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IOFM APS Exam Syllabus Topics:

SectionObjectives
Topic 1: T&E (Travel and Expense)
Topic 2: Payments
Topic 3: Internal Controls
Topic 4: Technology and Automation
Topic 5: Vendor Master File
Topic 6: Tax and Regulatory
Topic 7: Invoices

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Which U.S. government organization publishes "per diem" travel guidelines?

A) Federal Reserve Board
B) General Services Administration
C) Department of Commerce
D) Department of Treasury


2. Electronic Data Interchange (EDI) has not gained more widespread use, particularly by small and medium- size companies, in part because of:

A) Costly technology
B) Government regulations
C) Staff resistance
D) Security concerns


3. Which of the following has significantly reduced the number of small dollar invoices to be processed?

A) Electronic data interchange
B) Petty cash
C) Payment cards
D) Evaluated receipt settlement


4. For a VAT invoice that contains what you believe to be a billing error, what is the only recommended solution?

A) Do not pay the invoice and report the transaction to the VAT administration
B) Do not pay the invoice and return it to the vendor for correction
C) Short pay or overpay as necessary and include an explanation of why you did so
D) Pay the incorrect amount and then send a formal written request for an adjustment


5. Benefits of ACH include each of the following, EXCEPT:

A) ACH replaces having to issue paper checks
B) ACH eliminates the need for vendor verification
C) ACH speeds up payment processing time
D) ACH reduces the cost of invoice processing


Solutions:

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

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