CMFO - Study Extra Questions With Solutions 100% Correct
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Course
CMFO
Institution
CMFO
CMFO - Study Extra
Questions With Solutions 100% Correct
If a General Capital improement authorization is funded by CIF & Debt Authorized & is
cancelled prior to expenditure of any funds, where is the cancellation posted? How much is
cancelled there? Capital Fund Balance for the amount of the...
CMFO - Study Extra
Questions With Solutions 100% Correct
If a General Capital improement authorization is funded by CIF & Debt Authorized & is
cancelled prior to expenditure of any funds, where is the cancellation posted? How much is
cancelled there? Capital Fund Balance for the amount of the CIF appropriated only.
T/F - The Cash liabilities to be subtotaled on the Current Fund Post Closing Trial Balance (AFS
Sheet 3) is the receivables offset by reserve FALSE
What is reflected on the Current Fund Post Closing Trial Balance (AFS Sheet 3) as a Cash
Liability Appropriation Reserves
Prepaids
Overpayments
County Taxes Payable
Reserve for Tax Appeals
Reserve for encumbrances
, CMFO - Study Extra
Questions With Solutions 100% Correct
(CASH Liabilities!)
Requirement for RUT with no action of governing body Divide total levy required for
muni budget and all taxes by the % of collections from the prior year
Journal Entry to record Bond Ordinance in Sewer Utility w/ CIF & Debt Authorized Debit
- CIF (amt of down payment)
Debit - Fixed Assets Auth & Uncomplete (full amt of ordinance)
Credit - Improvement Auth Funded
Credit - Improvement Auth Unfunded
Credit - Reserve for Deferred Amortization (for amount of down payment)
Journal Entry to record debt payment in sewer capital fund Debit - Serial Bonds
Credit - Reserve for Deferred Amortization
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