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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:

A) Lapping schemes for transportation cost
B) Personal expenses reported as business-related
C) Multiple reimbursements for the same expense
D) Forged or modified travel receipts


2. All of the following are examples of key performance indicators (KPIs) EXCEPT:

A) Cost per invoice
B) Invoices paid on time
C) Positive pay
D) Lost discounts


3. What is blockchain?

A) A distributed ledger system
B) A random password generator
C) An accounts payable collaborative
D) An internal audit methodology


4. In order to get a sales tax exemption on goods purchased for resale, what must the buyer do?

A) Supply a copy of a sales tax license to the seller
B) Provide an exemption certificate to the seller
C) Inform the state in writing that the tax will be paid by the buyer
D) File a letter of intent with the local taxing jurisdiction


5. What is another term for "software-as-a-service"?

A) Perpetual software license
B) Consultant-specific applications
C) On-demand software
D) Onsite vendor support


Solutions:

Question # 1
Answer: A
Question # 2
Answer: C
Question # 3
Answer: A
Question # 4
Answer: B
Question # 5
Answer: C

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