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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q36-Q41):
NEW QUESTION # 36
Payments by U.S. companies to U.S. unincorporated service providers must be reported to the IRS if they equal or exceed which of the following dollar amounts?
- A. $500
- B. $300
- C. $600
- D. $1,000
Answer: C
Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers IRS Form 1099 reporting requirements for payments to U.S. unincorporated service providers (e.g., independent contractors, freelancers). Payments for services totaling$600 or morein a calendar year must be reported on Form 1099- NEC (Nonemployee Compensation), ensuring the IRS can track income for tax purposes.
* Option A ($600): Correct. The IRS requires Form 1099-NEC for payments of $600 or more to unincorporated U.S. service providers, such as individuals or partnerships, for services rendered.
* Option B ($1,000): Incorrect. The $600 threshold applies, not $1,000.
* Option C ($500): Incorrect. The threshold is $600, not $500.
* Option D ($300): Incorrect. The threshold is $600, not $300.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"Payments of $600 or more to U.S. unincorporated service providers must be reported on Form 1099-NEC, per IRS regulations." TheMaster Guide to Form 1099 Compliancespecifies, "The $600 threshold applies to nonemployee compensation paid to individuals, sole proprietors, or partnerships, requiring a 1099-NEC filing." The training video reinforces this, noting, "AP ensures 1099-NEC forms are issued for payments of
$600 or more to track contractor income."
NEW QUESTION # 37
What is one reason special care must be taken when making changes to the vendor master file?
- A. Internal audit generally oversees this process and they must be consulted first
- B. This task is generally performed by those who have little training on data entry
- C. Some AP software solutions have been shown to corrupt data during this process
- D. Many instances of fraud are enabled by changes in the VMF
Answer: D
Explanation:
TheVendor Master Filetopic in the APS Certification Program underscores the need for careful management of VMF changes due to the high risk of fraud.Many instances of fraud, such as redirecting payments to fraudulent accounts, are enabled by unauthorized or unverified changes to vendor data (e.g., bank account details), making rigorous controls essential.
* Option A (Internal audit generally oversees this process and they must be consulted first):
Incorrect. While internal audit may review VMF changes, they do not typically oversee the process directly; AP owns the VMF.
* Option B (Many instances of fraud are enabled by changes in the VMF): Correct. Fraudulent changes, like altering bank details, are a common fraud vector, necessitating strict controls.
* Option C (This task is generally performed by those who have little training on data entry):
Incorrect. VMF changes are typically handled by trained AP staff, not untrained personnel.
* Option D (Some AP software solutions have been shown to corrupt data during this process):
Incorrect. There is no evidence in IOFM materials suggesting widespread software corruption issues specific to VMF changes.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Special care is required for VMF changes because many fraud schemes involve altering vendor data, such as bank accounts, to divert payments." The training video emphasizes, "Fraud is often enabled by unauthorized VMF changes, requiring strict verification and audit trails."
NEW QUESTION # 38
Which of the following is a part of a successful ERS (Evaluated Receipt Settlement) program?
- A. Use of pro forma purchase orders
- B. Receiving a complete invoice with the shipment
- C. Exclusion of early pay discounts
- D. Billing of miscellaneous charges separately
Answer: C
Explanation:
Evaluated Receipt Settlement (ERS) is a payment process where invoices are not required from the vendor.
Instead, payment is triggered based on the purchase order (PO) and receiving documents, streamlining the accounts payable process by eliminating invoice processing. A successful ERS program relies on accurate POs and receiving data, standardized pricing, and clear terms with vendors. The exclusion of early pay discounts is a key feature, as ERS payments are typically made on a fixed schedule based on receipt of goods, not invoice terms that include discount incentives.
The web source from Esker explains: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice from the supplier... Payments are triggered by the receipt of goods or services against a purchase order. ERS eliminates the need for supplier invoices, reducing errors and costs." The source from Corcentric adds: "ERS is designed to streamline payments by using PO and receipt data, typically without early payment discounts, as payments are made on a predictable schedule." Early pay discounts are excluded because ERS prioritizes automation and predictability over negotiating variable payment terms.
The other options are incorrect:
* Billing of miscellaneous charges separately(Option A) complicates ERS, as it requires additional reconciliation outside the PO and receipt data.
* Receiving a complete invoice with the shipment(Option B) contradicts the ERS model, which eliminates the need for invoices.
* Use of pro forma purchase orders(Option D) is not standard, as ERS relies on firm POs, not provisional ones like pro forma POs.
The IOFM APS Certification Program covers "Payments," including advanced payment methods like ERS.
The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the industry standard that ERS programs exclude early pay discounts to ensure streamlined, predictable payments.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Esker: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice from the supplier" Corcentric: "ERS is designed to streamline payments by using PO and receipt data, typically without early payment discounts"
NEW QUESTION # 39
All of the following are examples of key performance indicators (KPIs) EXCEPT:
- A. Cost per invoice
- B. Lost discounts
- C. Positive pay
- D. Invoices paid on time
Answer: C
Explanation:
TheInternal Controlstopic in the APS Certification Program includes understanding key performance indicators (KPIs) to measure AP department performance. KPIs are metrics that track efficiency, accuracy, and cost-effectiveness, such as invoices paid on time, cost per invoice, and lost discounts.Positive pay, however, is a fraud prevention tool, not a performance metric.
* Option A (Invoices paid on time): This is a KPI, measuring the percentage of invoices paid by their due date, reflecting AP efficiency and vendor relationship management.
* Option B (Positive pay): Positive pay is a banking service that matches issued checks against presented checks to prevent fraud. It is a control mechanism, not a KPI, as it does not measure performance. This is the correct answer.
* Option C (Cost per invoice): This is a KPI, calculating the average cost to process an invoice, used to assess operational efficiency.
* Option D (Lost discounts): This is a KPI, tracking missed early payment discounts, which indicates opportunities for cost savings.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlslists common AP KPIs, including "percentage of invoices paid on time, cost per invoice, and lost early payment discounts," as metrics to evaluate performance. It describes positive pay as "a fraud prevention tool under internal controls, not a performance indicator." The training video reinforces this by discussing KPIs for benchmarking and positive pay as a separate control mechanism.
NEW QUESTION # 40
Which of the following federal laws was passed in the U.S. after September 11, 2001, to expedite check clearing by allowing check truncation at any point in the check clearing process?
- A. Check 21
- B. Sarbanes-Oxley
- C. The Patriot Act
- D. Gramm-Leach-Bliley
Answer: A
Explanation:
The Check Clearing for the 21st Century Act (Check 21), passed in 2003, enables banks to process checks electronically by allowing check truncation, where a physical check can be converted into a digital image (substitute check) at any point in the clearing process. This expedites check clearing and reduces costs associated with physical check handling. The law was enacted after September 11, 2001, partly in response to disruptions in check processing caused by grounded air transport post-9/11.
The web source from Tipalti states: "Check 21, passed in 2003, allows check truncation by converting checks into electronic images, speeding up the clearing process." The other options areincorrect:
* The Patriot Act (B)focuses on anti-terrorism and money laundering.
* Gramm-Leach-Bliley (C)addresses financial privacy and was passed in 1999.
* Sarbanes-Oxley (D)deals with corporate governance and financial reporting, passed in 2002.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including regulations affecting payment processes. The curriculum's emphasis on "peer-tested best practices" includes understanding laws like Check 21 that impact check processing.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Tipalti: "Check 21, passed in 2003, allows check truncation by converting checks into electronic images"
NEW QUESTION # 41
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