VALID APS LEARNING MATERIALS | NEW APS EXAM LABS

Valid APS Learning Materials | New APS Exam Labs

Valid APS Learning Materials | New APS Exam Labs

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q61-Q66):

NEW QUESTION # 61
Evaluated Receipt Settlement (ERS) requires which of the following?

  • A. PO and Receipt
  • B. PO, Receipt, and Invoice
  • C. Receipt and Invoice
  • D. PO and Invoice

Answer: A

Explanation:
Evaluated Receipt Settlement (ERS) is a payment process that eliminates the need for a supplier invoice by triggering payments based on the purchase order (PO) and receiving documents (e.g., goods received note or delivery receipt). The PO establishes the agreed-upon terms, quantities, and prices, while the receipt confirms the actual delivery of goods or services. This allows payments to be processed without an invoice, streamlining the accounts payable process.
The web source from Esker states: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice from the supplier... Payments are triggered by the receipt of goods or services against a purchase order." The Corcentric source further clarifies: "ERS requires only the purchase order and receiving documents to initiate payment, eliminating the need for an invoice." This directly supports Option B (PO and Receipt), as these are the two critical documents for ERS. Options A, C, and D are incorrect because they include the invoice, which is not required in ERS.
The IOFM APS Certification Program covers "Payments," including ERS as an efficient payment method.
The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the industry standard that ERS relies on the PO and receipt.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Esker: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice" Corcentric: "ERS requires only the purchase order and receiving documents to initiate payment"


NEW QUESTION # 62
Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.

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

Answer: C

Explanation:
ThePaymentstopic in the APS Certification Program includes understanding the types of accounts involved in AP transactions, such as assets, liabilities, and expenses. Fixed assets are long-term, tangible assets used in business operations, such as furniture and fixtures, which are not intended for sale. Accounts receivable and inventory, however, are not fixed assets; they are current assets, as they are expected to be converted to cash within a year.
* Item I (Accounts receivable): Accounts receivable represent money owed to the organization by customers for goods or services sold. They are classified ascurrent assets, not fixed assets, because they are short-term and liquid. This item is not a fixed asset.
* Item II (Furniture and fixtures): Furniture and fixtures (e.g., desks, chairs, office equipment) are tangible, long-term assets used in business operations. They are classified asfixed assetsbecause they have a useful life exceeding one year and are not intended for sale. This item is a fixed asset.
* Item III (Inventory): Inventory consists of goods held for sale or use in production. It is classified as a current assetbecause it is expected to be sold or used within a year. This item is not a fixed asset.
* Option A (I, II, and III): Incorrect, as only II is a fixed asset; I and III are current assets.
* Option B (I and II only): Incorrect, as I (accounts receivable) is not a fixed asset.
* Option C (II only): Correct, as furniture and fixtures (II) are the only fixed asset among the options.
* Option D (I and III only): Incorrect, as neither I (accounts receivable) nor III (inventory) are fixed assets.
Reference to IOFM APS Documents: The APS e-textbook underPaymentscovers basic accounting principles, including the classification of assets. It defines fixed assets as "tangible assets with a useful life of more than one year, such as furniture, fixtures, and equipment, used in business operations." The text distinguishes fixed assets from current assets like accounts receivable and inventory, which are "expected to be converted to cash or used within a year." The training video reinforces this by discussing how AP processes payments for fixed assets (e.g., capital expenditures) versus current assets (e.g., inventory purchases).


NEW QUESTION # 63
Payments by U.S. companies to U.S. unincorporated service providers must be reported to the IRS if they equal or exceed which of the following dollar amounts?

  • A. $300
  • B. $600
  • C. $1,000
  • D. $500

Answer: B

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers IRS Form 1099 reporting requirements for payments to U.S. unincorporated service providers (e.g., independent contractors, freelancers). Payments for services totaling$600 or morein a calendar year must be reported on Form 1099- NEC (Nonemployee Compensation), ensuring the IRS can track income for tax purposes.
* Option A ($600): Correct. The IRS requires Form 1099-NEC for payments of $600 or more to unincorporated U.S. service providers, such as individuals or partnerships, for services rendered.
* Option B ($1,000): Incorrect. The $600 threshold applies, not $1,000.
* Option C ($500): Incorrect. The threshold is $600, not $500.
* Option D ($300): Incorrect. The threshold is $600, not $300.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"Payments of $600 or more to U.S. unincorporated service providers must be reported on Form 1099-NEC, per IRS regulations." TheMaster Guide to Form 1099 Compliancespecifies, "The $600 threshold applies to nonemployee compensation paid to individuals, sole proprietors, or partnerships, requiring a 1099-NEC filing." The training video reinforces this, noting, "AP ensures 1099-NEC forms are issued for payments of
$600 or more to track contractor income."


NEW QUESTION # 64
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

Answer: A

Explanation:
Data integrity refers to the assurance that data remains accurate, complete, and unaltered throughout its lifecycle, whether during storage, processing, or transmission. It ensures that data is free from unauthorized modifications or corruption. While testing for accuracy (Option D) is related, data integrity specifically focuses on preventing unauthorized changes (Option A). A digital signature (Option B) or encryption (Option C) are security measures that may support data integrity but do not define it.
The web source from Corcentric states: "Data integrity means that data remains unaltered and consistent, ensuring it is free from unauthorized modifications or errors." This directly supports Option A.
The IOFM APS Certification Program covers "Internal Controls," including data security and integrity in AP processes. The curriculum's focus on "peer-tested best practices" aligns with the definition of data integrity as preventing unauthorized alterations.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Corcentric: "Data integrity means that data remains unaltered and consistent"


NEW QUESTION # 65
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 avoid scrutiny by internal audit
  • D. To prevent vendor fraud

Answer: D

Explanation:
The tolerance level for discrepancies between a purchase order (PO) and an invoice refers to the acceptable variance (e.g., in price or quantity) that an organization allows before requiring additional approval or investigation. Keeping this tolerance level confidential is critical to prevent vendor fraud, as vendors could exploit knowledge of the tolerance to submit invoices with intentional discrepancies just within the acceptable range, leading to overpayments or unauthorized charges.
The web source from NetSuite highlights the importance of internal controls in invoice matching: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt. It reduces the chances of fraudulent invoices going undetected and, worse, being paid." While this source does not explicitly address confidentiality of tolerance levels, the emphasis on fraud prevention implies that exposing tolerance thresholds could undermine these controls. If vendors know the tolerance, they might adjust invoices to exploit it, bypassing scrutiny.
Options B, C, and D are incorrect. Keeping procurement alert (Option B) is a general goal but not directly tied to confidentiality of tolerance levels. Avoiding internal audit scrutiny (Option C) is not a legitimate reason, as internal audits ensure compliance. Option D (depositing overages into a fund) is unethical and unrelated to accounts payable processes.
The IOFM APS Certification Program covers "Internal Controls," which includes measures toprevent fraud and ensure accurate invoice processing. The program's focus on "peer-tested best practices" and fraud prevention, as noted in the curriculum description, supports the need to keep tolerance levels confidential to safeguard against vendor manipulation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls NetSuite: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt"


NEW QUESTION # 66
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While making revisions and modifications to the Accredited Payables Specialist (APS) Certification Exam (APS) practice exam, our team takes reports from over 90,000 professionals worldwide to make the Accredited Payables Specialist (APS) Certification Exam (APS) exam questions foolproof. To make you capable of preparing for the IOFM APS exam smoothly, we provide actual IOFM APS exam dumps.

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