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Exam (elaborations)

Current Fund 1 -NJ CMFO Exam Questions and Answers Graded A+

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Current Fund 1 -NJ CMFO Exam Questions and Answers Graded A+

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CMFO - Certified Municipal Finance Officer
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Institution
CMFO - Certified Municipal Finance Officer
Course
CMFO - Certified Municipal Finance Officer

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Uploaded on
December 11, 2025
Number of pages
6
Written in
2025/2026
Type
Exam (elaborations)
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  • current fund 1 nj cmfo exam questions and answers

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Current Fund 1 -NJ CMFO Exam
Questions and Answers Graded A+

Name the Similarities and Differences in Government vs an Enterprise - Correct

answer-Similarities-

Double Entry Accounting

General & Subsidiary Ledgers

Both Prepare Financial Statements

Internal Controls




Differences-

Profit vs. Budget

Depreciation

Borrowing Power

Accountability- Shareholders vs Tax Payers



©COPYRIGHT 2025, ALL RIGHTS RESERVED 1

, Greater Permanency in Govt

Name the Components of a sound Financial Accounting System - Correct answer-

Show Legal Compliance

Reflect Financial Condition

Double Entry Accounting- Debits/Credits

General Ledgers & Subsidiary Ledgers

Funds- Current, Trust, Capital, Utility

Self Balancing Set of accounts-FCOA

Budgetary Control- Revenue & Appropriations

Basis for Financial Reporting

1 person in charge- CFO

Encumberance System

Annual Audit by RMA

What is the Accounting Equation - Correct answer-Assets = Liabilities + Reserves

+ Fund Balance

Name the 3 major account groups - Correct answer-Assets- Debit Balance



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