IOFM Accredited Payables Specialist (APS) Certification : APS

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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

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

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

2. Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?

A) Invoice imaging
B) Utility payments
C) Check printing
D) Performance monitoring

3. Ways to minimize the number of rush checks that are requested include:

A) I, II, and III (Distribute the check run schedule with cut-off dates and times, Charge a rush check processing fee, Publish the names of frequent rush check requestors)
B) I only (Distribute the check run schedule with cut-off dates and times)
C) I and II only (Distribute the check run schedule with cut-off dates and times, Charge a rush check processing fee)
D) II only (Charge a rush check processing fee)

4. 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) The conventions for the way letters and abbreviations must be entered
C) Verification that the vendor is not already in the system
D) Whether or not the vendor outsources its order fulfillment process

5. To establish a successful shared services center, each of the following is required EXCEPT:

A) A customer service orientation
B) Performance metrics
C) A greenfield site
D) A change in mindset

Solutions: