Accredited Payables Specialist (APS) Certification Exam

Question 1

Good vendor master file practices include each of the following, EXCEPT:

A. Finding and consolidating duplicate vendors

B. Having a vendor verification program

C. Deleting and re-entering vendors that move

D. Blocking inactive vendors after a certain period

Correct Answer: C

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Question 2

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

A. Information and communication

B. Accounting principles

C. Control environment

D. Risk assessment

Correct Answer: B

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Question 3

Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.

A. I and II only

B. I and III only

C. I, II, and III

D. II only

Correct Answer: D

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Question 4

Which party is responsible for providing 1099 information for P-card transactions to the IRS?

A. Accounts payable

B. Card user

C. Card issuer

D. Merchant

Correct Answer: D

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Question 5

In which ways can the accounts payable specialist benefit the organization as a whole? I. Meet the organization's commitments; II. Communicate to management barriers to performance; III. Maintain positive relationships with suppliers.

A. I and II only

B. I and III only

C. II and III only

D. I, II, and III

Correct Answer: D

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Question 6

The accounting term "accrued expenses" represents which of the following?

A. Forecasted expenses for which an invoice has not been received in the current period

B. Planned expenditures that have not been incurred in the current period

C. Incurred expenses that have not been posted in the current period

D. Pre-paid expenses that were paid with petty cash

Correct Answer: C

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Question 7

What is a limitation typically associated with a blanket purchase order?

A. It is only issued for purchasing services, not for goods

B. It should not extend past a specified timeframe

C. It should only be created for a specific delivery date

D. It must be settled with a same-day wire transfer

Correct Answer: B

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Question 8

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. I only

B. II and III only

C. I, II, and III

D. II only

Correct Answer: B

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

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