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[General] IOFM - APS - Pass-Sure Accredited Payables Specialist (APS) Certification Exam F

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【General】 IOFM - APS - Pass-Sure Accredited Payables Specialist (APS) Certification Exam F

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q86-Q91):NEW QUESTION # 86
What is one department that can particularly benefit from specific insights provided by the vendor master file?
  • A. Mailroom
  • B. Audit
  • C. Purchasing
  • D. Manufacturing
Answer: C
Explanation:
TheVendor Master Filetopic in the APS Certification Program highlights the vendor master file's role in providing data for various departments. ThePurchasingdepartment particularly benefits, as the vendor master file contains details like vendor performance, pricing, and spend history, enabling better supplier selection and negotiation.
* Option A (Manufacturing): Manufacturing uses vendor data indirectly (e.g., for raw materials), but its primary focus is production, not vendor insights. Incorrect.
* Option B (Purchasing): Correct. Purchasing relies on vendor master file data for supplier evaluation, contract terms, and spend analysis, directly benefiting from its insights.
* Option C (Audit): Audit uses vendor data for compliance checks, but its role is verification, not strategic use of vendor insights. Less directly benefited than Purchasing.
* Option D (Mailroom): The mailroom handles physical documents but does not use vendor master file insights for operational decisions. Incorrect.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "The vendor master file provides critical insights for Purchasing, enabling spend analysis and supplier management." The training video notes, "urchasing benefits most from vendor master data, using it to optimize vendor relationships and costs."

NEW QUESTION # 87
When maintaining an audit trail of changes to the vendor master file, which of the following should be recorded? I. Who requested the change; II. Who actually made the change; III. The date the change was made.
  • A. II and III only
  • B. I, II, and III
  • C. I and II only
  • D. I and III only
Answer: B
Explanation:
TheVendor Master Filetopic in the IOFM APS Certification Program emphasizes the importance of maintaining an audit trail for changes to the vendor master file (VMF) to ensure transparency, accountability, and fraud prevention. An effective audit trail should recordwho requested the change(to verify authorization),who actually made the change(to track accountability), andthe date the change was made(to establish a timeline), ensuring a complete record for compliance and audits.
* Item I (Who requested the change): Essential to verify that the request came from an authorized individual, supporting internal controls and fraud prevention.
* Item II (Who actually made the change): Critical to track the individual who modified the VMF, ensuring accountability and traceability.
* Item III (The date the change was made): Necessary to document when the change occurred, aiding in audits and fraud investigations.
* Option A (I, II, and III): Correct, as all three items are essential components of a VMF audit trail.
* Option B (I and II only): Incorrect, as Item III (date) is also essential.
* Option C (II and III only): Incorrect, as Item I (requester) is also essential.
* Option D (I and III only): Incorrect, as Item II (changer) is also essential.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "An audit trail for VMF changes must include who requested the change, who made the change, and the date of the change to ensure transparency and compliance." The training video reinforces, "Recording the requester, the person making the change, and the date in the VMF audit trail is critical for fraud prevention and audit readiness."

NEW QUESTION # 88
Which of the following describes the possible consequences for anyone engaging in misconduct relating to the Sarbanes-Oxley Act?
  • A. Criminal penalties
  • B. Industry blacklisting
  • C. Corporate dissolution
  • D. Community service
Answer: A
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program includes understanding the Sarbanes-Oxley Act (SOX), enacted in 2002 to enhance corporate governance and financial reporting accuracy. SOX imposes strict requirements on public companies and holds individuals (e.g., executives, accountants) accountable for misconduct, such as falsifying financial records or obstructing audits. Violations can result incriminal penalties, including fines and imprisonment, depending on the severity of the misconduct.
* Option A (Corporate dissolution): While SOX violations can lead to significant financial and reputational damage, corporate dissolution (complete closure of the company) is not a direct legal consequence specified in the Act. This option is incorrect.
* Option B (Criminal penalties): SOX includes provisions for criminal penalties, such as fines up to $5 million and imprisonment up to 20 years for willful violations (e.g., falsifying records under Section
802). This is the correct answer.
* Option C (Industry blacklisting): There is no formal "industry blacklisting" mechanism in SOX.
While individuals may face reputational damage or debarment from certain roles, this is not a legal consequence. This option is incorrect.
* Option D (Community service): SOX does not prescribe community service as a penalty for misconduct. Penalties are financial or custodial (fines, imprisonment). This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Complianceexplains that "the Sarbanes-Oxley Act imposes criminal penalties, including fines and imprisonment, for misconduct such as falsifying financial records or obstructing audits." Thetraining video discusses SOX's impact on AP, noting that internal controls must prevent fraudulent reporting to avoid penalties under sections like 906 (certification of financial reports) and 802 (document tampering).

NEW QUESTION # 89
Which of the following best describes ERP systems?
  • A. They link together business functions with real-time data flow
  • B. They provide a sophisticated means of fraud detection
  • C. They are popular methods of tracking continuous improvement
  • D. They are payment systems designed exclusively for cryptocurrency
Answer: A
Explanation:
Enterprise Resource Planning (ERP) systems are integrated software platforms that link various business functions-such as accounting, procurement, accounts payable, inventory, and human resources-through a centralized database, enabling real-time data flow and streamlined operations. ERP systems enhance efficiency by providing a unified view of business processes, but they are not primarily for tracking continuous improvement (Option A), fraud detection (Option B), or cryptocurrency payments (Option D).
The web source from NetSuite states: "ERP systems integrate business functions, such as finance, procurement, and HR, with real-time data flow to improve efficiency and decision-making." This directly supports Option C, emphasizing the role of ERP in linking business functions with real-time data.
The IOFM APS Certification Program covers "Technology and Automation," including the role of ERP systems in accounts payable processes. The curriculum's focus on "peer-tested best practices" aligns with the definition of ERP systems as integrative platforms for real-time data management.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation NetSuite: "ERP systems integrate business functions, such as finance, procurement, and HR, with real-time data flow"

NEW QUESTION # 90
Good vendor master file practices include each of the following, EXCEPT:
  • A. Finding and consolidating duplicate vendors
  • B. Blocking inactive vendors after a certain period
  • C. Deleting and re-entering vendors that move
  • D. Having a vendor verification program
Answer: C
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 # 91
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