Question 1

The determination of dispute by the decision of one or more persons is called:

Accepted Answer

Arbitration is a process where a dispute is resolved by the decision of one or more persons (the arbitrators, arbiters, or arbitral tribunal), who are appointed to review the case and impose a decision that is legally binding for both sides and enforceable.

Question 2

The election of the members of the committee shall be conducted according to the rule _______ of the Act.

Accepted Answer

Without specific context or reference to a particular Act, it's impossible to accurately determine the correct section or rule number for the election of committee members.

Question 3

Sec. 65 deals with ______

Accepted Answer

Sec. 65 deals with enquiry.

Question 4

Rule 69 specifies the ________ procedure.

Accepted Answer

Rule 69 of the Insolvency and Bankruptcy Code, 2016, deals with the liquidation procedure.

Question 5

_______ is a document issued by the Court directing a person to appear before a Court.

Accepted Answer

A summons is a legal document issued by a court or a judicial officer that commands the person to whom it is directed to appear at a specific place and time to do something demanded by the summons.

Question 6

______ is filing a petition by the aggrieved party before a higher authority.

Accepted Answer

An appeal is the process of filing a petition by the aggrieved party before a higher authority to review and change the decision of a lower court or authority.

Question 7

The area of Central Co-operative Bank is :

Accepted Answer

Central Co-operative Banks typically operate within a specific revenue district, serving as a link between the state co-operative banks at the state level and the primary agricultural credit societies at the village or town level.

Question 8

Sec. ______ provides that a Society arc exempted from stamp duty.

Accepted Answer

Section 40 of the relevant legislation provides that a Society is exempted from stamp duty.

Question 9

The KSCU is the biggest ________ body of the co-operative movement in the state.

Accepted Answer

The KSCU is the biggest non-official body of the co-operative movement in the state.

Question 10

Audit fee calculated by transport society is :

Accepted Answer

Audit fee is calculated on the basis of hire charges collected by the transport society.

Question 11

The secretary of a Society may be :

Accepted Answer

The secretary of a Society can be either paid or honorary, depending on the specific rules and needs of the Society.

Question 12

As per Sec. _______ every member of a Society shall exercise the vote in person.

Accepted Answer

As per Section 21 of the Societies Registration Act, every member of a society is required to exercise their vote in person. This provision ensures direct participation of members in the decision-making process of the society.

Question 13

Audit of a co-operative society is

Accepted Answer

Audit of a co-operative society is statutory, meaning it is required by law. Co-operative societies are subject to specific legal requirements for audit to ensure their financial statements are accurate and comply with relevant regulations.

Question 14

Audit of a co-operative society is done as per section _____.

Accepted Answer

Audit of a co-operative society is done as per section 63.

Question 15

Auditor's plan of action is called ______.

Accepted Answer

An auditor's plan of action is referred to as an "audit programme." This outlines the specific steps and procedures the auditor intends to follow during the audit process.

Question 16

Who will be the chief of audit of co-operative societies as per latest Amendment?

Accepted Answer

The correct answer is D) director of co-operative audit. This is based on the latest amendments or regulations regarding the governance of co-operative societies, where the role of chief of audit is designated to the director of co-operative audit.

Question 17

_______ is considered as essence of auditing.

Accepted Answer

Vouching is considered the essence of auditing because it involves the verification of documents and records to support the transactions recorded in the books of accounts, ensuring their accuracy and authenticity.

Question 18

Quorum of managing committee is 50% and it is defined in Section ____.

Accepted Answer

The answer of Quorum of managing committee is 50% and...

Question 19

Maximum shares held by a member shall not exceed ________.

Accepted Answer

The answer of Maximum shares held by a member shall...

Question 20

The State Co-operative Union is established under _____ of the KCSA 1969.

Accepted Answer

The answer of The State Co-operative Union is established under...

Quiz 2: Co-Operative Society: Rules, Procedures, and Regulations