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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q35-Q40):

NEW QUESTION # 35
Good vendor master file practices include each of the following, EXCEPT:

A. Blocking inactive vendors after a certain period
B. Finding and consolidating duplicate vendors
C. Having a vendor verification program
D. Deleting and re-entering vendors that move

Answer: D

Explanation:
TheVendor Master Filetopic in the APS Certification Program outlines best practices for maintaining an accurate and efficient VMF. These include verifying vendor data, blocking inactive vendors, and consolidating duplicates to prevent errors and fraud.Deleting and re-entering vendors that moveis not a good practice, as it disrupts historical data and audit trails; instead, the VMF should be updated with the new address.
* Option A (Having a vendor verification program): A good practice, ensuring vendors are legitimate through TIN matches, address verification, and sanction list checks.
* Option B (Blocking inactive vendors after a certain period): A good practice, preventing accidental payments to dormant vendors while retaining their data for records.
* Option C (Finding and consolidating duplicate vendors): A good practice, reducing errors like duplicate payments by merging redundant vendor records.
* Option D (Deleting and re-entering vendors that move): Not a good practice. Deleting and re- entering disrupts transaction history; updating the address is the correct approach. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Best practices include vendor verification, blocking inactive vendors, and consolidating duplicates,but deleting and re- entering vendors for address changes is inefficient and risks data loss." The training video emphasizes,
"Update vendor addresses in the VMF rather than deleting records to maintain audit trails."

NEW QUESTION # 36
When applied to T&E, compliance requires which of the following processes?

A. III only (Traveler location tracking)
B. I and II only (Accurate recordkeeping; Secure record retention)
C. II and III only (Secure record retention; Traveler location tracking)
D. I only (Accurate recordkeeping)

Answer: B

Explanation:
Compliance in T&E processes requires robust systems to ensure financial accuracy and regulatory adherence.
Accurate recordkeeping(Option I) is essential to document expenses, support financial reporting, and meet IRS and SOX requirements.Secure record retention(Option II) ensures that records are stored safely to protect sensitive data and comply with retention policies (e.g., IRS rules requiring records for at least three years).Traveler location tracking(Option III) is not a standard compliance requirement for T&E, as it relates more to employee safety or logistics, not financial or regulatory compliance.
The web source from Tipalti states: "T&E compliance requires accurate recordkeeping to support expense reporting and audits, as well as secure record retention to protect data and meet regulatory retention periods." This supports Options I and II. Traveler location tracking is not mentioned as a compliance requirement in T&E processes, per the SAP Concur source: "Compliance in T&E focuses on documentation, approvals, and data security, not employee tracking." The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," emphasizing compliance with financial and tax regulations. The curriculum's focus on "peer-tested best practices" aligns with accurate recordkeeping and secure retention as key compliance processes.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) Tipalti: "T&E compliance requires accurate recordkeeping to support expense reporting and audits, as well as secure record retention" SAP Concur: "Compliance in T&E focuses on documentation, approvals, and data security"

NEW QUESTION # 37
All of the following items are typically addressed in an organization's vendor setup guidelines except:

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

Answer: B

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 # 38
When checking the address of a new vendor, what is one potential red flag?

A. The vendor has the same address as one of the organization's own locations
B. The vendor is located in an unincorporated area
C. The vendor does not appear to use a post office box
D. The vendor's warehouse and its accounts receivable address are different

Answer: A

Explanation:
TheVendor Master Filetopic in the APS Certification Program highlights vendor validation to prevent fraud, including checking addresses for red flags. A significant red flag is when avendor's address matches one of the organization's own locations, as this may indicate insider fraud (e.g., an employee creating a fake vendor using a company address).
* Option A (The vendor has the same address as one of the organization's own locations): Correct.
This is a red flag, as it suggests potential fraud, such as an employee setting up a fictitious vendor at a company site.
* Option B (The vendor does not appear to use a post office box): Incorrect. Not using a P.O. box is not inherently suspicious; many legitimate vendors use physical addresses.
* Option C (The vendor's warehouse and its accounts receivable address are different): Incorrect.
Different addresses for operational and financial functions are common and not a red flag.
* Option D (The vendor is located in an unincorporated area): Incorrect. Location in an unincorporated area is not inherently suspicious and does not indicate fraud.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "A red flag during vendor address checks is when the vendor's address matches an organization's own location, indicating potential insider fraud." The training video notes, "Always verify vendor addresses against company locations to detect fraudulent setups."

NEW QUESTION # 39
To date, the Streamlined Sales Tax Project has accomplished which of the following? I. Resolved the origin vs. destination question; II. Implemented a uniform exemption certificate; III. Created rate and boundary databases.

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

Answer: A

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Streamlined Sales Tax Project (SSTP), initiated to simplify U.S. sales tax compliance across states. The SSTP has achieveda uniform exemption certificate(Item II) to standardize resale and other exemptions andrate and boundary databases(Item III) to provide accurate tax rates and jurisdictional boundaries. However, it has not fully resolved the origin vs. destination question(Item I), as sourcing rules (origin-based vs. destination-based taxation) remain state-specific.
* Item I (Resolved the origin vs. destination question): Not fully accomplished. The SSTP provides guidelines for sourcing, but states still choose between origin-based (tax based on seller's location) and destination-based (tax based on buyer's location) rules, creating variability.
* Item II (Implemented a uniform exemption certificate): Accomplished. The SSTP developed a uniform Streamlined Sales and Use Tax Exemption Certificate, accepted by member states to simplify compliance.
* Item III (Created rate and boundary databases): Accomplished. The SSTP provides centralized databases for tax rates and jurisdictional boundaries, aiding accurate tax calculations.
* Option A (I only): Incorrect, as Item I is not fully accomplished.
* Option B (I, II, and III): Incorrect, as Item I is not fully accomplished.
* Option C (II only): Incorrect, as Item III is also accomplished.
* Option D (II and III only): Correct, as Items II and III are key SSTP achievements.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"The Streamlined Sales Tax Project has implemented a uniform exemption certificate and created rate and boundary databases to simplify compliance, but origin vs. destination sourcing remains variable across states." The training video notes, "SSTP's uniform certificate and tax databases are major achievements, though sourcing rules still differ by state."

NEW QUESTION # 40
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Explore the Benefits and IOFM APS Exam Preparation Strategies

Free Sample APS Questions | APS Latest Exam Guide

IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q35-Q40):

Pass Guaranteed 2025 IOFM APS: Accredited Payables Specialist (APS) Certification Exam Perfect Test Questions

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