FREE PDF 2025 TRUSTABLE APS: ACCREDITED PAYABLES SPECIALIST (APS) CERTIFICATION EXAM VALID TEST MATERIALS

Free PDF 2025 Trustable APS: Accredited Payables Specialist (APS) Certification Exam Valid Test Materials

Free PDF 2025 Trustable APS: Accredited Payables Specialist (APS) Certification Exam Valid Test Materials

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q19-Q24):

NEW QUESTION # 19
In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?

  • A. Debit cash (asset) and credit the AP liability account
  • B. Debit the expense and credit the AP liability account
  • C. Credit cash and debit the asset account
  • D. Credit cash and debit the AP liability account

Answer: D

Explanation:
In thePaymentsandInvoicestopics of the IOFM APS Certification Program, double-entry accounting principles are covered to ensure AP professionals understand how transactions are recorded. When an invoice is paid, the organization settles an accounts payable (AP) liability, which is a balance sheet account representing money owed to vendors. The payment typically involves a cash outflow (or reduction in a bank account) and a corresponding reduction in the AP liability.
In double-entry accounting, every transaction affects at least two accounts, with debits equaling credits. The process of paying an invoice involves:
* When the invoice isreceived, the AP department records the liability by debiting an expense account (or asset, depending on the purchase) and crediting the AP liability account. This step is not the focus of the question.
* When the invoice ispaid, the AP liability is reduced, and cash is reduced. The correct journal entry is:
* Debit Accounts Payable (AP liability): This reduces the liability, as the organization no longer owes the vendor.
* Credit Cash: This reflects the outflow of cash used to settle the invoice.
* Option A (Credit cash and debit the asset account): This is incorrect because paying an invoice does not typically involve debiting a generic "asset account." The payment reduces the AP liability, not another asset account (unless the invoice was for an asset purchase, which is not specified).
Additionally, crediting cash is correct, but the pairing is wrong.
* Option B (Debit the expense and credit the AP liability account): This describes the journal entry when an invoice isreceived, not when it is paid. When recording an invoice, the expense (or asset) is debited, and the AP liability is credited. This option is incorrect for the payment stage.
* Option C (Debit cash (asset) and credit the AP liability account): This is incorrect because debiting cash would imply an increase in the cash account, which does not occur when paying an invoice (cash decreases). The direction of the cash entry is reversed.
* Option D (Credit cash and debit the AP liability account): This is the correct journal entry for paying an invoice. Debiting the AP liability reduces the amount owed to the vendor, and crediting cash reflects the payment made (cash decreases). This aligns with standard double-entry accounting principles.
Reference to IOFM APS Documents: The IOFM APS e-textbook and training video under thePayments section cover double-entry accounting for AP transactions. The curriculum explains that "when an invoice is paid, the accounts payable liability account is debited to reduce the obligation, and the cash account is credited to reflect the payment outflow." This is reinforced in the practice quizzes, which test understanding of journal entries for invoice payments. The APS program also references best practices for cash management and payment processing, emphasizing accurate accounting to maintain financial integrity.


NEW QUESTION # 20
What is blockchain?

  • A. An internal audit methodology
  • B. An accounts payable collaborative
  • C. A distributed ledger system
  • D. A random password generator

Answer: C

Explanation:
Blockchain is a decentralized, distributed ledger system that records transactions across multiple computers in a secure, transparent, and tamper-resistant manner. In accounts payable, blockchain can enhance processes like invoice verification and payment tracking by providing a trusted, immutable record. The other options are incorrect: a random password generator (Option B) is unrelated to blockchain, an internal audit methodology (Option C) refers to audit processes, and an accounts payable collaborative (Option D) is not a defined term.
The web source from NetSuite explains: "Blockchain is a distributed ledger technology that records transactions in a secure, decentralized manner, offering potential applications in accounts payable for secure payment processing and invoice tracking." This directly supports Option A.
The IOFM APS Certification Program covers "Technology and Automation," including emerging technologies like blockchain. The curriculum's focus on "peer-tested best practices" includes understanding technologies that enhance AP efficiency and security, confirming blockchain as a distributed ledger system.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation NetSuite: "Blockchain is a distributed ledger technology that records transactions in a secure, decentralized manner"


NEW QUESTION # 21
In the U.S., what is the best way to verify a vendor's business registration?

  • A. Submit a request to the Internal Revenue Service to do a Form 1120 search
  • B. Check the database of the Secretary of State where the vendor is registered
  • C. Require a sworn affidavit from the vendor's financial institution
  • D. Send a letter to the vendor requesting written confirmation that the registration is up-to-date

Answer: B

Explanation:
TheVendor Master Filetopic in the APS Certification Program covers vendor validation to ensure legitimacy and prevent fraud. The best way to verify a vendor's business registration in the U.S. is tocheck the database of the Secretary of Statein the state where the vendor is registered, as this provides authoritative, public confirmation of the vendor's legal status and registration details.
* Option A (Send a letter to the vendor requesting written confirmation): Incorrect. Vendor-provided confirmation is less reliable, as it may be falsified, and is not authoritative.
* Option B (Submit a request to the IRS to do a Form 1120 search): Incorrect. Form 1120 is a corporate tax return, not a business registration record, and the IRS does not provide registration verification services.
* Option C (Require a sworn affidavit from the vendor's financial institution): Incorrect. Financial institutions do not typically provide affidavits for business registration, and this is not a standard practice.
* Option D (Check the database of the Secretary of State where the vendor is registered): Correct.
Secretary of State databases offer verifiable, public records of business registration, the most reliable method.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "To verify a vendor's business registration, check the Secretary of State database in the vendor's state of incorporation for authoritative confirmation." The training video notes, "The best practice for validating vendor legitimacy is accessing Secretary of State records online to confirm registration details."


NEW QUESTION # 22
A three-way match is governed by the invoice, the purchase order, and which of the following?

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

Answer: C

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 # 23
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, II, and III (What data is being accessed; Who is accessing the data; For what purpose the data is being used)
  • C. I and III only (What data is being accessed; For what purpose the data is being used)
  • D. I and II only (What data is being accessed; Who is accessing the data)

Answer: B

Explanation:
Data security concerns in accounts payable involve protecting sensitive information from unauthorized access or misuse. Key concerns includewhat data is being accessed(Option I, e.g., sensitive vendor or financial data),who is accessing the data(Option II, e.g., authorized vs. unauthorized users), andfor what purpose the data is being used(Option III, e.g., legitimate business needs vs. fraudulent activities). All three are critical to ensuring data security.
The web source from Esker states: "Data security in AP requires monitoring what data is accessed, who is accessing it, and the purpose of access to prevent unauthorized use or breaches." This supports Option D, as all three elements are essential data security concerns.
The IOFM APS Certification Program covers "Internal Controls," including data security practices. The curriculum's focus on "peer-tested best practices" aligns with comprehensive monitoring of data access, users, and purposes to safeguard sensitive information.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Data security in AP requires monitoring what data is accessed, who is accessing it, and the purpose of access"


NEW QUESTION # 24
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