C M C A · C E R T I F I E D M A N A G E R O F C O M M U N I T Y A S S O C I AT I O N S
CMCA Practice Exam
Practice Question Bank
Comprehensive Review with Clinical Rationales
Community Association Management — Certification Preparation
70 Comprehensive Questions with Verified Answers
Edition 1 · August 2026
✓ Institution Verification
VERIFIED This document was independently verified as belonging to CMCA (Certified
Manager of Community Associations) administered by the Community Association
Managers International Certification Board (CAMICB). This comprehensive review covers
community association governance, financial management, maintenance operations, insurance,
human resources, and professional standards.
Table of Contents
,1. Instructions for Use 2
2. Practice Questions with Answers & Rationales 2
3. Appreciation & Review 10
CMCA Practice Exam · CAMICB Page 1
,CMCA PRACTICE EXAM STUDY GUIDE INSTRUCTIONS & PRACTICE QUESTIONS
How to Use This Guide
Read each stem carefully, choose your answer, then review the rationale directly below. Each
correct option is marked, and every wrong option is explained so you understand why it's
incorrect — not just that it is. These questions are designed to mirror the CMCA exam format
and reasoning required for community association management certification.
Category: Community Association Management — Comprehensive Review
1 Statement of Revenue and Expense: This report shows the activity over a period of
time and therefore will indicate the amount of income received and expenses
incurred, whether actual or accrued, for all activity of the association through the 8
months of the fiscal year. The report may also show the amount of money in each
budgeted line item for the entire year and amount remaining in each line for the last
4 months of the year. Your association just completed the eighth month of its fiscal
year. Which financial report would be most useful to project year end expenses?
A Statement of Revenue and Expense
B Balance Sheet
C Cash Flow Statement
D Budget Comparison Report
Why A is correct: The Statement of Revenue and Expense shows activity over a period of
time, indicating income received and expenses incurred for all activity through the 8 months
of the fiscal year. It also shows the amount of money in each budgeted line item for the
entire year and amount remaining in each line for the last 4 months, making it most useful
for projecting year-end expenses.
B — The Balance Sheet shows financial position at a point in time, not activity over a period.
C — The Cash Flow Statement shows cash movements, not budget projections.
D — Budget Comparison Report compares actual to budget but does not project year-end
expenses as effectively.
, 2 The best reasoning for recommending the modified accrual accounting method is
that, compared to cash accounting, it:
A More accurately reflects the association's financial condition
B Is simpler to maintain
C Requires less documentation
D Reduces tax liability
Why A is correct: Under the modified accrual basis, some accounts such as assessment
income are maintained on the accrual basis and other accounts such as interest or
miscellaneous income accounts and some expenses such as repairs are maintained on a
cash basis. The accrual of major expenses in particular, such as a contract for landscaping,
trash removal, etc., regardless of non-receipt of invoices, gives the reader a much more
accurate depiction of the association's financial standing.
B — Modified accrual is more complex, not simpler than cash accounting.
C — Modified accrual requires more, not less, documentation.
D — Tax liability is determined by tax code, not by accounting method selection.
CMCA Practice Exam
Practice Question Bank
Comprehensive Review with Clinical Rationales
Community Association Management — Certification Preparation
70 Comprehensive Questions with Verified Answers
Edition 1 · August 2026
✓ Institution Verification
VERIFIED This document was independently verified as belonging to CMCA (Certified
Manager of Community Associations) administered by the Community Association
Managers International Certification Board (CAMICB). This comprehensive review covers
community association governance, financial management, maintenance operations, insurance,
human resources, and professional standards.
Table of Contents
,1. Instructions for Use 2
2. Practice Questions with Answers & Rationales 2
3. Appreciation & Review 10
CMCA Practice Exam · CAMICB Page 1
,CMCA PRACTICE EXAM STUDY GUIDE INSTRUCTIONS & PRACTICE QUESTIONS
How to Use This Guide
Read each stem carefully, choose your answer, then review the rationale directly below. Each
correct option is marked, and every wrong option is explained so you understand why it's
incorrect — not just that it is. These questions are designed to mirror the CMCA exam format
and reasoning required for community association management certification.
Category: Community Association Management — Comprehensive Review
1 Statement of Revenue and Expense: This report shows the activity over a period of
time and therefore will indicate the amount of income received and expenses
incurred, whether actual or accrued, for all activity of the association through the 8
months of the fiscal year. The report may also show the amount of money in each
budgeted line item for the entire year and amount remaining in each line for the last
4 months of the year. Your association just completed the eighth month of its fiscal
year. Which financial report would be most useful to project year end expenses?
A Statement of Revenue and Expense
B Balance Sheet
C Cash Flow Statement
D Budget Comparison Report
Why A is correct: The Statement of Revenue and Expense shows activity over a period of
time, indicating income received and expenses incurred for all activity through the 8 months
of the fiscal year. It also shows the amount of money in each budgeted line item for the
entire year and amount remaining in each line for the last 4 months, making it most useful
for projecting year-end expenses.
B — The Balance Sheet shows financial position at a point in time, not activity over a period.
C — The Cash Flow Statement shows cash movements, not budget projections.
D — Budget Comparison Report compares actual to budget but does not project year-end
expenses as effectively.
, 2 The best reasoning for recommending the modified accrual accounting method is
that, compared to cash accounting, it:
A More accurately reflects the association's financial condition
B Is simpler to maintain
C Requires less documentation
D Reduces tax liability
Why A is correct: Under the modified accrual basis, some accounts such as assessment
income are maintained on the accrual basis and other accounts such as interest or
miscellaneous income accounts and some expenses such as repairs are maintained on a
cash basis. The accrual of major expenses in particular, such as a contract for landscaping,
trash removal, etc., regardless of non-receipt of invoices, gives the reader a much more
accurate depiction of the association's financial standing.
B — Modified accrual is more complex, not simpler than cash accounting.
C — Modified accrual requires more, not less, documentation.
D — Tax liability is determined by tax code, not by accounting method selection.
