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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

Question 1

To protect your organization from employee fraud, which of the following controls should be employed?

A. Require that all potential employees sign an NDA prior to hire
B. Hire only temporary employees and rotate them out every six to eight months
C. Conduct detailed background checks on all new AP employees
D. Ensure all staff members have accounting degrees from accredited universities

Question 2

What is an efficient way to handle vendor contact information in the VMF that is likely to change frequently?

A. Include only the vendor web address in the VMF and check online to find the right contact as needed
B. Assign an individual to review the contact information for these vendors on a weekly basis
C. Include in the vendor contract that you must be notified of any personnel changes in writing
D. Conduct a thorough audit of vendor names and addresses semiannually and make all changes discovered

Question 3

Which of the following is true about a recurring wire transfer?

A. It must be made through CHIPS
B. It is made at the same time each week
C. It is made for the same amount each time
D. It is made to the same organization each time

Question 4

What is a limitation typically associated with a blanket purchase order?

A. It is only issued for purchasing services, not for goods
B. It should not extend past a specified timeframe
C. It must be settled with a same-day wire transfer
D. It should only be created for a specific delivery date

Question 5

To establish a successful shared services center, each of the following is required EXCEPT:

A. A change in mindset
B. A customer service orientation
C. Performance metrics
D. A greenfield site

Solutions: