CMFO Exam
Questions With Solutions 100% Correct
Accounting Formula(s) Assets = Liabilities + Fund Balance
or
Assets - Liabilities = Fund Balance
Balance Sheet Accounts Assets, Liabilities & Fund Balance
OCBOA Other Comprehensive Basis of Accounting
The Local Budget Law, NJSA 40A:4-3.1(b) req...
Accounting Formula(s) Assets = Liabilities + Fund Balance
or
Assets - Liabilities = Fund Balance
Balance Sheet Accounts Assets, Liabilities & Fund Balance
OCBOA Other Comprehensive Basis of Accounting
The Local Budget Law, NJSA 40A:4-3.1(b) requires any municipality deciding to convert to a
State Fiscal Year from a Calendar Fiscal Year to: Apply to the Local Finance Board
When converting to a State Fiscal Year calendar from a Calendar Year a municipality may do so
by: Ordinance
, CMFO Exam
Questions With Solutions 100% Correct
All budgets shall be introduced, approved, amended and adopted by what vote and by which
action of the governing body? By resolution passed by not less than a majority vote of the
full membership of the governing body.
N.J.S.A. 40A:4-5 sets the introduction dates for the municipal budget for both a Calendar Year
and State Fiscal Year community. The statutory introduction dates are as follows:
Calendar Year - February 10
State Fiscal Year - August 10
A municipal governing body has introduced their town budget on Thursday, February 6 and will
hold a public hearing on said budget on Thursday, March 6 (a non-leap year). The advertisement
giving notice of the public hearing shall not be published later than which date? February
24
A municipal governing body has introduced their town budget on Thursday, February 6 and will
hold a public hearing on said budget on Thursday, March 6 (a non-leap year). Would the
, CMFO Exam
Questions With Solutions 100% Correct
minimum number of days required between approval and adoption been satisfied as stipulated in
the Local Budget Law, 40A:4-7? Requirement satisfied
T/F - According to N.J.S.A. 40A:4-9, concerning amendments to an introduced budget. An
increase or decrease to any item of appropriation by more than five percent (5%) would require a
public hearing on said amendment. False
The amount to be raised by taxes for school purposes, required to be certified to the governing
body of a municipality for inclusion in its budget, shall set forth in the separate section of the
budget upon adoption and shall be added to the amount to be raised by taxes by: School
tax rate
The governing body may by resolution authorize temporary budget appropriations to provide for
the period between the beginning of the fiscal year and the adoption of the budget. The resolution
shall be adopted within how many days of the beginning of the fiscal year? Thirty-days
, CMFO Exam
Questions With Solutions 100% Correct
Nothing in the Local Budget Law, specifically as stated in N.J.S.A 40A:4-19, shall prevent or
relieve the governing body from making appropriations during the last 10 days of the year
preceding the beginning of the fiscal year for all capital improvement fund purposes.
False
When emergency temporary appropriations are adopted after the introduction and approval of the
budget and were not included in the budget as approved, the temporary emergency appropriation
shall be included by amendment. True
Which of the following is known as, in the current section of accounts shall consist of the excess
of quick assets such as cash, investments, State or other public aid receivable, and deferred
charges over legal and demand liabilities. Surplus
Which of the following is known as; revenue amounts that may reasonably be expected to be
realized in cash during the fiscal year from known and regular sources, or from sources
reasonably capable of anticipation. Miscellaneous Revenues Anticipated
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