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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q14-Q19):

NEW QUESTION # 14
A copy of front and back of the original check, which is legally the same as the original check, is termed a substitute check or:

A. A surrogate financial instrument
B. An electronic conversion order
C. A negotiated bank draft
D. An image replacement document

Answer: D

Explanation:
A substitute check, created under the Check Clearing for the 21st Century Act (Check 21), is a paper reproduction of the front and back of an original check, legally equivalent to the original for processing purposes. It is also known as animage replacement document (IRD), as it replaces the original check with a digital image-based substitute. This facilitates faster check clearing through electronic processing.
The web source from NetSuite states: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check, legally equivalent to the original, created under Check
21." This directly supports Option D. The other options are incorrect:
* Electronic conversion order (A)is not a recognized term.
* Surrogate financial instrument (B)is not a standard term for substitute checks.
* Negotiated bank draft (C)refers to a different financial instrument.
The IOFM APS Certification Program covers "Payments," including check processing and Check 21 regulations. The curriculum's focus on "peer-tested best practices" aligns with the definition of a substitute check as an image replacement document.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments NetSuite: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check"

NEW QUESTION # 15
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. Have the issuer identify more vendors that accept the card
D. Issue AP a departmental card for making vendor payments

Answer: B

Explanation:
Expanding the use of procurement cards (P-cards) involves strategies to increase their adoption for business purchases while maintaining control and compliance. Issuing departmental cards for vendor payments (Option B), identifying more vendors that accept P-cards (Option C), and expanding purchase categories (Option D) are all effective methods to broaden P-card usage. However, eliminating spending limits (Option A) is not recommended, as it increases the risk of fraud, overspending, and non-compliance with internal controls.
The web source from SAP Concur explains: "To expand P-card usage, organizations can work with issuers to identify additional vendors, broaden eligible purchase categories, and issue cards to departments for specific payments... Maintaining spending limits is critical to ensure control and prevent misuse." This confirms that Options B, C, and D are valid strategies, while Option A is an exception due to the need for spending controls.
The IOFM APS Certification Program covers "Payments," including P-card program management. The curriculum's emphasis on "peer-tested best practices" supports controlled expansion of P-card use while reinforcing the importance of internal controls, ruling out eliminating spending limits.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments SAP Concur: "To expand P-card usage, organizations can work with issuers to identifyadditional vendors, broaden eligible purchase categories, and issue cards to departments"

NEW QUESTION # 16
In the U.S., what is the best way to verify a vendor's business registration?

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

Answer: C

Explanation:
TheVendor Master Filetopic in the APS Certification Program covers vendor validation to ensure legitimacy and prevent fraud. The best way to verify a vendor's business registration in the U.S. is tocheck the database of the Secretary of Statein the state where the vendor is registered, as this provides authoritative, public confirmation of the vendor's legal status and registration details.
* Option A (Send a letter to the vendor requesting written confirmation): Incorrect. Vendor-provided confirmation is less reliable, as it may be falsified, and is not authoritative.
* Option B (Submit a request to the IRS to do a Form 1120 search): Incorrect. Form 1120 is a corporate tax return, not a business registration record, and the IRS does not provide registration verification services.
* Option C (Require a sworn affidavit from the vendor's financial institution): Incorrect. Financial institutions do not typically provide affidavits for business registration, and this is not a standard practice.
* Option D (Check the database of the Secretary of State where the vendor is registered): Correct.
Secretary of State databases offer verifiable, public records of business registration, the most reliable method.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "To verify a vendor's business registration, check the Secretary of State database in the vendor's state of incorporation for authoritative confirmation." The training video notes, "The best practice for validating vendor legitimacy is accessing Secretary of State records online to confirm registration details."

NEW QUESTION # 17
Which of the following federal laws was passed in the U.S. after September 11, 2001, to expedite check clearing by allowing check truncation at any point in the check clearing process?

A. The Patriot Act
B. Check 21
C. Sarbanes-Oxley
D. Gramm-Leach-Bliley

Answer: B

Explanation:
The Check Clearing for the 21st Century Act (Check 21), passed in 2003, enables banks to process checks electronically by allowing check truncation, where a physical check can be converted into a digital image (substitute check) at any point in the clearing process. This expedites check clearing and reduces costs associated with physical check handling. The law was enacted after September 11, 2001, partly in response to disruptions in check processing caused by grounded air transport post-9/11.
The web source from Tipalti states: "Check 21, passed in 2003, allows check truncation by converting checks into electronic images, speeding up the clearing process." The other options areincorrect:
* The Patriot Act (B)focuses on anti-terrorism and money laundering.
* Gramm-Leach-Bliley (C)addresses financial privacy and was passed in 1999.
* Sarbanes-Oxley (D)deals with corporate governance and financial reporting, passed in 2002.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including regulations affecting payment processes. The curriculum's emphasis on "peer-tested best practices" includes understanding laws like Check 21 that impact check processing.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Tipalti: "Check 21, passed in 2003, allows check truncation by converting checks into electronic images"

NEW QUESTION # 18
What is blockchain?

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

Answer: A

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 # 19
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IOFM APS Mock Exam & Exam APS Passing Score

Exam IOFM APS Passing Score, APS New Study Questions

IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q14-Q19):

Quiz 2025 IOFM Marvelous APS Mock Exam

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