IOFM APS real exam prep : Accredited Payables Specialist (APS) Certification Exam

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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. What is the current thinking regarding automation of T&E expense handling, reporting, and reimbursement?

A) T&E automation solutions are still too new to evaluate accurately
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) It reduces processing costs, thereby increasing efficiency in handling T&E data

2. Regarding documents required to complete a three-way match, which is typically the most difficult to obtain in a timely manner?

A) Receiving report
B) Expense report
C) P-card statement
D) E-invoice

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

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

4. The acronym GAAP stands for which of the following?

A) Generally Accepted Accounting Principles
B) General Accounting Administration Program
C) Government Accounting Actuarial Program
D) Government Accounting Acceptance Principles

5. When checking the address of a new vendor, what is one potential red flag?

A) The vendor's warehouse and its accounts receivable address are different
B) The vendor has the same address as one of the organization's own locations
C) The vendor does not appear to use a post office box
D) The vendor is located in an unincorporated area

Solutions: