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APS good exam reviews & IOFM APS valid exam dumps

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q50-Q55):

NEW QUESTION # 50
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 credit to expense and a debit to the AP liability account
C. A credit to the AP liability account and a corresponding credit to the expense account
D. A debit to expense and a credit to the AP liability account

Answer: D

Explanation:
TheInvoicestopic in the APS Certification Program covers double-entry accounting for recording invoices.
When an incoming invoice is received, it represents an obligation to pay a vendor (a liability) and an expense (or asset, depending on the purchase). The correct journal entry is todebit the expense account(to recognize the cost incurred) andcredit the accounts payable (AP) liability account(to record the amount owed).
* Option A (A debit to the asset account and a corresponding debit to the expense account):
Incorrect, as recording an invoice does not typically involve debiting both an asset and an expense account. An asset might be debited for capital purchases, but the second debit to an expense account is invalid, and no credit is provided to balance the entry.
* Option B (A credit to the AP liability account and a corresponding credit to the expense account):
Incorrect, as crediting the expense account would reduce expenses, which is not the purpose of recording an invoice. Additionally, two credits do not form a valid journal entry without a debit.
* Option C (A debit to expense and a credit to the AP liability account): Correct. Debiting the expense account (e.g., utilities, supplies) recognizes the cost incurred, and crediting the AP liability account records the obligation to pay the vendor. This is the standard entry for expense-related invoices.
* Option D (A credit to expense and a debit to the AP liability account): Incorrect, as crediting the expense account would decrease expenses, which is not appropriate when recording an invoice.
Debiting the AP liability would also incorrectly increase the liability.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesexplains, "When an invoice is received, the journal entry debits an expense account (or asset for capital purchases) andcredits the accounts payable liability account to reflect the obligation." The training video illustrates this with examples, such as debiting "Office Supplies Expense" and crediting "Accounts Payable" for a supply invoice, emphasizing accurate recording to ensure financial statement integrity.

NEW QUESTION # 51
When auditing expense reports, one thing to pay particular attention to is:

A. Highly itemized receipt details
B. Amounts just below the approval threshold
C. Airfare expenses in combination with hotel costs
D. Restaurant receipts that include client names

Answer: B

Explanation:
When auditing T&E expense reports, a key red flag isamounts just below the approval threshold, as employees may intentionally submit expenses slightly under the limit to avoid additional scrutiny or approval, potentially masking fraudulent or non-compliant claims. This practice, known as "threshold manipulation," requires close attention during audits.
The web source from Tipalti states: "During T&E audits, pay particular attention to expenses just below the approval threshold, as employees may manipulate amounts to bypass additional review, indicating potential fraud." This directly supports Option C. The other options are less critical:
* Restaurant receipts with client names (A)may be useful for substantiation but are not a primary audit concern.
* Highly itemized receipt details (B)are desirable for clarity, not a red flag.
* Airfare with hotel costs (D)is a common combination and not inherently suspicious.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," including auditing techniques for expense reports. The curriculum's focus on "peer-tested best practices" aligns with scrutinizing amounts just below approval thresholds to detect potential fraud.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) Tipalti: "During T&E audits, pay particular attention to expenses just below the approval threshold"

NEW QUESTION # 52
Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?

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

Answer: B

Explanation:
TheTechnology and Automationtopic in the APS Certification Program covers the use of technology to streamline AP processes and the potential for outsourcing certain functions to business process outsourcing (BPO) providers. BPO is commonly used for repetitive, transaction-based tasks such as check printing, utility payments, and invoice imaging, which benefit from automation and economies of scale. However, performance monitoring-which involves analyzing AP metrics, ensuring compliance, and optimizing processes-is typically retained in-house, as it requires strategic oversight and organizational knowledge.
* Option A (Performance monitoring): Performance monitoring involves tracking key performance indicators (KPIs) like invoice processing time, error rates, and compliance with internal controls. This function requires deep understanding of the organization's goals and policies, making it less suitable for outsourcing. This is the correct answer.
* Option B (Check printing): Check printing is a routine, mechanical task that can be efficiently outsourced to BPO providers with secure printing and mailing capabilities. It is a common BPO candidate, so it is not the exception.
* Option C (Utility payments): Utility payments are standardized, recurring transactions thatcan be automated and outsourced to BPO providers, often integrated with electronic payment systems. This is a good BPO candidate, so it is not the exception.
* Option D (Invoice imaging): Invoice imaging (scanning and digitizing invoices) is a repetitive task that leverages automation and is frequently outsourced to BPO providers with imaging technology. This is a common BPO candidate, so it is not the exception.
Reference to IOFM APS Documents: The APS e-textbook underTechnology and Automationdiscusses BPO as a strategy for "outsourcing transactional AP tasks like invoice imaging, check printing, and payment processing to improve efficiency." It notes that strategic functions, such as "performance monitoring and analytics," are typically retained in-house to maintain control over compliance and process optimization. The IOFM training video emphasizes that BPO is ideal for high-volume, low-complexity tasks, while performance monitoring requires internal expertise to align with organizational objectives.

NEW QUESTION # 53
Examples of preventive controls include each of the following EXCEPT:

A. Dollar limits on use of P-card
B. T&E expenditure guidelines
C. Use of approved vendor lists
D. Account reconciliation

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program distinguishes between preventive and detective controls. Preventive controls are proactive measures designed to stop errors or fraud before they occur, such as approved vendor lists, P-card limits, and T&E guidelines.Account reconciliation, however, is a detective control, as it identifies errors or discrepancies after transactions have occurred.
* Option A (Use of approved vendor lists): Approved vendor lists prevent unauthorized payments by ensuring only validated vendors are paid. This is a preventive control.
* Option B (Dollar limits on use of P-card): Dollar limits restrict P-card spending, preventing unauthorized or excessive purchases. This is a preventive control.
* Option C (T&E expenditure guidelines): T&E guidelines set rules for allowable expenses, preventing non-compliant spending. This is a preventive control.
* Option D (Account reconciliation): Reconciliation involves reviewing accounts to detect errors or fraud after transactions are recorded. This is a detective control, not preventive. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsdefines preventive controls as "measures like approved vendor lists, P-card limits, and T&E policies that prevent errors or fraud." It contrasts these with detective controls, stating, "Account reconciliation is a detective control that identifies discrepancies post-transaction." The training video reinforces this by listing preventive controls in AP and citing reconciliation as a detective measure.

NEW QUESTION # 54
A three-way match is governed by the invoice, the purchase order, and which of the following?

A. Remittance advice
B. Receiving documents
C. Bank draft
D. P-card statement

Answer: B

Explanation:
The three-way match is a standardized accounts payable process used to verify the legitimacy of a supplier invoice before payment by cross-referencing three key documents: the purchase order (PO), the supplier invoice, and the receiving documents (also referred to as the receiving report, goods received note, or delivery receipt). This process ensures that the invoice reflects the agreed-upon terms of the purchase order and that the goods or services were actually delivered as specified, thereby mitigating risks of overpayment, fraud, or errors.
The correct answer is "Receiving documents," as these confirm the delivery of goods or services and are a core component of the three-way match. The purchase order authorizes the purchase, specifying quantities, prices, and terms. The invoice details the supplier's request for payment. The receiving documents verify that the ordered items were delivered, matching the quantities and conditions specified in the PO.
The other options are not part of the three-way match:
* Remittance adviceis a document sent to the supplier to confirm payment details after the payment is made, not part of the verification process.
* Bank draftis a payment instrument, not a document used for matching.
* P-card statementrelates to procurement card transactions, which are typically not subject to the three- way match process, as they follow a different reconciliation process.
The NetSuite source clearly defines the three-way match: "Three-way matching is a payment verification technique that compares the details associated with a particular purchase across a trio of related documents...
Purchase order, which authorizes a purchase to be made... Delivery receipt, or a receiving report, which confirms that the purchase was delivered... Supplier's invoice, which lists how much the buyer owes the supplier". Similarly, the Tipalti source states: "PO Matching: Ensure accuracy and prevent fraud with 2 and 3- way PO matching," reinforcing that the three-way match involves the PO, invoice, and receiving documents.
The Ramp source further clarifies: "3-way matching is a fraud-prevention process used by accounts payable teams to verify invoices before payment. It cross-checks three documents: Purchase order (PO)... Goods received note (GRN)... Supplier invoice".
While the IOFM APS study guide is not directly quoted in the provided sources for this specific question, the IOFM Accounts Payable Specialist Certification Program emphasizes the three-way match under the
"Invoices" and "Internal Controls" modules. The program description notes that it covers "peer-tested best practices for each phase of the payment process - from receipt of invoice, through processing and payment," which includes the three-way match process. The focus on accuracy, compliance, and fraud prevention in IOFM's curriculum aligns with the standard definition of the three-way match involving the PO, invoice, and receiving documents.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices and Internal Controls NetSuite: "Three-way matching is a payment verification technique that compares the details associated with a particular purchase across a trio of related documents" Tipalti: "PO Matching: Ensure accuracy and prevent fraud with 2 and 3-way PO matching" Ramp: "3-way matching is a fraud-prevention process used by accounts payable teams to verify invoices before payment"

NEW QUESTION # 55
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