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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Which of the following is a key reason for careful management of your vendor master file?

A) Gain visibility into payment status
B) Monitor vendor quality
C) Reduce the potential for fraud
D) Control the number of vendor calls

2. All of the following are examples of key performance indicators (KPIs) EXCEPT:

A) Invoices paid on time
B) Positive pay
C) Cost per invoice
D) Lost discounts

3. Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:

A) Verifying that vendors are bonded
B) Confirmation of a physical address
C) Checking government sanction lists
D) Requiring a W-9

4. Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.

A) II only
B) I, II, and III
C) I and II only
D) I and III only

5. Ways to reduce the cost of processing an invoice include:

A) II and III only (Reducing the amount of paper handling, Reducing the amount of manual data entry)
B) I, II, and III (Eliminating the approval process, Reducing the amount of paper handling, Reducing the amount of manual data entry)
C) I and II only (Eliminating the approval process, Reducing the amount of paper handling)
D) III only (Reducing the amount of manual data entry)

Solutions: