Which is false about cooperative BODs?
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12. Which is false about cooperative BODs?
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- 13 - Which of the following is true for cooperatives?A) It can be established with a maximum of 10,000 partners.B) The number of partners is variable.C) The registered capital system is essential.D) The minimum limit of the partnership share is 50 TL.E) The capital is represented by shares.True or False 37. Officers and employees of the Cooperative Development Authority are disqualified to be elected or appointed to any position in a cooperative. 38. An applicant for membership in a cooperative shall be deemed a member after approval by the general manager of the cooperative. 39. Members of a cooperative much like the stockholders in a private corporation have limited liability. 40. The bylaws of a corporation may provide for the grounds of termination of membership of a cooperative member.Question 52 Voluntary dissolution of a cooperative requires the approval of: Group of answer choices Majority of the Board and 2/3 of the members Majority of the Board and 3/4 of the members Majority of the Board and Majority of the members Majority of the Board only Question 53 M issued a promissory note to P which states “I promise to pay P P10,000.” The promissory note was issued in exchange for a bag of marijuana. P subsequently indorsed and delivered the said promissory note to A. Which of the following statements is correct? Group of answer choices A can validly collect from M if A acquired the promissory note in good faith and for value. A can only go after P if M will dishonor the note and only if a corresponding notice of dishonor will be given to P. A cannot validly collect from M if A has knowledge of the infirmity in the instrument thus making A a holder not in due course. A can validly collect from P because the latter violated his warranty. Question…
- (AUTHORIZATION MATRIX) The following are the authorized signatories for Serrano Company: Mr. A. Serrano Mrs. B. Serrano Mr. C. Serrano Ms. D. SerranoAuthorization matrix revealed the following: Amount of Disbursement Who Will Sign? P10,000 and below ANY one (1) of the four (4) signatories P20,000 and below Mr. C. Serrano AND Ms. D. Serrano, jointly Mr. A. Serrano, singly Mrs. B. Serrano, singly P50,000 and below (PRIMARY)Mr. A. Serrano AND Mrs. B. Serrano, jointly (SECONDARY)1st signatory: either Mr. A. OR Mrs. B. Serrano;2nd signatory: either Mr. C OR Ms. D. Serrano NOTE: Secondary is only used when one of the primary is not available. On November 6, the Finance Department prepared the following checks, vouchers and supporting documents for approval: Check number Payee Amount Complete Documents 00032 Juanito Dela Costa P 7,500.00 a 00033 Crisanta Ramirez 9,473.23 a 00034 Ramona Aquino 5,267.85 a 00035 Techie Supplies Inc. 23,460.00 a…Prove or disprove the statement below: The CNA (Collective Negotiation Agreement) is considered as a benefit for public employees. Given the formula below: CNA + 13th Month Pay + other benefits > Php30,000 are taxable. Suppose a certain government employee earns a CNA = php12,764.12, 13th Month Pay php24,291.78, and he has no other benefits. How much of his additional earning will be taxed?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.
- 1. A cooperative transacting business only with its members is on its third-year operation. It reserves 40% of its operating income in compliance with the new CDA regulation. During the year, it reported a total operating income of P3,200,000 inclusive of P2,00,000 income from related activities. Compute the deductible amount of transfers to reserve against gross income. 2. In 2019, Mr. A, a practicing lawyer, adopted a public elementary school and contributed P500,000 for the acquisition of computer equipment and software. Mr. A had an operating income of P950,000 before this contribution expense. Assuming the "Adopt-a-School Program" is an investment priority program of the government in 2019,Compute Mr. A's additional contribution expense 3. ABC Corp employs three senior citizens as regular employees. Two of them are receiving the minimum wage which is within the poverty level. Total minimum wages paid to these senior citizen employees during the year were P128,000. One of the…Question 77 The purpose of this cooperative is to procure and distribute commodities to members and non-members: Group of answer choices Producers Cooperative Credit Cooperative Marketing Cooperative Consumers Cooperative Question 78 Upon filing of the application for registration with the required attachments, the CDA must act on the said application within this period, otherwise, it is deemed approved: Group of answer choices 30 days from filing 45 days from filing 60 days from filing 90 days from filing Question 79 A cooperative created by minor individuals. Group of answer choices Primary Cooperative Subsidiary Cooperative Laboratory Cooperative Guardian Cooperative Question 81 What is the effect of the complete loss of the subject matter of the contract of sale at the exact moment of the perfection of the contract of sale? Group of answer choices The buyer is still required to pay the price. The contract of sale is void ab initio. The…A three-year old cooperative has a successful operation for the year 2022. It has a net surplus of P625,500. The cooperative allocates 50% of net surplus to general reserve fund, 10% to education and training fund, 3% to community development fund and 7% to optional fund. How much of the net surplus maybe remitted to a union or federation chosen by the cooperative? ---------
- Question #21 of 85 Which one of the following is a nontax characteristic of a custodial account established under the Uniform Transfers to Minors Act (UTMA)? A) Control of property in the account will be transferred to the minor at the state set age of majority. B) Only transfers of cash, securities, or life insurance may be placed in such a custodianship. C) Only transfers by the original donor are allowed. D) The age at which the beneficiary must be given control of the assets is determined by federal law.I am coming up with the wrong values, I believe because I am getting tripped up with verbiage. Please help with a descriptive understanding. Thanks Ben Franklin and John Hancock decide to form a partnership. Franklin invests $35,000 cash and accounts receivable of $25,000 less allowance for doubtful accounts of $2,000. Hancock contributes $23,000 cash and equipment having a $5,500 book value. It is agreed that the allowance account should be $3,000 and the fair value of the equipment is $10,000. Prepare the necessary journal entry to record the formation of the partnership.-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.
