IOFM APS : Accredited Payables Specialist (APS) Certification Exam

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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

Question 1

Which of the following are incentives for automating accounts payable?

A. II and III only (Better forecasting; Eliminating the need for audits)
B. I and III only (Reduced costs of handling paper; Eliminating the need for audits)
C. I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
D. I and II only (Reduced costs of handling paper; Better forecasting)

Question 2

Which of the following IRS documents addresses travel & entertainment (T&E) expenses?

A. Publication 463
B. Advisory 972
C. Form 1046
D. Notice 1009

Question 3

Which of the following techniques is NOT recommended to help protect confidential data?

A. Save reports to a portable USB drive and give that to the requestor instead of emailing them
B. When leaving your work area even briefly, lock your computer down
C. When approached at your desk, turn off your monitor and turn papers face down
D. Shred unneeded paper documents or put them in a secure disposal container

Question 4

To minimize fraud risk before adding a new vendor to the master vendor file, you should do which of the following? I. Check the vendor against government sanction lists; II. See if the vendor's address matches any of the organization's locations; III. Verify the vendor's business registration.

A. I and II only
B. I only
C. II only
D. I, II, and III

Question 5

Benefits of ACH include each of the following, EXCEPT:

A. ACH speeds up payment processing time
B. ACH eliminates the need for vendor verification
C. ACH replaces having to issue paper checks
D. ACH reduces the cost of invoice processing

Solutions: