IOFM APS Valid Dumps - Accredited Payables Specialist (APS) Certification Exam

Updated: Jul 31, 2026
Q & A: 102 Questions and Answers

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IOFM APS Exam Syllabus Topics:

SectionObjectives
Topic 1: Fraud Prevention and Risk Management- Fraud detection in accounts payable
- Risk mitigation controls
Topic 2: Internal Controls and Compliance- Regulatory compliance in payables
- Audit controls and documentation
Topic 3: AP Automation and Technology- Electronic invoicing and automation tools
- ERP and AP system usage
Topic 4: Reporting and Analytics- Data analysis for payables optimization
- AP reporting and KPI tracking
Topic 5: Payments Management- Payment methods and execution
- Payment scheduling and optimization
Topic 6: Vendor Management- Vendor compliance and performance
- Vendor onboarding and maintenance
Topic 7: Accounts Payable Fundamentals- AP processes and lifecycle
- Roles and responsibilities in AP departments
Topic 8: Invoice Processing and Workflow- Invoice receipt, validation, and matching
- Approval workflows and exceptions handling

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Which of the following is a part of a successful ERS (Evaluated Receipt Settlement) program?

A) Exclusion of early pay discounts
B) Billing of miscellaneous charges separately
C) Use of pro forma purchase orders
D) Receiving a complete invoice with the shipment


2. Filing for a VAT refund is difficult because: I. Invoices must include the name and address of the company filing for the refund; II. Only authorized agents may apply for the refunds; III. An original invoice must be submitted.

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


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

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


4. In order to be SOX compliant, the T&E process in the U.S. must:

A) I and III only (Ensure correct and accurate recordkeeping; Include report generation with visibility at all required levels)
B) I and II only (Ensure correct and accurate recordkeeping; Provide a reliable approval workflow)
C) I only (Ensure correct and accurate recordkeeping)
D) II only (Provide a reliable approval workflow)


5. Which of the following are incentives for automating accounts payable?

A) I and II only (Reduced costs of handling paper; Better forecasting)
B) I and III only (Reduced costs of handling paper; Eliminating the need for audits)
C) II and III only (Better forecasting; Eliminating the need for audits)
D) I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)


Solutions:

Question # 1
Answer: A
Question # 2
Answer: A
Question # 3
Answer: B
Question # 4
Answer: B
Question # 5
Answer: A

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