CMCA PRACTICE EXAM STUDY QUESTIONS WITH VERIFIED ANSWERS GUARANTEED PASS | RATED A+

what are the two essential financial documents the BOD should use to determine the amount of
funds available for an unbudgeted expense? - Answer>>>balance sheet and statement of revenue
and expense
the best reasoning for recommendation the modified accrual basis of accounting method is that,
compared to cash accounting, it: - Answer>>>more accurately reflects the associations financial
condition
when an association contracts all of its employees, it is a best business practice to: -
Answer>>>negotiate contracts within the bidding process
what is the best way to communicate managements expectation for an employee to complete
regular and special tasks during a certain time period? - Answer>>>establishing performance
goals
managers must be familiar with federal income tax requirements and options because: -
Answer>>>under federal tax code, all organizations are taxable unless specifically exempted
the interim financial report should, at a minimum, include: - Answer>>>statement of income and
expenses, account balance, and a balance sheet
the manager is not usually responsible for preparing the: - Answer>>>tax returns
what is the purpose of a management letter? - Answer>>>to note the problem areas in an
associations financial operations and recommed modifications and improvements
a significant decline in the amount of investments is mist likely the result of: -
Answer>>>expenditures out of reserve funds
if you want to know the difference between the actual and the budget figures for a revenue
account, to which documents should you refer? - Answer>>>statement of income and expenses
and budget
the primary management control tool for identifying whether the association needs to maintain a
particular property element is: - Answer>>>maintenance responsibility chart
in an initial letter you send to an owner who has violated one of the associations adopted rules,
what is the best way to get the owner in compliance? - Answer>>>Offer to meet to hear the
owner's viewpoint