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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Which of the following are reasons an organization needs a sound records management plan? I. To afford some protection against lawsuits; II. To safeguard vital information; III. To analyze and manage expenditures.

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


2. Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?

A) Performance monitoring
B) Utility payments
C) Check printing
D) Invoice imaging


3. Examples of preventive controls include each of the following EXCEPT:

A) Dollar limits on use of P-card
B) T&E expenditure guidelines
C) Account reconciliation
D) Use of approved vendor lists


4. To date, the Streamlined Sales Tax Project has accomplished which of the following? I. Resolved the origin vs. destination question; II. Implemented a uniform exemption certificate; III. Created rate and boundary databases.

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


5. Which of the following describes the possible consequences for anyone engaging in misconduct relating to the Sarbanes-Oxley Act?

A) Corporate dissolution
B) Industry blacklisting
C) Criminal penalties
D) Community service


Solutions:

Question # 1
Answer: B
Question # 2
Answer: A
Question # 3
Answer: C
Question # 4
Answer: D
Question # 5
Answer: C

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