Exam Name: Accredited Payables Specialist (APS) Certification Exam
Certification Provider: IOFM
Corresponding Certification: Accounts Payable Certification
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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. Which of the following are incentives for automating accounts payable?
A) I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
B) I and II only (Reduced costs of handling paper; Better forecasting)
C) II and III only (Better forecasting; Eliminating the need for audits)
D) I and III only (Reduced costs of handling paper; Eliminating the need for audits)
2. Which of the following AP department procedures would reduce the number of vendor calls to the AP department?
A) I, II, and III (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
B) I and II only (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors)
C) II and III only (Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
D) I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
3. Which of the following is a key reason for careful management of your vendor master file?
A) Monitor vendor quality
B) Gain visibility into payment status
C) Control the number of vendor calls
D) Reduce the potential for fraud
4. What is the current thinking regarding automation of T&E expense handling, reporting, and reimbursement?
A) It reduces processing costs, thereby increasing efficiency in handling T&E data
B) While automation can be helpful, T&E processing still requires a lot of manual work
C) It opens too many loopholes for unauthorized expenses to sneak through
D) T&E automation solutions are still too new to evaluate accurately
5. Payments by U.S. companies to U.S. unincorporated service providers must be reported to the IRS if they equal or exceed which of the following dollar amounts?
A) $300
B) $600
C) $500
D) $1,000
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: A | Question # 5 Answer: B |
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