CSEB Previous Question 5

 1.Who is the father of co operation ?

       Ans : Robert Owen 

2. Closing stock is a ?
      

       Ans : Asset 

3. DICGC established in the year ?
       

       Ans : 1978 

4. Village level Dairy co operative Societies      are known as ?
       

        Ans : Apcos 

5. Bank without any branch is called as ?
       

        Ans : Unit Bank 

6. All expenses account are known as ?
      

         Ans : Nominal Account 

7. First Development Bank in India ?
       

          Ans : IFCI 

8. The largest fertilizer factory in Asia ?
     

          Ans : IFFCO 

9. Section 9 of NI Act deals with ?
      

          Ans : Holder in due course 

10. Grameeya is the half yearly publication         of ?
      

          Ans : NABARD 

11. Father of co operative credit Movement?
      

           Ans : FW Reiffesen 

12. Protest is issued by ?
      

           Ans : Notary public 

13. Village adoption scheme is related with?
      

          Ans : SBI 

14. The supreme body of NCDC ?
      

           Ans : General Council 

15. Village Co operatives were founded by ?
      

          Ans : Robert Owen 

16. The apex institution in the field of.                   industrial finance ?
      

           Ans : IDBI 

17. Debit in asset means ?
      

          Ans : Increase 

18. Depreciation for property and building?
       

          Ans : 2.5% 

19. Cash reserve ratio is determined by ?
      

         Ans : RBI 

20. Depreciation of iron mine due to ?
      

         Ans : Depletion 

21. Cancellation of shares is called as ?
      

        Ans : Forfeiture 

22. Which banks are called as Romance of           co operation ?
      

        Ans : Urban Banks 

23. An agreement enforceable by law is              called ?
      

        Ans : Contract 

24. Miscellaneous journal means ?
      

       Ans : Journal proper 

25. A group of account is known as ?
      

      Ans : Ledger

CSEB Previous Question 4

 1. President of NCDC ? 

         Ans : Union Agriculture Minister 

2. Lead link Scheme implemented in ? 

         Ans : 1976 

3. Area of operation of branch banking ? 

        Ans : Unlimited 

4. Section 6 (b) of NI Act ?

       Ans : Truncated Cheque

5. The delivery of goods by one person to            another for some purpose upon a contract      is called as ?

        Ans : Bailment

6. The clearing house activities in Kerala            coordinated by ? 

        Ans : SBI 

7. Auditor plan of action is known as ? 

        Ans : Audit Program 

8. The first international co operative day          was celebrated in ? 

        Ans : 7- 7- 1923 

9. The duty of publishing the preliminary            voters list of a co operative society in                Kerala is ? 

         Ans : Electoral officer 

10. Assets subject to depletion are called ? 

         Ans : Wasting assets

11. Full form of CIBIL ?

         Ans : Credit Information Bureau India                        Limited

12. The application for registration is                       submitted by ?

          Ans : Chief promoter 

13. The president and office bearers of the            Society shall be elected within ?

       Ans : 7 days 

14. The total number of rules in the KCS Act ?

       Ans : 201

15. The constitution of a co operative society         ?

       Ans : Byelaw

16. The winding up of a co operative society         is known as ?

       Ans : Liquidation

17. Co operation is included in the schedule           of Indian Constitution ?

        Ans : seven

18. Internal auditors of a co operative                    society is appointed by ?

      Ans : Managing committee

19. The co operative service examination               board shall consists of not more than               members ? 

       Ans : 3

20. One man one vote Principle                                 recommended by ? 

       Ans : Mac Lagan Committee

21. The custodian of minute Book of a co               operative society ? 

       Ans : Secretary

22. Neethy stores was started in Kerala in ?

       Ans : 1997

23. The number of members in a co                        operative tribunal ? 

       Ans : One 

24. Registration of partnership is ?

       Ans : Optional 

25. A bank reconciliation statement is                     prepared by ? 

       Ans : Customer 

26. A co operative society defined in ?

       Ans : Section 2h of KCS Act

27. District level Audit officer for a co                    operative society ? 

      Ans : Joint Director

28. The president and office bearers of the            Society shall be elected within of election        days from the date ?

       Ans : 7 days

29. Auditors create provisions for ?

      Ans : Overdue

30. The managing committee of state co                operative union consists of ?

     Ans : 23

31. Number of ICDP projects in kerala ?

      Ans : 5

32. Chairman of NABARD is appointed by ?

      Ans : Govt of India

33. The secretary of Circle co operative                   union ?

      Ans : Assistant Registrar

34. The custodian of professional education           fund ?

       Ans : Registrar of co operative society

35. The technical enquiry report in PCARDB         is prepared by ? 

       Ans : Valuation officer 

36. The first marketing society in India ?

       Ans : Hubli

37. Thrift fund is created by ?

       Ans : Handloom weavers Society

38. An employee of a co operative society              dismissed by ?

      Ans : President

39. Highest award given to the best co                    operator in India is ? 

      Ans : Sadanandan Award

40. DV files maintained by ?

       Ans : Agricultural and Rural                                         Development Bank 

41. Loss of goods by fire may be ?

        Ans : Credited to Trading account

42. The accounting equation is based on ? 

       Ans : Dual aspect consept

43. Author of the book ' Fundamental of co          operation ' ? 

      Ans : S . S . Puri

44. Investment banks are also called as ? 

       Ans : Industrial Bank

45. Sinking fund is usually created in ? 

       Ans : State agricultural and rural                                 development bank 

46. The headquarters of marketfed ?

       Ans : Cochin

47. The monthly publication of NCUI ?

       Ans : The co operator

48. The first non Agricultural Credit Society           in India established at ? 

      Ans : Baroda

49. Bills payable is a ? 

       Ans : Liability

50. Surabhi is an apex co operative society            of ?

      Ans : Handicraft Society

Registration of co operative society in Kerala

• Minimum number of persons required for registering a co operative society in Kerala is 25  

• The first committee formed for registration of a society is promoters  committee 

• Promoters committee consists of 3 to 5 members 

• The chief promoter elected by promoters committee

• The first general body meeting of a co operative society convened by chief promoter 

• The first general body meeting of a co operative society shall be convened within the period of three months 

• The chief promoter fail to convene the first general body within three months it shall be convened by any person authorised by Registrar of co operative  society  

• The share suspense collected by the chief promoter shall be deposited in the central bank within 14 days

• The application for Registration should be enclosed with , three copies of proposed draft byelaw, certificate from the bank showing the credit balance , Two copies  list the persons who contributed the share capital , Viability certificate , any other information required by Registrar of co operative Society 

• The form for application shall be submitted in duplicate and a court fee stamp of rupees 5 should be affixed to the original application  

• Every application shall be attached with a challan receipt for Registration fee, The payment of Registration fee related with the area of operation of the Societies

         1. Area of operation within a district ₹                 5000 

         2. Area of operation more than one                       district  ₹ 10000

         3. Area of operation within a taluk                       ₹ 2000 

        4. Area of operation more a taluk less                  than a district ₹ 4000 

        5. Women or SC / ST Societies ₹ 500 

        6. School Societies ₹ 100

• The registration certificate is the conclusive evidence of a co operative society 

• A society start it's functioning  only after conducting it's first general body meeting after getting the Registration 

• The application for registration of a society to be submitted in form No 1 

• The Registration certificate shall be issued by the Registrar in form No 3 

Permanent Book and Registers of co operative Society

 Permanent Book and Registers of 

co operative society 

1. Admission register

2. Audit Certificate 

3. Day Book

4. General Ledger

5. Loan Register

6. Liability Register

7. Minute Book

8. Nomination Register

9. Reserve Fund Register

10. Register of members eligible to vote 

11. Registered byelaw

12. Registration Certificate

Important Acts in KCS Act

The Indian Contract Act                   -  1872 

The Indian Trust Act                         -  1882 

The Charitable Endorsement Act  -  1890 

Banking Regulation Act                   -  1949

Employee Provident Fund Act       -  1952

Kerala Money Lenders Act             -  1958

Payment of Bonus Act                     -  1965 

Payment of Gratuity Act                 -  1972

Consumer Protection Act               -  1986

Single Entry System

• Under single entry system of Accounting only one aspect of transaction is recorded 

• Single Entry System of Accounting is also known as Incomplete system of Accounting 

• Only cash book and personal accounts are maintained in single Entry System 

• Single Entry System of Accounting followed by Sole traders , Partnership firms , Hindu Undivided Family ( HUF ) 

• Under Single Entry System of Accounting profit and loss account can be ascertained using statement of affairs method 

• Statement of affairs method also known as Conversion method and Capital comparison method 

• The Statement of affairs method is prepared to find out the capital 

• The Total Debtors Account is prepared to ascertain the credit sales and Credit Purchases are ascertain by preparing Credit Account 

• Trail Balance is not prepared under Single Entry System of Accounting

Accounting Standards in India

Accounting Standards in India

AS 1  Disclosure of Accounting policies

AS 2  Valuation of Inventories

AS 3  Cash flow statement

AS 4  Contingencies and Events occurring after the Balance sheet

AS 5  Net profit or loss for the period, prior period item and changes in Accounting Policies

AS 6  Depreciation of Accounting

AS 7  Accounting for construction contracts

AS 8  Accounting for research and Development

AS 9  Revenue Recognition

AS 10 Accounting for Fixed Assets

AS 11 Accounting for the effects of changes in foreign exchange rates

AS 12 Accounting for Government grants

AS 13 Accounting for investment

AS 14 Accounting for Amalgamations

AS 15 Accounting for retirement benefits in the financial statement of employers

AS 16 Borrowing costs

AS 17 Segment Reporting

AS 18 Related party Disclosures

AS 19 Leases

AS 20 Earning per share

AS 21 Consolidated Financial statements

AS 22 Accounting for taxes on Income

AS 23 Accounting for Investments in associated in consolidated financial statements

AS 24 Accounting for discontinued operations

AS 25 Interim Financial Reporting

AS 26 Intangible assets

AS 27 Financial Reporting of interests in joint ventures

AS 28 Impairment of assets

Accounting Principles

 1. Dual Aspect                                                                     According to this concept each and every business transactions has two aspects. This is also known as Accounting Equivalence concept.

2. Varifiability and Objectivity Principle                       This Principles says that the accounting data provided in the books of accounts should be verifiable and dependable. The figures exhibited in the financial statements should have supportive evidences such as bills and vouchers.

3. Historical Cost                                                                 Historical Cost Principles requires that all transactions should be recorded at their acquisition of cost . The acquisition of cost refers to the cost of purchasing the assets and expenses incurred in bringing the assets to the intended condition and location of use.

4. Revenue Recognition Principle                                      Revenue is the amount that a business earns through sale of goods or services. Revenue is recorded at the time when the title of goods passes from the seller to the buyer.

5. Matching Principle                                                             As per the Matching Principle only those expenses pertaining to the current accounting period must be matched against the revenue relating to the same period

6. Disclosure Principles                                                          This Principle States that the published financial statements must fully disclose the true and fair view of the state of affairs of the concern for a particular period or on a particular date.

Accounting Assumptions or concepts

Accounting assumption or concept refer to necessary assumptions or conditions on which the accounting system is based. Assumptions provide a foundation for the accounting process.

1.Accounting entity concept                                                        Accounting entity concept assumed that business unit is business unit is distinct and completely separate from the owners.

2.Money measurement concept                                                  In this concept, transactions that can be measured in terms of money only are recorded in the books of accounts

3.Going concern concept                                                              Under this concept the business unit is assumed to have an indefinite life. It is States that the business organisation is treated as a continuing one for long time.

4.Accounting period concept                                                          The period of interval for which Account is kept for ascertaining the result of business during the period is called Accounting period                                                  

              

Basic Terms in Accounting Part 2

 Income                                                                                Income is the increase in the networth of the organisation either from business activity or other activities

Expenses                                                                                The amount spent in the process of earning revenue is called as expense. Rent, wages, salaries,water charges, electricity charges are the examples of expenses.

Loss                                                                               Loss is the gross decrease in the assets or gross increase in liabilities.

Profit                                                                               Profit is the excess of revenue over expenditure in an accounting year.

Purchase                                                                               The total amount of goods procured by a business concer for cash or on credit for the purpose of sale or use is known as purchases

Sale                                                                               The income earned from the sale of goods or services rendered. The amount received from the sale of fixed assets is not treated as sales

Debtors                                                                              Debtor is a person who owe money to the business

Creditor                                                                               Creditor are person who claim for money against the business for any goods supplied or services rendered by them on credit