CASBO EXAM LATEST
At the end of the year, the balance sheets reset to zero, True or False? -
ANSWERS-False - the balance sheets do not reset to zero.
9000's object codes on a balance sheet include... - ANSWERS-Other
outgo - accounts receivable, accounts payable, due to/due from, stores,
prepaid, cash in treasury, other restricted, locally defined: debt services,
transfers between agencies, interfund transfers
What is required of Prop 39 GO Bonds? - ANSWERS-Prop 39 - General
Obligation Bonds requires 55% voter approval
What report will you find the FIT report? - ANSWERS-Facility
Inspection Tool - FIT is reported on SARC
What is RRMA and what are it's parameters? - ANSWERS-RRMA -
Restricted Routine Maintenance Account - must be 3% of general fund
expenditures for 20 years after receipt of state funds
What does RRMA cover? - ANSWERS-RRMA covers equipment,
materials and supplies, non-construction services, repairs and
maintenance
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1
, CASBO EXAM LATEST
What is a BAN? - ANSWERS-Bond Anticipation Notes (BANS) -
maximum terms is 5 years, used only for authorized purposes of the
bonds or to repay outstanding notes previously issued
What is a COP? - ANSWERS-Certificate of Participation (COP) - No
voter approval and repay using General Fund
What is a TRAN? - ANSWERS-Tax and Revenue Anticipation Note
(TRAN) - no voter approval, requires school board approval
When did the Field Act happen and what state agency did it create? -
ANSWERS-Field Act - 1933 Long Beach earthquake, created Division
of State Architect (DSA)
What type of LEA is exempt from the Field Act? - ANSWERS-Which is
false for Field Act? charter school subject to...
How should a district/LEA best monitor a charter? - ANSWERS-
Identify at least one staff member as the contact person for the charter,
visit charter at least annually, ensure compliance with all reports
required of charter school by law, and other mandatory reporting
requirements, monitor fiscal condition
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2
At the end of the year, the balance sheets reset to zero, True or False? -
ANSWERS-False - the balance sheets do not reset to zero.
9000's object codes on a balance sheet include... - ANSWERS-Other
outgo - accounts receivable, accounts payable, due to/due from, stores,
prepaid, cash in treasury, other restricted, locally defined: debt services,
transfers between agencies, interfund transfers
What is required of Prop 39 GO Bonds? - ANSWERS-Prop 39 - General
Obligation Bonds requires 55% voter approval
What report will you find the FIT report? - ANSWERS-Facility
Inspection Tool - FIT is reported on SARC
What is RRMA and what are it's parameters? - ANSWERS-RRMA -
Restricted Routine Maintenance Account - must be 3% of general fund
expenditures for 20 years after receipt of state funds
What does RRMA cover? - ANSWERS-RRMA covers equipment,
materials and supplies, non-construction services, repairs and
maintenance
END OF
PAGE
1
, CASBO EXAM LATEST
What is a BAN? - ANSWERS-Bond Anticipation Notes (BANS) -
maximum terms is 5 years, used only for authorized purposes of the
bonds or to repay outstanding notes previously issued
What is a COP? - ANSWERS-Certificate of Participation (COP) - No
voter approval and repay using General Fund
What is a TRAN? - ANSWERS-Tax and Revenue Anticipation Note
(TRAN) - no voter approval, requires school board approval
When did the Field Act happen and what state agency did it create? -
ANSWERS-Field Act - 1933 Long Beach earthquake, created Division
of State Architect (DSA)
What type of LEA is exempt from the Field Act? - ANSWERS-Which is
false for Field Act? charter school subject to...
How should a district/LEA best monitor a charter? - ANSWERS-
Identify at least one staff member as the contact person for the charter,
visit charter at least annually, ensure compliance with all reports
required of charter school by law, and other mandatory reporting
requirements, monitor fiscal condition
END OF
PAGE
2
