CMFO Exam Question Bank Questions
And Answers With Complete Solutions
True
T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the
current fund budget as non-cash surplus
retirement of serial bonds
Trust Assessment Fund cash is first pledged to:
quarterly basis
Municipal Library Levy is paid on a
True
T/F: budget transfers from Capital Improvement Fund are not permitted
Corrective Action Plan
Finding/Condition; Recommendation; explanation & corrective action; implementation date
tax collector
___________ mails out local assessment bills
,CMFO Exam Question Bank Questions
And Answers With Complete Solutions
Department of Treasury
Oversight of PERS & PFRS is the
60 days
Corrective action must be adopted within _________ of receipt of the audit reports
$1000
Developer's Escrow monthly chargers greater than ________. The CFO must provide an accounting
statement to the developer on a monthly basis.
Local Finance Board intervention
Default on bonds, Tax Collection Rate is less than 70%, Cash Deficit of the tax levy in excess of 4% for 2
consecutive years
immediately
Resident requested to inspect vouchers that were approved for payment at the most recent governing
body meeting. Inspection of vouchers must be made available for inspection
, CMFO Exam Question Bank Questions
And Answers With Complete Solutions
$2000, $400, NJ
Finance Disclosure forms are required for Income greater than________, gifts greater than ______,
property within _________
False
T/F: The Supplemental Debt Statement must be filed between the 1st and 2nd reading of a bond
ordinance.
True
T/F: Three Different Bond ordinances are introduced at a public meeting only 1 supplemental debt
statement is required.
False
T/F: The anticipated revenue for Receipts from Delinquent Taxes is limited to the amount of revenue
realized in the previous year
False
T/F: The Annual Debt Statement is due upon introduction of a bond ordinance.
And Answers With Complete Solutions
True
T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the
current fund budget as non-cash surplus
retirement of serial bonds
Trust Assessment Fund cash is first pledged to:
quarterly basis
Municipal Library Levy is paid on a
True
T/F: budget transfers from Capital Improvement Fund are not permitted
Corrective Action Plan
Finding/Condition; Recommendation; explanation & corrective action; implementation date
tax collector
___________ mails out local assessment bills
,CMFO Exam Question Bank Questions
And Answers With Complete Solutions
Department of Treasury
Oversight of PERS & PFRS is the
60 days
Corrective action must be adopted within _________ of receipt of the audit reports
$1000
Developer's Escrow monthly chargers greater than ________. The CFO must provide an accounting
statement to the developer on a monthly basis.
Local Finance Board intervention
Default on bonds, Tax Collection Rate is less than 70%, Cash Deficit of the tax levy in excess of 4% for 2
consecutive years
immediately
Resident requested to inspect vouchers that were approved for payment at the most recent governing
body meeting. Inspection of vouchers must be made available for inspection
, CMFO Exam Question Bank Questions
And Answers With Complete Solutions
$2000, $400, NJ
Finance Disclosure forms are required for Income greater than________, gifts greater than ______,
property within _________
False
T/F: The Supplemental Debt Statement must be filed between the 1st and 2nd reading of a bond
ordinance.
True
T/F: Three Different Bond ordinances are introduced at a public meeting only 1 supplemental debt
statement is required.
False
T/F: The anticipated revenue for Receipts from Delinquent Taxes is limited to the amount of revenue
realized in the previous year
False
T/F: The Annual Debt Statement is due upon introduction of a bond ordinance.
