CMFO Exam - Current Fund Questions With Complete Solutions
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
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
,CMFO Exam - Current Fund Questions With Complete Solutions
d. All of the above
The effective date of a bond ordinance
20 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
True
An increase in anticipated revenue from a known and recurring source will have what effect on the
appropriation for the RUT
Would 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
True
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
, CMFO Exam - Current Fund Questions With Complete Solutions
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
c. All anticipated revenues applicable to expenditures for which appropriations are made
Four classifications of revenue
Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized by:
Referendum held at general or special election
Alternate calculation for the RUT
Average of the prior three years collection rates - allowable with a resolution of the governing body
Debt limit
3.5% prior three years average equalized assessed valuation
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
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
,CMFO Exam - Current Fund Questions With Complete Solutions
d. All of the above
The effective date of a bond ordinance
20 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
True
An increase in anticipated revenue from a known and recurring source will have what effect on the
appropriation for the RUT
Would 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
True
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
, CMFO Exam - Current Fund Questions With Complete Solutions
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
c. All anticipated revenues applicable to expenditures for which appropriations are made
Four classifications of revenue
Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
Implementation of a dedicatied tax program for open space is authorized by:
Referendum held at general or special election
Alternate calculation for the RUT
Average of the prior three years collection rates - allowable with a resolution of the governing body
Debt limit
3.5% prior three years average equalized assessed valuation
