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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Accounts Payable Fundamentals | - Roles and responsibilities in AP departments - AP processes and lifecycle |
| Topic 2: Vendor Management | - Vendor onboarding and maintenance - Vendor compliance and performance |
| Topic 3: Invoice Processing and Workflow | - Approval workflows and exceptions handling - Invoice receipt, validation, and matching |
| Topic 4: Payments Management | - Payment methods and execution - Payment scheduling and optimization |
| Topic 5: Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
| Topic 6: Internal Controls and Compliance | - Audit controls and documentation - Regulatory compliance in payables |
| Topic 7: Fraud Prevention and Risk Management | - Risk mitigation controls - Fraud detection in accounts payable |
| Topic 8: AP Automation and Technology | - ERP and AP system usage - Electronic invoicing and automation tools |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
What is a "direct spend" invoice for?
- A. Inventory
- B. Supplies
- C. Repairs
- D. Material
Correct Answer: A 🗳️
Explanation: Only visible for Pass4Leader members. You can sign-up / login (it's free).
What is blockchain?
- A. An internal audit methodology
- B. A distributed ledger system
- C. An accounts payable collaborative
- D. A random password generator
Correct Answer: B 🗳️
Explanation: Only visible for Pass4Leader members. You can sign-up / login (it's free).
Which of the following IRS documents addresses travel & entertainment (T&E) expenses?
- A. Notice 1009
- B. Form 1046
- C. Publication 463
- D. Advisory 972
Correct Answer: C 🗳️
Explanation: Only visible for Pass4Leader members. You can sign-up / login (it's free).
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
Correct Answer: C 🗳️
Explanation: Only visible for Pass4Leader members. You can sign-up / login (it's free).
Assigning a user name and password is one method of:
- A. Robotic process automation
- B. Data authentication
- C. Optical character recognition
- D. Security lockdown
Correct Answer: B 🗳️
Explanation: Only visible for Pass4Leader members. You can sign-up / login (it's free).
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