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The Accredited Payables Specialist (APS) Certification Exam (APS) practice test is being offered in three different formats. These IOFM APS exam questions formats are PDF dumps files, web-based practice test software, and desktop practice test software. All these IOFM APS Exam Dumps formats contain real, updated, and error-free Accredited Payables Specialist (APS) Certification Exam (APS) exam questions that prepare you for the final APS exam.
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When checking the address of a new vendor, what is one potential red flag?
A. The vendor's warehouse and its accounts receivable address are different
B. The vendor has the same address as one of the organization's own locations
C. The vendor is located in an unincorporated area
D. The vendor does not appear to use a post office box
Answer: B
Explanation:
TheVendor Master Filetopic in the APS Certification Program highlights vendor validation to prevent fraud, including checking addresses for red flags. A significant red flag is when avendor's address matches one of the organization's own locations, as this may indicate insider fraud (e.g., an employee creating a fake vendor using a company address).
* Option A (The vendor has the same address as one of the organization's own locations): Correct.
This is a red flag, as it suggests potential fraud, such as an employee setting up a fictitious vendor at a company site.
* Option B (The vendor does not appear to use a post office box): Incorrect. Not using a P.O. box is not inherently suspicious; many legitimate vendors use physical addresses.
* Option C (The vendor's warehouse and its accounts receivable address are different): Incorrect.
Different addresses for operational and financial functions are common and not a red flag.
* Option D (The vendor is located in an unincorporated area): Incorrect. Location in an unincorporated area is not inherently suspicious and does not indicate fraud.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "A red flag during vendor address checks is when the vendor's address matches an organization's own location, indicating potential insider fraud." The training video notes, "Always verify vendor addresses against company locations to detect fraudulent setups."
NEW QUESTION # 13
What is a limitation typically associated with a blanket purchase order?
A. It must be settled with a same-day wire transfer
B. It should not extend past a specified timeframe
C. It should only be created for a specific delivery date
D. It is only issued for purchasing services, not for goods
Answer: B
Explanation:
A blanket purchase order (PO) is a long-term agreement with a supplier to purchase goods or services over a specified period, often used for recurring or high-volume purchases. A key limitation is that itshould not extend past a specified timeframe, as blanket POs are typically set for a defined duration (e.g., one year) to manage pricing, terms, and supplier commitments. Extending beyond this timeframe without renegotiation can lead to pricing discrepancies or supply chain issues.
The web source from NetSuite explains: "A blanket purchase order covers multiple deliveries over a set period, but it is limited by a specified timeframe to ensure pricing and terms remain valid." This directly supports Option B. The other options are incorrect:
* Option A: Blanket POs can be used for both goods and services, not just services.
* Option C: Payment terms for blanket POs vary and are not restricted to same-day wire transfers.
* Option D: Blanket POs are designed for multiple deliveries over time, not a specific delivery date.
The IOFM APS Certification Program covers "Invoices," including the use of purchase orders in invoice processing. The curriculum's focus on "peer-tested best practices" supports the understanding of blanket POs and their time-bound nature.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices NetSuite: "A blanket purchase order covers multiple deliveries over a set period, but it is limited by a specified timeframe"
NEW QUESTION # 14
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 only
C. I, II, and III
D. II and III only
Answer: D
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Streamlined Sales Tax Project (SSTP), initiated to simplify U.S. sales tax compliance across states. The SSTP has achieveda uniform exemption certificate(Item II) to standardize resale and other exemptions andrate and boundary databases(Item III) to provide accurate tax rates and jurisdictional boundaries. However, it has not fully resolved the origin vs. destination question(Item I), as sourcing rules (origin-based vs. destination-based taxation) remain state-specific.
* Item I (Resolved the origin vs. destination question): Not fully accomplished. The SSTP provides guidelines for sourcing, but states still choose between origin-based (tax based on seller's location) and destination-based (tax based on buyer's location) rules, creating variability.
* Item II (Implemented a uniform exemption certificate): Accomplished. The SSTP developed a uniform Streamlined Sales and Use Tax Exemption Certificate, accepted by member states to simplify compliance.
* Item III (Created rate and boundary databases): Accomplished. The SSTP provides centralized databases for tax rates and jurisdictional boundaries, aiding accurate tax calculations.
* Option A (I only): Incorrect, as Item I is not fully accomplished.
* Option B (I, II, and III): Incorrect, as Item I is not fully accomplished.
* Option C (II only): Incorrect, as Item III is also accomplished.
* Option D (II and III only): Correct, as Items II and III are key SSTP achievements.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"The Streamlined Sales Tax Project has implemented a uniform exemption certificate and created rate and boundary databases to simplify compliance, but origin vs. destination sourcing remains variable across states." The training video notes, "SSTP's uniform certificate and tax databases are major achievements, though sourcing rules still differ by state."
NEW QUESTION # 15
The acronym "VAT" stands for:
A. Value assessed tax
B. Value added tax
C. Variable added tax
D. Variable assessed tax
Answer: B
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 # 16
What is another term for "software-as-a-service"?
A. On-demand software
B. Perpetual software license
C. Consultant-specific applications
D. Onsite vendor support
Answer: A
Explanation:
Software-as-a-Service (SaaS)is a cloud-based software delivery model where applications are hosted by a provider and accessed over the internet, typically on a subscription basis. Another term for SaaS ison- demand software, as it allows users to access software as needed without on-premises installation. A perpetual software license (Option A) refers to a one-time purchase model, onsite vendor support (Option B) is a service, and consultant-specific applications (Option C) is not a standard term.
The web source from Tipalti states: "Software-as-a-Service (SaaS), also known as on-demand software, provides cloud-based access to applications, enabling flexible and scalable AP solutions." This directly supports Option D.
The IOFM APS Certification Program covers "Technology and Automation," including cloud-based solutions like SaaS. The curriculum's focus on "peer-tested best practices" aligns with recognizing SaaS as on-demand software for AP automation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation Tipalti: "Software-as-a-Service (SaaS), also known as on-demand software, provides cloud-based access"
NEW QUESTION # 17
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