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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q64-Q69):

NEW QUESTION # 64
To minimize fraud risk before adding a new vendor to the master vendor file, you should do which of the following? I. Check the vendor against government sanction lists; II. See if the vendor's address matches any of the organization's locations; III. Verify the vendor's business registration.

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

Answer: A

Explanation:
TheVendor Master Filetopic in the APS Certification Program emphasizes robust vendor validation to minimize fraud risk. Key practices include checking sanction lists, verifying addresses against internal locations to detect insider fraud, and confirming business registration to ensure legitimacy. All three actions (I, II, III) are standard fraud prevention measures.
* Item I (Check the vendor against government sanction lists): Essential to ensure compliance with regulations (e.g., OFAC) and avoid payments to sanctioned entities.
* Item II (See if the vendor's address matches any of the organization's locations): Critical to detect potential insider fraud, where employees create fake vendors using company addresses.
* Item III (Verify the vendor's business registration): Necessary to confirm the vendor is a legitimate, registered business, reducing the risk of payments to fraudulent entities.
* Option A (I only): Incorrect, as Items II and III are also essential.
* Option B (I, II, and III): Correct, as all three are key fraud prevention practices.
* Option C (II only): Incorrect, as Items I and III are also essential.
* Option D (I and II only): Incorrect, as Item III is also essential.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "To minimize fraud, verify new vendors by checking sanction lists, ensuring addresses don't match internal locations, and confirming business registration." The training video emphasizes, "Sanction checks, address verification, and business registration are critical to prevent fraudulent vendor setups."

NEW QUESTION # 65
The acronym "VAT" stands for:

A. Value assessed tax
B. Variable added tax
C. Variable assessed tax
D. Value added tax

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers value-added tax (VAT), a consumption tax levied on the value added at each stage of production or distribution, common in many countries (e.g., EU, Canada). The acronymVATstands forValue Added Tax, a standard term in tax compliance.
* Option A (Value assessed tax): Incorrect. This is not a recognized term in tax regulations.
* Option B (Variable added tax): Incorrect. The term does not reflect the concept of value added at production stages.
* Option C (Variable assessed tax): Incorrect. This is not a standard tax term.
* Option D (Value added tax): Correct. VAT is universally known as Value Added Tax, as defined by tax authorities and IOFM materials.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancedefines VAT as "Value Added Tax, a tax on the value added at each stage of goods or services production." The training video explains, "VAT, or Value Added Tax, is a key compliance area for AP in international transactions, requiring accurate invoicing and reporting."

NEW QUESTION # 66
Detective controls do which of the following? I. Establish segregation of duties; II. Look for errors and irregularities; III. Determine if preventive controls are effective.

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

Answer: C

Explanation:
TheInternal Controlstopic in the APS Certification Program explains that detective controls are designed to identify errors, fraud, or control failures after they occur. They include activities like reviewing transactions for irregularities and assessing the effectiveness of preventive controls.Segregation of duties, however, is a preventive control, not a detective one, as it prevents fraud by dividing responsibilities.
* Item I (Establish segregation of duties): Segregation of duties prevents fraud by ensuring no single employee controls all aspects of a transaction (e.g., invoice approval and payment). This is a preventive control, not detective.
* Item II (Look for errors and irregularities): Detective controls, such as account reconciliation or audits, identify errors or fraudulent activities after they occur. This is a valid function.
* Item III (Determine if preventive controls are effective): Detective controls, like monitoring or control testing, assess whether preventive controls (e.g., vendor validation) are working. This is a valid function.
* Option A (I, II, and III): Incorrect, as Item I is a preventive control.
* Option B (I and III only): Incorrect, as Item I is not a detective control function.
* Option C (II and III only): Correct, as Items II and III describe detective control functions.
* Option D (I and II only): Incorrect, as Item I is not a detective control function.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "Detective controls, such as audits and reconciliations, look for errors and irregularities and evaluate the effectiveness of preventive controls." It clarifies that "segregation of duties is a preventive control to avoid conflicts of interest." The training video discusses detective controls as tools for "post-transaction review and control assessment," excluding segregation of duties.

NEW QUESTION # 67
Which U.S. government organization publishes "per diem" travel guidelines?

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

Answer: A

Explanation:
TheGeneral Services Administration (GSA)is the U.S. government organization responsible for publishing per diem travel guidelines, which establish standard rates for lodging, meals, and incidental expenses for federal employees traveling on official business. These rates are widely used by organizations to set T&E policies for allowable travel expenses.
The web source from the GSA states: "The General Services Administration (GSA) establishes per diem rates for federal travel, providing guidelines for lodging, meals, and incidental expenses." This directly supports Option D. The other options are incorrect:
* Federal Reserve Board (A)regulates monetary policy, not travel guidelines.
* Department of Treasury (B)oversees tax and financial policy, not per diem rates.
* Department of Commerce (C)focuses on economic and trade issues.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," including the use of per diem rates for expense management. The curriculum's focus on "peer-tested best practices" aligns with referencing GSA per diem guidelines for T&E compliance.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) GSA: "The General Services Administration (GSA) establishes per diem rates for federal travel"

NEW QUESTION # 68
In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?

A. Debit cash (asset) and credit the AP liability account
B. Credit cash and debit the asset account
C. Debit the expense and credit the AP liability account
D. Credit cash and debit the AP liability account

Answer: D

Explanation:
In thePaymentsandInvoicestopics of the IOFM APS Certification Program, double-entry accounting principles are covered to ensure AP professionals understand how transactions are recorded. When an invoice is paid, the organization settles an accounts payable (AP) liability, which is a balance sheet account representing money owed to vendors. The payment typically involves a cash outflow (or reduction in a bank account) and a corresponding reduction in the AP liability.
In double-entry accounting, every transaction affects at least two accounts, with debits equaling credits. The process of paying an invoice involves:
* When the invoice isreceived, the AP department records the liability by debiting an expense account (or asset, depending on the purchase) and crediting the AP liability account. This step is not the focus of the question.
* When the invoice ispaid, the AP liability is reduced, and cash is reduced. The correct journal entry is:
* Debit Accounts Payable (AP liability): This reduces the liability, as the organization no longer owes the vendor.
* Credit Cash: This reflects the outflow of cash used to settle the invoice.
* Option A (Credit cash and debit the asset account): This is incorrect because paying an invoice does not typically involve debiting a generic "asset account." The payment reduces the AP liability, not another asset account (unless the invoice was for an asset purchase, which is not specified).
Additionally, crediting cash is correct, but the pairing is wrong.
* Option B (Debit the expense and credit the AP liability account): This describes the journal entry when an invoice isreceived, not when it is paid. When recording an invoice, the expense (or asset) is debited, and the AP liability is credited. This option is incorrect for the payment stage.
* Option C (Debit cash (asset) and credit the AP liability account): This is incorrect because debiting cash would imply an increase in the cash account, which does not occur when paying an invoice (cash decreases). The direction of the cash entry is reversed.
* Option D (Credit cash and debit the AP liability account): This is the correct journal entry for paying an invoice. Debiting the AP liability reduces the amount owed to the vendor, and crediting cash reflects the payment made (cash decreases). This aligns with standard double-entry accounting principles.
Reference to IOFM APS Documents: The IOFM APS e-textbook and training video under thePayments section cover double-entry accounting for AP transactions. The curriculum explains that "when an invoice is paid, the accounts payable liability account is debited to reduce the obligation, and the cash account is credited to reflect the payment outflow." This is reinforced in the practice quizzes, which test understanding of journal entries for invoice payments. The APS program also references best practices for cash management and payment processing, emphasizing accurate accounting to maintain financial integrity.

NEW QUESTION # 69
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