CMFO Certified Municipal Finance Officer Study guides, Class notes & Summaries

Every audit required by the Local Fiscal Affairs Law is required to be completed by an accountant or auditor who holds an uncanceled license as: - registered municipal accountant The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which local government official - cfo A local government officer that serves on a local government agency that approved development applications would refer to a member of which board - planning board The "Loca...

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

CMFO STATUTES Exam with Questions with Complete Solutions Every audit required by the Local Fiscal Affairs NJSA 40A5-9 is required to completed by an accountant or auditor who holds and uncanceled license as? - Registered Municipal Accountant The statutory responsibility for the filing of the "Unaudited Annual Financial Statements is assigned to which local government official by NJSA 40A:5-12? - Chief Financial Officer As defined in the "Local Government Ethics Law" specially, NJSA 40A...

Accounts Receivable - A/R - Amounts owed to you by other parties, such as taxpayers, other agencies & financial institutions and shown on its balance sheet as an asset Chart of Accounts - The standard system of account titles kept for accounting records - Flexible Chart of Accounts (FCOA) -Use to organize and segregate expenditures, revenues, assets, and liabilities Accounting Equation - Asset = Liabilities (reserve) + Fund Balance (surplus) Dr = Cr + Cr - Balance Sheet based on accountin...

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 General Ledger (TAD#) - TAD 85-3

Name the two types of local units of government in NJ - 1. Municipalities 2. Counties A municipality & county are essentially: - - corporations created by the State's Constitution and statutes A municipal corporation is designed to: - - aid the municipality in carrying out specific activities A municipal corporation has the following powers: (5) - 1. to sue & be sued, to defend & be defended in all courts of law 2. to adopt a common seal 3. to acquire property 4. to acquire, lease, and...

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

Accounts Receivable - A/R - Amounts owed to you by other parties, such as taxpayers, other agencies & financial institutions and shown on its balance sheet as an asset Chart of Accounts - The standard system of account titles kept for accounting records - Flexible Chart of Accounts (FCOA) -Use to organize and segregate expenditures, revenues, assets, and liabilities Accounting Equation - Asset = Liabilities (reserve) + Fund Balance (surplus) Dr = Cr + Cr - Balance Sheet based on accountin...

Every audit required by the Local Fiscal Affairs Law is required to be completed by an accountant or auditor who holds an uncanceled license as: - registered municipal accountant The statutory responsibility for the filing of the Unaudited Annual Financial Statements is assigned to which local government official - cfo A local government officer that serves on a local government agency that approved development applications would refer to a member of which board - planning board The "Loc...

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 - ______...