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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. In the U.S., what is the best way to verify a vendor's business registration?

A) Require a sworn affidavit from the vendor's financial institution
B) Send a letter to the vendor requesting written confirmation that the registration is up-to-date
C) Check the database of the Secretary of State where the vendor is registered
D) Submit a request to the Internal Revenue Service to do a Form 1120 search

2. Each of the following are ways to expand the use of the P-card, EXCEPT:

A) Have the issuer identify more vendors that accept the card
B) Issue AP a departmental card for making vendor payments
C) Eliminate spending limits on the card
D) Expand the categories of purchases available for card use

3. Benefits of ACH include each of the following, EXCEPT:

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

4. Which of the following has significantly reduced the number of small dollar invoices to be processed?

A) Electronic data interchange
B) Evaluated receipt settlement
C) Payment cards
D) Petty cash

5. What is a good strategy for dealing with the change that typically accompanies automation?

A) If you feel the change won't be for the best, try to convince management to delay
B) Don't worry about it until you must actually implement the changes
C) Understand and accept that it will take time to learn a new system
D) Request that you be reassigned to a role that is unaffected by automation

Solutions: