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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| AP Automation and Technology | - ERP and AP system usage - Electronic invoicing and automation tools |
| Reporting and Analytics | - Data analysis for payables optimization - AP reporting and KPI tracking |
| Vendor Management | - Vendor onboarding and maintenance - Vendor compliance and performance |
| Accounts Payable Fundamentals | - AP processes and lifecycle - Roles and responsibilities in AP departments |
| Fraud Prevention and Risk Management | - Fraud detection in accounts payable - Risk mitigation controls |
| Payments Management | - Payment scheduling and optimization - Payment methods and execution |
| Invoice Processing and Workflow | - Approval workflows and exceptions handling - Invoice receipt, validation, and matching |
| Internal Controls and Compliance | - Audit controls and documentation - Regulatory compliance in payables |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
What is another term for "software-as-a-service"?
- A. Consultant-specific applications
- B. Onsite vendor support
- C. Perpetual software license
- D. On-demand software
Correct Answer: D 🗳️
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In the U.S., what is the best way to verify a vendor's business registration?
- A. Check the database of the Secretary of State where the vendor is registered
- B. Send a letter to the vendor requesting written confirmation that the registration is up-to-date
- C. Require a sworn affidavit from the vendor's financial institution
- D. Submit a request to the Internal Revenue Service to do a Form 1120 search
Correct Answer: A 🗳️
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Each of the following is a goal of a vendor management program, EXCEPT:
- A. Reducing duplicate payments
- B. Compliance with laws and regulations
- C. Collecting spend information for procurement
- D. Streamlining sales and use tax process
Correct Answer: D 🗳️
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Common elements required in a VAT-acceptable invoice include all of the following, EXCEPT:
- A. The date of invoice issue
- B. The supplier's banking information
- C. The VAT rate applied
- D. The customer's VAT identification number
Correct Answer: B 🗳️
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Which of the following are data security concerns?
- A. I and II only (What data is being accessed; Who is accessing the data)
- B. II and III only (Who is accessing the data; For what purpose the data is being used)
- C. I and III only (What data is being accessed; For what purpose the data is being used)
- D. I, II, and III (What data is being accessed; Who is accessing the data; For what purpose the data is being used)
Correct Answer: D 🗳️
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