IOFM APS real exam prep : Accredited Payables Specialist (APS) Certification Exam

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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

Question 1

Which of the following describes the possible consequences for anyone engaging in misconduct relating to the Sarbanes-Oxley Act?

A. Community service
B. Corporate dissolution
C. Criminal penalties
D. Industry blacklisting

Question 2

To minimize fraud risk before adding a new vendor to the master vendor file, you should do which of the following? I. Check the vendor against government sanction lists; II. See if the vendor's address matches any of the organization's locations; III. Verify the vendor's business registration.

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

Question 3

Which of the following are incentives for automating accounts payable?

A. I and II only (Reduced costs of handling paper; Better forecasting)
B. I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
C. I and III only (Reduced costs of handling paper; Eliminating the need for audits)
D. II and III only (Better forecasting; Eliminating the need for audits)

Question 4

An organization's mission statement is intended to provide which of the following?

A. Methodology and direction
B. Ethics and compliance standards
C. Metrics and benchmarking information
D. Policies and procedures

Question 5

Ways to reduce the cost of processing an invoice include:

A. I and II only (Eliminating the approval process, Reducing the amount of paper handling)
B. II and III only (Reducing the amount of paper handling, Reducing the amount of manual data entry)
C. I, II, and III (Eliminating the approval process, Reducing the amount of paper handling, Reducing the amount of manual data entry)
D. III only (Reducing the amount of manual data entry)

Solutions: