CMFO Exam - Current Fund Questions With
Complete Solutions 2025/2026 GRADED A+
||BRAND NEW!!!!!!
Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - CORRECT
ANSWERAn RMA (Registered Municipal Accountant)
The statutory responsibility for filing the AFS is assigned to: - CORRECT ANSWERCFO
A local government officer that serves on the agency that approves development applications
refers to a member of which board? - CORRECT ANSWERPlanning Board
Cash management plan must be approved annual by the: - CORRECT ANSWERGoverning Body
The local bond law stipulates that the maturities of all bonds shall be as determined by the local
bond ordinance or by subsequent resolution and be within the following limitations:
a. All bonds shall mature within the period or average period of usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined bond issue
d. All of the above
e. None of the above - CORRECT ANSWERd. All of the above
,The effective date of a bond ordinance - CORRECT ANSWER20 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 - CORRECT ANSWERTrue
An increase in anticipated revenue from a known and recurring source will have what effect on
the appropriation for the RUT - CORRECT ANSWERWould decrease the appropriation for the
RUT
T/F - The exact line item appropriation or ordinance must be shown on the resolution with the
certification of funds in order to enter a contract - CORRECT ANSWERTrue
The NJ Budget Law requires that the budget shall consist of a tabulated statement of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on outstanding debt
c. All anticipated revenues applicable to expenditures for which appropriations are made
d. All of the above
e. None of the above - CORRECT ANSWERc. All anticipated revenues applicable to expenditures
for which appropriations are made
Four classifications of revenue - CORRECT ANSWERSurplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
, Implementation of a dedicatied tax program for open space is authorized by: - CORRECT
ANSWERReferendum held at general or special election
Alternate calculation for the RUT - CORRECT ANSWERAverage of the prior three years collection
rates - allowable with a resolution of the governing body
Debt limit - CORRECT ANSWER3.5% prior three years average equalized assessed valuation
Pay to play threshold - CORRECT ANSWER$17,500
How long can a BAN be issued for - CORRECT ANSWER1 year
When must BANs fully mature - CORRECT ANSWER1st day of the 5th month following the close
of the 10th fiscal year
Who is responsible for change orders? - CORRECT ANSWERGoverning Body
Any deficit in expenditures to which dedicated revenues are applicable shall be provided for by
an appropriation in which budget? - CORRECT ANSWERCurrent Fund
Threshold for Tax Court appeal - CORRECT ANSWER$1,000,000
Who has the authority to approve the establishment of a petty cash fund? - CORRECT
ANSWERThe Director of the DLGS
Who is responsible to bill the special assessment levy - CORRECT ANSWERTax Collector
Complete Solutions 2025/2026 GRADED A+
||BRAND NEW!!!!!!
Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - CORRECT
ANSWERAn RMA (Registered Municipal Accountant)
The statutory responsibility for filing the AFS is assigned to: - CORRECT ANSWERCFO
A local government officer that serves on the agency that approves development applications
refers to a member of which board? - CORRECT ANSWERPlanning Board
Cash management plan must be approved annual by the: - CORRECT ANSWERGoverning Body
The local bond law stipulates that the maturities of all bonds shall be as determined by the local
bond ordinance or by subsequent resolution and be within the following limitations:
a. All bonds shall mature within the period or average period of usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined bond issue
d. All of the above
e. None of the above - CORRECT ANSWERd. All of the above
,The effective date of a bond ordinance - CORRECT ANSWER20 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 - CORRECT ANSWERTrue
An increase in anticipated revenue from a known and recurring source will have what effect on
the appropriation for the RUT - CORRECT ANSWERWould decrease the appropriation for the
RUT
T/F - The exact line item appropriation or ordinance must be shown on the resolution with the
certification of funds in order to enter a contract - CORRECT ANSWERTrue
The NJ Budget Law requires that the budget shall consist of a tabulated statement of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on outstanding debt
c. All anticipated revenues applicable to expenditures for which appropriations are made
d. All of the above
e. None of the above - CORRECT ANSWERc. All anticipated revenues applicable to expenditures
for which appropriations are made
Four classifications of revenue - CORRECT ANSWERSurplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
, Implementation of a dedicatied tax program for open space is authorized by: - CORRECT
ANSWERReferendum held at general or special election
Alternate calculation for the RUT - CORRECT ANSWERAverage of the prior three years collection
rates - allowable with a resolution of the governing body
Debt limit - CORRECT ANSWER3.5% prior three years average equalized assessed valuation
Pay to play threshold - CORRECT ANSWER$17,500
How long can a BAN be issued for - CORRECT ANSWER1 year
When must BANs fully mature - CORRECT ANSWER1st day of the 5th month following the close
of the 10th fiscal year
Who is responsible for change orders? - CORRECT ANSWERGoverning Body
Any deficit in expenditures to which dedicated revenues are applicable shall be provided for by
an appropriation in which budget? - CORRECT ANSWERCurrent Fund
Threshold for Tax Court appeal - CORRECT ANSWER$1,000,000
Who has the authority to approve the establishment of a petty cash fund? - CORRECT
ANSWERThe Director of the DLGS
Who is responsible to bill the special assessment levy - CORRECT ANSWERTax Collector
