CMFO Exam Question With Complete Solutions

CMFO Exam Question With Complete
Solutions

T/F: Due from State of New Jersey for Senior citizen Deductions can be
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anticipated as a revenue in the current fund budget as non-cash surplus
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- CORRECT ANSWER✔✔-True
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Trust Assessment Fund cash is first pledged to: - CORRECT ANSWER✔✔-
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retirement of serial bonds | | |




Municipal Library Levy is paid on a - CORRECT ANSWER✔✔-quarterly
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basis


T/F: budget transfers from Capital Improvement Fund are not permitted
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- CORRECT ANSWER✔✔-True
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Finding/Condition; Recommendation; explanation & corrective action;
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implementation date - CORRECT ANSWER✔✔-Corrective Action Plan
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___________ mails out local assessment bills - CORRECT ANSWER✔✔-
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tax collector
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,Oversight of PERS & PFRS is the - CORRECT ANSWER✔✔-Department of
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Treasury


Corrective action must be adopted within _________ of receipt of the
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audit reports - CORRECT ANSWER✔✔-60 days
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Developer's Escrow monthly chargers greater than ________. The CFO
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must provide an accounting statement to the developer on a monthly
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basis. - CORRECT ANSWER✔✔-$1000
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Default on bonds, Tax Collection Rate is less than 70%, Cash Deficit of
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the tax levy in excess of 4% for 2 consecutive years - CORRECT
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ANSWER✔✔-Local Finance Board intervention | | |




Resident requested to inspect vouchers that were approved for
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payment at the most recent governing body meeting. Inspection of
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vouchers must be made available for inspection - CORRECT
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ANSWER✔✔-immediately


Finance Disclosure forms are required for Income greater
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than________, gifts greater than ______, property within _________ -
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CORRECT ANSWER✔✔-$2000, $400, NJ
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,T/F: The Supplemental Debt Statement must be filed between the 1st
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and 2nd reading of a bond ordinance. - CORRECT ANSWER✔✔-False
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T/F: Three Different Bond ordinances are introduced at a public meeting
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only 1 supplemental debt statement is required. - CORRECT
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ANSWER✔✔-True


T/F: The anticipated revenue for Receipts from Delinquent Taxes is
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limited to the amount of revenue realized in the previous year -
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CORRECT ANSWER✔✔-False |




T/F: The Annual Debt Statement is due upon introduction of a bond
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ordinance. - CORRECT ANSWER✔✔-False | | |




Federal Single Audit is required if Federal Grant expenditures equals or
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exceeds - CORRECT ANSWER✔✔-$750000
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T/F: The cash management plan can be amended at any time. -
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CORRECT ANSWER✔✔-True |




Gross Debt - Deductions = - CORRECT ANSWER✔✔-Net Debt
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Security can be converted into cash - CORRECT ANSWER✔✔-liquidity
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, Chairperson of the Local Finance Board is - CORRECT ANSWER✔✔-
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Director of DLGS | |




Old escrow accounts escheat to - CORRECT ANSWER✔✔-State of NJ as
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unclaimed property |




T/F: Interest on Utility Assessment Debt is appropriated in the Current
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Fund - CORRECT ANSWER✔✔-False
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Budget Transfers need a vote of - CORRECT ANSWER✔✔-2/3 of
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governing body |




T/F: Pursuant to Local Budget Law municipalities are permitted to
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overspend a legal line item appropriation if the overall Current Fund
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Budget remains in a surplus - CORRECT ANSWER✔✔-False
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T/F: In regard to use of P-cards, under no circumstances may a
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transaction exceed 15% of a municipality bid threshold. - CORRECT
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ANSWER✔✔-False


T/F: Municipalities that carries a statutory excess in Reserve for an
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Animal Control Fund at year end excess is Due to Current Fund and
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recorded as MRNA. - CORRECT ANSWER✔✔-True
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