Cmfo Study guides, Class notes & Summaries
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CMFO - Finance Admin|QUESTIONS WITH COMPLETE ANSWERS |100% verified
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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...
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CMFO Practice Exam with Questions with Complete Solutions
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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
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CMFO Midterm Exam And Actual Answers 2024.
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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" ...
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CMFO Exam Question Bank Correctly Answered 2023.
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CMFO Exam Question Bank Correctly Answered 2023.
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CMFO PFM Questions with correct answers
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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...
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CMFO EXAM QUESTION BANK|UPDATED&VERIFIED|100% SOLVED|GUARANTEED SUCCESS
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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 
 
 
 ...
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CMFO PACKAGE DEAL
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CMFO PACKAGE DEAL|SUCCESS GUARANTEED|2024
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CMFO - Finance Admin Exam Study Guide | 208 Questions with 100% Correct Answers | Verified | 27 Pages
- Exam (elaborations) • 27 pages • 2023
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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...
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CMFO Exam Questions And Answers Already Graded A+
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CMFO Exam Questions And Answers Already Graded A+
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CMFO - Finance Admin (T/F)|144 QUESTIONS WITH COMPLETE ANSWERS |100% verified|
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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...
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