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Updated: Jul 26, 2026
No. of Questions: 102 Questions & Answers with Testing Engine
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| Certification Vendor: | IOFM (Institute of Finance & Management) |
| Exam Name: | IOFM Accredited Payables Specialist (APS) Certification Exam |
| Exam Number: | APS |
| Available Languages: | English |
| Exam Format: | Multiple-choice, Online proctored exam |
| Related Certifications: | Accredited Payables Manager (APM) |
| Recommended Training: | IOFM Accounts Payable Training |
| Exam Registration: | IOFM Training and Certification Programs IOFM Certification Overview |
| Sample Questions: | IOFM APS Sample Questions |
| Exam Way: | Online proctored, self-paced certification exam via IOFM platform |
| Pre Condition: | Recommended practical experience in accounts payable or finance operations; IOFM training is typically suggested but not strictly required. |
| Official Syllabus URL: | https://www.iofm.com/ |
| Section | Objectives |
|---|---|
| AP Automation and Technology | - Electronic invoicing and automation tools - ERP and AP system usage |
| Payments Management | - Payment scheduling and optimization - Payment methods and execution |
| Vendor Management | - Vendor onboarding and maintenance - Vendor compliance and performance |
| Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
| Accounts Payable Fundamentals | - Roles and responsibilities in AP departments - AP processes and lifecycle |
| Internal Controls and Compliance | - Audit controls and documentation - Regulatory compliance in payables |
| Invoice Processing and Workflow | - Invoice receipt, validation, and matching - Approval workflows and exceptions handling |
| Fraud Prevention and Risk Management | - Fraud detection in accounts payable - Risk mitigation controls |
1. Which of the following best describes ERP systems?
A) They are popular methods of tracking continuous improvement
B) They are payment systems designed exclusively for cryptocurrency
C) They link together business functions with real-time data flow
D) They provide a sophisticated means of fraud detection
2. Examples of preventive controls include each of the following EXCEPT:
A) Account reconciliation
B) T&E expenditure guidelines
C) Use of approved vendor lists
D) Dollar limits on use of P-card
3. In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?
A) Credit cash and debit the AP liability account
B) Debit cash (asset) and credit the AP liability account
C) Debit the expense and credit the AP liability account
D) Credit cash and debit the asset account
4. Which of the following are reasons an employee should keep and submit T&E receipts, even if using a corporate travel card?
A) I and III only (There may be additional expenses for items paid out-of-pocket; The card information may not include the sufficient level of detail needed for approval)
B) I and II only (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones)
C) II and III only (Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
D) I, II, and III (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
5. Payments to non-resident aliens for services that are performed in the U.S. must be reported on Form 1042-S if the payment amount exceeds:
A) $600
B) $1,000
C) $0
D) $300
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: A | Question # 4 Answer: A | Question # 5 Answer: C |
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