Cmfo exam Study guides, Class notes & Summaries

CMFO Exam - Current Fund Complete Questions And Answers With Verified Solutions Name the two types of local units of government in NJ 1. Municipalities 2. Counties A municipality & county are essentially: - corporations created by the State's Constitution and statutes A municipal corporation is designed to: - aid the municipality in carrying out specific activities A municipal corporation has the following powers: (5) 1. to sue & be sued, to defend & be defended in all courts of law ...

Local Bond Law (Statute #) - ANSWER-NJSA 40A:2 Local Budget Law (Statute #) - ANSWER-NJSA 40A:4 Local Fiscal Affairs Law (Statute #) - ANSWER-NJSA 40A:5 Local Public Contracts Law - ANSWER-NJSA 40A:11 Encumbrance System (TAD#) - ANSWER-TAD 85-1 Fixed Assets (TAD#) - ANSWER-TAD 85-2 General Ledger (TAD#) - ANSWER-TAD 85-3 Annual Audit Must be Conducted by a: - ANSWER-Registered Municipal Accountant Accounting Formula(s) - ANSWER-Assets = Liabilities + Fund Balance or Ass...

Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - ️️An RMA (Registered Municipal Accountant) The statutory responsibility for filing the AFS is assigned to: - ️️CFO A local government officer that serves on the agency that approves development applications refers to a member of which board? - ️️Planning Board Cash management plan must be approved annual by the: - ️️Governing Body The local bond law stipulates that the maturities of...

CMFO Exam - Current Fund Questions And Complete Answers

CMFO Exam Questions And Complete Solutions

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

CMFO Exam Statutes Review Questions And Answers With Verified Solutions 2023 Registered Municipal Accountant Every audit required by the Local Fiscal Affairs Law N.J.S.A. 40A:5-9 is required to be completed by an accountant or auditor who holds an uncanceled license as: Chief Financial Officer The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which local government official by N.J.S.A. 40A:5-12 Planning Board As defined in the "Local...

Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - Answer An RMA (Registered Municipal Accountant) The statutory responsibility for filing the AFS is assigned to: - Answer CFO A local government officer that serves on the agency that approves development applications refers to a member of which board? - Answer Planning Board Cash management plan must be approved annual by the: - Answer Governing Body The local bond law stipulates that the m...

True - T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the current fund budget as non-cash surplus retirement of serial bonds - Trust Assessment Fund cash is first pledged to: quarterly basis - Municipal Library Levy is paid on a True - T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan - Finding/Condition; Recommendation; explanation & corrective action; implementation date

True - ANSWER-T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the current fund budget as non-cash surplus retirement of serial bonds - ANSWER-Trust Assessment Fund cash is first pledged to: quarterly basis - ANSWER-Municipal Library Levy is paid on a True - ANSWER-T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan - ANSWER-Finding/Condition; Recommendation; explanation & corrective action; im...