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Exam (elaborations)

CMFO EXAM - PRACTICE QUESTIONS AND CORRECT ANSWERS

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CMFO EXAM - PRACTICE QUESTIONS AND CORRECT ANSWERS

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CMFO EXAM - PRACTICE QUESTIONS
AND CORRECT ANSWERS
EveryA2AuditA2RequiredA2byA2theA2LocalA2FiscalA2AffairsA2LawA2isA2requiredA2toA2beA2com
pletedA2by:A2-A2Ans--AnA2RMAA2(RegisteredA2MunicipalA2Accountant)

TheA2statutoryA2responsibilityA2forA2filingA2theA2AFSA2isA2assignedA2to:A2-A2Ans--CFO

AA2localA2governmentA2officerA2thatA2servesA2onA2theA2agencyA2thatA2approvesA2develop
mentA2applicationsA2refersA2toA2aA2memberA2ofA2whichA2board?A2-A2Ans--PlanningA2Board

CashA2managementA2planA2mustA2beA2approvedA2annualA2byA2the:A2-A2Ans--
GoverningA2Body

TheA2localA2bondA2lawA2stipulatesA2thatA2theA2maturitiesA2ofA2allA2bondsA2shallA2beA2asA2d
eterminedA2byA2theA2localA2bondA2ordinanceA2orA2byA2subsequentA2resolutionA2andA2beA2
withinA2theA2followingA2limitations:

a.A2AllA2bondsA2shallA2matureA2withinA2theA2periodA2orA2averageA2periodA2ofA2usefulness
b.A2AllA2bondsA2shallA2matureA2inA2annualA2installments
c.A2TheA2governingA2bodyA2mayA2provideA2forA2aA2singleA2andA2combinedA2bondA2issue
d.A2AllA2ofA2theA2above
e.A2NoneA2ofA2theA2aboveA2-A2Ans--d.A2AllA2ofA2theA2above

TheA2effectiveA2dateA2ofA2aA2bondA2ordinanceA2-A2Ans--
20A2daysA2afterA2firstA2publicationA2afterA2adoption

T/FA2-
A2AllA2mattersA2notA2requiredA2toA2beA2containedA2inA2aA2bondA2ordinanceA2mayA2beA2acte
dA2onA2byA2subsequentA2resolutionsA2passedA2byA2theA2affirmativeA2votesA2ofA2aA2majority
A2ofA2theA2fullA2membershipA2ofA2theA2governingA2bodyA2-A2Ans--True


AnA2increaseA2inA2anticipatedA2revenueA2fromA2aA2knownA2andA2recurringA2sourceA2willA2h
aveA2whatA2effectA2onA2theA2appropriationA2forA2theA2RUTA2-A2Ans--
WouldA2decreaseA2theA2appropriationA2forA2theA2RUT

T/FA2-
A2TheA2exactA2lineA2itemA2appropriationA2orA2ordinanceA2mustA2beA2shownA2onA2theA2resol
utionA2withA2theA2certificationA2ofA2fundsA2inA2orderA2toA2enterA2aA2contractA2-A2Ans--True

TheA2NJA2BudgetA2LawA2requiresA2thatA2theA2budgetA2shallA2consistA2ofA2aA2tabulatedA2sta
tementA2of:
a.A2BothA2theA2CAPA2calculationsA2onA2theA2taxA2levyA2andA2appropriations

, b.A2AllA2debtA2calculations,A2includingA2totalA2principalA2andA2interestA2dueA2onA2outstandi
ngA2debt
c.A2AllA2anticipatedA2revenuesA2applicableA2toA2expendituresA2forA2whichA2appropriationsA
2areA2made
d.A2AllA2ofA2theA2above
e.A2NoneA2ofA2theA2aboveA2-A2Ans--
c.A2AllA2anticipatedA2revenuesA2applicableA2toA2expendituresA2forA2whichA2appropriationsA
2areA2made


FourA2classificationsA2ofA2revenueA2-A2Ans--SurplusA2Anticipated
MiscellaneousA2Revenues
ReceiptsA2fromA2Delinquents
AmountA2toA2beA2Raised

ImplementationA2ofA2aA2dedicatiedA2taxA2programA2forA2openA2spaceA2isA2authorizedA2by:A
2-A2Ans--ReferendumA2heldA2atA2generalA2orA2specialA2election


AlternateA2calculationA2forA2theA2RUTA2-A2Ans--
AverageA2ofA2theA2priorA2threeA2yearsA2collectionA2ratesA2-
A2allowableA2withA2aA2resolutionA2ofA2theA2governingA2body


DebtA2limitA2-A2Ans--3.5%A2priorA2threeA2yearsA2averageA2equalizedA2assessedA2valuation

PayA2toA2playA2thresholdA2-A2Ans--$17,500

HowA2longA2canA2aA2BANA2beA2issuedA2forA2-A2Ans--1A2year

WhenA2mustA2BANsA2fullyA2matureA2-A2Ans--
1stA2dayA2ofA2theA25thA2monthA2followingA2theA2closeA2ofA2theA210thA2fiscalA2year

WhoA2isA2responsibleA2forA2changeA2orders?A2-A2Ans--GoverningA2Body

AnyA2deficitA2inA2expendituresA2toA2whichA2dedicatedA2revenuesA2areA2applicableA2shallA2
beA2providedA2forA2byA2anA2appropriationA2inA2whichA2budget?A2-A2Ans--CurrentA2Fund

ThresholdA2forA2TaxA2CourtA2appealA2-A2Ans--$1,000,000

WhoA2hasA2theA2authorityA2toA2approveA2theA2establishmentA2ofA2aA2pettyA2cashA2fund?A2-
A2Ans--TheA2DirectorA2ofA2theA2DLGS


WhoA2isA2responsibleA2toA2billA2theA2specialA2assessmentA2levyA2-A2Ans--TaxA2Collector

LevyA2CapA2-A2Ans--2%

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