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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q50-Q55):

NEW QUESTION # 50
In which ways can the accounts payable specialist benefit the organization as a whole? I. Meet the organization's commitments; II. Communicate to management barriers to performance; III. Maintain positive relationships with suppliers.

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

Answer: B

Explanation:
TheVendor Master Filetopic in the IOFM APS Certification Program emphasizes the strategic role of accounts payable (AP) specialists in managing vendor data and relationships, which directly benefits the organization. AP specialists contribute by ensuring timely payments to meet commitments, communicating operational challenges to management, and fostering positive supplier relationships, all of which enhance organizational efficiency and reputation.
* Item I (Meet the organization's commitments): AP specialists ensure invoices areprocessed and paid on time, meeting the organization's financial obligations to vendors. This supports trust and operational continuity.
* Item II (Communicate to management barriers to performance): AP specialists identify issues such as process bottlenecks, system inefficiencies, or vendor disputes and report them to management, enabling proactive solutions.
* Item III (Maintain positive relationships with suppliers): By managing the vendor master file, resolving disputes, and ensuring timely payments, AP specialists foster strong supplier relationships, which can lead to better terms and reliability.
* Option A (II and III only): Incorrect, as it excludes I, which is a core AP function.
* Option B (I and III only): Incorrect, as it excludes II, which is also a key responsibility.
* Option C (I, II, and III): Correct, as all three items represent ways AP specialists benefit the organization.
* Option D (I and II only): Incorrect, as it excludes III, which is critical for vendor management.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "AP specialists add value by ensuring accurate vendor data, timely payments to meet organizational commitments, and strong supplier relationships." It also notes that "communicating barriers to performance, such as delays or system issues, helps management optimize AP processes." The training video reinforces that AP's role extends beyond transactions to strategic contributions, including supplier trust and process improvement.

NEW QUESTION # 51
What is one reason special care must be taken when making changes to the vendor master file?

A. Many instances of fraud are enabled by changes in the VMF
B. Internal audit generally oversees this process and they must be consulted first
C. This task is generally performed by those who have little training on data entry
D. Some AP software solutions have been shown to corrupt data during this process

Answer: A

Explanation:
TheVendor Master Filetopic in the APS Certification Program underscores the need for careful management of VMF changes due to the high risk of fraud.Many instances of fraud, such as redirecting payments to fraudulent accounts, are enabled by unauthorized or unverified changes to vendor data (e.g., bank account details), making rigorous controls essential.
* Option A (Internal audit generally oversees this process and they must be consulted first):
Incorrect. While internal audit may review VMF changes, they do not typically oversee the process directly; AP owns the VMF.
* Option B (Many instances of fraud are enabled by changes in the VMF): Correct. Fraudulent changes, like altering bank details, are a common fraud vector, necessitating strict controls.
* Option C (This task is generally performed by those who have little training on data entry):
Incorrect. VMF changes are typically handled by trained AP staff, not untrained personnel.
* Option D (Some AP software solutions have been shown to corrupt data during this process):
Incorrect. There is no evidence in IOFM materials suggesting widespread software corruption issues specific to VMF changes.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Special care is required for VMF changes because many fraud schemes involve altering vendor data, such as bank accounts, to divert payments." The training video emphasizes, "Fraud is often enabled by unauthorized VMF changes, requiring strict verification and audit trails."

NEW QUESTION # 52
Where circumstances do not permit implementing ideal controls, an organization should put in place the next- best alternative, commonly referred to as:

A. Secondary controls
B. Stop-gap controls
C. Interim controls
D. Compensating controls

Answer: D

Explanation:
TheInternal Controlstopic in the IOFM APS Certification Program covers the design and implementation of internal controls to mitigate risks. When ideal controls (e.g., full segregation of duties) are not feasible due to resource constraints or organizational structure,compensating controlsare implemented as alternative measures to achieve similar risk mitigation. These controlsprovide additional checks or oversight to compensate for the absence of primary controls.
* Option A (Interim controls): Interim controls imply temporary measures, not necessarily designed to compensate for missing ideal controls. This is incorrect.
* Option B (Stop-gap controls): Stop-gap controls are ad-hoc, temporary fixes, not a formal term in the COSO framework or AP practices. This is incorrect.
* Option C (Secondary controls): Secondary controls are not a recognized term in internal control frameworks; they imply less critical controls, not alternatives. This is incorrect.
* Option D (Compensating controls): Correct. Compensating controls are alternative measures implemented when ideal controls are not practical, ensuring adequate risk mitigation.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "When ideal controls cannot be implemented, compensating controls provide alternative risk mitigation, such as additional reviews or approvals to address control gaps." The training video discusses compensating controls in the context of COSO and SOX, noting their use in small organizations where segregation of duties is challenging.

NEW QUESTION # 53
The accounting term "accrued expenses" represents which of the following?

A. Planned expenditures that have not been incurred in the current period
B. Forecasted expenses for which an invoice has not been received in the current period
C. Pre-paid expenses that were paid with petty cash
D. Incurred expenses that have not been posted in the current period

Answer: D

Explanation:
ThePaymentstopic in the APS Certification Program covers accounting concepts like accrued expenses, which are critical for accurate financial reporting.Accrued expensesare expenses that have been incurred (i.e., the organization has received goods or services) but have not yet been paid or recorded (posted) in the accounts payable system, often because an invoice has not been received by the period's end. These are recognized to match expenses with the period they relate to, per accrual accounting principles.
* Option A (Forecasted expenses for which an invoice has not been received): Incorrect, as accrued expenses are not forecasted (estimated future costs); they are actual expenses already incurred.
* Option B (Planned expenditures that have not been incurred): Incorrect, as planned but unincurred expenditures are not recognized in accounting until incurred.
* Option C (Incurred expenses that have not been posted in the current period): Correct. Accrued expenses are costs incurred (e.g., utilities used) but not yet recorded or paid, oftendue to a missing invoice, and are accrued to ensure accurate period-end reporting.
* Option D (Pre-paid expenses that were paid with petty cash): Incorrect, as pre-paid expenses are paid in advance and recorded as assets, not accrued expenses, which are unpaid liabilities.
Reference to IOFM APS Documents: The APS e-textbook underPaymentsdefines accrued expenses as
"expenses incurred in the current period but not yet posted or paid, often recorded at period-end to reflect true financial obligations." The training video provides examples, such as accruing wages or utilities when invoices are delayed, emphasizing the importance of accrual accounting for financial accuracy.

NEW QUESTION # 54
When applied to T&E, compliance requires which of the following processes?

A. I only (Accurate recordkeeping)
B. III only (Traveler location tracking)
C. I and II only (Accurate recordkeeping; Secure record retention)
D. II and III only (Secure record retention; Traveler location tracking)

Answer: C

Explanation:
Compliance in T&E processes requires robust systems to ensure financial accuracy and regulatory adherence.
Accurate recordkeeping(Option I) is essential to document expenses, support financial reporting, and meet IRS and SOX requirements.Secure record retention(Option II) ensures that records are stored safely to protect sensitive data and comply with retention policies (e.g., IRS rules requiring records for at least three years).Traveler location tracking(Option III) is not a standard compliance requirement for T&E, as it relates more to employee safety or logistics, not financial or regulatory compliance.
The web source from Tipalti states: "T&E compliance requires accurate recordkeeping to support expense reporting and audits, as well as secure record retention to protect data and meet regulatory retention periods." This supports Options I and II. Traveler location tracking is not mentioned as a compliance requirement in T&E processes, per the SAP Concur source: "Compliance in T&E focuses on documentation, approvals, and data security, not employee tracking." The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," emphasizing compliance with financial and tax regulations. The curriculum's focus on "peer-tested best practices" aligns with accurate recordkeeping and secure retention as key compliance processes.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) Tipalti: "T&E compliance requires accurate recordkeeping to support expense reporting and audits, as well as secure record retention" SAP Concur: "Compliance in T&E focuses on documentation, approvals, and data security"

NEW QUESTION # 55
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