Cmf - Study guides, Class notes & Summaries

CMFO Exam Questions With Solutions 100% Correct Accounting Formula(s) Assets = Liabilities + Fund Balance or Assets - Liabilities = Fund Balance Balance Sheet Accounts Assets, Liabilities & Fund Balance OCBOA Other Comprehensive Basis of Accounting The Local Budget Law, NJSA 40A:4-3.1(b) requires any municipality deciding to convert to a State Fiscal Year from a Calendar Fiscal Year to: Apply to the Local Finance Board

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

True - 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 - Trust Assessment Fund cash is first pledged to: quarterly basis - Municipal Library Levy is paid on a True - T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan - Finding/Condition; Recommendation; explanation & corrective action; implementation date

Name the two types of local units of government in NJ - 1. Municipalities 2. Counties A municipality & county are essentially: - - corporations created by the State's Constitution and statutes A municipal corporation is designed to: - - aid the municipality in carrying out specific activities A municipal corporation has the following powers: (5) - 1. to sue & be sued, to defend & be defended in all courts of law 2. to adopt a common seal 3. to acquire property 4. to acquire, lease, and...

Every audit required by the Local Fiscal Affairs Law is required to be completed by an accountant or auditor who holds an uncanceled license as: - ️️registered municipal accountant The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which local government official - ️️cfo A local government officer that serves on a local government agency that approved development applications would refer to a member of which board - ️️plannin...

CMFO Exam - Practice Questions Questions With Solutions 100% Correct The effective date of a bond ordinance 20 days after first publication after adoption T/F - All matters not required to be contained in a bond ordinance may be acted on by subsequent resolutions passed by the affirmative votes of a majority of the full membership of the governing body True An increase in anticipated revenue from a known and recurring source will have what effect on the appropriation for the RUT Would ...

True - ️️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 - ️️Trust Assessment Fund cash is first pledged to: quarterly basis - ️️Municipal Library Levy is paid on a True - ️️T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan - ️️Finding/Condition; Recommendation; explanation & corrective action; impleme...

CMFO - Local Budget Law Questions With Solutions 100% Correct At the end of the second budget year, any remaining uncommitted appropriation reserves are: a. Transferred to accounts payable b. Added to the line item account c. Lapsed and returned to fund balance through journal entries d. Credited to the reserve for encumbrances c. Lapsed and returned to fund balance through journal entries The difference between the amount of appropriations for the budget year and the and the anticip...

CMFO EXAM QUESTIONS AND ANSWERS

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...