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CMFO EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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CMFO EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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CMFO EXAM 2024/2025 WITH 100%ACCURATE SOLUTIONS
Every Audit Required by the Local Fiscal Affairs Law is required to be
completed by: - Precise Answer ✔✔An RMA (Registered Municipal
Accountant)
The statutory responsibility for filing the AFS is assigned to: - Precise
Answer ✔✔CFO
A local government officer that serves on the agency that approves
development applications refers to a member of which board? - Precise
Answer ✔✔Planning Board
Cash management plan must be approved annual by the: - Precise
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 - Precise Answer ✔✔d. All of the above
The effective date of a bond ordinance - Precise 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 - Precise
Answer ✔✔True
An increase in anticipated revenue from a known and recurring source
will have what effect on the appropriation for the RUT - Precise 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 -
Precise 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 - Precise Answer ✔✔c. All anticipated revenues
applicable to expenditures for which appropriations are made
Four classifications of revenue - Precise Answer ✔✔Surplus
Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized
by: - Precise Answer ✔✔Referendum held at general or special election
Alternate calculation for the RUT - Precise Answer ✔✔Average of the
prior three years collection rates - allowable with a resolution of the
governing body
Debt limit - Precise Answer ✔✔3.5% prior three years average
equalized assessed valuation
Pay to play threshold - Precise Answer ✔✔$17,500
How long can a BAN be issued for - Precise Answer ✔✔1 year
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