Accounts CXC Review

the following questions are based on cooperatives

Select Begin to start

• Begin

• Start

Co-operatives are owned by ___________________

• a single person

• the auditors

• the Board of Director

• the shareholders

Which of the following are two principles of co-operatives?

• Going concern and matching

• Democratic control and prudence

• Open membership and community building

• Independence and marketing

Which of the following items relate to co-operatives?

• Patronage dividends and ordinary dividends

• Ordinary dividends and dividends on capital

• Preference dividends and ordinary dividends

• Patronage dividends and dividends on capital

Which of the following will constitute the financial statements of co-operatives?

• Trading Account and Profit and Loss Account

• income and Expenditure Account and Balance Sheet

• Receipt and Payment Account and Income and Expenditure Account

• Trading Account and Balance Sheet

In the accounts of a co-operative, a statutory transfer represents a/an _____________________

(think where it is place in the financial statements)

• reserve

• asset

• expense

• liability

For co-operatives, interest on deposits to members is a/an _________________________

• reserve

• asset

• liability

• expense

A statutory deduction for co-operatives is calculated as a percentage of _______________________

• surplus

• total assets

• income

• capital

Which of the following represents forms of co-operatives?

• Consumer, financial and service.

• Worker, marketing and patronage dividends.

• Statutory transfers, share capital and marketing.

• Financial, reserves and surplus.

Undistributed profits are __________________________

• distributed as dividends

• carried forward to the next financial year

• paid out as honoraria

• debited to the Income and Expenditure Account