Cmfo exam questions - Study guides, Class notes & Summaries

CMFO Exam - Theory & Statutes Verified Questions And Answers 100% Correct Quiz What are the four divisions of the Department of Community Affairs? 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 Services? - to maintain the financial integrity & solvency of all local government units (municipalities, authorities, special distric...

CMFO Statutes Exam Prep Complete Questions And Answers 2023 The Local Budget Law, N.J.S.A. 4OA:4—31(b) requires any municipality dec±ding to convert to a State Fiscal Year from a Calendar Fiscal Year perform the following: A. Apply to the Division of Local Government Services B. Apply to the Local Finance Board C. Apply to the Commissioner of the Department of Community Affairs D. All the above E. None of the above B. Apply to the Local Finance Board When converting to a State Fisc...

CMFO Exam - Practice Questions & Answers 2023(A+GRADED 100%VERIFIED)

CMFO Exam with Questions with Complete Solutions

CMFO Exam Current Fund exam questions and 100% correct answers

CMFO Exam - Current Fund Complete Questions And Answers With Verified Solutions Name the two types of local units of government in NJ 1. Municipalities 2. Counties A municipality & county are essentially: - corporations created by the State's Constitution and statutes A municipal corporation is designed to: - aid the municipality in carrying out specific activities A municipal corporation has the following powers: (5) 1. to sue & be sued, to defend & be defended in all courts of law ...

CMFO STATUTES Exam with Questions with Complete Solutions

Local Bond Law (Statute #) NJSA 40A:2 Local Budget Law (Statute #) NJSA 40A:4 Local Fiscal Affairs Law (Statute #) NJSA 40A:5 Local Public Contracts Law NJSA 40A:11 Encumbrance System (TAD#) TAD 85-1 Fixed Assets (TAD#) TAD 85-2 General Ledger (TAD#) TAD 85-3

Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - True School debt is reported on the municipality's annual debt statement - True School districts are governed by NJSA 40A et seq - False The governing body of a municipality may change the type of school district by ordinance - False School debt limit is based on the district's grade configuration - True Municipal ...

Accounts Receivable - A/R 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 The standard system of account titles kept for accounting records - Flexible Chart of Accounts (FCOA) -Use to organize and segregate expenditures, revenues, assets, and liabilities Accounting Equation Asset = Liabilities (reserve) + Fund Balance (surplus) Dr = Cr + Cr - Balance Sheet based on accounting equ...