Cmca budgets - Study guides, Class notes & Summaries

SOLVED- ELABORATED-CMCA Practice Test Questions 2022SOLVED- ELABORATED-CMCA Practice Test Questions 20221. Which of the following is a common management control for ensuring maintenance work is performed in a timely manner? A. A purchase order system B. An equipment warranties C. A work order/response form D. A contractor's invoice C. A work order/response form - A, B, and D speak to elements OTHER than a control to ensure maintenance work is completed. - 2. The primary management control tool ...

SOLVED- ELABORATED-CMCA Meetings Questions for 2022 SOLVED- ELABORATED-CMCA Meetings Questions for 2022CMCA Meetings Questions for 2022 Section 1: Meetings Table a motion - |Ans| >> Incomplete items on the agenda should be rescheduled for another meeting. Robert's Rules of Order - |Ans| >> Provides common rules and procedures for deliberation and debate in order to place the whole membership on the same footing and speaking the same language Timed agenda - |Ans| >> Limits the...

SOLVED- ELABORATED-CMCA Meetings Questions for 2022 SOLVED- ELABORATED-CMCA Meetings Questions for 2022CMCA Meetings Questions for 2022 Section 1: Meetings Table a motion - |Ans| >> Incomplete items on the agenda should be rescheduled for another meeting. Robert's Rules of Order - |Ans| >> Provides common rules and procedures for deliberation and debate in order to place the whole membership on the same footing and speaking the same language Timed agenda - |Ans| >> Limits the...

CMCA questions and answers latest top score. Resolution - ANS. Is a motion that follows a set format and is formally adopted by the board of directors. Community Association - ANS. Is a legal entity in which the owners enjoy the protection, enhancement, maintenance and preservation of their homes and property. Characteristics of a Community Association - ANS. Mandatory membership, mutually binding documents and lien-based assessments. Lien - ANS. Is ...

Financial Statements, Audits, Income Taxes & Investments for 2022 Liabilities - |Ans| >> Liabilities consist of what is owed to others or collected in advance (e.g. owner assessments received prior to the billed month). Members' equity - |Ans| >> Members' equity is called the fund balance under the fund method of reporting. It equals the difference between the community association's assets and liabilities. Modified cash basis of accounting - |Ans| >> This method records...

Financial Statements, Audits, Income Taxes & Investments for 2022 Liabilities - |Ans| >> Liabilities consist of what is owed to others or collected in advance (e.g. owner assessments received prior to the billed month). Members' equity - |Ans| >> Members' equity is called the fund balance under the fund method of reporting. It equals the difference between the community association's assets and liabilities. Modified cash basis of accounting - |Ans| >> This method records...

Assessment - ANSWER-The owner's financial obligation to the community association during a given period of time—usually one year. It covers the owner's share of the common expense, also known as "common expense liabilities" in some states. Baseline funding - ANSWER-The goal of this funding strategy is to keep the reserve cash balance above zero. Chart of accounts - ANSWER-An organized list of titles, descriptions and assigned numbers of all accounts in an organization's general ledg...

SECTION 1: INTRODUCTION 6 CMCA Program Formats for Learning Preparing for the CMCA Examination SECTION 2: CMCA EXAMINATION Developing the CMCA Examination 9 SECTION 3: CMCA EXAMINATION CONTENT 11 CMCA Examination Content Exploring the Knowledge Areas Knowledge Area 1: Meetings Knowledge Area 2: Governance and Legal Issues Knowledge Area 3: Budgets, Reserves, Investments and Assessments Knowledge Area 4: Financial Controls Knowledge Area 5: Risk Management and Insurance Knowledge A...