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IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Payments | |
| Invoices | |
| Vendor Master File | |
| Internal Controls | |
| Tax and Regulatory | |
| Technology and Automation | |
| T&E (Travel and Expense) |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?
- A. It automatically generates a price comparison to other similar vendors
- B. It prevents a duplicate vendor from being entered
- C. It enables procurement to use the data for spend analysis
- D. It indicates which team member created the new record
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
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. $1,000
- B. $300
- C. $500
- D. $600
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
To minimize fraud risk before adding a new vendor to the master vendor file, you should do which of the following? I. Check the vendor against government sanction lists; II. See if the vendor's address matches any of the organization's locations; III. Verify the vendor's business registration.
- A. I and II only
- B. I, II, and III
- C. II only
- D. I only
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
Addressing data security involves the use of:
- A. I and II only (Hardware; Software)
- B. I, II, and III (Hardware; Software; Human resources)
- C. I only (Hardware)
- D. I and III only (Hardware; Human resources)
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
When applied to T&E, compliance requires which of the following processes?
- A. II and III only (Secure record retention; Traveler location tracking)
- B. I only (Accurate recordkeeping)
- C. III only (Traveler location tracking)
- D. I and II only (Accurate recordkeeping; Secure record retention)
Explanation: Only visible for PassLeaderVCE members. You can sign-up / login (it's free).
722 Customer ReviewsCustomers Feedback (* Some similar or old comments have been hidden.)
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