FREE PDF 2025 APS: HIGH PASS-RATE RELIABLE ACCREDITED PAYABLES SPECIALIST (APS) CERTIFICATION EXAM TEST NOTES

Free PDF 2025 APS: High Pass-Rate Reliable Accredited Payables Specialist (APS) Certification Exam Test Notes

Free PDF 2025 APS: High Pass-Rate Reliable Accredited Payables Specialist (APS) Certification Exam Test Notes

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Tags: Reliable APS Test Notes, APS Test Study Guide, Pass Leader APS Dumps, Valid APS Braindumps, Exam APS Demo

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q59-Q64):

NEW QUESTION # 59
What is a "direct spend" invoice for?

  • A. Inventory
  • B. Material
  • C. Supplies
  • D. Repairs

Answer: A

Explanation:
A "direct spend" invoice pertains to expenditures directly tied to the production of goods or services, such as raw materials or inventory used in manufacturing or resale. In accounts payable, direct spend is distinguished from indirect spend, which covers operational expenses like supplies or repairs that support business operations but are not incorporated into the final product. The correct answer is "Inventory," as it directly relates to goods acquired for production or resale, aligning with the definition of direct spend.
According to the web source from SAP Concur: "Direct spend refers to the purchase of goods and services that are directly incorporated into a product being manufactured, such as raw materials... Indirect spend refers to expenses that support the operations of a business but are not directly included in the final product, such as utilities, office supplies, and facility maintenance." Inventory, particularly raw materials or goods for resale, is a core component of direct spend, whereas supplies (e.g., office supplies) and repairs (e.g., equipment maintenance) typically fall under indirect spend. The option "Material" could also be associated with direct spend, but "Inventory" is the more precise term in this context, as it encompasses materials used in production or sale.
The IOFM Accounts Payable Specialist (APS) Certification Program includes the topic of "Invoices," which covers invoice types and their purposes. While the IOFM study guide does not explicitly define "direct spend" in the provided sources, its focus on invoice processing and procurement processes implies familiarity with distinguishing direct and indirect spend. The curriculum's emphasis on "peer-tested best practices for each phase of the payment process" supports the standard industry definition provided by SAP Concur.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices SAP Concur: "Direct spend refers to the purchase of goods and services that are directly incorporated into a product being manufactured, such as raw materials"


NEW QUESTION # 60
What does the acronym 'ASP' stand for?

  • A. Application service provider
  • B. Accounting standards protocol
  • C. Automated secure processing
  • D. Accrual statement period

Answer: A

Explanation:
In the context of technology and accounts payable, the acronymASPstands forApplication Service Provider, which refers to a third-party provider that delivers software applications over the internet, typically on a subscription basis. This is distinct from automated secure processing (Option A), accounting standards protocol (Option C), or accrual statement period (Option D), which are not standard terms in this context.
The web source from NetSuite states: "An Application Service Provider (ASP) delivers software applications over the internet, allowing businesses to access tools like AP automation without on-premises infrastructure." This directly supports Option B.
The IOFM APS Certification Program covers "Technology and Automation," including cloud-based and hosted software solutions like those provided by ASPs. The curriculum's focus on "peer-tested best practices" aligns with understanding ASPs as a delivery model for AP tools.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation NetSuite: "An Application Service Provider (ASP) delivers software applications over the internet"


NEW QUESTION # 61
All of the following are areas in which accounts payable has a significant influence EXCEPT:

  • A. Financial statements
  • B. Inventory turnover
  • C. Vendor relationships
  • D. Cash management

Answer: B

Explanation:
TheInternal Controlstopic in the IOFM APS Certification Program emphasizes the role of accounts payable (AP) in managing financial processes, ensuring compliance, and supporting organizational objectives. AP has a significant influence on several key areas, including vendor relationships (through timely payments and communication), cash management (by optimizing payment timing and methods), and financial statements (by ensuring accurate recording of liabilities and expenses). However, AP typically has minimal direct influence oninventory turnover, which is more closely tied to supply chain and inventory management functions.
* Option A (Inventory turnover): Inventory turnover measures how quickly a company sells and replaces its inventory. While AP processes payments for inventory purchases, it does not directly control inventory levels, purchasing decisions, or sales velocity, which are managed by procurement and sales teams. This is the correct answer, as it is the exception.
* Option B (Vendor relationships): AP directly influences vendor relationships by ensuring timely and accurate payments, resolving disputes, and maintaining vendor master file data. This is a core AP responsibility, so it is not the exception.
* Option C (Cash management): AP plays a critical role in cash management by scheduling payments to optimize cash flow, using electronic payments, and implementing positive pay to prevent fraud. This is a key AP function, so it is not the exception.
* Option D (Financial statements): AP impacts financial statements by recording invoices (affecting liabilities and expenses) and payments (affecting cash and liabilities). Accurate AP processes ensure reliable financial reporting, so this is not the exception.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlshighlights AP's role in
"supporting financial integrity through accurate transaction recording and cash flow management." It notes that AP professionals manage vendor payments and cash outflows, directly affecting vendor relationships, cash management, and financial statement accuracy. However, inventory turnover is described as a supply chain metric, outside AP's primary scope. The IOFM training video reinforces this by focusing on AP's responsibilities in payment processing and financial reporting, with no mention of inventory turnover as a direct AP function.


NEW QUESTION # 62
In the U.S., what type of information is HIPAA designed to protect?

  • A. External auditor findings
  • B. Electronic banking information
  • C. Corporate whistleblower identities
  • D. Private medical records

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the IOFM APS Certification Program covers key U.S.
regulations, including the Health Insurance Portability and Accountability Act (HIPAA).Enacted in 1996, HIPAA is designed to protect the privacy and security ofprivate medical records, ensuring that protected health information (PHI) is safeguarded by healthcare providers, insurers, and related entities, including AP departments handling medical-related payments.
* Option A (Corporate whistleblower identities): Incorrect. Whistleblower protections are covered under laws like the Sarbanes-Oxley Act, not HIPAA.
* Option B (External auditor findings): Incorrect. Auditor findings are related to financial or operational audits, not protected by HIPAA.
* Option C (Private medical records): Correct. HIPAA establishes standards to protect PHI, such as patient health records, from unauthorized disclosure.
* Option D (Electronic banking information): Incorrect. Banking information is protected under laws like the Gramm-Leach-Bliley Act, not HIPAA.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"HIPAA protects private medical records, ensuring the confidentiality of protected health information (PHI) in transactions involving healthcare providers." The training video mentions HIPAA in the context of AP compliance, noting that AP staff handling medical vendor payments must ensure PHI is secure.


NEW QUESTION # 63
To protect your organization from employee fraud, which of the following controls should be employed?

  • A. Conduct detailed background checks on all new AP employees
  • B. Require that all potential employees sign an NDA prior to hire
  • C. Hire only temporary employees and rotate them out every six to eight months
  • D. Ensure all staff members have accounting degrees from accredited universities

Answer: A

Explanation:
TheInternal Controlstopic in the APS Certification Program emphasizes preventing employee fraud through robust controls, particularly in AP, where access to payments and vendor data creates risks.Conducting detailed background checkson new AP employees is a standard control to verify integrity and reduce the risk of fraudulent behavior. Other options, such as NDAs, accounting degrees, or temporary hiring, are less effective or irrelevant for fraud prevention.
* Option A (Require that all potential employees sign an NDA prior to hire): Non-disclosure agreements (NDAs) protect confidential information but do not directly prevent fraud, which involves financial misconduct (e.g., embezzlement). This is not a primary fraud control.
* Option B (Ensure all staff members have accounting degrees): An accounting degree does not guarantee honesty or prevent fraud. Many AP roles require practical skills, not formal degrees. This is not a fraud control.
* Option C (Hire only temporary employees and rotate them out): Temporary staffing and frequent rotation disrupt continuity and may increase fraud risk due to lack of accountability. This is not a fraud control.
* Option D (Conduct detailed background checks on all new AP employees): Background checks verify criminal history, credit issues, and past employment, identifying potential fraud risks. This is a standard and effective control. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "To prevent employee fraud, organizations should implement controls like detailed background checks for AP staff to ensure trustworthiness." It lists background checks as a key measure, alongside segregation of duties and surprise audits, but does not mention NDAs, degrees, or temporary staffing as fraud prevention controls. The training video reinforces this, citing background checks as essential for roles with financial access.


NEW QUESTION # 64
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