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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q37-Q42):

NEW QUESTION # 37
What is one department that can particularly benefit from specific insights provided by the vendor master file?

• A. Manufacturing
• B. Mailroom
• C. Purchasing
• D. Audit

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, "Purchasing benefits most from vendor master data, using it to optimize vendor relationships and costs."

NEW QUESTION # 38
What is one concern accounts payable should have regarding international travel?

• A. Fluctuations in exchange rates must be considered to optimally schedule travel
• B. Employees must collect appropriate VAT information to allow reclaiming the tax
• C. International travel vendors are known to be unscrupulous so expenses must be scrutinized
• D. Significant differences in time zones can make communication with travelers difficult

Answer: B

Explanation:
International travel introduces specific concerns for accounts payable, particularly in ensuring compliance with tax regulations. A key concern is that employees must collect appropriate Value Added Tax (VAT) information (e.g., VAT invoices or receipts) to enable the organization to reclaim VAT paid on eligible expenses in foreign jurisdictions. This is critical for cost recovery and compliance with international tax laws.
The web source from Avalara states: "For international travel, AP departments must ensure employees collect proper VAT invoices to reclaim taxes, as failure to do so can result in lost savings and compliance issues." The other options are less directly relevant:
* Option A(unscrupulous vendors) is a generalization and not a primary AP concern.
* Option C(time zones) affects communication but is not an AP-specific issue.
* Option D(exchange rates) is a consideration for budgeting, not AP's primary responsibility.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)" and "Tax and Regulatory Compliance," including VAT compliance for international expenses. The curriculum's emphasis on "peer- tested best practices" supports the importance of collecting VAT information for tax reclamation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) and Tax and Regulatory Compliance Avalara: "For international travel, AP departments must ensure employees collect proper VAT invoices to reclaim taxes"

NEW QUESTION # 39
Which of the following IRS documents addresses travel & entertainment (T&E) expenses?

• A. Form 1046
• B. Notice 1009
• C. Advisory 972
• D. Publication 463

Answer: D

Explanation:
The Internal Revenue Service (IRS)Publication 463, titled "Travel, Gift, and Car Expenses," is the primary document that addresses travel and entertainment (T&E) expenses. It provides detailed guidance on what qualifies as deductible business travel, entertainment, and related expenses, including rules for substantiation, accountable plans, and per diem rates.
The web source from the IRS states: "Publication 463, Travel, Gift, and Car Expenses, explains what expenses are deductible, how to report them, and the rules for an accountable plan." This directly supports Option B. The other options are incorrect:
* Notice 1009 (A)does not exist in the context of T&E expenses.
* Advisory 972 (C)is not a recognized IRS document.
* Form 1046 (D)is not related to T&E; IRS forms like 1040 or 1099 are unrelated.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including IRS guidelines for T&E expenses. The curriculum's focus on "peer-tested best practices" emphasizes familiarity with Publication 463 for compliance with T&E reporting requirements.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance IRS: "Publication 463, Travel, Gift, and Car Expenses, explains what expenses are deductible"

NEW QUESTION # 40
When dealing with a rush payment, which of the following are acceptable practices? I. Allow the payment to be picked up by the vendor; II. Insist on making the payment electronically; III. Mail the payment.

• A. I, II, and III
• B. I and II only
• C. II and III only
• D. I and III only

Answer: B

Explanation:
ThePaymentstopic in the APS Certification Program covers best practices for handling rush payments, which require expedited processing while maintaining security and compliance. Acceptable practices include allowing vendors to pick up payments (with proper controls) and prioritizing electronic payments for speed and security.Mailing the paymentis generally not suitable for rush payments due to delivery delays.
* Item I (Allow the payment to be picked up by the vendor): Acceptable, provided strict controls (e.g., ID verification) are in place to ensure the correct recipient collects the payment.
* Item II (Insist on making the payment electronically): Acceptable and preferred, as electronic payments (e.g., ACH, wire transfers) are fast, secure, and trackable, ideal for rush scenarios.
* Item III (Mail the payment): Not acceptable for rush payments, as mailing introduces delays (e.g., 2-
5 days), undermining the urgency.
* Option A (II and III only): Incorrect, as Item III is not suitable for rush payments.
* Option B (I, II, and III): Incorrect, as Item III is not suitable.
* Option C (I and II only): Correct, as Items I and II are acceptable rush payment practices.
* Option D (I and III only): Incorrect, as Item III is not suitable.
Reference to IOFM APS Documents: The APS e-textbook underPaymentsstates, "For rush payments, electronic payments are preferred for speed and security, and vendor pickup is acceptable with controls, but mailing is not suitable due to delays." The training video notes, "Rush payments should leverage ACH or wire transfers, or controlled pickup, avoiding mail to meet urgent deadlines."

NEW QUESTION # 41
A copy of front and back of the original check, which is legally the same as the original check, is termed a substitute check or:

• A. An electronic conversion order
• B. A negotiated bank draft
• C. A surrogate financial instrument
• D. An image replacement document

Answer: D

Explanation:
A substitute check, created under the Check Clearing for the 21st Century Act (Check 21), is a paper reproduction of the front and back of an original check, legally equivalent to the original for processing purposes. It is also known as animage replacement document (IRD), as it replaces the original check with a digital image-based substitute. This facilitates faster check clearing through electronic processing.
The web source from NetSuite states: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check, legally equivalent to the original, created under Check
21." This directly supports Option D. The other options are incorrect:
* Electronic conversion order (A)is not a recognized term.
* Surrogate financial instrument (B)is not a standard term for substitute checks.
* Negotiated bank draft (C)refers to a different financial instrument.
The IOFM APS Certification Program covers "Payments," including check processing and Check 21 regulations. The curriculum's focus on "peer-tested best practices" aligns with the definition of a substitute check as an image replacement document.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments NetSuite: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check"

NEW QUESTION # 42
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