Cmfo Study guides, Class notes & Summaries

CMFO EXAM QUESTIONS CMFO EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS| VERIFIED Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - Accurate AnswerAn RMA (Registered Municipal Accountant). The statutory responsibility for filing the AFS is assigned to: - Accurate AnswerCFO. A local government officer that serves on the agency that approves development applications refers to a member of which board? - Accurate AnswerPlanning Board Cash manage...

CMFO - Finance Admin (T/F) 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 ...

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 ...

CMFO EXAM - PRACTICE QUESTIONS WITH 100% CORRECT ANSWERS!!

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 - Finance Admin Final Exam Study Guide with 100% Correct Answers | Verified | Latest Update 2024|Rated A+ 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 Authoritie...

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 ...

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...

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...