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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. Sales and use taxes are levied by which of the following? I. Cities and towns; II. Federal government; III.
States.
A) I and III only
B) II and III only
C) I, II, and III
D) III only
2. Assigning a user name and password is one method of:
A) Robotic process automation
B) Data authentication
C) Optical character recognition
D) Security lockdown
3. What is a "direct spend" invoice for?
A) Supplies
B) Inventory
C) Repairs
D) Material
4. All of the following are areas in which accounts payable has a significant influence EXCEPT:
A) Inventory turnover
B) Vendor relationships
C) Financial statements
D) Cash management
5. Which of the following accounting entries are necessary to record an expense from an incoming invoice?
A) A debit to the asset account and a corresponding debit to the expense account
B) A debit to expense and a credit to the AP liability account
C) A credit to expense and a debit to the AP liability account
D) A credit to the AP liability account and a corresponding credit to the expense account
Solutions:
Question # 1 Answer: A | Question # 2 Answer: B | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: B |