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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Organizations most commonly use wire transfers for which of the following?

A) High dollar payments
B) Low dollar bulk payments
C) Direct deposit of executive pay
D) Rent or mortgage payments

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

A) I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
B) 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)
C) II and III only (Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
D) I and II only (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors)

3. Which of the following are reasons an organization needs a sound records management plan? I. To afford some protection against lawsuits; II. To safeguard vital information; III. To analyze and manage expenditures.

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

4. Which of the following is a key reason for careful management of your vendor master file?

A) Reduce the potential for fraud
B) Gain visibility into payment status
C) Control the number of vendor calls
D) Monitor vendor quality

5. Good vendor master file practices include each of the following, EXCEPT:

A) Blocking inactive vendors after a certain period
B) Finding and consolidating duplicate vendors
C) Deleting and re-entering vendors that move
D) Having a vendor verification program

Solutions: