of a cooperative shall be allowed if the same in intended to defraud creditors. 29. Merger and consolidation of cooperatives shall be deemed effective upon the issuance of the certificate of merger or consolidation by the Coope
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- -What extent a member is liable to cooperative debts? -Discuss the procedure when the board of directors may wish to terminate a member of a cooperative. -Describe dissolution. -Differentiate voluntary dissolution from involuntary dissolution. -Identify the causes of dissolution. -The rules and regulation on the liquidation of cooperatives.FASB Standard No. 164, describe the differences between mergers and acquisitions for not-for-profit organizations/-Differentiate between a regular member and associate member of a cooperative. -Explain to what extent liable to cooperative debts? -Discuss the procedure when the board of directors may wish to terminate a member of a cooperative.
- True or False 25. A cooperative duly-registered consistent with the Philippine Cooperative Code shall have limited liability. 26. Cooperatives like private corporations need not amend their Articles of Incorporation to extend their existence. 27. Dissenting members of a cooperative have the right to withdraw which is similar to the exercise of the right of appraisal of a stockholder.60 When the entity uses the IFRS for SMEs, investments in jointly controlled entities must be tested for impairment, if the entity uses Group of answer choices The cost method, the equity method or the fair value model The cost model or the fair value model The equity method or the cost model The equity method or the fair value modelThe Corporation Code sanctions a contract between two or more corporations which have interlocking directors, provided there is no fraud that attends it and it is fair and reasonable under the circumstances. The interest of an interlocking director in one corporation may be either substantial or nominal. It is nominal if his interest: a. does not exceed 25% of the outstanding capital stock. b. exceeds 25% of the outstanding capital stock. c. exceeds 20% of the outstanding capital stock. d. does not exceed 20% of the outstanding capital stock.
- Which of the following situations best describes a business combination to be accounted for as a statutory merger? Select one: a. Two companies combine to form a new third company, and the original two companies are dissolved. b. One company transfers assets to another company it has created c. Both companies in a combination continue to operate as separate, but related, legal entities. d. Only one of the combining companies survives and the other loses its separate identityBBAAA is a duly-registered credit cooperative. On one occasion, BBAAA rented out its facility to a certain review center for the conduct of review sessions. The owner of the review center is not a member of the cooperative. Is the rental income of the cooperative taxable? a. No, income of duly-registered cooperatives are excluded from taxable income (tax-exempt). b. Yes, only income from credit transactions of the cooperative is tax exempt. c. Yes, the transaction of the cooperative is not with a member hence, taxable. d. Answer not given1. From among the list, what is the difference between a partnership and a corporation? a. Existence of the corporation is perpetual but partnership is not b. Both have separate and juridical personality from the people composing it c. Both can be created to practice a profession d. The properties are owned solely by the partnership and corporation2. When the Securities and Exchange Commission disapproves the amended Articles of Incorporation, what is the available remedy of the Corporation? a. A criminal complaint may be filed to compel the Securities and Exchange Commission. b. A civil suit may be filed to compel the Securities and Exchange Commission. c. A reasonable time to modify the objectionable portions of the articles or amendment. d. None of the above 3. A promised that in order to help the partnership start its business, he will contribute P1Million as capital. Now that the partnership is about to begin, the partners demanded A to give his promise. However, A…
- Which statement most accurately describes the law in relation to Small Business Entity (SBE) Concessions?Select one:a. SBE must choose whether to apply the roll-over relief concession; or can opt for the 50% discount, but cannot apply bothb. Provided they meet the criteria, SBE can apply multiple CGT discounts at the same timec. None of these statements are correct as SBE, Companies and Trusts do not qualify for CGT discountsd. Overall value of all assets owned by the Small Business Entities (SBE) must be less than $10 million to qualify for CGT concessionsTRUE or FALSE The accounting for partnerships differs from the accounting for sole proprietorships, corporations and cooperatives in regard to the accounting for equity but not for assets and liabilities.A merger occurs when one corporation takes over all the operations of another business entity, and that entity is dissolved. Select one: True False