Cmfo Study guides, Class notes & Summaries
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CMFO EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS| VERIFIED
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CMFO EXAM QUESTIONS 
CMFO EXAM QUESTIONS WITH GUARANTEED ACCURATE ANSWERS| VERIFIED 
 
 
Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - Accurate AnswerAn RMA (Registered Municipal Accountant). 
 
The statutory responsibility for filing the AFS is assigned to: - Accurate AnswerCFO. 
 
A local government officer that serves on the agency that approves development applications refers to a member of which board? - Accurate AnswerPlanning Board 
 
Cash manage...
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CMFO - Finance Admin (T/F)
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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 - True 
 
School debt is reported on the municipality's annual debt statement - True 
 
School districts are governed by NJSA 40A et seq - False 
 
The governing body of a municipality may change the type of school district by ordinance - 
False 
 
School debt limit is based on the district's ...
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CMFO - Finance Admin Exam Study Guide
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CMFO - Finance Admin Exam Study Guide 
 
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 ...
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CMFO EXAM - PRACTICE QUESTIONS WITH 100% CORRECT ANSWERS!!
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CMFO EXAM - PRACTICE QUESTIONS WITH 100% CORRECT ANSWERS!!
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CMFO - Finance Admin Final Exam Study Guide with 100% Correct Answers | Verified | Latest Update 2024|Rated A+
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CMFO - Finance Admin Final Exam Study Guide 
with 100% Correct Answers | Verified | Latest Update 
2024|Rated A+ 
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 
Authoritie...
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CMFO - Local Budget Law
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CMFO - Local Budget Law 
 
A Governing Body may increase it's appropriations cap to ________ by passing a 
_______________________________ - c. 3.5% by passing a cost of living adjustment 
ordinance 
 
The flexible chart of accounts is a coding system which categorizes: 
a. Debt service payments 
b. Capital Projects 
c. Budget appropriations and revenues 
d. Utility Rates - c. Budget appropriations and revenues 
 
The reserve for uncollected taxes is: 
a. a line item for tax credits for senio...
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CMFO UPDATED Exam Questions And Correct Answers
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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
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NJ CMFO Statutes Exam Review
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NJ CMFO Statutes Exam Review 
 
Every audit required by the Local Fiscal Affairs 40A:5-9 is required be completed by an 
accountant or auditor who holds an uncanceled license as: - Registered Municipal 
Accountant 
 
Local Budget Law, N.J.S.A. 40A: 4-3.1 (b) requires any municipality deciding to convert to a 
State Fiscal Year from Calendar Fiscal Year must apply to - Local Finance Board 
 
Local Budget Law 40A:4-3.2 Adoption of State fiscal year; when converting to a state fiscal year 
calendar...
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CMFO Top Forecasted Exam Questions And Correct Answers
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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...
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CMFO - Finance Admin (T/F) Exam Questions with 100% Correct Answers | Verified | Latest Update 2024|Rated A+
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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 - True 
School debt is reported on the municipality's annual debt statement - True 
School districts are governed by NJSA 40A et seq - False 
The governing body of a municipality may change the type of school district by ordinance - 
False 
School debt limit is based on the district's grade configuration - True 
Municipal ...
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