Top 150+ Solved Co-operative Management and Administration MCQ Questions Answer
Q. 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…………..
a. revenue account
b. income and expenditure account
c. profit statement
d. both (a) and (b)
Q. Realisable Value of an asset is……………
a. the estimated amount that the assets would fetch, if sold or disposed off.
b. the amount that is estimated to replace the asset
c. the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition
d. all of the above
Q. The written down value or going concern value of an asset is……….
a. the estimated amount that the assets would fetch, if sold or disposed off.
b. the amount that is estimated to replace the asset
c. the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition
d. all of the above
Q. The replacement value of an asset is……………
a. the estimated amount that the assets would fetch, if sold or disposed off.
b. the amount that is estimated to replace the asset
c. the amount that an asset costs, when purchased or acquired, less the provisions made for depreciation since its acquisition
d. all of the above
Q. Interest accrued on investment and loans, Stock in trade in case of trading concernsare known as ……………assets.
a. current
b. wasting
c. floating
d. both (a) and (c)
Q. ……………..assets are those of a fixed nature and are gradually exhausted and usedup in the course of working, such as a mine or quarry.
a. current
b. wasting
c. floating
d. both (a) and (c)
Q. ……………..will be acquired only by co-operatives which undertake publication ofbooks.
a. copy rights
b. trade marks
c. patents
d. good will
Q. Registered debentures, stocks and shares, Government Securities, Inscribed stocks andBearer bonds and share warrants are………
a. current assets
b. floating assets
c. investments
d. fixed assets
Q. Valuation of stock in trade is at ……………………….
a. cost
b. market price
c. cost or market price
d. cost or market price whichever is lower
Q. ………………arises due to inefficiency, negligence, mischief or bad luck etc.
a. normal loss
b. abnormal loss
c. loss
d. cost
Q. In manufacturing and processing societies by-products may be valued at their ……………………..
a. current ruling prices
b. cost
c. predetermined prices
d. average price
Q. In farming societies producing crops with an annual cycle the basis of valuation of byproducts may be …………………
a. the selling price
b. cost
c. predetermined prices
d. average prices
Q. ……………are certain assets which represent capital expenditure which may not haveresulted in identifiable profit earning assets and which still remain to be written off.
a. fixed assets
b. intangible assets
c. fictitious assets
d. floating assets
Q. The word ‘Auditor’ is derived from the Latin word …………..meaning to hear.
a. audire
b. audio
c. perceive
d. to listen
Q. The main object of audit today is to ……….
a. find out whether the accounts of a particular concern exhibits a true and fair view of the financial state of affairs.
b. to detect errors, fraud etc
c. both (a) and (b)
d. none of the above