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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q84-Q89):

NEW QUESTION # 84
Examples of preventive controls include each of the following EXCEPT:

A. T&E expenditure guidelines
B. Use of approved vendor lists
C. Dollar limits on use of P-card
D. Account reconciliation

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program distinguishes between preventive and detective controls. Preventive controls are proactive measures designed to stop errors or fraud before they occur, such as approved vendor lists, P-card limits, and T&E guidelines.Account reconciliation, however, is a detective control, as it identifies errors or discrepancies after transactions have occurred.
* Option A (Use of approved vendor lists): Approved vendor lists prevent unauthorized payments by ensuring only validated vendors are paid. This is a preventive control.
* Option B (Dollar limits on use of P-card): Dollar limits restrict P-card spending, preventing unauthorized or excessive purchases. This is a preventive control.
* Option C (T&E expenditure guidelines): T&E guidelines set rules for allowable expenses, preventing non-compliant spending. This is a preventive control.
* Option D (Account reconciliation): Reconciliation involves reviewing accounts to detect errors or fraud after transactions are recorded. This is a detective control, not preventive. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsdefines preventive controls as "measures like approved vendor lists, P-card limits, and T&E policies that prevent errors or fraud." It contrasts these with detective controls, stating, "Account reconciliation is a detective control that identifies discrepancies post-transaction." The training video reinforces this by listing preventive controls in AP and citing reconciliation as a detective measure.

NEW QUESTION # 85
To establish a successful shared services center, each of the following is required EXCEPT:

A. A greenfield site
B. Performance metrics
C. A change in mindset
D. A customer service orientation

Answer: A

Explanation:
TheTechnology and Automationtopic in the IOFM APS Certification Program covers strategies for optimizing AP processes, including the establishment of shared services centers (SSCs). SSCs consolidate back-office functions like AP to improve efficiency and reduce costs. Key requirements for a successful SSC include performance metrics to measure success, a customer serviceorientation to support internal and external stakeholders, and a change in mindset to embrace centralized processes. However, agreenfield site(a new, undeveloped location) is not a requirement, as SSCs can be established in existing facilities or virtual environments.
* Option A (Performance metrics): Performance metrics (e.g., cost per invoice, processing time) are essential to evaluate the SSC's efficiency and ensure alignment with organizational goals. This is a requirement.
* Option B (A customer service orientation): SSCs must prioritize service to internal clients (e.g., departments) and external stakeholders (e.g., vendors), ensuring smooth communication and issue resolution. This is a requirement.
* Option C (A greenfield site): A greenfield site refers to a new facility built from scratch. SSCs can operate in existing offices, leased spaces, or even digitally, making a greenfield site unnecessary. This is the correct answer, as it is not required.
* Option D (A change in mindset): Transitioning to an SSC requires employees and management to adopt a centralized, process-driven approach, moving away from decentralized silos. This cultural shift is a requirement.
Reference to IOFM APS Documents: The APS e-textbook underTechnology and Automationdiscusses SSCs as a way to "streamline AP through centralized processes, requiring performance metrics, a service- oriented approach, and a cultural shift to succeed." It notes that SSCs can be established in various locations, with no mention of a greenfield site as a necessity. The training video highlights case studies of SSCs, emphasizing metrics and mindset changes but not physical site requirements.

NEW QUESTION # 86
What does the acronym "FIFO" mean?

A. Fraud In Financial Operations
B. Final Invoice For Offset
C. First In, First Out
D. Fifty Invested, Five Optioned

Answer: C

Explanation:
In the context of accounts payable and financial operations, the acronymFIFOstands forFirst In, First Out, a method commonly used in inventory management and accounting to assume that the earliest goods purchased (first in) are sold or used first (first out). This affects cost of goods sold and inventory valuation. The other options are not relevant: "Fifty Invested, Five Optioned" (Option B), "Fraud In Financial Operations" (Option C), and "Final Invoice For Offset" (Option D) are not standard terms in AP or accounting.
The web source from SAP Concur states: "FIFO, or First In, First Out, is an inventory accounting method where the earliest goods received are recorded as sold first, impacting financial reporting." This directly supports Option A.
The IOFM APS Certification Program covers "Internal Controls," including accounting principles like FIFO that affect financial processes. The curriculum's focus on "peer-tested best practices" aligns with understanding FIFO as a standard method in inventory and cost accounting.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls SAP Concur: "FIFO, or First In, First Out, is an inventory accounting method"

NEW QUESTION # 87
What is blockchain?

A. An internal audit methodology
B. A distributed ledger system
C. A random password generator
D. An accounts payable collaborative

Answer: B

Explanation:
Blockchain is a decentralized, distributed ledger system that records transactions across multiple computers in a secure, transparent, and tamper-resistant manner. In accounts payable, blockchain can enhance processes like invoice verification and payment tracking by providing a trusted, immutable record. The other options are incorrect: a random password generator (Option B) is unrelated to blockchain, an internal audit methodology (Option C) refers to audit processes, and an accounts payable collaborative (Option D) is not a defined term.
The web source from NetSuite explains: "Blockchain is a distributed ledger technology that records transactions in a secure, decentralized manner, offering potential applications in accounts payable for secure payment processing and invoice tracking." This directly supports Option A.
The IOFM APS Certification Program covers "Technology and Automation," including emerging technologies like blockchain. The curriculum's focus on "peer-tested best practices" includes understanding technologies that enhance AP efficiency and security, confirming blockchain as a distributed ledger system.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation NetSuite: "Blockchain is a distributed ledger technology that records transactions in a secure, decentralized manner"

NEW QUESTION # 88
Ways in which an organization could suffer from check fraud include which of the following: I. Check alteration; II. Invalid payments; III. Stolen issued checks.

A. I, II, and III
B. I and II only
C. II and III only
D. I and III only

Answer: A

Explanation:
TheInternal Controlstopic in the APS Certification Program emphasizes fraud prevention, including check fraud, which is a significant risk in AP due to the handling of payments. Check fraud can occur throughcheck alteration(modifying payee or amount),invalid payments(payments to fraudulent vendors or for unauthorized transactions), andstolen issued checks(checks intercepted and cashed fraudulently). All three are recognized methods of check fraud.
* Item I (Check alteration): Altering a check's payee, amount, or date is a common fraud method, often mitigated by controls like positive pay. This is a valid way.
* Item II (Invalid payments): Payments to fictitious vendors or for unauthorized purposes (e.g., duplicate invoices) constitute fraud, often enabled by weak vendor validation. This is a valid way.
* Item III (Stolen issued checks): Stealing issued checks (e.g., from mail) and cashing them fraudulently is a well-documented fraud risk, mitigated by secure check handling. This is a valid way.
* Option A (I, II, and III): Correct, as all three are ways organizations suffer from check fraud.
* Option B (II and III only): Incorrect, as Item I is also a valid method.
* Option C (I and III only): Incorrect, as Item II is also a valid method.
* Option D (I and II only): Incorrect, as Item III is also a valid method.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlslists "check alteration, invalid payments to fraudulent vendors, and stolen checks" as common check fraud methods. It emphasizes controls like positive pay and secure check storage to mitigate these risks. The training video discusses check fraud scenarios, citing all three methods as prevalent in AP processes.

NEW QUESTION # 89
......

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2025 APS Testing Center | High Pass-Rate Certificate APS Exam: Accredited Payables Specialist (APS) Certification Exam 100% Pass

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q84-Q89):

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