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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q79-Q84):

NEW QUESTION # 79
Which of the following best describes ERP systems?

A. They are payment systems designed exclusively for cryptocurrency
B. They link together business functions with real-time data flow
C. They are popular methods of tracking continuous improvement
D. They provide a sophisticated means of fraud detection

Answer: B

Explanation:
Enterprise Resource Planning (ERP) systems are integrated software platforms that link various business functions-such as accounting, procurement, accounts payable, inventory, and human resources-through a centralized database, enabling real-time data flow and streamlined operations. ERP systems enhance efficiency by providing a unified view of business processes, but they are not primarily for tracking continuous improvement (Option A), fraud detection (Option B), or cryptocurrency payments (Option D).
The web source from NetSuite states: "ERP systems integrate business functions, such as finance, procurement, and HR, with real-time data flow to improve efficiency and decision-making." This directly supports Option C, emphasizing the role of ERP in linking business functions with real-time data.
The IOFM APS Certification Program covers "Technology and Automation," including the role of ERP systems in accounts payable processes. The curriculum's focus on "peer-tested best practices" aligns with the definition of ERP systems as integrative platforms for real-time data management.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation NetSuite: "ERP systems integrate business functions, such as finance, procurement, and HR, with real-time data flow"

NEW QUESTION # 80
What is one concern accounts payable should have regarding international travel?

A. Fluctuations in exchange rates must be considered to optimally schedule travel
B. Significant differences in time zones can make communication with travelers difficult
C. International travel vendors are known to be unscrupulous so expenses must be scrutinized
D. Employees must collect appropriate VAT information to allow reclaiming the tax

Answer: D

Explanation:
International travel introduces specific concerns for accounts payable, particularly in ensuring compliance with tax regulations. A key concern is that employees must collect appropriate Value Added Tax (VAT) information (e.g., VAT invoices or receipts) to enable the organization to reclaim VAT paid on eligible expenses in foreign jurisdictions. This is critical for cost recovery and compliance with international tax laws.
The web source from Avalara states: "For international travel, AP departments must ensure employees collect proper VAT invoices to reclaim taxes, as failure to do so can result in lost savings and compliance issues." The other options are less directly relevant:
* Option A(unscrupulous vendors) is a generalization and not a primary AP concern.
* Option C(time zones) affects communication but is not an AP-specific issue.
* Option D(exchange rates) is a consideration for budgeting, not AP's primary responsibility.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)" and "Tax and Regulatory Compliance," including VAT compliance for international expenses. The curriculum's emphasis on "peer- tested best practices" supports the importance of collecting VAT information for tax reclamation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) and Tax and Regulatory Compliance Avalara: "For international travel, AP departments must ensure employees collect proper VAT invoices to reclaim taxes"

NEW QUESTION # 81
Which of the following techniques is NOT recommended to help protect confidential data?

A. Shred unneeded paper documents or put them in a secure disposal container
B. When leaving your work area even briefly, lock your computer down
C. When approached at your desk, turn off your monitor and turn papers face down
D. Save reports to a portable USB drive and give that to the requestor instead of emailing them

Answer: D

Explanation:
Protecting confidential data in accounts payable requires secure practices to prevent unauthorized access.
Locking your computer when leaving your work area (Option A), turning off your monitor and securing papers when approached (Option C), and shredding or securely disposing of unneeded documents (Option D) are recommended techniques to safeguard sensitive information. However, saving reports to a portable USB drive and giving it to a requestor (Option B) is not recommended, as USB drives are easily lost, stolen, or compromised, posing a significant security risk compared to secure email or file-sharing systems.
The web source from Esker states: "To protect confidential AP data, lock computers when unattended, secure physical documents, and use secure disposal methods. Avoid using portable devices like USB drives for data transfer due to security risks." This directly supports Options A, C, and D, while identifying Option B as an insecure practice.
The IOFM APS Certification Program covers "Internal Controls," including data security practices. The curriculum's emphasis on "peer-tested best practices" aligns with secure data handling, ruling out the use of USB drives for sensitive reports.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "To protect confidential AP data, lock computers when unattended, secure physical documents...
Avoid using portable devices like USB drives"

NEW QUESTION # 82
What is the current thinking on the practice of maintaining a petty cash fund?

A. Three separate individuals should sign off on disbursements
B. It should be maintained by an executive in the treasury department
C. It's practically obsolete and should be eliminated, if possible
D. It's considered a best practice within service organizations and consulting businesses

Answer: C

Explanation:
The current thinking on maintaining a petty cash fund is that it ispractically obsolete and should be eliminated, if possible, due to the availability of more efficient and secure alternatives, such as payment cards or electronic reimbursements. Petty cash funds are prone to mismanagement, theft, and lack of oversight, and modern AP practices favor digital solutions for small transactions.
The web source from SAP Concur states: "Petty cash funds are increasingly considered obsolete, as payment cards and electronic reimbursements offer more secure and trackable alternatives for small transactions." This directly supports Option A. The other options are incorrect:
* Option B: Requiring three individuals to sign off is excessive and not a standard practice.
* Option C: Petty cash is not considered a best practice, even in service or consulting businesses.
* Option D: Petty cash is typically managed by AP or administrative staff, not treasury executives.
The IOFM APS Certification Program covers "Internal Controls," including best practices for managing small transactions. The curriculum's focus on "peer-tested best practices" aligns with the trend toward eliminating petty cash in favor of modern payment methods.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls SAP Concur: "Petty cash funds are increasingly considered obsolete, as payment cards and electronic reimbursements offer more secure alternatives"

NEW QUESTION # 83
Which of the following is the purpose of FATCA?

A. To ensure the privacy of individuals or organizations that bank outside of the U.S.
B. To make the rules regarding reporting payments made to U.S. persons and non-U.S. persons more consistent
C. To respond to attempts by foreign governments to capture taxes on activities of U.S. persons in their countries
D. To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Foreign Account Tax Compliance Act (FATCA), enacted in 2010 to combat tax evasion by U.S. taxpayers using foreign accounts.
FATCA requires foreign financial institutions (FFIs) to report U.S. account holders' information to the IRS, making it harder for individuals and organizations to hide income offshore and avoid U.S. taxes.
* Option A (To ensure the privacy of individuals or organizations that bank outside of the U.S.):
Incorrect. FATCA reduces privacy by requiring FFIs to report account details to the IRS, not protect it.
* Option B (To make the rules regarding reporting payments made to U.S. persons and non-U.S.
persons more consistent): Incorrect. FATCA focuses on reporting foreign accounts of U.S. taxpayers, not harmonizing payment reporting rules for U.S. and non-U.S. persons.
* Option C (To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.): Correct. FATCA's primary purpose is to prevent tax evasion by requiring FFIs and certain non-financial foreign entities to report U.S. account holders' financial information, ensuring taxable income is reported.
* Option D (To respond to attempts by foreign governments to capture taxes on activities of U.S.
persons in their countries): Incorrect. FATCA addresses U.S. tax compliance, not foreign governments' tax policies.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"FATCA was enacted to combat tax evasion by requiring foreign financial institutions to report U.S. account holders' information, making it difficult to avoid taxes through offshore accounts." TheMaster Guide to Form
1099 Compliance, a recommended IOFM resource, explains, "FATCA ensures compliance by imposing withholding on payments to non-compliant FFIs, targeting U.S. taxpayers hiding income abroad." The training video reinforces this, noting FATCA's role in "closing loopholes for offshore tax evasion."

NEW QUESTION # 84
......

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Reliable APS Study Notes Pass Certify | Reliable APS New Braindumps: Accredited Payables Specialist (APS) Certification Exam

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q79-Q84):

The Best Reliable APS Study Notes & Leader in Qualification Exams & Authorized IOFM Accredited Payables Specialist (APS) Certification Exam

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