100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
CMFO REVIEW EXAM QUESTIONS AND ANSWERS $12.49   Add to cart

Exam (elaborations)

CMFO REVIEW EXAM QUESTIONS AND ANSWERS

 1 view  0 purchase
  • Course
  • CMFO
  • Institution
  • CMFO

CMFO REVIEW EXAM QUESTIONS AND ANSWERS

Preview 3 out of 18  pages

  • October 31, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • CMFO
  • CMFO
avatar-seller
GEEKA
CMFO REVIEW EXAM QUESTIONS AND ANSWERS
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: - Answers- registered
municipal accountant

The statutory responsibility for the filing of the Unaudited Annual Financial Statements is
assigned to which local government official - Answers- cfo

A local government officer that serves on a local government agency that approved
development applications would refer to a member of which board - Answers- planning
board

An increase in anticipated revenue from a known and recurring source may have what
effect on the appropriation for the Reserve for Uncollected Taxes? - Answers- decrease
the RUT

No resolution authorizing the entering into any contract shall be enacted unless it shall
recite that such a certificate showing the availability of funds has been provided. In
addition it requires: - Answers- the resolution specify the exact line item appropriation
or ordinance to be charged

The New Jersey Budget Law requires that the budget shall consist of a tabulated
statement of: - Answers- all anticipated revenues applicable to expenditures for which
appropriations are made

The four classifications of revenue are: - Answers- surplus anticipated, miscellaneous
revenues, receipts from delinquent taxes, amount to be raised by taxation

Implementation of a dedicated tax program for open space, recreation, farmland and
historic preservation trust fund taxing districts are authorized by which of the following: -
Answers- referendum held at a general or specific election

The Local Budget Law permits the tax collection rate used to compute the RUT to be
based on an average when the tax collection rate has been affected by tax refunds or
adjustments from successful property tax appeals. The number of years included in the
calculation of the average is: - Answers- 3

The limitation of a municipality's debt is regulated by the Local Bond Law. It stats that
the limit shall be a percentage of the average of the preceding three years equalized
assessed valuations. That percentage limit is which of the following: - Answers- 3.5

What is the value threshold established by the "Pay to Play" law, at which a contract
cannot be awarded by a New Jersey government entity - Answers- 17500

,According to Local Bond Law the short term borrowing instruments are known as Bond
Anticipation Notes and these notes may not be issued for a period of time exceeding: -
Answers- 1 year

All bond anticipation notes shall mature and be paid not later that which anniversary of
the date of the original notes? - Answers- 10 years

The Local Bond Law requires that "prior to the passage on first reading of any bond
ordinance, or ordinance amending a bond ordinance, except amending as to matters
which are not required to be contained in a bond ordinance or which does not increase
the total amount of the obligations authorized by such bond ordinance", the financial
officer shall file with the office of the clerk which document - Answers- supplemental
debt statement

The Local Public Contracts Law permits contacting to be entered into that exceed the
bidding threshold if the situation effects which of the following - Answers- the public
health, safety or welfare

The minimum number of days for the advertisement for the receipt of bids is: -
Answers- 10 days

The NJAC, The Local Public Contracts Law Rules lists the general requirements for all
change orders one of those requirements is that: - Answers- responsibility for change
orders lies with the governing body

Any anticipated deficit in expenditures to which dedicated revenues are applicable shall
be provided for by an appropriation in the budget. The appropriation of the anticipated
deficit would be included in which budget? - Answers- current fund

The statutory deadline for the filing of the Unaudited Annual Financial Statement for a
State Fiscal Year municipality is - Answers- August 10

What is the dollar amount threshold that must be exceeded in order for a property
owner to file a complaint directly with the New Jersey Tax Court in the appealing of
property assessments - Answers- 1000000


The "Local Fiscal Affairs Law" mandates that the Cash Management Plan be approved
annually by the: - Answers- governing body

The Local Bond Law stipulates that the maturities of all bonds shall be as determined by
the bond ordinance or by subsequent resolution and be within the following limitations: -
Answers- all bonds shall mature within the period of usefulness, all bonds shall mature
in annual installments, the governing body may provide for a single or combined issue

, The effective date of a bond ordinance is what length of time? - Answers- 20 days after
the first publication after adoption

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 governing
body - Answers- true

The Local Fiscal Affairs Law permits the establishment of petty cash funds. NJSA
40A:5-21 describes with whom the authority rests for approval and/or disapproval of the
petty cash fund. The person that has said authority, which must be received prior to
activation of the petty cash fund is: - Answers- director of the DLGS

Which public official is statutorily responsible for ht billing of a special assessment levy?
- Answers- tax collector

A New Jersey municipality is prohibited from increasing its' tax levy by what percentage
rate before permitted exclusions are added to the tax levy - Answers- 2

The Municipal Public Defenders Law contains a requirement for the accounting of
application fees that are collected. It is required that the funds collected shall be
deposited where? - Answers- dedicated trust fund

Which of the following is an appropriation that would not be subject to the limitation as
provided by the New Jersey "CAP" law? - Answers- none of the above

The Local Government CAP Law addressed that permitted transfer of current year
appropriations and reserve year appropriations. The statute prohibits the transfer of
funds from an appropriation that is not subject to limitation to an appropriation that is
subject to limitation. - Answers- true

The Local Government Ethics Law requires the filing of an annual financial disclosure
statement. The disclosure statement shall include the name, address and each source
of income earned by the local government employee or member of their immediate
family in excess of what amount - Answers- 2000

Although there are exceptions for specific situations, the Local Bond Law, required that
the sale of bonds shall be sold at which type of sale - Answers- public

No bond ordinance shall be adopted unless it appropriate to the purpose, or ratably to
the respective purposes to be financed, in addition to the obligations there by
authorized, a sum as down payment which is no less that what percent of the amount of
the obligations - Answers- 5

The Local Bond Law permit the source of the downpayment to be made from which of
the following - Answers- CIF, moneys held by the local unit and previously contributed
for such purpose other than by the local unit, emergency appropriation

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart