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Updated: Jul 26, 2026

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IOFM APS Exam Overview:

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/

IOFM APS Exam Syllabus Topics:

SectionObjectives
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

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

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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