CMFO EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS| VERIFIED
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Course
CMFO
Institution
CMFO
CMFO EXAM QUESTIONS
CMFO EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS| VERIFIED
Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - Accurate AnswerAn RMA (Registered Municipal Accountant).
The statutory responsibility for filing the AFS is assigned t...
CMFO EXAM QUESTIONS
CMFO EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS| VERIFIED
Every Audit Required by the Local Fiscal Affairs Law is required to be completed
by: - Accurate Answer✅✅An RMA (Registered Municipal Accountant).
The statutory responsibility for filing the AFS is assigned to: - Accurate
Answer✅✅CFO.
A local government officer that serves on the agency that approves development
applications refers to a member of which board? - Accurate Answer✅✅Planning
Board
Cash management plan must be approved annual by the: - Accurate
Answer✅✅Governing Body.
The local bond law stipulates that the maturities of all bonds shall be as determined
by the local bond ordinance or by subsequent resolution and be within the
following limitations:
,a. All bonds shall mature within the period or average period of usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined bond issue
d. All of the above
e. None of the above - Accurate Answer✅✅d. All of the above
The effective date of a bond ordinance - Accurate Answer✅✅20 days after first
publication after adoption
T/F - All matters not required to be contained in a bond ordinance may be acted on
by subsequent resolutions passed by the affirmative votes of a majority of the full
membership of the governing body - Accurate Answer✅✅True
An increase in anticipated revenue from a known and recurring source will have
what effect on the appropriation for the RUT - Accurate Answer✅✅Would
decrease the appropriation for the RUT
T/F - The exact line item appropriation or ordinance must be shown on the
resolution with the certification of funds in order to enter a contract - Accurate
Answer✅✅True
The NJ Budget Law requires that the budget shall consist of a tabulated statement
of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on outstanding
debt
c. All anticipated revenues applicable to expenditures for which appropriations are
made
, d. All of the above
e. None of the above - Accurate Answer✅✅c. All anticipated revenues applicable
to expenditures for which appropriations are made
Four classifications of revenue - Accurate Answer✅✅Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized by: -
Accurate Answer✅✅Referendum held at general or special election
Alternate calculation for the RUT - Accurate Answer✅✅Average of the prior
three years collection rates - allowable with a resolution of the governing body
Debt limit - Accurate Answer✅✅3.5% prior three years average equalized
assessed valuation
Pay to play threshold - Accurate Answer✅✅$17,500
How long can a BAN be issued for - Accurate Answer✅✅1 year
When must BANs fully mature - Accurate Answer✅✅1st day of the 5th month
following the close of the 10th fiscal year
Who is responsible for change orders? - Accurate Answer✅✅Governing Body
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