CMCA PRACTICE EXAM 2026
2026 ACTUAL QUESTIONS WITH
VERIFIED ANSWERS.
1. If a proxy vote needs to be approved, the best option for an
approver would be: - correct answer-the secretary
2. Board meeting minutes should include: - correct answer-
exact wording of each motion
3. What is a duty of a manager attending a board meeting? -
correct answer-be the time keeper
4. Executive sessions should be used for discussing what? -
correct answer-members delinquency
5. What are the two essential financial documents the bod
should use to determine the amount of funds available for an
unbudgeted expense? - correct answer-balance sheet and
statement of revenue and expense
, 6. The best reasoning for recommendation the modified accrual
basis of accounting method is that, compared to cash
accounting, it: - correct answer-more accurately reflects the
associations financial condition
7. Managers must be familiar with federal income tax
requirements and options because: - correct answer-under
federal tax code, all organizations are taxable unless
specifically exempted
8. The interim financial report should, at a minimum, include: -
correct answer-statement of income and expenses, account
balance, and a balance sheet
9. The manager is not usually responsible for preparing the: -
correct answer-tax returns
10. What is the purpose of a management letter? - correct
answer-to note the problem areas in an associations
financial operations and recommed modifications and
improvements
2026 ACTUAL QUESTIONS WITH
VERIFIED ANSWERS.
1. If a proxy vote needs to be approved, the best option for an
approver would be: - correct answer-the secretary
2. Board meeting minutes should include: - correct answer-
exact wording of each motion
3. What is a duty of a manager attending a board meeting? -
correct answer-be the time keeper
4. Executive sessions should be used for discussing what? -
correct answer-members delinquency
5. What are the two essential financial documents the bod
should use to determine the amount of funds available for an
unbudgeted expense? - correct answer-balance sheet and
statement of revenue and expense
, 6. The best reasoning for recommendation the modified accrual
basis of accounting method is that, compared to cash
accounting, it: - correct answer-more accurately reflects the
associations financial condition
7. Managers must be familiar with federal income tax
requirements and options because: - correct answer-under
federal tax code, all organizations are taxable unless
specifically exempted
8. The interim financial report should, at a minimum, include: -
correct answer-statement of income and expenses, account
balance, and a balance sheet
9. The manager is not usually responsible for preparing the: -
correct answer-tax returns
10. What is the purpose of a management letter? - correct
answer-to note the problem areas in an associations
financial operations and recommed modifications and
improvements
