CMFO Certified Municipal Finance Officer Samenvattingen, Notities en Examens

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: - registered municipal accountant The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which local government official - cfo A local government officer that serves on a local government agency that approved development applications would refer to a member of which board - planning board The "Loca...

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

CMFO STATUTES Exam with Questions with Complete Solutions Every audit required by the Local Fiscal Affairs NJSA 40A5-9 is required to completed by an accountant or auditor who holds and uncanceled license as? - Registered Municipal Accountant The statutory responsibility for the filing of the "Unaudited Annual Financial Statements is assigned to which local government official by NJSA 40A:5-12? - Chief Financial Officer As defined in the "Local Government Ethics Law" specially, NJSA 40A...

Accounts Receivable - A/R - 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 - 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 - Asset = Liabilities (reserve) + Fund Balance (surplus) Dr = Cr + Cr - Balance Sheet based on accountin...

Local Bond Law (Statute #) - NJSA 40A:2 Local Budget Law (Statute #) - NJSA 40A:4 Local Fiscal Affairs Law (Statute #) - NJSA 40A:5 Local Public Contracts Law - NJSA 40A:11 Encumbrance System (TAD#) - TAD 85-1 Fixed Assets (TAD#) - TAD 85-2 General Ledger (TAD#) - TAD 85-3

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 property 4. to acquire, lease, and...

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

Accounts Receivable - A/R - 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 - 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 - Asset = Liabilities (reserve) + Fund Balance (surplus) Dr = Cr + Cr - Balance Sheet based on accountin...

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: - registered municipal accountant The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which local government official - cfo A local government officer that serves on a local government agency that approved development applications would refer to a member of which board - planning board The "Loc...

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 tax collector - ______...