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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. In the U.S., what is the best way to verify a vendor's business registration?

A) Submit a request to the Internal Revenue Service to do a Form 1120 search
B) Require a sworn affidavit from the vendor's financial institution
C) Check the database of the Secretary of State where the vendor is registered
D) Send a letter to the vendor requesting written confirmation that the registration is up-to-date

2. Each of the following is a goal of a vendor management program, EXCEPT:

A) Compliance with laws and regulations
B) Reducing duplicate payments
C) Streamlining sales and use tax process
D) Collecting spend information for procurement

3. Which of the following AP department procedures would reduce the number of vendor calls to the AP department?

A) I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
B) I, II, and III (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
C) I and II only (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors)
D) II and III only (Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)

4. Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:

A) Forged or modified travel receipts
B) Multiple reimbursements for the same expense
C) Lapping schemes for transportation cost
D) Personal expenses reported as business-related

5. Which of the following statements best describes the meaning of data integrity?

A) The data has not been altered
B) The data has been tested for accuracy
C) The data comes with a digital signature
D) The data was encrypted using an algorithm

Solutions: