit note book
- both (a) and (b)
Q24 | ………………………….provides a guide in arranging and distributing the work andin checking against the possibility of omissions.
- audit programme
- working papers
- audit note book
- both (a) and (b)
Q25 | …………….. are those papers which contain essential facts about the accounts so thatthe auditors may not have again to go over the accounts.
- working papers
- audit note book
- audit programme
- both (a) and (b)