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[General] Study APS Center & Valid APS Exam Pattern

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【General】 Study APS Center & Valid APS Exam Pattern

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q61-Q66):NEW QUESTION # 61
Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:
  • A. Forged or modified travel receipts
  • B. Lapping schemes for transportation cost
  • C. Multiple reimbursements for the same expense
  • D. Personal expenses reported as business-related
Answer: B
Explanation:
Fraudulent expense reimbursement schemes in T&E processes typically involve misrepresenting or manipulating expense reports to obtain unauthorized reimbursements. Common schemes include reporting personal expenses as business-related (Option A), forging or altering receipts (Option B), and submitting the same expense multiple times for reimbursement (Option C). Lapping schemes (Option D), which involve misappropriating funds and covering them with subsequent payments, are more associated with accounts receivable or cash management, not T&E expense reimbursements.
The web source from SAP Concur explains: "Common T&E fraud schemes include submitting personal expenses as business-related, altering or forging receipts, and requesting multiple reimbursements for the same expense." Lapping schemes are not mentioned in the context of T&E fraud, as they pertain to different financial processes, such as diverting payments and covering them with later receipts, per the Corcentric source: "Lapping is a fraud scheme typically seen in accounts receivable, not expense reimbursements." The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," including fraud prevention in expense reporting. The curriculum's emphasis on "peer-tested best practices" includes identifying common T&E fraud schemes, supporting Options A, B, and C as prevalent, while excluding lapping schemes (Option D).
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) SAP Concur: "Common T&E fraud schemes include submitting personal expenses as business-related, altering or forging receipts, and requesting multiple reimbursements" Corcentric: "Lapping is a fraud scheme typically seen in accounts receivable"

NEW QUESTION # 62
Which of the following are potential red flags for T&E expenses that fall outside of policy?
  • A. II only (Cab fares)
  • B. I and III only (Charges for airline upgrades; Weekend stays)
  • C. II and III only (Cab fares; Weekend stays)
  • D. I only (Charges for airline upgrades)
Answer: B
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 # 63
Which of the following are incentives for automating accounts payable?
  • A. I and III only (Reduced costs of handling paper; Eliminating the need for audits)
  • B. I and II only (Reduced costs of handling paper; Better forecasting)
  • C. II and III only (Better forecasting; Eliminating the need for audits)
  • D. I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
Answer: B
Explanation:
Automating accounts payable (AP) processes offers several incentives, includingreduced costs of handling paper(Option I) through digital invoicing and workflows, andbetter forecasting(Option II) by providing real- time data for cash flow and spend analysis. However, automation does noteliminate the need for audits (Option III), as audits remain essential for compliance, fraud prevention, and internal controls, even with automated systems.
The web source from Esker states: "AP automation reduces costs associated with paper-based processes, such as printing and mailing, and improves forecasting by providing real-time visibility into financial data." The Tipalti source adds: "Automation enhances efficiency but does not eliminate audits, which are still required for regulatory compliance." This supports Options I and II, while ruling out Option III.
The IOFM APS Certification Program covers "Technology and Automation," emphasizing the benefits of AP automation. The curriculum's focus on "peer-tested best practices" aligns with cost reduction and improved forecasting as key incentives, while maintaining the necessity of audits.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation Esker: "AP automation reduces costs associated with paper-based processes... and improves forecasting" Tipalti: "Automation enhances efficiency but does not eliminate audits"

NEW QUESTION # 64
Organizations most commonly use wire transfers for which of the following?
  • A. Low dollar bulk payments
  • B. Rent or mortgage payments
  • C. Direct deposit of executive pay
  • D. High dollar payments
Answer: D
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 # 65
Regarding documents required to complete a three-way match, which is typically the most difficult to obtain in a timely manner?
  • A. E-invoice
  • B. Expense report
  • C. P-card statement
  • D. Receiving report
Answer: D
Explanation:
The three-way match is a critical accounts payable process that involves cross-referencing three documents:
the purchase order (PO), the supplier invoice, and the receiving report (or goodsreceived note/delivery receipt). This process ensures that payments are made only for goods or services that were ordered and delivered, preventing errors and fraud. The question asks which document is typically the most difficult to obtain in a timely manner.
The receiving report is often the most challenging to obtain promptly because it depends on the physical or logistical confirmation of goods or services delivered, which involves coordination with receiving or inventory departments outside the accounts payable team's direct control. Delays can occur due to manual processes, incomplete deliveries, or discrepancies in the quantity or quality of goods received, requiring additional verification. In contrast, the e-invoice is typically provided directly by the supplier, and the purchase order is an internal document generated by the purchasing department, both of which are generally more readily available. P-card statements and expense reports are not standard components of the three-way match, as they relate to different processes (procurement card transactions and employee reimbursements, respectively).
The source from NetSuite explains: "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... A delivery receipt, or a receiving report, which confirms that the purchase was delivered, either in part or in full". Additionally, the Ramp source notes: "Goods received note (GRN): Proof of what was delivered," highlighting that this document requires verification from the receiving department, which can introduce delays.
No direct IOFM APS study guide extract specifically addresses the timeliness of obtaining the receiving report, but the general emphasis in IOFM materials on the importance of internal controls and process efficiency in the three-way match supports the conclusion that the receiving report's dependency on external departments makes it the most difficult to obtain promptly. The IOFM APS Certification Program covers
"Invoices" and "Internal Controls," which include best practices for managing the three-way match process, as noted in the IOFM course description: "Review peer-tested best practices for each phase of the payment process - from receipt of invoice, through processing and payment".
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices and 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" Ramp: "3-way matching-a process that cross-checks purchase orders (POs), goods received notes (GRNs), and invoices"

NEW QUESTION # 66
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