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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?
A) Debit the expense and credit the AP liability account
B) Credit cash and debit the asset account
C) Credit cash and debit the AP liability account
D) Debit cash (asset) and credit the AP liability account
2. The accounting term "accrued expenses" represents which of the following?
A) Planned expenditures that have not been incurred in the current period
B) Incurred expenses that have not been posted in the current period
C) Forecasted expenses for which an invoice has not been received in the current period
D) Pre-paid expenses that were paid with petty cash
3. What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?
A) It indicates which team member created the new record
B) It automatically generates a price comparison to other similar vendors
C) It enables procurement to use the data for spend analysis
D) It prevents a duplicate vendor from being entered
4. Organizations most commonly use wire transfers for which of the following?
A) Low dollar bulk payments
B) Rent or mortgage payments
C) Direct deposit of executive pay
D) High dollar payments
5. Which of the following describes the possible consequences for anyone engaging in misconduct relating to the Sarbanes-Oxley Act?
A) Community service
B) Corporate dissolution
C) Criminal penalties
D) Industry blacklisting
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: C |




