Cmfo local budget law - Study guides, Class notes & Summaries

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 anticip...

CMFO - Local Budget Law A Governing Body may increase it's appropriations cap to ________ by passing a _______________________________ - c. 3.5% by passing a cost of living adjustment ordinance The flexible chart of accounts is a coding system which categorizes: a. Debt service payments b. Capital Projects c. Budget appropriations and revenues d. Utility Rates - c. Budget appropriations and revenues The reserve for uncollected taxes is: a. a line item for tax credits for senio...

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) requires any municipality deciding to convert to a State Fiscal Year from a Calendar Fiscal Year to: Apply to the Local Finance Board

CMFO - Finance Admin Exam Study Guide The debt limit of a municipality may not exceed what percentage of the prior three years equalized assessed real property valuations - 3.5% The corrective action plan must describe how the local unit will correct the problems cited in the audit and be filed with DLGS by the - CFO Prior to any purchase of goods certification of available funds must be made by the - CFO Authorities and utilities are funded by - User Fees The audit of the Fire ...

NJ CMFO Statutes Exam Review Every audit required by the Local Fiscal Affairs 40A:5-9 is required be completed by an accountant or auditor who holds an uncanceled license as: - Registered Municipal Accountant Local Budget Law, N.J.S.A. 40A: 4-3.1 (b) requires any municipality deciding to convert to a State Fiscal Year from Calendar Fiscal Year must apply to - Local Finance Board Local Budget Law 40A:4-3.2 Adoption of State fiscal year; when converting to a state fiscal year calendar...

CMFO Statutes Exam Questions & Answers, VERIFIED/ 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 Fiscal Year...

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 - Finance Admin The debt limit of a municipality may not exceed what percentage of the prior three years equalized assessed real property valuations ANSWER-3.5% The corrective action plan must describe how the local unit will correct the problems cited in the audit and be filed with DLGS by the ANSWER-CFO Prior to any purchase of goods certification of available funds must be made by the ANSWER-CFO Authorities and utilities are funded by ANSWER-User Fees The audit of th...

A Governing Body may increase it's appropriations cap to ________ by passing a _______________________________ - c. 3.5% by passing a cost of living adjustment ordinance The flexible chart of accounts is a coding system which categorizes: a. Debt service payments b. Capital Projects c. Budget appropriations and revenues d. Utility Rates - c. Budget appropriations and revenues The reserve for uncollected taxes is: a. a line item for tax credits for seniors & veterans b. The tax rate of...

CMFO - Local Budget Law Questions And Answers With Verified Solutions A Governing Body may increase it's appropriations cap to ________ by passing a _______________________________ c. 3.5% by passing a cost of living adjustment ordinance The flexible chart of accounts is a coding system which categorizes: a. Debt service payments b. Capital Projects c. Budget appropriations and revenues d. Utility Rates c. Budget appropriations and revenues The reserve for uncollected taxes is: a. a...