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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...

CMFO Exam Question Bank With Verified Answers 100% Correct 2023 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 & c...

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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...

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...

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CMFO Exam Questions And Answers Already Graded A+

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...

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 ...