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[General] Latest APS Test Notes, APS Premium Files

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【General】 Latest APS Test Notes, APS Premium Files

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q22-Q27):NEW QUESTION # 22
Regarding documents required to complete a three-way match, which is typically the most difficult to obtain in a timely manner?
  • A. Receiving report
  • B. E-invoice
  • C. P-card statement
  • D. Expense report
Answer: A
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 # 23
The COSO framework's categories of internal controls include each of the following EXCEPT:
  • A. Information and communication
  • B. Accounting principles
  • C. Control environment
  • D. Risk assessment
Answer: B
Explanation:
TheInternal Controlstopic in the IOFM APS Certification Program covers the COSO (Committee of Sponsoring Organizations) framework, a widely recognized model for designing and evaluating internal controls, as mandated by the Sarbanes-Oxley Act (SOX). The COSO framework includes five components:
Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities.Accounting principlesare not a COSO component, as they relate to GAAP (Generally Accepted Accounting Principles), not internal control categories.
* Option A (Control environment): This is a COSO component, setting the tone for the organization's control consciousness, including leadership and ethics.
* Option B (Information and communication): This is a COSO component, ensuring relevant information is identified, captured, and communicated effectively.
* Option C (Risk assessment): This is a COSO component, involving the identification and analysis of risks to achieving objectives.
* Option D (Accounting principles): Accounting principles (e.g., GAAP) guide financial reporting but are not part of the COSO framework's internal control categories. This is the correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "The COSO framework includes five components: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities, used to design and testinternal controls." It distinguishes COSO from GAAP, noting that "accounting principles govern financial reporting, not internal control frameworks." The training video reinforces this by discussing COSO's role in SOX compliance, listing the five components and excluding accounting principles.

NEW QUESTION # 24
Good vendor master file practices include each of the following, EXCEPT:
  • A. Blocking inactive vendors after a certain period
  • B. Deleting and re-entering vendors that move
  • C. Finding and consolidating duplicate vendors
  • D. Having a vendor verification program
Answer: B
Explanation:
TheVendor Master Filetopic in the APS Certification Program outlines best practices for maintaining an accurate and efficient VMF. These include verifying vendor data, blocking inactive vendors, and consolidating duplicates to prevent errors and fraud.Deleting and re-entering vendors that moveis not a good practice, as it disrupts historical data and audit trails; instead, the VMF should be updated with the new address.
* Option A (Having a vendor verification program): A good practice, ensuring vendors are legitimate through TIN matches, address verification, and sanction list checks.
* Option B (Blocking inactive vendors after a certain period): A good practice, preventing accidental payments to dormant vendors while retaining their data for records.
* Option C (Finding and consolidating duplicate vendors): A good practice, reducing errors like duplicate payments by merging redundant vendor records.
* Option D (Deleting and re-entering vendors that move): Not a good practice. Deleting and re- entering disrupts transaction history; updating the address is the correct approach. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Best practices include vendor verification, blocking inactive vendors, and consolidating duplicates,but deleting and re- entering vendors for address changes is inefficient and risks data loss." The training video emphasizes,
"Update vendor addresses in the VMF rather than deleting records to maintain audit trails."

NEW QUESTION # 25
Which of the following are potential red flags for T&E expenses that fall outside of policy?
  • A. I and III only (Charges for airline upgrades; Weekend stays)
  • B. I only (Charges for airline upgrades)
  • C. II only (Cab fares)
  • D. II and III only (Cab fares; Weekend stays)
Answer: A
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 # 26
In the U.S., what is the best way to verify a vendor's business registration?
  • A. Check the database of the Secretary of State where the vendor is registered
  • B. Submit a request to the Internal Revenue Service to do a Form 1120 search
  • C. Require a sworn affidavit from the vendor's financial institution
  • D. Send a letter to the vendor requesting written confirmation that the registration is up-to-date
Answer: A
Explanation:
TheVendor Master Filetopic in the APS Certification Program covers vendor validation to ensure legitimacy and prevent fraud. The best way to verify a vendor's business registration in the U.S. is tocheck the database of the Secretary of Statein the state where the vendor is registered, as this provides authoritative, public confirmation of the vendor's legal status and registration details.
* Option A (Send a letter to the vendor requesting written confirmation): Incorrect. Vendor-provided confirmation is less reliable, as it may be falsified, and is not authoritative.
* Option B (Submit a request to the IRS to do a Form 1120 search): Incorrect. Form 1120 is a corporate tax return, not a business registration record, and the IRS does not provide registration verification services.
* Option C (Require a sworn affidavit from the vendor's financial institution): Incorrect. Financial institutions do not typically provide affidavits for business registration, and this is not a standard practice.
* Option D (Check the database of the Secretary of State where the vendor is registered): Correct.
Secretary of State databases offer verifiable, public records of business registration, the most reliable method.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "To verify a vendor's business registration, check the Secretary of State database in the vendor's state of incorporation for authoritative confirmation." The training video notes, "The best practice for validating vendor legitimacy is accessing Secretary of State records online to confirm registration details."

NEW QUESTION # 27
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