CMFO STATUTES QUESTIONS AND CORRECT ANSWERS

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CMFO STATUTES QUESTIONS AND CORRECT ANSWERS

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2025/2026

Institution CMFO

Course CMFO

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CMFO STATUTES QUESTIONS AND CORRECT ANSWERS

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CMFO STATUTES QUESTIONS AND
CORRECT ANSWERS
EveryA2auditA2requiredA2byA2theA2LocalA2FiscalA2AffairsA2NJSAA240A5-
9A2isA2requiredA2toA2completedA2byA2anA2accountantA2orA2auditorA2whoA2holdsA2andA2unca
nceledA2licenseA2as?A2-A2Ans--RegisteredA2MunicipalA2Accountant

TheA2statutoryA2responsibilityA2forA2theA2filingA2ofA2theA2"UnauditedA2AnnualA2FinancialA2S
tatementsA2isA2assignedA2toA2whichA2localA2governmentA2officialA2byA2NJSAA240A:5-12?
A2-A2Ans--ChiefA2FinancialA2Officer

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yA2thatA2approvesA2developmentA2applicationsA2wouldA2referA2toA2aA2memberA2ofA2whichA2
ofA2theA2followingA2boards?A2-A2Ans--PlanningA2Board

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26,A2stipulatesA2thatA2theA2maturitiesA2ofA2allA2bondsA2shallA2beA2determinedA2byA2theA2bo
ndA2ordinanceA2orA2byA2theA2subsequentA2resolutionA2andA2beA2withinA2theA2followingA2lim
itations?A2-A2Ans--
1.AllA2bondsA2shallA2matureA2withinA2theA2periodA2orA2averageA2periodA2ofA2usefulness;A22
.A2AllA2bondsA2shallA2matureA2inA2annualA2installments;A23.A2TheA2governingA2bodyA2mayA2
provideA2forA2aA2singleA2andA2combinedA2bondA2issue

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18A2isA2whatA2lengthA2ofA2time?A2-A2Ans--
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2onA2byA2subsequentA2resolutionsA2passedA2byA2theA2affirmativeA2votesA2ofA2aA2"majorityA2
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TRUE

AnA2increaseA2inA2anticipatedA2revenueA2fromA2aA2knownA2andA2recurringA2sourceA2mayA2
haveA2whatA2effectA2onA2theA2appropriationA2forA2theA2"ReserveA2forA2UncollectedA2Taxes
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wouldA2DecreaseA2theA2appropriationA2forA2theA2ReserveA2ofA2UncollectedA2TaxesA2NOT
E:A2HigherA2RevenueA2=A2LowerA2RUTA2&A2LowerA2RevenueA2=A2HighA2RUT

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isA2requiredA2thatA2noA2resolutionA2authorizingA2theA2enteringA2intoA2anyA2contractA2shallA2
beA2enactedA2unlessA2itA2shallA2reciteA2thatA2suchA2aA2certificateA2showingA2theA2availabilit
yA2ofA2fundsA2hasA2beenA2provided.A2InA2additionA2itA2requires?A2-A2Ans--
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arged

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22A2requiresA2thatA2theA2budgetA2shallA2consistA2ofA2aA2tabulatedA2statementA2of?A2-
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eA2made

TheA2fourA2classificationsA2ofA2revenueA2describedA2byA2theA2"LocalA2BudgetA2Law"A2NJS
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AmountA2toA2beA2RaisedA2byA2Taxation

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ndA2andA2historicA2preservationA2trustA2fundA2taxingA2districtsA2areA2authorizedA2byA2which
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41A2(c)1A2permitsA2theA2taxA2collectionA2rateA2usedA2toA2computeA2theA2reserveA2forA2unco
llectedA2taxesA2toA2beA2basedA2onA2anA2averageA2whenA2theA2taxA2collectionA2rateA2hasA2b
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als.A2TheA2numberA2ofA2yearsA2includedA2inA2theA2calculationA2ofA2theA2averageA2is?A2-
A2Ans--3A2yearA2average

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SAA240A:2-
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dingA23A2yearsA2equalizedA2assessedA2valuationA2.A2ThatA2percentageA2limitA2isA2whichA2o
fA2theA2following?A2-A2Ans--3.5A2percentA2forA2municipal

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A2entity?A2-A2Ans--$A217,500A2isA2threshold

AA2bondA2ordinanceA2adoptedA2byA2theA2governingA2shouldA2includeA2authorizationA2toA2p
rovideA2forA2short-termA2borrowing?
A2AccordingA2toA2theA2LocalA2BondA2LawA2NJSAA240A:2-
8A2theA2shortA2termA2borrowingA2instrumentsA2areA2knownA2asA2BonA2AnticipationA2NotesA

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Uploaded on: November 25, 2025
Number of pages: 12
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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