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IOFM APS Exam Syllabus Topics:

SectionObjectives
Technology and Automation
Internal Controls
Payments
Invoices
T&E (Travel and Expense)
Tax and Regulatory
Vendor Master File

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

Which of the following are data security concerns?

  • A. I and III only (What data is being accessed; For what purpose the data is being used)
  • B. I and II only (What data is being accessed; Who is accessing the data)
  • C. I, II, and III (What data is being accessed; Who is accessing the data; For what purpose the data is being used)
  • D. II and III only (Who is accessing the data; For what purpose the data is being used)
Answer: C

Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

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

  • A. Expense report
  • B. Receiving report
  • C. E-invoice
  • D. P-card statement
Answer: B

Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

Benefits of ACH include each of the following, EXCEPT:

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

Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:

  • A. Lapping schemes for transportation cost
  • B. Personal expenses reported as business-related
  • C. Multiple reimbursements for the same expense
  • D. Forged or modified travel receipts
Answer: A

Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

The well-publicized business scandals that occurred in the early 2000s, particularly in the U.S., resulted in legislation that protects which class of employees?

  • A. Auditors
  • B. Hourly employees
  • C. Executives
  • D. Whistleblowers
Answer: D

Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).

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