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APS Valid Learning Materials & Examinations APS Actual Questions
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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q41-Q46):NEW QUESTION # 41
An organization's mission statement is intended to provide which of the following?
- A. Metrics and benchmarking information
- B. Policies and procedures
- C. Methodology and direction
- D. Ethics and compliance standards
Answer: C
Explanation:
TheInternal Controlstopic in the APS Certification Program includes understanding the broader organizational context in which AP operates, including governance and strategic objectives. An organization's mission statement is a high-level declaration of its purpose, values, and strategic direction. It provides methodology and directionby guiding decision-making and aligning processes with the organization's goals, rather than detailing specific policies, ethics standards, or metrics.
* Option A (Policies and procedures): Policies and procedures are operational guidelines that dictate how tasks (e.g., AP processes) are performed. A mission statement does not provide these details; it sets a broader vision. This option is incorrect.
* Option B (Ethics and compliance standards): While a mission statement may reflect ethical values, it is not the primary vehicle for defining ethics and compliance standards, which are typically outlined in separate codes of conduct or compliance policies. This option is incorrect.
* Option C (Methodology and direction): The mission statement articulates the organization's purpose and strategic direction, providing a framework (methodology) for how the organization operates and where it is headed. This is the correct answer.
* Option D (Metrics and benchmarking information): Metrics and benchmarking are performance measurement tools, not part of a mission statement, which focuses on vision and purpose rather than quantitative data. This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsbriefly addresses organizational governance, noting that "a mission statement defines the organization's purpose and provides direction for all departments, including AP, to align their processes with strategic goals." The training video emphasizes that AP professionals must understand the organization's mission to ensure their work supports broader objectives, such as cost efficiency or vendor trust. The mission statement is described as a guiding framework, not a detailed operational or compliance document.
NEW QUESTION # 42
Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:
- A. Lapping schemes for transportation cost
- B. Forged or modified travel receipts
- C. Personal expenses reported as business-related
- D. Multiple reimbursements for the same expense
Answer: A
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 # 43
Which of the following has significantly reduced the number of small dollar invoices to be processed?
- A. Electronic data interchange
- B. Evaluated receipt settlement
- C. Petty cash
- D. Payment cards
Answer: D
Explanation:
Payment cards, such as procurement cards (P-cards) or corporate credit cards, have significantly reduced the number of small dollar invoices processed by accounts payable departments. Byconsolidating small, recurring, or low-value purchases onto a single card statement, organizations can avoid processing individual invoices for each transaction, streamlining AP workflows and reducing administrative costs.
The web source from Corcentric states: "Payment cards, like P-cards, significantly reduce the number of small dollar invoices by consolidating multiple purchases into a single statement, minimizing AP processing efforts." This directly supports Option D. The other options are less relevant:
* Petty cash (A)is used for small cash transactions but does not reduce invoice volume, as it typically bypasses invoicing.
* Evaluated receipt settlement (B)eliminates invoices for specific purchases but is not primarily focused on small dollar transactions.
* Electronic data interchange (C)automates invoice data exchange but does not inherently reduce the number of invoices.
The IOFM APS Certification Program covers "Payments," including the role of payment cards in optimizing AP processes. The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the use of payment cards to reduce small dollar invoice processing.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Payment cards, like P-cards, significantly reduce the number of small dollar invoices by consolidating multiple purchases"
NEW QUESTION # 44
Assigning a user name and password is one method of:
- A. Security lockdown
- B. Robotic process automation
- C. Data authentication
- D. Optical character recognition
Answer: C
Explanation:
Assigning a user name and password is a method ofdata authentication, which verifies the identity of users accessing systems or data to ensure only authorized individuals can perform actions. This is a fundamental security control in accounts payable to protect sensitive financial information. Optical character recognition (Option A) is used for extracting data from documents, robotic process automation (Option B) automates repetitive tasks, and security lockdown (Option D) refers to broader measures like restricting system access during a breach, not specifically user authentication.
The web source from Esker states: "Data authentication, such as assigning user names and passwords, ensures that only authorized personnel can access sensitive AP systems and data." This directly supports Option C.
The IOFM APS Certification Program covers "Internal Controls," including security measures like authentication to protect AP processes. The curriculum's focus on "peer-tested best practices" aligns with using user names and passwords as a standard authentication method.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Data authentication, such as assigning user names and passwords, ensures that only authorized personnel can access sensitive AP systems"
NEW QUESTION # 45
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, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
- C. II and III only (Better forecasting; Eliminating the need for audits)
- D. I and II only (Reduced costs of handling paper; Better forecasting)
Answer: D
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 # 46
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