CMFO Exam Questions And Answers With Complete Solutions

CMFO Exam Questions And Answers With
Complete Solutions
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

,CMFO Exam Questions And Answers With
Complete Solutions



General Ledger (TAD#)

TAD 85-3




Annual Audit Must be Conducted by a:

Registered Municipal Accountant




Accounting Formula(s)

Assets = Liabilities + Fund Balance

or

Assets - Liabilities = Fund Balance




Balance Sheet Accounts

Assets, Liabilities & Fund Balance




OCBOA

Other Comprehensive Basis of Accounting

, CMFO Exam Questions And Answers With
Complete Solutions



The Local Budget Law, NJSA 40A:4-3.1(b) requires any municipality deciding to convert to a State Fiscal
Year from a Calendar Fiscal Year to:

Apply to the Local Finance Board




When converting to a State Fiscal Year calendar from a Calendar Year a municipality may do so by:

Ordinance




All budgets shall be introduced, approved, amended and adopted by what vote and by which action of
the governing body?

By resolution passed by not less than a majority vote of the full membership of the governing body.




N.J.S.A. 40A:4-5 sets the introduction dates for the municipal budget for both a Calendar Year and State
Fiscal Year community. The statutory introduction dates are as follows:

Calendar Year - February 10

State Fiscal Year - August 10