Certified Municipal Finance Officer (CMFO) Bundle Set

Accounts Receivable - A/R - Answer 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 - Answer The standard system of account titles kept for accounting records - Flexible Chart of Ac...

What are the four divisions of the Department of Community Affairs? - Answer 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 Servi...

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 carr...

Planning Board - Answer As defined in the "Local Government Ethics Law" specifically, N.J.S.A.40A:9- 22.3 g, a "Local government officer" that serves on a local government agency that approves development applications would refer to a member of which of the following boards Governing Body -...

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: - Answer registered municipal accountant The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which...

Every audit required by the Local Fiscal Affairs 40A:5-9 is required be completed by an accountant or auditor who holds an uncanceled license as: - Answer Registered Municipal Accountant Local Budget Law, N.J.S.A. 40A: 4-3.1 (b) requires any municipality deciding to convert to a State Fiscal Ye...

The local bond law authorizes a local unit to pay any and all bonds and notes issued by it. The limit is: - Answer Unlimited Debt limit for a municipality - Answer 3.5% BANs must fully mature no later than - Answer The 1st day of the 5th month following the close of the 10th fiscal year ...

A Governing Body may increase it's appropriations cap to ________ by passing a _______________________________ - Answer c. 3.5% by passing a cost of living adjustment ordinance The flexible chart of accounts is a coding system which categorizes: a. Debt service payments b. Capital Projects ...

Special improvement district budgets must be approved by - Answer - the governing body of the municipality Type 1 school district budgets are approved by: - Answer - the board of school estimates - its one of the differences between type 1 & type 2 Special district budgets (like Fire dist...