III. Financial Statements

Question 1

presents a cooperative’s assets, liabilities and equity as of a specific date–the end of the reporting period. Assets and liabilities are further classified as current or non-current.

Answer 1

STATEMENT OF FINANCIAL CONDITION.

Question 2

presents its financial performance for the performance for the period. It includes revenues, costs and expenses, gains and losses and net surplus or net loss. Expenses are classified according to their function as part of cost of sales/services rendered, distribution or administrative activities. In a cooperative the difference between revenues and expenses is called net surplus that is allocated in a accordance with the Cooperative Code or the cooperative’s by-laws.

Answer 2

Statement of Operations

Question 3

presents the amounts of investments and withdrawals by members, addition and utilization of statutory funds, movement in donations and grants, and revaluation surplus during the period.

Answer 3

Statement of Changes in Equity

Question 4

provides information about changes in cash
and cash equivalents of a cooperative for a reporting period, showing separately changes from operating activities, investing activities and financing activities.

Answer 4

Cash Flows Statement