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100% Pass APS Certification Exam Dumps - Accredited Payables Specialist (APS) Certification Exam Realistic Test Simulator

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
When dealing with a rush payment, which of the following are acceptable practices? I. Allow the payment to be picked up by the vendor; II. Insist on making the payment electronically; III. Mail the payment.

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

Answer: D

Explanation:
ThePaymentstopic in the APS Certification Program covers best practices for handling rush payments, which require expedited processing while maintaining security and compliance. Acceptable practices include allowing vendors to pick up payments (with proper controls) and prioritizing electronic payments for speed and security.Mailing the paymentis generally not suitable for rush payments due to delivery delays.
* Item I (Allow the payment to be picked up by the vendor): Acceptable, provided strict controls (e.g., ID verification) are in place to ensure the correct recipient collects the payment.
* Item II (Insist on making the payment electronically): Acceptable and preferred, as electronic payments (e.g., ACH, wire transfers) are fast, secure, and trackable, ideal for rush scenarios.
* Item III (Mail the payment): Not acceptable for rush payments, as mailing introduces delays (e.g., 2-
5 days), undermining the urgency.
* Option A (II and III only): Incorrect, as Item III is not suitable for rush payments.
* Option B (I, II, and III): Incorrect, as Item III is not suitable.
* Option C (I and II only): Correct, as Items I and II are acceptable rush payment practices.
* Option D (I and III only): Incorrect, as Item III is not suitable.
Reference to IOFM APS Documents: The APS e-textbook underPaymentsstates, "For rush payments, electronic payments are preferred for speed and security, and vendor pickup is acceptable with controls, but mailing is not suitable due to delays." The training video notes, "Rush payments should leverage ACH or wire transfers, or controlled pickup, avoiding mail to meet urgent deadlines."

NEW QUESTION # 43
Which of the following is a part of a successful ERS (Evaluated Receipt Settlement) program?

A. Exclusion of early pay discounts
B. Use of pro forma purchase orders
C. Billing of miscellaneous charges separately
D. Receiving a complete invoice with the shipment

Answer: A

Explanation:
Evaluated Receipt Settlement (ERS) is a payment process where invoices are not required from the vendor.
Instead, payment is triggered based on the purchase order (PO) and receiving documents, streamlining the accounts payable process by eliminating invoice processing. A successful ERS program relies on accurate POs and receiving data, standardized pricing, and clear terms with vendors. The exclusion of early pay discounts is a key feature, as ERS payments are typically made on a fixed schedule based on receipt of goods, not invoice terms that include discount incentives.
The web source from Esker explains: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice from the supplier... Payments are triggered by the receipt of goods or services against a purchase order. ERS eliminates the need for supplier invoices, reducing errors and costs." The source from Corcentric adds: "ERS is designed to streamline payments by using PO and receipt data, typically without early payment discounts, as payments are made on a predictable schedule." Early pay discounts are excluded because ERS prioritizes automation and predictability over negotiating variable payment terms.
The other options are incorrect:
* Billing of miscellaneous charges separately(Option A) complicates ERS, as it requires additional reconciliation outside the PO and receipt data.
* Receiving a complete invoice with the shipment(Option B) contradicts the ERS model, which eliminates the need for invoices.
* Use of pro forma purchase orders(Option D) is not standard, as ERS relies on firm POs, not provisional ones like pro forma POs.
The IOFM APS Certification Program covers "Payments," including advanced payment methods like ERS.
The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the industry standard that ERS programs exclude early pay discounts to ensure streamlined, predictable payments.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Esker: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice from the supplier" Corcentric: "ERS is designed to streamline payments by using PO and receipt data, typically without early payment discounts"

NEW QUESTION # 44
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, II, and III
B. II only
C. I only
D. I and II only

Answer: B

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 # 45
What is a good strategy for dealing with the change that typically accompanies automation?

A. Understand and accept that it will take time to learn a new system
B. If you feel the change won't be for the best, try to convince management to delay
C. Don't worry about it until you must actually implement the changes
D. Request that you be reassigned to a role that is unaffected by automation

Answer: A

Explanation:
Automation in accounts payable often introduces significant changes, such as new systems or workflows. A good strategy is tounderstand and accept that it will take time to learn a new system(Option D), which involves embracing training, adapting to new processes, and recognizing the learning curve. This proactive approach supports successful implementation and long-term efficiency. Requesting reassignment (Option A), delaying implementation (Option B), or ignoring the change (Option C) are not constructive strategies, as they resist adaptation and hinder organizational progress.
The web source from SAP Concur states: "To manage change from AP automation, employees should embrace the learning process, understanding that mastering new systems takes time and training." This directly supports Option D.
The IOFM APS Certification Program covers "Technology and Automation," including strategies for managing change during automation. The curriculum's focus on "peer-tested best practices" emphasizes proactive adaptation to new technologies.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation SAP Concur: "To manage change from AP automation, employees should embrace the learning process"

NEW QUESTION # 46
Which of the following is a key reason for careful management of your vendor master file?

A. Gain visibility into payment status
B. Control the number of vendor calls
C. Monitor vendor quality
D. Reduce the potential for fraud

Answer: D

Explanation:
TheVendor Master Filetopic in the APS Certification Program emphasizes the importance of managing the vendor master file to prevent errors and risks. A key reason is toreduce the potential for fraud, as accurate and validated vendor data (e.g., TINs, addresses) prevents payments to fraudulent vendors and ensures compliance with regulations like OFAC.
* Option A (Control the number of vendor calls): Not a primary reason. While a clean vendor master file may reduce inquiries, this is a secondary benefit, not a key focus.
* Option B (Reduce the potential for fraud): Correct. Careful management, including TIN verification and sanction list checks, prevents fraudulent vendor setups and payments.
* Option C (Monitor vendor quality): Vendor quality is typically assessed by Procurement or Operations, not the vendor master file, which focuses on data accuracy. Incorrect.
* Option D (Gain visibility into payment status): Payment status is tracked in AP systems, not the vendor master file, which stores static vendor data. Incorrect.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Careful management of the vendor master file reduces fraud risk by ensuring accurate vendor data and compliance with validation processes." The training video emphasizes, "A well-maintained vendor master file prevents fraud through rigorous verification, such as TIN matches and address checks."

NEW QUESTION # 47
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