According to …………….Herrick, it is “the act of poor persons voluntarily united for utilizing reciprocally their own forces, resources or both, under their mutual management to their common profit or loss”.

Related MCQs

• ……………… is, “a form of organisation wherein persons voluntarily associate together as human beings on a basis of equality for the promotion of economic interest of themselves”.
• In the words of …………………, cooperation is, “a form of organisation wherein persons voluntarily associate together as human beings on a basis of equality for the promotion of economic interest of themselves”
• 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…………..
• Interest earned, Miscellaneous income, Commission, Profit in non-credit businessare shown on the credit side of ………
• ……………are certain assets which represent capital expenditure which may not have resulted in identifiable profit earning assets and which still remain to be written off.
• In ……………………….. Central Banks, the arrears under principal should not exceed 20% of demand and arrears under interest should not exceed 5% of the demand.
• In ………………………………..Central Banks, the overdues under principal exceed 60% of the demand and under interest exceed 15% of the demand.
• In ……………………, management monitors the progress of plannedactivities. If progress is lagging, necessary adjustments are made.
• In the …………..consultation and decision-making about daily activities takes place between members and management.
• ………………………may be summoned at the insistence of the management committee, the audit or the control committee, the registrar of cooperatives, or at the request of at least ten percent (10%) of all the members of the cooperative.