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In order to be SOX compliant, the T&E process in the U.S. must:
A. I and II only (Ensure correct and accurate recordkeeping; Provide a reliable approval workflow)
B. I and III only (Ensure correct and accurate recordkeeping; Include report generation with visibility at all required levels)
C. I only (Ensure correct and accurate recordkeeping)
D. II only (Provide a reliable approval workflow)
Answer: A
Explanation:
The Sarbanes-Oxley Act (SOX) of 2002 imposes strict requirements on financial reporting and internal controls for U.S. public companies. For T&E processes, SOX compliance requires accurate recordkeeping to ensure financial transparency (Option I) and a reliable approval workflow to prevent fraud and ensure proper authorization (Option II). While report generation with visibility (Option III) is valuable for oversight, it is not explicitly mandated by SOX, which focuses on controls and documentation rather than specific reporting tools.
The web source from Tipalti states: "SOX compliance for T&E processes requires accurate recordkeeping to support financial reporting and a robust approval workflow to ensure proper authorization and prevent fraud." This supports Options I and II. Option III, while beneficial, is not a direct SOX requirement, as SOX emphasizes controls over reporting mechanisms.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including SOX requirements for financial processes like T&E. The curriculum's focus on "peer-tested best practices" aligns with the need for accurate records and reliable approvals to meet SOX standards.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Tipalti: "SOX compliance for T&E processes requires accurate recordkeeping to support financial reporting and a robust approval workflow"
NEW QUESTION # 74
All of the following are areas in which accounts payable has a significant influence EXCEPT:
A. Vendor relationships
B. Inventory turnover
C. Financial statements
D. Cash management
Answer: B
Explanation:
TheInternal Controlstopic in the IOFM APS Certification Program emphasizes the role of accounts payable (AP) in managing financial processes, ensuring compliance, and supporting organizational objectives. AP has a significant influence on several key areas, including vendor relationships (through timely payments and communication), cash management (by optimizing payment timing and methods), and financial statements (by ensuring accurate recording of liabilities and expenses). However, AP typically has minimal direct influence oninventory turnover, which is more closely tied to supply chain and inventory management functions.
* Option A (Inventory turnover): Inventory turnover measures how quickly a company sells and replaces its inventory. While AP processes payments for inventory purchases, it does not directly control inventory levels, purchasing decisions, or sales velocity, which are managed by procurement and sales teams. This is the correct answer, as it is the exception.
* Option B (Vendor relationships): AP directly influences vendor relationships by ensuring timely and accurate payments, resolving disputes, and maintaining vendor master file data. This is a core AP responsibility, so it is not the exception.
* Option C (Cash management): AP plays a critical role in cash management by scheduling payments to optimize cash flow, using electronic payments, and implementing positive pay to prevent fraud. This is a key AP function, so it is not the exception.
* Option D (Financial statements): AP impacts financial statements by recording invoices (affecting liabilities and expenses) and payments (affecting cash and liabilities). Accurate AP processes ensure reliable financial reporting, so this is not the exception.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlshighlights AP's role in
"supporting financial integrity through accurate transaction recording and cash flow management." It notes that AP professionals manage vendor payments and cash outflows, directly affecting vendor relationships, cash management, and financial statement accuracy. However, inventory turnover is described as a supply chain metric, outside AP's primary scope. The IOFM training video reinforces this by focusing on AP's responsibilities in payment processing and financial reporting, with no mention of inventory turnover as a direct AP function.
NEW QUESTION # 75
Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.
A. I, II, and III
B. I and II only
C. II only
D. I and III only
Answer: C
Explanation:
ThePaymentstopic in the APS Certification Program includes understanding the types of accounts involved in AP transactions, such as assets, liabilities, and expenses. Fixed assets are long-term, tangible assets used in business operations, such as furniture and fixtures, which are not intended for sale. Accounts receivable and inventory, however, are not fixed assets; they are current assets, as they are expected to be converted to cash within a year.
* Item I (Accounts receivable): Accounts receivable represent money owed to the organization by customers for goods or services sold. They are classified ascurrent assets, not fixed assets, because they are short-term and liquid. This item is not a fixed asset.
* Item II (Furniture and fixtures): Furniture and fixtures (e.g., desks, chairs, office equipment) are tangible, long-term assets used in business operations. They are classified asfixed assetsbecause they have a useful life exceeding one year and are not intended for sale. This item is a fixed asset.
* Item III (Inventory): Inventory consists of goods held for sale or use in production. It is classified as a current assetbecause it is expected to be sold or used within a year. This item is not a fixed asset.
* Option A (I, II, and III): Incorrect, as only II is a fixed asset; I and III are current assets.
* Option B (I and II only): Incorrect, as I (accounts receivable) is not a fixed asset.
* Option C (II only): Correct, as furniture and fixtures (II) are the only fixed asset among the options.
* Option D (I and III only): Incorrect, as neither I (accounts receivable) nor III (inventory) are fixed assets.
Reference to IOFM APS Documents: The APS e-textbook underPaymentscovers basic accounting principles, including the classification of assets. It defines fixed assets as "tangible assets with a useful life of more than one year, such as furniture, fixtures, and equipment, used in business operations." The text distinguishes fixed assets from current assets like accounts receivable and inventory, which are "expected to be converted to cash or used within a year." The training video reinforces this by discussing how AP processes payments for fixed assets (e.g., capital expenditures) versus current assets (e.g., inventory purchases).
NEW QUESTION # 76
Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?
A. Utility payments
B. Check printing
C. Performance monitoring
D. Invoice imaging
Answer: C
Explanation:
TheTechnology and Automationtopic in the APS Certification Program covers the use of technology to streamline AP processes and the potential for outsourcing certain functions to business process outsourcing (BPO) providers. BPO is commonly used for repetitive, transaction-based tasks such as check printing, utility payments, and invoice imaging, which benefit from automation and economies of scale. However, performance monitoring-which involves analyzing AP metrics, ensuring compliance, and optimizing processes-is typically retained in-house, as it requires strategic oversight and organizational knowledge.
* Option A (Performance monitoring): Performance monitoring involves tracking key performance indicators (KPIs) like invoice processing time, error rates, and compliance with internal controls. This function requires deep understanding of the organization's goals and policies, making it less suitable for outsourcing. This is the correct answer.
* Option B (Check printing): Check printing is a routine, mechanical task that can be efficiently outsourced to BPO providers with secure printing and mailing capabilities. It is a common BPO candidate, so it is not the exception.
* Option C (Utility payments): Utility payments are standardized, recurring transactions thatcan be automated and outsourced to BPO providers, often integrated with electronic payment systems. This is a good BPO candidate, so it is not the exception.
* Option D (Invoice imaging): Invoice imaging (scanning and digitizing invoices) is a repetitive task that leverages automation and is frequently outsourced to BPO providers with imaging technology. This is a common BPO candidate, so it is not the exception.
Reference to IOFM APS Documents: The APS e-textbook underTechnology and Automationdiscusses BPO as a strategy for "outsourcing transactional AP tasks like invoice imaging, check printing, and payment processing to improve efficiency." It notes that strategic functions, such as "performance monitoring and analytics," are typically retained in-house to maintain control over compliance and process optimization. The IOFM training video emphasizes that BPO is ideal for high-volume, low-complexity tasks, while performance monitoring requires internal expertise to align with organizational objectives.
NEW QUESTION # 77
Which of the following is the purpose of FATCA?
A. To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.
B. To ensure the privacy of individuals or organizations that bank outside of the U.S.
C. To respond to attempts by foreign governments to capture taxes on activities of U.S. persons in their countries
D. To make the rules regarding reporting payments made to U.S. persons and non-U.S. persons more consistent
Answer: A
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Foreign Account Tax Compliance Act (FATCA), enacted in 2010 to combat tax evasion by U.S. taxpayers using foreign accounts.
FATCA requires foreign financial institutions (FFIs) to report U.S. account holders' information to the IRS, making it harder for individuals and organizations to hide income offshore and avoid U.S. taxes.
* Option A (To ensure the privacy of individuals or organizations that bank outside of the U.S.):
Incorrect. FATCA reduces privacy by requiring FFIs to report account details to the IRS, not protect it.
* Option B (To make the rules regarding reporting payments made to U.S. persons and non-U.S.
persons more consistent): Incorrect. FATCA focuses on reporting foreign accounts of U.S. taxpayers, not harmonizing payment reporting rules for U.S. and non-U.S. persons.
* Option C (To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.): Correct. FATCA's primary purpose is to prevent tax evasion by requiring FFIs and certain non-financial foreign entities to report U.S. account holders' financial information, ensuring taxable income is reported.
* Option D (To respond to attempts by foreign governments to capture taxes on activities of U.S.
persons in their countries): Incorrect. FATCA addresses U.S. tax compliance, not foreign governments' tax policies.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"FATCA was enacted to combat tax evasion by requiring foreign financial institutions to report U.S. account holders' information, making it difficult to avoid taxes through offshore accounts." TheMaster Guide to Form
1099 Compliance, a recommended IOFM resource, explains, "FATCA ensures compliance by imposing withholding on payments to non-compliant FFIs, targeting U.S. taxpayers hiding income abroad." The training video reinforces this, noting FATCA's role in "closing loopholes for offshore tax evasion."
NEW QUESTION # 78
......
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