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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Invoices | |
| Topic 2: Internal Controls | |
| Topic 3: Tax and Regulatory | |
| Topic 4: T&E (Travel and Expense) | |
| Topic 5: Payments | |
| Topic 6: Vendor Master File | |
| Topic 7: Technology and Automation |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
Question 1
COSO identifies each of the following elements as necessary for an effective control environment, EXCEPT:
A. Staff work in self-directed teams
B. People know their responsibilities and limits of authority
C. Information is distributed in a timely way
D. Internal controls are monitored and evaluated
Question 2
What is an important reason an organization's tolerance level for discrepancies between a PO and an invoice should be kept confidential?
A. To keep procurement alert to not making mistakes
B. To allow overages to be deposited into a secure fund for executive use
C. To prevent vendor fraud
D. To avoid scrutiny by internal audit
Question 3
What is a "direct spend" invoice for?
A. Inventory
B. Supplies
C. Repairs
D. Material
Question 4
According to the ACFE, which of the following is the most common type of fraud scheme?
A. Asset misappropriation
B. Intellectual property fraud
C. Corruption (bribery)
D. Financial misstatement
Question 5
In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?
A. Debit cash (asset) and credit the AP liability account
B. Credit cash and debit the asset account
C. Debit the expense and credit the AP liability account
D. Credit cash and debit the AP liability account
Solutions:
| Question 1 Answer: A | Question 2 Answer: C | Question 3 Answer: A | Question 4 Answer: A | Question 5 Answer: D |
