Cmfo Study guides, Class notes & Summaries

CMFO - Finance Admin The debt limit of a municipality may not exceed what percentage of the prior three years equalized assessed real property valuations ANSWER-3.5% The corrective action plan must describe how the local unit will correct the problems cited in the audit and be filed with DLGS by the ANSWER-CFO Prior to any purchase of goods certification of available funds must be made by the ANSWER-CFO Authorities and utilities are funded by ANSWER-User Fees The audit of th...

Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - An RMA (Registered Municipal Accountant) The statutory responsibility for filing the AFS is assigned to: - CFO A local government officer that serves on the agency that approves development applications refers to a member of which board? - Planning Board Cash management plan must be approved annual by the: - Governing Body

Every audit required by the Local Fiscal Affairs NJSA 40A5-9 is required to completed by an accountant or auditor who holds and uncanceled license as? - Answer Registered Municipal Accountant The statutory responsibility for the filing of the "Unaudited Annual Financial Statements is assigned to which local government official by NJSA 40A:5-12? - Answer Chief Financial Officer As defined in the "Local Government Ethics Law" specially, NJSA 40A:9-22.3, a "Local Government Officer" ...

CMFO Exam Question Bank Correctly Answered 2023.

Special improvement district budgets must be approved by - Answer - the governing body of the municipality Type 1 school district budgets are approved by: - Answer - the board of school estimates - its one of the differences between type 1 & type 2 Special district budgets (like Fire districts) are approved by: - Answer - the voters Equalized valuation represents: - Answer - the true value of all taxable property in the municipality - for distributing school aid Special mee...

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 ...

The debt limit of a municipality may not exceed what percentage of the prior three years equalized assessed real property valuations - 3.5% The corrective action plan must describe how the local unit will correct the problems cited in the audit and be filed with DLGS by the - CFO Prior to any purchase of goods certification of available funds must be made by the - CFO Authorities and utilities are funded by - User Fees The audit of the Fire District must be filed with the governing body wh...

CMFO - Finance Admin (T/F) Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item’s value is below 15% of the local unit’s bid threshold ANSWER-True School debt is reported on the municipality’s annual debt statement ANSWER-True School districts are governed by NJSA 40A et seq ANSWER-False The governing body of a municipality may change the type of school district by ordinance ANSWER-False School debt limit i...

Accounts Receivable - A/R - Answer 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 - Answer 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 - Answer Asset = Liabilities (reserve) + Fund Balance (surplus) Dr = Cr + Cr ...