M100 Community Association Management Exam Newest Actual Exam With Complete Questions And Answers 2024
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Course
M100 Community Association Management
Institution
M100 Community Association Management
M100 Community Association Management Exam Newest Actual Exam With Complete Questions And Answers 2024
Balance sheet - CORRECT ANSWER-Snapshot of financial condition at a specific point in time. Lists what the association owes and owns and its net worth.
Role of CPA - CORRECT ANSWER-Audit - Thoro...
M100 Community Association
Management Exam Newest
Actual Exam With Complete
Questions And Answers 2024
Balance sheet - CORRECT ANSWER-Snapshot of financial condition at
a specific point in time. Lists what the association owes and owns and its
net worth.
Role of CPA - CORRECT ANSWER-Audit - Thorough examination of
financials
Review - Spot check
Compilation - Slap docs on CPA letterhead (no check)
Investments - CORRECT ANSWER-Purchase of anything with money
value for the purpose of generating additional income over time.
Safety - Protect the principal amount.
, Liquidity - Ease with which an investment can be converted to cash.
Yield - Amount of return on investment.
Five Types of Maintenance - CORRECT ANSWER-Routine
Preventative
Emergency Services
Requested
Reserve
Maintenance Management Tools - CORRECT ANSWER-Checklists
Charts of information
Calendars or schedules
Inventories
Work orders
Request forms
Characteristics of a Community Association - CORRECT ANSWER-
Mandatory membership
Mutually binding documents
Lien-based assessments
Purposes of a Community Association - CORRECT ANSWER-Business
- Not for profit
Government - Runs like a mini-government
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