Cmfo Study guides, Class notes & Summaries

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Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - True School debt is reported on the municipality's annual debt statement - True School districts are governed by NJSA 40A et seq - False The governing body of a municipality may change the type of school district by ordinance - False School debt limit is based on the district's grade configuration - True Municipal ...

Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - True School debt is reported on the municipality's annual debt statement - True School districts are governed by NJSA 40A et seq - False The governing body of a municipality may change the type of school district by ordinance - False School debt limit is based on the district's grade configuration - True Municipal ...

CMFO Exam Question Bank Correctly Answered 2023.

Accounts Receivable - A/R - Answer Amounts owed to you by other parties, such as taxpayers, other agencies & financial institutions and shown on its balance sheet as an asset Chart of Accounts - Answer The standard system of account titles kept for accounting records - Flexible Chart of Accounts (FCOA) -Use to organize and segregate expenditures, revenues, assets, and liabilities Accounting Equation - Answer Asset = Liabilities (reserve) + Fund Balance (surplus) Dr = Cr + Cr ...

CMFO Exam - Theory & Statutes Verified Questions And Answers 100% Correct Quiz What are the four divisions of the Department of Community Affairs? 1. Division of Housing & Community Resources 2. Division of Codes & Standards 3. Division of Fire Safety 4. Division of Local Government Services What is the primary purpose of the Division of Local Government Services? - to maintain the financial integrity & solvency of all local government units (municipalities, authorities, special distric...

Name the two types of local units of government in NJ - Answer 1. Municipalities 2. Counties A municipality & county are essentially: - Answer - corporations created by the State's Constitution and statutes A municipal corporation is designed to: - Answer - aid the municipality in carrying out specific activities A municipal corporation has the following powers: (5) - Answer 1. to sue & be sued, to defend & be defended in all courts of law 2. to adopt a common seal 3. to acq...

Every audit required by the Local Fiscal Affairs Law is required to be completed by an accountant or auditor who holds an uncanceled license as: - Answer registered municipal accountant The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which local government official - Answer cfo A local government officer that serves on a local government agency that approved development applications would refer to a member of which board - Answer ...

CMFO Exam Questions And Answers Already Graded A+

A Governing Body may increase it's appropriations cap to ________ by passing a _______________________________ - c. 3.5% by passing a cost of living adjustment ordinance The flexible chart of accounts is a coding system which categorizes: a. Debt service payments b. Capital Projects c. Budget appropriations and revenues d. Utility Rates - c. Budget appropriations and revenues The reserve for uncollected taxes is: a. a line item for tax credits for seniors & veterans b. The tax rate of...