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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q87-Q92):

NEW QUESTION # 87
What is the current thinking on the practice of maintaining a petty cash fund?

A. It's considered a best practice within service organizations and consulting businesses
B. Three separate individuals should sign off on disbursements
C. It should be maintained by an executive in the treasury department
D. It's practically obsolete and should be eliminated, if possible

Answer: D

Explanation:
The current thinking on maintaining a petty cash fund is that it ispractically obsolete and should be eliminated, if possible, due to the availability of more efficient and secure alternatives, such as payment cards or electronic reimbursements. Petty cash funds are prone to mismanagement, theft, and lack of oversight, and modern AP practices favor digital solutions for small transactions.
The web source from SAP Concur states: "Petty cash funds are increasingly considered obsolete, as payment cards and electronic reimbursements offer more secure and trackable alternatives for small transactions." This directly supports Option A. The other options are incorrect:
* Option B: Requiring three individuals to sign off is excessive and not a standard practice.
* Option C: Petty cash is not considered a best practice, even in service or consulting businesses.
* Option D: Petty cash is typically managed by AP or administrative staff, not treasury executives.
The IOFM APS Certification Program covers "Internal Controls," including best practices for managing small transactions. The curriculum's focus on "peer-tested best practices" aligns with the trend toward eliminating petty cash in favor of modern payment methods.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls SAP Concur: "Petty cash funds are increasingly considered obsolete, as payment cards and electronic reimbursements offer more secure alternatives"

NEW QUESTION # 88
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. Require a sworn affidavit from the vendor's financial institution
C. Send a letter to the vendor requesting written confirmation that the registration is up-to-date
D. Submit a request to the Internal Revenue Service to do a Form 1120 search

Answer: A

Explanation:
TheVendor Master Filetopic in the APS Certification Program covers vendor validation to ensure legitimacy and prevent fraud. The best way to verify a vendor's business registration in the U.S. is tocheck the database of the Secretary of Statein the state where the vendor is registered, as this provides authoritative, public confirmation of the vendor's legal status and registration details.
* Option A (Send a letter to the vendor requesting written confirmation): Incorrect. Vendor-provided confirmation is less reliable, as it may be falsified, and is not authoritative.
* Option B (Submit a request to the IRS to do a Form 1120 search): Incorrect. Form 1120 is a corporate tax return, not a business registration record, and the IRS does not provide registration verification services.
* Option C (Require a sworn affidavit from the vendor's financial institution): Incorrect. Financial institutions do not typically provide affidavits for business registration, and this is not a standard practice.
* Option D (Check the database of the Secretary of State where the vendor is registered): Correct.
Secretary of State databases offer verifiable, public records of business registration, the most reliable method.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "To verify a vendor's business registration, check the Secretary of State database in the vendor's state of incorporation for authoritative confirmation." The training video notes, "The best practice for validating vendor legitimacy is accessing Secretary of State records online to confirm registration details."

NEW QUESTION # 89
What is another term for "software-as-a-service"?

A. Onsite vendor support
B. Perpetual software license
C. Consultant-specific applications
D. On-demand software

Answer: D

Explanation:
Software-as-a-Service (SaaS)is a cloud-based software delivery model where applications are hosted by a provider and accessed over the internet, typically on a subscription basis. Another term for SaaS ison- demand software, as it allows users to access software as needed without on-premises installation. A perpetual software license (Option A) refers to a one-time purchase model, onsite vendor support (Option B) is a service, and consultant-specific applications (Option C) is not a standard term.
The web source from Tipalti states: "Software-as-a-Service (SaaS), also known as on-demand software, provides cloud-based access to applications, enabling flexible and scalable AP solutions." This directly supports Option D.
The IOFM APS Certification Program covers "Technology and Automation," including cloud-based solutions like SaaS. The curriculum's focus on "peer-tested best practices" aligns with recognizing SaaS as on-demand software for AP automation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation Tipalti: "Software-as-a-Service (SaaS), also known as on-demand software, provides cloud-based access"

NEW QUESTION # 90
What is blockchain?

A. An internal audit methodology
B. A distributed ledger system
C. A random password generator
D. An accounts payable collaborative

Answer: B

Explanation:
Blockchain is a decentralized, distributed ledger system that records transactions across multiple computers in a secure, transparent, and tamper-resistant manner. In accounts payable, blockchain can enhance processes like invoice verification and payment tracking by providing a trusted, immutable record. The other options are incorrect: a random password generator (Option B) is unrelated to blockchain, an internal audit methodology (Option C) refers to audit processes, and an accounts payable collaborative (Option D) is not a defined term.
The web source from NetSuite explains: "Blockchain is a distributed ledger technology that records transactions in a secure, decentralized manner, offering potential applications in accounts payable for secure payment processing and invoice tracking." This directly supports Option A.
The IOFM APS Certification Program covers "Technology and Automation," including emerging technologies like blockchain. The curriculum's focus on "peer-tested best practices" includes understanding technologies that enhance AP efficiency and security, confirming blockchain as a distributed ledger system.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation NetSuite: "Blockchain is a distributed ledger technology that records transactions in a secure, decentralized manner"

NEW QUESTION # 91
All of the following items are typically addressed in an organization's vendor setup guidelines except:

A. Verification that the vendor is not already in the system
B. The conventions for the way letters and abbreviations must be entered
C. Whether or not the vendor outsources its order fulfillment process
D. Validating that the person who requested the new vendor is authorized to do so

Answer: C

Explanation:
TheVendor Master Filetopic in the APS Certification Program covers vendor setup guidelines, which ensure consistency, accuracy, and compliance when adding new vendors. Guidelines typically include validating requester authority, standardizing data entry, and checking for duplicates.Whether the vendor outsources its order fulfillment processis a procurement or operational concern, not typically part of VMF setup guidelines.
* Option A (Validating that the person who requested the new vendor is authorized to doso):
Included, to ensure only authorized personnel initiate vendor setups, reducing fraud risk.
* Option B (Whether or not the vendor outsources its order fulfillment process): Not typically included, as this relates to vendor operations, not VMF data or setup compliance. Correct answer.
* Option C (The conventions for the way letters and abbreviations must be entered): Included, to ensure consistent data formatting (e.g., "Inc." vs. "Incorporated") for accurate reporting.
* Option D (Verification that the vendor is not already in the system): Included, to prevent duplicate vendor records, which can lead to errors like double payments.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Vendor setup guidelines include verifying requester authority, standardizing data entry, and checking for duplicates, but operational details like outsourcing fulfillment are handled by Procurement." The training video notes, "Setup guidelines focus on data integrity and compliance, not vendor business processes like fulfillment."

NEW QUESTION # 92
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