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CISEC EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS /100% PASS SOLUTION / ALREADY GRADED A+
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CISEC EXAM QUESTIONS AND CORRECT VERIFIED ANSWERS /100% PASS SOLUTION / ALREADY GRADED A+
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CMCA EXAM 2024-2025 120 QUESTIONS AND CORRECT VERIFIEDANSWERS /100% PASS SOLUTION / ALREADY GRADED A+
Which types of management is the process of operating, maintaining, repairing, and replacing
common property?
a. human resources
b. facilities
c. financial
d. risk B
Which of the following account methods records revenue when it is collected and expenses
when they are paid?
a. cash basis
b. accrual basis
c. modified cash basis
d. modified accrual basis A
Complete the following sentence: a occurs when expenses are greater than revenue.
a. net income
b. net loss
c. net gain
d. net profit B
Which of the following is not one of the three major components of a balance sheet?
a. assets
b. liabilities
c. expenses
d. members' equity C
True or false: a CPA's representation letter describes the nature of the work to be done, the
type of report to be prepared, the fee for services, the time frame for the assignment, and the
accountant's disclaimers.
F
,Complete the following sentence: a(n) is a year-end financial report prepared by a CPA
without the assurance that the information conforms to GAAP.
a. compilation
b. review
c. audit
d. opinion letter A
True or false: community associations must file a federal income tax return every year. T
True or false: requiring a single signature to withdraw funds from an investment account is a
good example of a system of internal checks and balances to protect association investments.
F
Which of the following investment objectives for community associations refers to the ease
with which an investment can be converted into cash or a cash equivalent?
a. safety
b. liquidity
c. yield
d. treasury bills B
Complete the following sentence: for a community association, is the process of operating,
maintaining, repairing, and replacing common property.
a. preventative maintenance
b. facilities management
c. maintenance record
d. scheduled replacement B
True or false: one of the goals of maintenance for a community association is to limit injury to
residences, guests, and employees.
T
Each of the following includes steps in establishing a maintenance system for a community
association except:
a. assign blame to staff not adequately fulfilling maintenance responsibilities
b. develop maintenance management controls
c. analyze your assets' maintenance needs
d. evaluate your maintenance system and efforts A
, Which of the following is not an example of a maintenance management control?
a. work orders
b. chart of information
c. response forms
d. public offering statements D
True or false: the declaration or master deed often includes a description of maintenance
responsibilities for both the owner and the association.
T
True or false: a management control used to keep track of who is responsible for the
maintenance of various property elements or areas is the analysis sheet.
F
Cleaning problem sewer lines every month to avoid backups is an example of which of the
following types of maintenance?
a. emergency services maintenance
b. requested or corrective maintenance
c. routine maintenance
d. preventative maintenance D
True or false: Surveying residents is a common method community association managers use to
evaluate their maintenance systems and implementation efforts.
T
True or false: a contract is an agreement between two or more parties, enforceable by law, by
which each party promises to do, or not do, something.
T
When deciding whether to have staff members or a contractor perform a task, a manager
should consider each of the following except:
a. supervision
b. expertise
c. number of people
d. retirement plan contributions D
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