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Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.
Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.
Codes:
Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.
Codes:
- a)Both the statements are individually true and Statement II is the correct explanation of Statement I.
- b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.
- c)Statement I is true but Statement II is false.
- d)Statement I is false but Statement II is true.
Correct answer is option 'D'. Can you explain this answer?
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Statement I: The accounts of every co-operative society shall be audit...
The accounts of every co-operative society shall be audited within six months of the close of the financial year. The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.
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Statement I: The accounts of every co-operative society shall be audit...
Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.
Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.
Explanation:
Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.
This statement is true. According to the Co-operative Societies Act, 1912, every co-operative society is required to get its accounts audited within one year of the close of the financial year. This audit is conducted to ensure the accuracy and reliability of the financial statements of the co-operative society.
Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.
This statement is also true. An apex co-operative society is a federation or a union of primary co-operative societies. The audit report of the accounts of an apex co-operative society is required to be laid before the state legislature. This is done to ensure transparency and accountability in the financial operations of the apex co-operative society.
Conclusion:
Both the statements are individually true. However, Statement II is not the correct explanation of Statement I. While Statement I applies to all co-operative societies, Statement II specifically refers to the audit report of an apex co-operative society being presented before the state legislature. Therefore, option 'D' is the correct answer.
Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.
Explanation:
Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.
This statement is true. According to the Co-operative Societies Act, 1912, every co-operative society is required to get its accounts audited within one year of the close of the financial year. This audit is conducted to ensure the accuracy and reliability of the financial statements of the co-operative society.
Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.
This statement is also true. An apex co-operative society is a federation or a union of primary co-operative societies. The audit report of the accounts of an apex co-operative society is required to be laid before the state legislature. This is done to ensure transparency and accountability in the financial operations of the apex co-operative society.
Conclusion:
Both the statements are individually true. However, Statement II is not the correct explanation of Statement I. While Statement I applies to all co-operative societies, Statement II specifically refers to the audit report of an apex co-operative society being presented before the state legislature. Therefore, option 'D' is the correct answer.
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Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer?
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Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer?.
Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer?.
Solutions for Statement I: The accounts of every co-operative society shall be audited within one year of the close of the financial year.Statement II: The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.Codes:a)Both the statements are individually true and Statement II is the correct explanation of Statement I.b)Both the statements are individually true but Statement II is not the correct explanation of Statement I.c)Statement I is true but Statement II is false.d)Statement I is false but Statement II is true.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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