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IOFM APS Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Process Improvement & Automation | 10% | - Data analysis and reporting - AP automation tools and technology - Workflow optimization |
| Topic 2: Vendor Management | 15% | - Vendor communication and resolution - 1099 / tax reporting requirements - Vendor setup and maintenance |
| Topic 3: Payments and Disbursements | 20% | - Payment methods and processing - Travel and expense management - Discounts, allowances and deductions |
| Topic 4: Invoice Processing | 25% | - Handling exceptions and discrepancies - Matching and reconciliation - Invoice receipt and validation |
| Topic 5: Accounts Payable Fundamentals | 20% | - Regulatory compliance and ethics - Financial accounting basics for AP - Role and responsibilities of AP department |
| Topic 6: Internal Controls & Fraud Prevention | 10% | - Segregation of duties - Fraud detection and mitigation - Audit readiness and documentation |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
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. I only
- B. I, II, and III
- C. II only
- D. I and II only
Correct Answer: B 🗳️
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Which of the following is true about a recurring wire transfer?
- A. It is made for the same amount each time
- B. It must be made through CHIPS
- C. It is made to the same organization each time
- D. It is made at the same time each week
Correct Answer: C 🗳️
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Electronic Data Interchange (EDI) has not gained more widespread use, particularly by small and medium- size companies, in part because of:
- A. Government regulations
- B. Security concerns
- C. Staff resistance
- D. Costly technology
Correct Answer: D 🗳️
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The accounting term "accrued expenses" represents which of the following?
- A. Incurred expenses that have not been posted in the current period
- B. Pre-paid expenses that were paid with petty cash
- C. Planned expenditures that have not been incurred in the current period
- D. Forecasted expenses for which an invoice has not been received in the current period
Correct Answer: A 🗳️
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All of the following items are typically addressed in an organization's vendor setup guidelines except:
- A. Whether or not the vendor outsources its order fulfillment process
- B. Verification that the vendor is not already in the system
- C. The conventions for the way letters and abbreviations must be entered
- D. Validating that the person who requested the new vendor is authorized to do so
Correct Answer: A 🗳️
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