Open the auxiliary access

Firefly Open Source Community

   Login   |   Register   |
New_Topic
Firefly Open Source Community › Embedded Board › ROC-RK3308-CC› Actual APS Test Answers | APS Latest Study Questions
New Topic
Print Previous Topic Next Topic

[General] Actual APS Test Answers | APS Latest Study Questions

ethangr983

131

Credits

0

Prestige

0

Contribution

registered members

Rank: 2

Credits
131

【General】 Actual APS Test Answers | APS Latest Study Questions

Posted at 11 hour before      View：3 | Replies：0        Print      Only Author   [Copy Link] 1#
BTW, DOWNLOAD part of Real4test APS dumps from Cloud Storage: https://drive.google.com/open?id=1MO1hW9niDMn6MaRbCjWOgeYedpoOW76R
To ensure a more comfortable experience for users of APS test material, we offer a thoughtful package. Not only do we offer free demo services before purchase, we also provide three learning modes of APS learning guide for users. With easy payment and thoughtful, intimate after-sales service, believe that our APS Exam Guide Materials will not disappoint users. Last but not least, our worldwide service after-sale staffs will provide the most considerable and comfortable suggestion on APS study prep for you in twenty -four hours a day, as well as seven days a week incessantly.
Our APS valid practice questions are designed by many experts in the field of qualification examination, from the user's point of view, combined with the actual situation of users, designed the most practical APS learning materials. We believe that no one will spend all their time preparing for APS Exam, whether you are studying professional knowledge, or all of which have to occupy your time to review the exam. Using the APS test prep, you will find that you can grasp the knowledge what you need in the exam in a short time.
APS Latest Study Questions, Valid Dumps APS FilesIf you buy the APS practice materials within one year you can enjoy free updates. Being the most competitive and advantageous company in the market, our APS exam questions have help tens of millions of exam candidates, realized their dreams all these years. What you can harvest is not only certificate but of successful future from now on just like our former clients. What are you waiting now? Just rush to buy our APS Study Guide!
IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q57-Q62):NEW QUESTION # 57
Which of the following are potential red flags for T&E expenses that fall outside of policy?
  • A. II only (Cab fares)
  • B. II and III only (Cab fares; Weekend stays)
  • C. I only (Charges for airline upgrades)
  • D. I and III only (Charges for airline upgrades; Weekend stays)
Answer: D
Explanation:
Potential red flags for T&E expenses that fall outside of company policy includecharges for airline upgrades (Option I), which may indicate unauthorized luxury spending, andweekend stays(Option III), which could suggest personal travel disguised as business-related. These expenses often require additional scrutiny to ensure compliance with T&E policies.Cab fares(Option II) are typically routine and not inherently a red flag unless excessive or unsupported, making them less likely to be a policy violation compared to upgrades or weekend stays.
The web source from SAP Concur states: "Red flags in T&E expenses include charges for airline upgrades, which may violate policy on allowable travel classes, and weekend stays, which could indicate personal travel." This supports Options I and III. Cab fares are noted as common expenses that require receipts but are not typically flagged unless unusual, per the Esker source: "Routine expenses like cab fares are less likely to be red flags compared to upgrades or extended stays." The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," emphasizing fraud detection and policy compliance. The curriculum's focus on "peer-tested best practices" aligns with identifying airline upgrades and weekend stays as potential red flags.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) SAP Concur: "Red flags in T&E expenses include charges for airline upgrades... and weekend stays" Esker: "Routine expenses like cab fares are less likely to be red flags"

NEW QUESTION # 58
Which of the following accounting entries are necessary to record an expense from an incoming invoice?
  • A. A credit to expense and a debit to the AP liability account
  • B. A credit to the AP liability account and a corresponding credit to the expense account
  • C. A debit to expense and a credit to the AP liability account
  • D. A debit to the asset account and a corresponding debit to the expense account
Answer: C
Explanation:
TheInvoicestopic in the APS Certification Program covers double-entry accounting for recording invoices.
When an incoming invoice is received, it represents an obligation to pay a vendor (a liability) and an expense (or asset, depending on the purchase). The correct journal entry is todebit the expense account(to recognize the cost incurred) andcredit the accounts payable (AP) liability account(to record the amount owed).
* Option A (A debit to the asset account and a corresponding debit to the expense account):
Incorrect, as recording an invoice does not typically involve debiting both an asset and an expense account. An asset might be debited for capital purchases, but the second debit to an expense account is invalid, and no credit is provided to balance the entry.
* Option B (A credit to the AP liability account and a corresponding credit to the expense account):
Incorrect, as crediting the expense account would reduce expenses, which is not the purpose of recording an invoice. Additionally, two credits do not form a valid journal entry without a debit.
* Option C (A debit to expense and a credit to the AP liability account): Correct. Debiting the expense account (e.g., utilities, supplies) recognizes the cost incurred, and crediting the AP liability account records the obligation to pay the vendor. This is the standard entry for expense-related invoices.
* Option D (A credit to expense and a debit to the AP liability account): Incorrect, as crediting the expense account would decrease expenses, which is not appropriate when recording an invoice.
Debiting the AP liability would also incorrectly increase the liability.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesexplains, "When an invoice is received, the journal entry debits an expense account (or asset for capital purchases) andcredits the accounts payable liability account to reflect the obligation." The training video illustrates this with examples, such as debiting "Office Supplies Expense" and crediting "Accounts Payable" for a supply invoice, emphasizing accurate recording to ensure financial statement integrity.

NEW QUESTION # 59
What is an important reason an organization's tolerance level for discrepancies between a PO and an invoice should be kept confidential?
  • A. To prevent vendor fraud
  • B. To avoid scrutiny by internal audit
  • C. To keep procurement alert to not making mistakes
  • D. To allow overages to be deposited into a secure fund for executive use
Answer: A
Explanation:
The tolerance level for discrepancies between a purchase order (PO) and an invoice refers to the acceptable variance (e.g., in price or quantity) that an organization allows before requiring additional approval or investigation. Keeping this tolerance level confidential is critical to prevent vendor fraud, as vendors could exploit knowledge of the tolerance to submit invoices with intentional discrepancies just within the acceptable range, leading to overpayments or unauthorized charges.
The web source from NetSuite highlights the importance of internal controls in invoice matching: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt. It reduces the chances of fraudulent invoices going undetected and, worse, being paid." While this source does not explicitly address confidentiality of tolerance levels, the emphasis on fraud prevention implies that exposing tolerance thresholds could undermine these controls. If vendors know the tolerance, they might adjust invoices to exploit it, bypassing scrutiny.
Options B, C, and D are incorrect. Keeping procurement alert (Option B) is a general goal but not directly tied to confidentiality of tolerance levels. Avoiding internal audit scrutiny (Option C) is not a legitimate reason, as internal audits ensure compliance. Option D (depositing overages into a fund) is unethical and unrelated to accounts payable processes.
The IOFM APS Certification Program covers "Internal Controls," which includes measures toprevent fraud and ensure accurate invoice processing. The program's focus on "peer-tested best practices" and fraud prevention, as noted in the curriculum description, supports the need to keep tolerance levels confidential to safeguard against vendor manipulation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls NetSuite: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt"

NEW QUESTION # 60
The Sarbanes-Oxley statute in the U.S. requires public companies to: I. Establish controls over accounts payable hiring; II. Use a recognized framework to design and test controls over financial reporting; III. Ensure that the company CFO is a CPA.
  • A. I and II only
  • B. II only
  • C. I, II, and III
  • D. I only
Answer: B
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program includes detailed coverage of the Sarbanes-Oxley Act (SOX), which mandates internal controls for public companies to ensure accurate financial reporting. SOX requires companies to use a recognized framework, such as COSO (Committee of Sponsoring Organizations), to design and test controls over financial reporting (Item II). However, it does not mandate specific controls over AP hiring (Item I) orrequire the CFO to be a CPA (Item III).
* Item I (Establish controls over accounts payable hiring): SOX focuses on financial reporting controls, not hiring processes for specific departments like AP. While internal controls may indirectly influence hiring (e.g., segregation of duties), there is no specific SOX requirement for AP hiring controls. This item is not required.
* Item II (Use a recognized framework to design and test controls over financial reporting): SOX Section 404 mandates that public companies establish and test internal controls over financial reporting using a recognized framework, such as COSO. This is a core requirement.
* Item III (Ensure that the company CFO is a CPA): SOX requires CFOs to certify financial reports (Section 302), but there is no mandate that they hold a CPA designation. This item is not required.
* Option A (I and II only): Incorrect, as Item I is not a SOX requirement.
* Option B (II only): Correct, as only Item II (using a recognized framework like COSO) is mandated by SOX.
* Option C (I, II, and III): Incorrect, as Items I and III are not SOX requirements.
* Option D (I only): Incorrect, as Item I is not a SOX requirement, and Item II is required.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"SOX Section 404 requires public companies to use a recognized framework, such as COSO, to design and test internal controls over financial reporting." It clarifies that "SOX does not mandate specific hiring controls for departments like AP or require CFOs to be CPAs, though it emphasizes executive accountability." The training video discusses SOX's focus on financial controls, citing COSO as the standard framework and noting no specific hiring or CPA requirements.

NEW QUESTION # 61
Which of the following is necessary to prepare a 1099?
  • A. A W-2 for all reportable vendors
  • B. A TIN for all reportable vendors
  • C. A PTIN for all reportable vendors
  • D. A W-4 for all reportable vendors
Answer: B
Explanation:
The preparation of IRS Form 1099 (e.g., 1099-MISC, 1099-NEC) is a critical component of theTax and Regulatory Compliancetopic in the IOFM APS Certification Program. Form 1099 is used to report payments made to non-employees, such as independent contractors, vendors, or other entities, for services rendered, typically when payments exceed $600 in a calendar year. To prepare a 1099, the payer (e.g., the organization' s AP department) must obtain the payee'sTaxpayer Identification Number (TIN), which can be either an Employer Identification Number (EIN) for businesses or a Social Security Number (SSN) for individuals. The TIN is collected via IRS Form W-9, which vendors must provide to the payer.
* Option A (PTIN): A Preparer Tax Identification Number (PTIN) is used by tax preparers who file tax returns on behalf of others. It is not required for vendors or payees when preparing a 1099. This option is incorrect.
* Option B (W-4): Form W-4 is used by employees to indicate withholding preferences for federal income tax from their wages. Since 1099 forms are for non-employees (e.g., contractors), a W-4 is irrelevant. This option is incorrect.
* Option C (TIN): The TIN is mandatory for 1099 reporting. The IRS requires the payee's TIN to be included on the 1099 form to track payments and ensure tax compliance. If a vendor fails to provide a TIN, the payer may be required to implement backup withholding (e.g., 24% as of 2025). This is the correct answer.
* Option D (W-2): Form W-2 is used to report wages paid to employees, not payments to vendors or contractors. Since 1099 forms are for non-employee compensation, a W-2 is not applicable. This option is incorrect.
Reference to IOFM APS Documents: The IOFM APS e-textbook and training video under theTax and Regulatory Compliancesection emphasize the importance of collecting a valid TIN via Form W-9 for 1099 reporting. TheMaster Guide to Form 1099 Compliance, a recommended IOFM resource, details the IRS requirements for TIN collection and backup withholding. Specifically, it states that "a valid TIN is required for all reportable payments to avoid IRS penalties and ensure accurate 1099 filing." Additionally, the APS curriculum covers IRS regulations, including the need to process "B Notices" when TINs are missing or incorrect, reinforcing the centrality of the TIN in 1099 preparation.

NEW QUESTION # 62
......
In the past few years, APS study materials have helped countless candidates pass the APS exam. After having a APS certification, some of them encountered better opportunities for development, some went to great companies, and some became professionals in the field. APS study materials have stood the test of time and market and received countless praises. Through the good reputation of word of mouth, more and more people choose to use APS Study Materials to prepare for the APS exam, which makes us very gratified. Please be assured that we will stand firmly by every warrior who will pass the exam. APS study materials have the following characteristics:
APS Latest Study Questions: https://www.real4test.com/APS_real-exam.html
Our latest exam torrent files are edited by skilled experts and will be updated with latest exam change, Real4test APS Latest Study Questions releases the latest exam dumps at earliest time possible, Because APS exam training vce is virus-free, you can rest assured to use, To achieve this objective the Real4test is offering the top-rated and real APS exam questions in three different APS exam study material formats, IOFM Actual APS Test Answers Our proficient and licensed members of team designed exam oriented and comprehensive questions.
What is unfortunate is that the industry does and does not have APS standard metrics that can be used, Menu: Tap the Menu icon to view a list of tools you can use to manipulate your document.
Our latest exam torrent files are edited by skilled experts Valid Dumps APS Files and will be updated with latest exam change, Real4test releases the latest exam dumps at earliest time possible.
APS Exam Torrent and Accredited Payables Specialist (APS) Certification Exam Exam Preparation - APS Guide Dumps - Real4testBecause APS Exam Training vce is virus-free, you can rest assured to use, To achieve this objective the Real4test is offering the top-rated and real APS exam questions in three different APS exam study material formats.
Our proficient and licensed members of team designed exam oriented and comprehensive questions, This Accredited Payables Specialist (APS) Certification Exam (APS) practice material contains actual IOFM Accredited Payables Specialist (APS) Certification Exam Questions that invoke conceptual thinking.
DOWNLOAD the newest Real4test APS PDF dumps from Cloud Storage for free: https://drive.google.com/open?id=1MO1hW9niDMn6MaRbCjWOgeYedpoOW76R
https://jp.fast2test.com
Reply

Use props Report

Return to List
High mode
B Color Image Link Quote Code Smilies
You need to log in before you can reply Login | Register

This forum Credits Rules

  •  

Service Hotline : (+86)18688117175
Contact us
E-mail : global@t-firefly.com
Copyright © 2014-2022, FIREFLY TECHNOLOGY CO.,LTD. All Rightts Reserved. 粤ICP备14022046号-2
Quick Reply Back to top Back to list