FL CAM Budget/Finance Exam Questions and Solved Answers by Experts

How long must an association maintain financial and accounting records? A. one calendar year B. eighteen months C. seven years D. indefinitely - ANSWER-C. 7 Years How soon after the end of the fiscal year must the association prepare and complete a financial report? A. Within 21 days B. Within 30 days C. Within 90 days D. Within 120 days - ANSWER-C.) Within 90 days How often does a community association have to file a financial report with the Florida Department of State? A. Monthly B. Quarterly C. Annually D. Every 5 years - ANSWER-C.) Annually What is the correct order of increasingly stringent examinations of annual financial reports? A. Cash accounting, audited, reviewed, compiled B. Cash accounting, compiled, reviewed, audited C. Reviewed, cash accounting, compiled, audited D. Cash accounting, reviewed, compiled, audited - ANSWER-B.) Cash accounting, compiled, reviewed, audited (CACRA) An association has a total annual revenue of $280,000. What kind of financial statements should they prepare? A. Reviewed