IOFM Accredited Payables Specialist (APS) Certification : APS

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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Which of the following is true about a recurring wire transfer?

A) It is made for the same amount each time
B) It is made at the same time each week
C) It is made to the same organization each time
D) It must be made through CHIPS

2. Which of the following AP department procedures would reduce the number of vendor calls to the AP department?

A) II and III only (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) I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
D) 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)

3. 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

4. Addressing data security involves the use of:

A) I and II only (Hardware; Software)
B) I, II, and III (Hardware; Software; Human resources)
C) I only (Hardware)
D) I and III only (Hardware; Human resources)

5. What is an important reason an organization's tolerance level for discrepancies between a PO and an invoice should be kept confidential?

A) To avoid scrutiny by internal audit
B) To prevent vendor fraud
C) To keep procurement alert to not making mistakes
D) To allow overages to be deposited into a secure fund for executive use

Solutions: