CMFO - Local Budget Law Questions With Solutions 100% Correct
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Course
CMFO
Institution
CMFO
CMFO - Local Budget Law
Questions With Solutions 100% Correct
At the end of the second budget year, any remaining uncommitted appropriation reserves are:
a. Transferred to accounts payable
b. Added to the line item account
c. Lapsed and returned to fund balance through journal entries
d. Cre...
CMFO - Local Budget Law
Questions With Solutions 100% Correct
At the end of the second budget year, any remaining uncommitted appropriation reserves are:
a. Transferred to accounts payable
b. Added to the line item account
c. Lapsed and returned to fund balance through journal entries
d. Credited to the reserve for encumbrances c. Lapsed and returned to fund balance
through journal entries
The difference between the amount of appropriations for the budget year and the and the
anticipated revenues is the: c. Amount to be raised for taxation
The Local Budget Law is referred to as NJSA:
a. 40A:2-1 et seq
b. 40A:4-1 et seq
c. 40A:11-1 et seq
d. 40A:12-1 et seq b. 40A:4-1 et seq
, CMFO - Local Budget Law
Questions With Solutions 100% Correct
For a given budget year, budget transfers between appropriation reserves are permitted:
a. During the last two months of the budget year
b. During the first three months of the budget year
c. Immediately after adoption of the budget
d. As soon as the overexpenditure is realized b. During the first three months of the budget
year
A municipal budget constitutes two functions of authority which are:
a. The improvements of roads and other capital projects and property tax credits
b. The establishment of appropriations necessary to meet expenditures and the authority to tax to
provide revenue
c. The rates for sewer and water utilities and payment of debt service
d. The payment of salaries and wages and the purchase of capital items b. The
establishment of appropriations necessary to meet expenditures and the authority to tax to
provide revenue
, CMFO - Local Budget Law
Questions With Solutions 100% Correct
Resolutions authorizing the transfer of appropriations require what vote of the governing body:
d. 2/3 of the full membership
The four major categories of revenues anticipated in a municipal budget are: Surplus,
miscellaneous revenue, taxes & delinquent taxes
An over-expenditure of appropriation and a prior year bill are known as what type of
appropriation in a municipal budget? Deferred Charge
The certification of new construction or improvements by the local tax assessor, and the amount
of local taxes that would have been generated would have what affect on the CAP base? It
would increase the CAP Base
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