1
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CMFO Exam - Practice Questions and
Answers (100% Correct Answers) Already
Graded A+
Every Audit Required by the Local Fiscal Affairs Law is required to
be completed by:— Ans: An RMA (Registered Municipal
Accountant)
The statutory responsibility for filing the AFS is assigned to:— Ans:
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CFO
A local government officer that serves on the agency that
approves development applications refers to a member of which
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board?— Ans: Planning Board
Cash management plan must be approved annual by the:—
Ans: Governing Body
The local bond law stipulates that the maturities of all bonds shall
be as determined by the local bond ordinance or by subsequent
resolution and be within the following limitations:
a. All bonds shall mature within the period or average period of
usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined
bond issue
d. All of the above
e. None of the above— Ans: d. All of the above
The effective date of a bond ordinance— Ans: 20 days after first
publication after adoption
, 2
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T/F - All matters not required to be contained in a bond ordinance
may be acted on by subsequent resolutions passed by the
affirmative votes of a majority of the full membership of the
governing body— Ans: True
An increase in anticipated revenue from a known and recurring
source will have what effect on the appropriation for the RUT—
Ans: Would decrease the appropriation for the RUT
T/F - The exact line item appropriation or ordinance must be
shown on the resolution with the certification of funds in order to
enter a contract— Ans: True
The NJ Budget Law requires that the budget shall consist of a
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tabulated statement of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due
Guru01 - Stuvia
on outstanding debt
c. All anticipated revenues applicable to expenditures for which
appropriations are made
d. All of the above
e. None of the above— Ans: c. All anticipated revenues
applicable to expenditures for which appropriations are made
Four classifications of revenue— Ans: Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is
authorized by:— Ans: Referendum held at general or special
election
Alternate calculation for the RUT— Ans: Average of the prior
three years collection rates - allowable with a resolution of the
governing body
For Expert help and assignment solutions, +254707240657
CMFO Exam - Practice Questions and
Answers (100% Correct Answers) Already
Graded A+
Every Audit Required by the Local Fiscal Affairs Law is required to
be completed by:— Ans: An RMA (Registered Municipal
Accountant)
The statutory responsibility for filing the AFS is assigned to:— Ans:
© 2025 Assignment Expert
CFO
A local government officer that serves on the agency that
approves development applications refers to a member of which
Guru01 - Stuvia
board?— Ans: Planning Board
Cash management plan must be approved annual by the:—
Ans: Governing Body
The local bond law stipulates that the maturities of all bonds shall
be as determined by the local bond ordinance or by subsequent
resolution and be within the following limitations:
a. All bonds shall mature within the period or average period of
usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined
bond issue
d. All of the above
e. None of the above— Ans: d. All of the above
The effective date of a bond ordinance— Ans: 20 days after first
publication after adoption
, 2
For Expert help and assignment solutions, +254707240657
T/F - All matters not required to be contained in a bond ordinance
may be acted on by subsequent resolutions passed by the
affirmative votes of a majority of the full membership of the
governing body— Ans: True
An increase in anticipated revenue from a known and recurring
source will have what effect on the appropriation for the RUT—
Ans: Would decrease the appropriation for the RUT
T/F - The exact line item appropriation or ordinance must be
shown on the resolution with the certification of funds in order to
enter a contract— Ans: True
The NJ Budget Law requires that the budget shall consist of a
© 2025 Assignment Expert
tabulated statement of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due
Guru01 - Stuvia
on outstanding debt
c. All anticipated revenues applicable to expenditures for which
appropriations are made
d. All of the above
e. None of the above— Ans: c. All anticipated revenues
applicable to expenditures for which appropriations are made
Four classifications of revenue— Ans: Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is
authorized by:— Ans: Referendum held at general or special
election
Alternate calculation for the RUT— Ans: Average of the prior
three years collection rates - allowable with a resolution of the
governing body
