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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. What is an efficient way to handle vendor contact information in the VMF that is likely to change frequently?

A) Include only the vendor web address in the VMF and check online to find the right contact as needed
B) Assign an individual to review the contact information for these vendors on a weekly basis
C) Include in the vendor contract that you must be notified of any personnel changes in writing
D) Conduct a thorough audit of vendor names and addresses semiannually and make all changes discovered

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

3. Which of the following is necessary to prepare a 1099?

A) A PTIN for all reportable vendors
B) A TIN for all reportable vendors
C) A W-2 for all reportable vendors
D) A W-4 for all reportable vendors

4. When maintaining an audit trail of changes to the vendor master file, which of the following should be recorded? I. Who requested the change; II. Who actually made the change; III. The date the change was made.

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

5. When checking the address of a new vendor, what is one potential red flag?

A) The vendor's warehouse and its accounts receivable address are different
B) The vendor is located in an unincorporated area
C) The vendor does not appear to use a post office box
D) The vendor has the same address as one of the organization's own locations

Solutions: