Exam (elaborations)
CMFO EXAM QUESTION BANK
- Course
- Institution
CMFO EXAM QUESTION BANK
[Show more]
Content preview
CMFO EXAM QUESTION BANKTrue - Answers- T/F: Due from State of New Jersey for Senior citizen Deductions can
be anticipated as a revenue in the current fund budget as non-cash surplus
retirement of serial bonds - Answers- Trust Assessment Fund cash is first pledged to:
quarterly basis - Answers- Municipal Library Levy is paid on a
True - Answers- T/F: budget transfers from Capital Improvement Fund are not
permitted
Corrective Action Plan - Answers- Finding/Condition; Recommendation; explanation &
corrective action; implementation date
tax collector - Answers- ___________ mails out local assessment bills
Department of Treasury - Answers- Oversight of PERS & PFRS is the
60 days - Answers- Corrective action must be adopted within _________ of receipt of
the audit reports
$1000 - Answers- Developer's Escrow monthly chargers greater than ________. The
CFO must provide an accounting statement to the developer on a monthly basis.
Local Finance Board intervention - Answers- Default on bonds, Tax Collection Rate is
less than 70%, Cash Deficit of the tax levy in excess of 4% for 2 consecutive years
immediately - Answers- Resident requested to inspect vouchers that were approved for
payment at the most recent governing body meeting. Inspection of vouchers must be
made available for inspection
$2000, $400, NJ - Answers- Finance Disclosure forms are required for Income greater
than________, gifts greater than ______, property within _________
$750000 - Answers- Federal Single Audit is required if Federal Grant expenditures
equals or exceeds
True - Answers- T/F: The cash management plan can be amended at any time.
Net Debt - Answers- Gross Debt - Deductions =
liquidity - Answers- Security can be converted into cash
Director of DLGS - Answers- Chairperson of the Local Finance Board is
,State of NJ as unclaimed property - Answers- Old escrow accounts escheat to
False - Answers- T/F: Interest on Utility Assessment Debt is appropriated in the Current
Fund
2/3 of governing body - Answers- Budget Transfers need a vote of
False - Answers- T/F: Pursuant to Local Budget Law municipalities are permitted to
overspend a legal line item appropriation if the overall Current Fund Budget remains in
a surplus
False - Answers- T/F: In regard to use of P-cards, under no circumstances may a
transaction exceed 15% of a municipality bid threshold.
True - Answers- T/F: Municipalities that carries a statutory excess in Reserve for an
Animal Control Fund at year end excess is Due to Current Fund and recorded as
MRNA.
True - Answers- T/F: Director does not approve budget transfers.
False - Answers- T/F: The unexpended balance of debt service must be cancelled by
resolution.
False - Answers- T/F: Capital Budget must be adopted by a majority of the governing
body.
True - Answers- T/F: Municipalities are permitted to negotiate with a vendor, after 2
attempts, responses to bids were too high and no bids were submitted.
False - Answers- T/F: The Supplemental Debt Statement must be filed between the 1st
and 2nd reading of a bond ordinance.
True - Answers- T/F: Three Different Bond ordinances are introduced at a public
meeting only 1 supplemental debt statement is required.
False - Answers- T/F: The anticipated revenue for Receipts from Delinquent Taxes is
limited to the amount of revenue realized in the previous year
False - Answers- T/F: The Annual Debt Statement is due upon introduction of a bond
ordinance.
True - Answers- T/F: If Trust Assessment Fund cash is less than the required budgeted
amount to retire debt service, a required appropriation in the Current Fund budget is
necessary to cover the deficit.
, performance based budgeting - Answers- The number miles of roads in terms of
expenditures would be an example of
maturity schedule for bonds - Answers- Which does not have to be included in the bond
ordinance?
2/3 of full membership - Answers- Budget appropriation transfers during the last 2
months of the calendar year requires which of the following votes?
DLGS approval of specification - Answers- Which of the following would not be included
in specifications for banking services?
True - Answers- T/F: Prepaid Taxes applied to Taxes Receivable does not create a
deferred charge
Items on municipal website for best practices - Answers- 3 years of adopted budgets,
proposed budget, most recent AFS
equalized valuation - Answers- Represents the true value of all taxable property in the
municipality
derivatives - Answers- Not a permissible investment
False - Answers- T/F: Budget transfers may be made to: Deferred Charges, Reserve
for Uncollected Taxes, Down Payment on Improvements and Capital Improvement Fund
40 years - Answers- Period of usefulness may not exceed
DLGS - Answers- ____________ must approve: petty cash fund, change in title and
text, dedication by rider, and emergency appropriations in excess of 3% of operating
appropriations
Net debt - Answers- Borrowing capacity is based on
Patrol cars - Answers- Not bondable assets
$1000000 - Answers- Local government bonds may be sold privately except when the
total of bonds is more than
eligible shared services - Answers- Joint collection of taxes, joint municipal court, joint
solid waste collection/disposal
False - Answers- T/F: Dedication by Rider must be accounted for in the current fund
governing body - Answers- Special Improvement District budgets must be approved by:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now