APS by IOFM Actual Free Exam Questions And Answers

Question 1

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

A. Exclusion of early pay discounts

B. Receiving a complete invoice with the shipment

C. Use of pro forma purchase orders

D. Billing of miscellaneous charges separately

Discussion 0

Correct Answer: A Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 2

The COSO framework's categories of internal controls include each of the following EXCEPT:

A. Information and communication

B. Risk assessment

C. Control environment

D. Accounting principles

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 3

Which U.S. government organization publishes "per diem" travel guidelines?

A. General Services Administration

B. Department of Commerce

C. Department of Treasury

D. Federal Reserve Board

Discussion 0

Correct Answer: A Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 4

Procurement card (P-card) issuers offer rebates according to:

A. Number of individual transactions

B. Frequency of use

C. Quantity of cards issued

D. Volume of spend

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 5

Each of the following are ways to expand the use of the P-card, EXCEPT:

A. Expand the categories of purchases available for card use

B. Issue AP a departmental card for making vendor payments

C. Eliminate spending limits on the card

D. Have the issuer identify more vendors that accept the card

Discussion 0

Correct Answer: C Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 6

A three-way match is governed by the invoice, the purchase order, and which of the following?

A. Receiving documents

B. P-card statement

C. Bank draft

D. Remittance advice

Discussion 0

Correct Answer: A Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 7

All of the following are areas in which accounts payable has a significant influence EXCEPT:

A. Financial statements

B. Cash management

C. Inventory turnover

D. Vendor relationships

Discussion 0

Correct Answer: C Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 8

Evaluated Receipt Settlement (ERS) requires which of the following?

A. PO and Invoice

B. PO and Receipt

C. Receipt and Invoice

D. PO, Receipt, and Invoice

Discussion 0

Correct Answer: B Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

Question 9

The Sarbanes-Oxley statute in the U.S. requires public companies to: I. Establish controls over accounts payable hiring; II. Use a recognized framework to design and test controls over financial reporting; III. Ensure that the company CFO is a CPA.

A. I only

B. I and II only

C. I, II, and III

D. II only

Discussion 0

Correct Answer: D Vote an answer

Explanation: Only visible for Fast2test members. You can sign-up / login (it's free).

IOFM Accredited Payables Specialist (APS) Certification - APS Exam Practice Test

Contact Us

Useful Links

Latest Updated