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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q85-Q90):

NEW QUESTION # 85
For a VAT invoice that contains what you believe to be a billing error, what is the only recommended solution?

A. Do not pay the invoice and return it to the vendor for correction
B. Do not pay the invoice and report the transaction to the VAT administration
C. Short pay or overpay as necessary and include an explanation of why you did so
D. Pay the incorrect amount and then send a formal written request for an adjustment

Answer: A

Explanation:
Value Added Tax (VAT) invoices are subject to strict regulatory requirements, as they impact taxreporting and compliance. When a VAT invoice contains a billing error (e.g., incorrect amount, tax rate, or details), the recommended solution is to withhold payment and return the invoice to the vendor for correction. This ensures that the corrected invoice complies with VAT regulations, allowing accurate tax reporting and reclaiming of input VAT. Paying an incorrect invoice or reporting the error to the VAT administration without correction risks non-compliance and audit issues.
The web source from Avalara explains: "If a VAT invoice is incorrect, it must be corrected by the supplier issuing a new invoice or a credit note, depending on the nature of the error." This aligns with the option to return the invoice to the vendor for correction. Paying the incorrect amount (Option B) or short/overpaying with an explanation (Option D) can complicate VAT reconciliation and may not be accepted by tax authorities, as the invoice must accurately reflect the transaction. Reporting the transaction to the VAT administration (Option A) is unnecessary unless the error involves fraud or persistent issues, and it does not resolve the invoice discrepancy.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including VAT compliance and invoice handling. While the specific question is not directly quoted in the provided sources, IOFM's curriculum emphasizes compliance with tax regulations, as noted in the program description: "Review peer- tested best practices for each phase of the payment process - from receipt of invoice, through processing and payment." The focus on accurate invoice processing supports returning the invoice for correction as the standard practice.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Avalara: "If a VAT invoice is incorrect, it must be corrected by the supplier issuing a new invoice or a credit note"

NEW QUESTION # 86
What is a good strategy for dealing with the change that typically accompanies automation?

A. Request that you be reassigned to a role that is unaffected by automation
B. If you feel the change won't be for the best, try to convince management to delay
C. Understand and accept that it will take time to learn a new system
D. Don't worry about it until you must actually implement the changes

Answer: C

Explanation:
Automation in accounts payable often introduces significant changes, such as new systems or workflows. A good strategy is tounderstand and accept that it will take time to learn a new system(Option D), which involves embracing training, adapting to new processes, and recognizing the learning curve. This proactive approach supports successful implementation and long-term efficiency. Requesting reassignment (Option A), delaying implementation (Option B), or ignoring the change (Option C) are not constructive strategies, as they resist adaptation and hinder organizational progress.
The web source from SAP Concur states: "To manage change from AP automation, employees should embrace the learning process, understanding that mastering new systems takes time and training." This directly supports Option D.
The IOFM APS Certification Program covers "Technology and Automation," including strategies for managing change during automation. The curriculum's focus on "peer-tested best practices" emphasizes proactive adaptation to new technologies.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation SAP Concur: "To manage change from AP automation, employees should embrace the learning process"

NEW QUESTION # 87
What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?

A. It automatically generates a price comparison to other similar vendors
B. It prevents a duplicate vendor from being entered
C. It enables procurement to use the data for spend analysis
D. It indicates which team member created the new record

Answer: C

Explanation:
TheVendor Master Filetopic in the IOFM APS Certification Program emphasizes the importance of structured data in the vendor master file (VMF) to support organizational processes. Entering acommodity code(a standardized code classifying goods or services) in a user-defined field allows procurement to categorize vendor offerings, enablingspend analysisto identify spending patterns, negotiate better terms, and optimize supplier selection.
* Option A (It prevents a duplicate vendor from being entered): Incorrect. Commodity codes classify goods/services, not vendor identities; duplicate prevention relies on TIN or name checks.
* Option B (It indicates which team member created the new record): Incorrect. Commodity codes are unrelated to record creation metadata, which is tracked separately.
* Option C (It automatically generates a price comparison to other similar vendors): Incorrect.
Commodity codes enable categorization but do not automatically generate price comparisons; additional tools are needed.
* Option D (It enables procurement to use the data for spend analysis): Correct. Commodity codes allow procurement to group vendors by product/service type, facilitating spend analysis and strategic sourcing.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Entering commodity codes in the vendor master file enables procurement to perform spend analysis by categorizing vendor goods and services." The training video notes, "Commodity codes support procurement's ability to analyze spending patterns, a key benefit of structured VMF data."

NEW QUESTION # 88
Which of the following are data security concerns?

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

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 # 89
Which of the following describes the possible consequences for anyone engaging in misconduct relating to the Sarbanes-Oxley Act?

A. Industry blacklisting
B. Corporate dissolution
C. Community service
D. Criminal penalties

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program includes understanding the Sarbanes-Oxley Act (SOX), enacted in 2002 to enhance corporate governance and financial reporting accuracy. SOX imposes strict requirements on public companies and holds individuals (e.g., executives, accountants) accountable for misconduct, such as falsifying financial records or obstructing audits. Violations can result incriminal penalties, including fines and imprisonment, depending on the severity of the misconduct.
* Option A (Corporate dissolution): While SOX violations can lead to significant financial and reputational damage, corporate dissolution (complete closure of the company) is not a direct legal consequence specified in the Act. This option is incorrect.
* Option B (Criminal penalties): SOX includes provisions for criminal penalties, such as fines up to $5 million and imprisonment up to 20 years for willful violations (e.g., falsifying records under Section
802). This is the correct answer.
* Option C (Industry blacklisting): There is no formal "industry blacklisting" mechanism in SOX.
While individuals may face reputational damage or debarment from certain roles, this is not a legal consequence. This option is incorrect.
* Option D (Community service): SOX does not prescribe community service as a penalty for misconduct. Penalties are financial or custodial (fines, imprisonment). This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Complianceexplains that "the Sarbanes-Oxley Act imposes criminal penalties, including fines and imprisonment, for misconduct such as falsifying financial records or obstructing audits." Thetraining video discusses SOX's impact on AP, noting that internal controls must prevent fraudulent reporting to avoid penalties under sections like 906 (certification of financial reports) and 802 (document tampering).

NEW QUESTION # 90
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