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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. When checking the address of a new vendor, what is one potential red flag?

A) The vendor does not appear to use a post office box
B) The vendor is located in an unincorporated area
C) The vendor has the same address as one of the organization's own locations
D) The vendor's warehouse and its accounts receivable address are different

2. What does the acronym "FIFO" mean?

A) Fifty Invested, Five Optioned
B) First In, First Out
C) Fraud In Financial Operations
D) Final Invoice For Offset

3. Which of the following is necessary to prepare a 1099?

A) A PTIN for all reportable vendors
B) A W-2 for all reportable vendors
C) A W-4 for all reportable vendors
D) A TIN for all reportable vendors

4. What does the acronym 'ASP' stand for?

A) Accrual statement period
B) Accounting standards protocol
C) Automated secure processing
D) Application service provider

5. What is the current thinking regarding automation of T&E expense handling, reporting, and reimbursement?

A) It opens too many loopholes for unauthorized expenses to sneak through
B) While automation can be helpful, T&E processing still requires a lot of manual work
C) T&E automation solutions are still too new to evaluate accurately
D) It reduces processing costs, thereby increasing efficiency in handling T&E data

Solutions: