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IOFM APS Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Invoice Processing | 25% | - Handling exceptions and discrepancies - Invoice receipt and validation - Matching and reconciliation |
| Process Improvement & Automation | 10% | - Data analysis and reporting - Workflow optimization - AP automation tools and technology |
| Payments and Disbursements | 20% | - Travel and expense management - Discounts, allowances and deductions - Payment methods and processing |
| Vendor Management | 15% | - Vendor communication and resolution - Vendor setup and maintenance - 1099 / tax reporting requirements |
| Accounts Payable Fundamentals | 20% | - Regulatory compliance and ethics - Financial accounting basics for AP - Role and responsibilities of AP department |
| Internal Controls & Fraud Prevention | 10% | - Audit readiness and documentation - Fraud detection and mitigation - Segregation of duties |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
In order to get a sales tax exemption on goods purchased for resale, what must the buyer do?
- A. Provide an exemption certificate to the seller
- B. Inform the state in writing that the tax will be paid by the buyer
- C. File a letter of intent with the local taxing jurisdiction
- D. Supply a copy of a sales tax license to the seller
Correct Answer: A 🗳️
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What is one concern accounts payable should have regarding international travel?
- A. International travel vendors are known to be unscrupulous so expenses must be scrutinized
- B. Significant differences in time zones can make communication with travelers difficult
- C. Employees must collect appropriate VAT information to allow reclaiming the tax
- D. Fluctuations in exchange rates must be considered to optimally schedule travel
Correct Answer: C 🗳️
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Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.
- A. I and II only
- B. I and III only
- C. II only
- D. I, II, and III
Correct Answer: C 🗳️
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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. I only
- B. II and III only
- C. II only
- D. I, II, and III
Correct Answer: B 🗳️
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When auditing expense reports, one thing to pay particular attention to is:
- A. Amounts just below the approval threshold
- B. Restaurant receipts that include client names
- C. Airfare expenses in combination with hotel costs
- D. Highly itemized receipt details
Correct Answer: A 🗳️
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