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APS Reliable Test Question - APS Exams Collection

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APS Reliable Test Question - APS Exams Collection

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q85-Q90):NEW QUESTION # 85
The accounting term "accrued expenses" represents which of the following?
  • A. Incurred expenses that have not been posted in the current period
  • B. Planned expenditures that have not been incurred in the current period
  • C. Pre-paid expenses that were paid with petty cash
  • D. Forecasted expenses for which an invoice has not been received in the current period
Answer: A
Explanation:
ThePaymentstopic in the APS Certification Program covers accounting concepts like accrued expenses, which are critical for accurate financial reporting.Accrued expensesare expenses that have been incurred (i.e., the organization has received goods or services) but have not yet been paid or recorded (posted) in the accounts payable system, often because an invoice has not been received by the period's end. These are recognized to match expenses with the period they relate to, per accrual accounting principles.
* Option A (Forecasted expenses for which an invoice has not been received): Incorrect, as accrued expenses are not forecasted (estimated future costs); they are actual expenses already incurred.
* Option B (Planned expenditures that have not been incurred): Incorrect, as planned but unincurred expenditures are not recognized in accounting until incurred.
* Option C (Incurred expenses that have not been posted in the current period): Correct. Accrued expenses are costs incurred (e.g., utilities used) but not yet recorded or paid, oftendue to a missing invoice, and are accrued to ensure accurate period-end reporting.
* Option D (Pre-paid expenses that were paid with petty cash): Incorrect, as pre-paid expenses are paid in advance and recorded as assets, not accrued expenses, which are unpaid liabilities.
Reference to IOFM APS Documents: The APS e-textbook underPaymentsdefines accrued expenses as
"expenses incurred in the current period but not yet posted or paid, often recorded at period-end to reflect true financial obligations." The training video provides examples, such as accruing wages or utilities when invoices are delayed, emphasizing the importance of accrual accounting for financial accuracy.

NEW QUESTION # 86
Payments to non-resident aliens for services that are performed in the U.S. must be reported on Form 1042-S if the payment amount exceeds:
  • A. $300
  • B. $0
  • C. $1,000
  • D. $600
Answer: B
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers IRS reporting requirements for payments to non-resident aliens, including Form 1042-S. Payments to non-resident aliens for services performed in the U.S. are subject to reporting on Form 1042-S, regardless of the amount, meaning the threshold is$0. This ensures compliance with IRS regulations and potential withholding requirements (e.
g., 30% under Section 1441, unless reduced by a tax treaty).
* Option A ($1,000): Incorrect. There is no $1,000 threshold for Form 1042-S reporting.
* Option B ($600): Incorrect. The $600 threshold applies to Form 1099 reporting for U.S. persons, not Form 1042-S for non-resident aliens.
* Option C ($0): Correct. All payments to non-resident aliens for U.S.-source income, such as services performed in the U.S., must be reported on Form 1042-S, with no minimum threshold.
* Option D ($300): Incorrect. There is no $300 threshold for Form 1042-S reporting.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Complianceexplains,
"Form 1042-S is used to report payments to non-resident aliens for U.S.-source income, such as services performed in the U.S., with no minimum dollar threshold." TheMaster Guide to Form 1099 Compliance, a recommended IOFM resource, clarifies, "Unlike Form 1099, Form 1042-S requires reporting of all payments to non-resident aliens, starting at $0, to ensure compliance with IRS withholding rules." The training video reinforces this, noting the importance of Form 1042-S for international payments.

NEW QUESTION # 87
Sales and use taxes are levied by which of the following? I. Cities and towns; II. Federal government; III.
States.
  • A. I and III only
  • B. II and III only
  • C. I, II, and III
  • D. III only
Answer: A
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers sales and use taxes, which are imposed on the sale or use of goods and services. In the U.S., sales and use taxes are levied bystates and, in many cases,cities and towns(local jurisdictions). Thefederal governmentdoes not impose sales or use taxes, as this authority is reserved for state and local governments.
* Item I (Cities and towns): Many cities and towns impose local sales taxes, often in addition to state taxes, to fund municipal services. This is a valid taxing authority.
* Item II (Federal government): The federal government does not levy sales or use taxes; it imposes taxes like income or excise taxes. This is not a valid taxing authority for sales and use taxes.
* Item III (States): States are the primary authorities for sales and use taxes, setting rates and rules for taxable transactions. This is a valid taxing authority.
* Option A (II and III only): Incorrect, as Item II is not a valid taxing authority.
* Option B (III only): Incorrect, as Item I is also a valid taxing authority.
* Option C (I and III only): Correct, as only states and local jurisdictions (cities and towns) levy sales and use taxes.
* Option D (I, II, and III): Incorrect, as Item II is not a valid taxing authority.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"Sales and use taxes are levied by states and local jurisdictions, such as cities and towns, but not by the federal government." The training video discusses AP's role in managing sales tax compliance, noting that
"states and local governments set sales tax rates, while the federal government does not impose such taxes."

NEW QUESTION # 88
Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:
  • A. Confirmation of a physical address
  • B. Requiring a W-9
  • C. Checking government sanction lists
  • D. Verifying that vendors are bonded
Answer: D
Explanation:
TheVendor Master Filetopic in the APS Certification Program emphasizes fraud prevention through robust vendor validation processes. Key practices include confirming a vendor's physical address, checking government sanction lists (e.g., OFAC), and requiring a W-9 to verify tax identification numbers (TINs).
However,verifying that vendors are bonded(i.e., insured against financial loss) is not a standard requirement for vendor fraud prevention, as it is more relevant to specific industries (e.g., construction) and not universally applicable.
* Option A (Confirmation of a physical address): Verifying a physical address ensures the vendor is a legitimate entity, reducing the risk of fraudulent shell companies. This is a key practice.
* Option B (Verifying that vendors are bonded): Bonding is not a standard AP requirement for fraud prevention. It may apply to certain vendors (e.g., contractors), but it is not essential for all vendor fraud prevention programs. This is the correct answer.
* Option C (Checking government sanction lists): Checking lists like OFAC (Office of Foreign Assets Control) ensures compliance with regulations and prevents payments to sanctioned entities, a critical fraud prevention step. This is a key practice.
* Option D (Requiring a W-9): A W-9 provides the vendor's TIN, enabling verification with the IRS to prevent fraudulent identities and ensure tax compliance. This is a key practice.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filelists "confirming physical addresses, checking sanction lists, and requiring W-9 forms" as essential for vendor fraud prevention. It notes that "bonding is not a universal requirement for vendor validation,though it may be relevant for specific contracts." The training video emphasizes vendor verification processes, highlighting address checks, sanction list reviews, and W-9 requirements but not bonding.

NEW QUESTION # 89
Organizations most commonly use wire transfers for which of the following?
  • A. Rent or mortgage payments
  • B. High dollar payments
  • C. Direct deposit of executive pay
  • D. Low dollar bulk payments
Answer: B
Explanation:
Wire transfers are a secure and immediate payment method typically used for high-value transactions due to their reliability and speed, despite higher transaction fees compared to other methods like ACH. Organizations commonly use wire transfers for high dollar payments, such as large vendor payments, international transactions, or critical one-time payments.
The web source from Corcentric explains: "Wire transfers are often used for high-value payments where speed and security are critical, such as large supplier payments or international transactions." This aligns with Option B.
* Direct deposit of executive pay (A)is typically handled via ACH for regular payroll.
* Low dollar bulk payments (C)are more cost-effectively processed via ACH or checks.
* Rent or mortgage payments (D)may use wire transfers in some cases but are not the most common use.
The IOFM APS Certification Program covers "Payments," including payment methods like wire transfers.
The curriculum's focus on "peer-tested best practices" supports the use of wire transfers for high dollar payments due to their security and immediacy.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Wire transfers are often used for high-value payments where speed and security are critical"

NEW QUESTION # 90
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