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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q65-Q70):

NEW QUESTION # 65
Payment of invoices when it is assumed that the goods have been received is referred to as which of the following?

A. I, II, and III (Positive Payment, Negative Assurance, Assumed Receipt)
B. II and III only (Negative Assurance, Assumed Receipt)
C. III only (Assumed Receipt)
D. I only (Positive Payment)

Answer: C

Explanation:
Assumed receipt, also known as assumed receipt invoicing, is a process where payment is made based on the assumption that goods have been received, typically when receiving documents are not immediately available.
This contrasts with processes like three-way matching, which require explicit confirmation of receipt. The term "Assumed Receipt" directly describes this practice, while "Positive Payment" and "Negative Assurance" are not standard terms in accounts payable for this context.
The web source from Tipalti explains: "Assumed receipt invoicing allows payments to be processed based on the purchase order and invoice, assuming goods have been received, often used to expedite payments when receiving data is delayed." This aligns with the definition of assumed receipt as the process described in the question.
* Positive Payment (I)is not a recognized term in accounts payable for this process.
* Negative Assurance (II)is a term used in auditing, not accounts payable.
* Assumed Receipt (III)is the correct term, making Option C the only accurate choice.
The IOFM APS Certification Program covers "Payments," including various payment processes and their terminology. While the specific term "assumed receipt" is not directly quoted in the provided sources, the curriculum's emphasis on "peer-tested best practices" includes understanding alternative payment methods, supporting the use of "Assumed Receipt" as the standard term.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Tipalti: "Assumed receipt invoicing allows payments to be processed based on the purchase order and invoice, assuming goods have been received"

NEW QUESTION # 66
Which of the following are data security concerns?

A. II and III only (Who is accessing the data; For what purpose the data is being used)
B. I, II, and III (What data is being accessed; Who is accessing the data; For what purpose the data is being used)
C. I and II only (What data is being accessed; Who is accessing the data)
D. I and III only (What data is being accessed; For what purpose the data is being used)

Answer: B

Explanation:
Data security concerns in accounts payable involve protecting sensitive information from unauthorized access or misuse. Key concerns includewhat data is being accessed(Option I, e.g., sensitive vendor or financial data),who is accessing the data(Option II, e.g., authorized vs. unauthorized users), andfor what purpose the data is being used(Option III, e.g., legitimate business needs vs. fraudulent activities). All three are critical to ensuring data security.
The web source from Esker states: "Data security in AP requires monitoring what data is accessed, who is accessing it, and the purpose of access to prevent unauthorized use or breaches." This supports Option D, as all three elements are essential data security concerns.
The IOFM APS Certification Program covers "Internal Controls," including data security practices. The curriculum's focus on "peer-tested best practices" aligns with comprehensive monitoring of data access, users, and purposes to safeguard sensitive information.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Data security in AP requires monitoring what data is accessed, who is accessing it, and the purpose of access"

NEW QUESTION # 67
Which of the following are potential red flags for T&E expenses that fall outside of policy?

A. II and III only (Cab fares; Weekend stays)
B. II only (Cab fares)
C. I only (Charges for airline upgrades)
D. I and III only (Charges for airline upgrades; Weekend stays)

Answer: D

Explanation:
Potential red flags for T&E expenses that fall outside of company policy includecharges for airline upgrades (Option I), which may indicate unauthorized luxury spending, andweekend stays(Option III), which could suggest personal travel disguised as business-related. These expenses often require additional scrutiny to ensure compliance with T&E policies.Cab fares(Option II) are typically routine and not inherently a red flag unless excessive or unsupported, making them less likely to be a policy violation compared to upgrades or weekend stays.
The web source from SAP Concur states: "Red flags in T&E expenses include charges for airline upgrades, which may violate policy on allowable travel classes, and weekend stays, which could indicate personal travel." This supports Options I and III. Cab fares are noted as common expenses that require receipts but are not typically flagged unless unusual, per the Esker source: "Routine expenses like cab fares are less likely to be red flags compared to upgrades or extended stays." The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," emphasizing fraud detection and policy compliance. The curriculum's focus on "peer-tested best practices" aligns with identifying airline upgrades and weekend stays as potential red flags.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) SAP Concur: "Red flags in T&E expenses include charges for airline upgrades... and weekend stays" Esker: "Routine expenses like cab fares are less likely to be red flags"

NEW QUESTION # 68
Detective controls do which of the following? I. Establish segregation of duties; II. Look for errors and irregularities; III. Determine if preventive controls are effective.

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

Answer: C

Explanation:
TheInternal Controlstopic in the APS Certification Program explains that detective controls are designed to identify errors, fraud, or control failures after they occur. They include activities like reviewing transactions for irregularities and assessing the effectiveness of preventive controls.Segregation of duties, however, is a preventive control, not a detective one, as it prevents fraud by dividing responsibilities.
* Item I (Establish segregation of duties): Segregation of duties prevents fraud by ensuring no single employee controls all aspects of a transaction (e.g., invoice approval and payment). This is a preventive control, not detective.
* Item II (Look for errors and irregularities): Detective controls, such as account reconciliation or audits, identify errors or fraudulent activities after they occur. This is a valid function.
* Item III (Determine if preventive controls are effective): Detective controls, like monitoring or control testing, assess whether preventive controls (e.g., vendor validation) are working. This is a valid function.
* Option A (I, II, and III): Incorrect, as Item I is a preventive control.
* Option B (I and III only): Incorrect, as Item I is not a detective control function.
* Option C (II and III only): Correct, as Items II and III describe detective control functions.
* Option D (I and II only): Incorrect, as Item I is not a detective control function.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "Detective controls, such as audits and reconciliations, look for errors and irregularities and evaluate the effectiveness of preventive controls." It clarifies that "segregation of duties is a preventive control to avoid conflicts of interest." The training video discusses detective controls as tools for "post-transaction review and control assessment," excluding segregation of duties.

NEW QUESTION # 69
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 and II only
B. I, II, and III
C. II only
D. I only

Answer: C

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program includes detailed coverage of the Sarbanes-Oxley Act (SOX), which mandates internal controls for public companies to ensure accurate financial reporting. SOX requires companies to use a recognized framework, such as COSO (Committee of Sponsoring Organizations), to design and test controls over financial reporting (Item II). However, it does not mandate specific controls over AP hiring (Item I) orrequire the CFO to be a CPA (Item III).
* Item I (Establish controls over accounts payable hiring): SOX focuses on financial reporting controls, not hiring processes for specific departments like AP. While internal controls may indirectly influence hiring (e.g., segregation of duties), there is no specific SOX requirement for AP hiring controls. This item is not required.
* Item II (Use a recognized framework to design and test controls over financial reporting): SOX Section 404 mandates that public companies establish and test internal controls over financial reporting using a recognized framework, such as COSO. This is a core requirement.
* Item III (Ensure that the company CFO is a CPA): SOX requires CFOs to certify financial reports (Section 302), but there is no mandate that they hold a CPA designation. This item is not required.
* Option A (I and II only): Incorrect, as Item I is not a SOX requirement.
* Option B (II only): Correct, as only Item II (using a recognized framework like COSO) is mandated by SOX.
* Option C (I, II, and III): Incorrect, as Items I and III are not SOX requirements.
* Option D (I only): Incorrect, as Item I is not a SOX requirement, and Item II is required.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"SOX Section 404 requires public companies to use a recognized framework, such as COSO, to design and test internal controls over financial reporting." It clarifies that "SOX does not mandate specific hiring controls for departments like AP or require CFOs to be CPAs, though it emphasizes executive accountability." The training video discusses SOX's focus on financial controls, citing COSO as the standard framework and noting no specific hiring or CPA requirements.

NEW QUESTION # 70
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