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IOFM APS Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Process Improvement & Automation10%- Data analysis and reporting
- AP automation tools and technology
- Workflow optimization
Topic 2: Vendor Management15%- Vendor communication and resolution
- 1099 / tax reporting requirements
- Vendor setup and maintenance
Topic 3: Payments and Disbursements20%- Payment methods and processing
- Travel and expense management
- Discounts, allowances and deductions
Topic 4: Invoice Processing25%- Handling exceptions and discrepancies
- Matching and reconciliation
- Invoice receipt and validation
Topic 5: Accounts Payable Fundamentals20%- Regulatory compliance and ethics
- Financial accounting basics for AP
- Role and responsibilities of AP department
Topic 6: Internal Controls & Fraud Prevention10%- 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
Reveal Solution  Discussion  0

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
Reveal Solution  Discussion  0

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
Reveal Solution  Discussion  0

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
Reveal Solution  Discussion  0

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
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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