8/27/25, 11:34 AM CMFO Exam Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 latest update!! Flashcards | Q…
CMFO Exam Questions & Answers | 100% Verified
solutions |Questions with Correct Answers 2025
latest update!!
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Terms in this set (382)
Local Bond Law (Statute NJSA 40A:2
#)
Local Budget Law (Statute NJSA 40A:4
#)
Local Fiscal Affairs Law NJSA 40A:5
(Statute #)
Local Public Contracts NJSA 40A:11
Law
Encumbrance System TAD 85-1
(TAD#)
Fixed Assets (TAD#) TAD 85-2
General Ledger (TAD#) TAD 85-3
Annual Audit Must be Registered Municipal Accountant
Conducted by a:
Assets = Liabilities + Fund Balance
Accounting Formula(s) or
Assets - Liabilities = Fund Balance
Balance Sheet Accounts Assets, Liabilities & Fund Balance
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OCBOA Other Comprehensive Basis of Accounting
The Local Budget Law, Apply to the Local Finance Board
NJSA 40A:4-3.1(b) requires
any municipality deciding
to convert to a State Fiscal
Year from a Calendar
Fiscal Year to:
When converting to a Ordinance
State Fiscal Year calendar
from a Calendar Year a
municipality may do so by:
All budgets shall be By resolution passed by not less than a majority vote
introduced, approved, of the full membership of the governing body.
amended and adopted by
what vote and by which
action of the governing
body?
N.J.S.A. 40A:4-5 sets the Calendar Year - February 10
introduction dates for the State Fiscal Year - August 10
municipal budget for both
a Calendar Year and State
Fiscal Year community. The
statutory introduction
dates are as follows:
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,8/27/25, 11:34 AM CMFO Exam Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 latest update!! Flashcards | Q…
A municipal governing February 24
body has introduced their
town budget on Thursday,
February 6 and will hold a
public hearing on said
budget on Thursday,
March 6 (a non-leap year).
The advertisement giving
notice of the public
hearing shall not be
published later than which
date?
A municipal governing Requirement satisfied
body has introduced their
town budget on Thursday,
February 6 and will hold a
public hearing on said
budget on Thursday,
March 6 (a non-leap year).
Would the minimum
number of days required
between approval and
adoption been satisfied as
stipulated in the Local
Budget Law, 40A:4-7?
T/F - According to N.J.S.A. False
40A:4-9, concerning
amendments to an
introduced budget. An
increase or decrease to
any item of appropriation
by more than five percent
(5%) would require a
public hearing on said
amendment.
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The amount to be raised School tax rate
by taxes for school
purposes, required to be
certified to the governing
body of a municipality for
inclusion in its budget,
shall set forth in the
separate section of the
budget upon adoption
and shall be added to the
amount to be raised by
taxes by:
The governing body may Thirty-days
by resolution authorize
temporary budget
appropriations to provide
for the period between
the beginning of the fiscal
year and the adoption of
the budget. The resolution
shall be adopted within
how many days of the
beginning of the fiscal
year?
Nothing in the Local False
Budget Law, specifically as
stated in N.J.S.A 40A:4-19,
shall prevent or relieve the
governing body from
making appropriations
during the last 10 days of
the year preceding the
beginning of the fiscal
year for all capital
improvement fund
purposes.
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CMFO Exam Questions & Answers | 100% Verified
solutions |Questions with Correct Answers 2025
latest update!!
Save
Terms in this set (382)
Local Bond Law (Statute NJSA 40A:2
#)
Local Budget Law (Statute NJSA 40A:4
#)
Local Fiscal Affairs Law NJSA 40A:5
(Statute #)
Local Public Contracts NJSA 40A:11
Law
Encumbrance System TAD 85-1
(TAD#)
Fixed Assets (TAD#) TAD 85-2
General Ledger (TAD#) TAD 85-3
Annual Audit Must be Registered Municipal Accountant
Conducted by a:
Assets = Liabilities + Fund Balance
Accounting Formula(s) or
Assets - Liabilities = Fund Balance
Balance Sheet Accounts Assets, Liabilities & Fund Balance
https://quizlet.com/1068863197/cmfo-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-update-flash-cards/… 1/77
,8/27/25, 11:34 AM CMFO Exam Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 latest update!! Flashcards | Q…
OCBOA Other Comprehensive Basis of Accounting
The Local Budget Law, Apply to the Local Finance Board
NJSA 40A:4-3.1(b) requires
any municipality deciding
to convert to a State Fiscal
Year from a Calendar
Fiscal Year to:
When converting to a Ordinance
State Fiscal Year calendar
from a Calendar Year a
municipality may do so by:
All budgets shall be By resolution passed by not less than a majority vote
introduced, approved, of the full membership of the governing body.
amended and adopted by
what vote and by which
action of the governing
body?
N.J.S.A. 40A:4-5 sets the Calendar Year - February 10
introduction dates for the State Fiscal Year - August 10
municipal budget for both
a Calendar Year and State
Fiscal Year community. The
statutory introduction
dates are as follows:
https://quizlet.com/1068863197/cmfo-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-update-flash-cards/… 2/77
,8/27/25, 11:34 AM CMFO Exam Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 latest update!! Flashcards | Q…
A municipal governing February 24
body has introduced their
town budget on Thursday,
February 6 and will hold a
public hearing on said
budget on Thursday,
March 6 (a non-leap year).
The advertisement giving
notice of the public
hearing shall not be
published later than which
date?
A municipal governing Requirement satisfied
body has introduced their
town budget on Thursday,
February 6 and will hold a
public hearing on said
budget on Thursday,
March 6 (a non-leap year).
Would the minimum
number of days required
between approval and
adoption been satisfied as
stipulated in the Local
Budget Law, 40A:4-7?
T/F - According to N.J.S.A. False
40A:4-9, concerning
amendments to an
introduced budget. An
increase or decrease to
any item of appropriation
by more than five percent
(5%) would require a
public hearing on said
amendment.
https://quizlet.com/1068863197/cmfo-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-update-flash-cards/… 3/77
, 8/27/25, 11:34 AM CMFO Exam Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 latest update!! Flashcards | Q…
The amount to be raised School tax rate
by taxes for school
purposes, required to be
certified to the governing
body of a municipality for
inclusion in its budget,
shall set forth in the
separate section of the
budget upon adoption
and shall be added to the
amount to be raised by
taxes by:
The governing body may Thirty-days
by resolution authorize
temporary budget
appropriations to provide
for the period between
the beginning of the fiscal
year and the adoption of
the budget. The resolution
shall be adopted within
how many days of the
beginning of the fiscal
year?
Nothing in the Local False
Budget Law, specifically as
stated in N.J.S.A 40A:4-19,
shall prevent or relieve the
governing body from
making appropriations
during the last 10 days of
the year preceding the
beginning of the fiscal
year for all capital
improvement fund
purposes.
https://quizlet.com/1068863197/cmfo-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-update-flash-cards/… 4/77
