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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q61-Q66):

NEW QUESTION # 61
Assigning a user name and password is one method of:

A. Optical character recognition
B. Security lockdown
C. Robotic process automation
D. Data authentication

Answer: D

Explanation:
Assigning a user name and password is a method ofdata authentication, which verifies the identity of users accessing systems or data to ensure only authorized individuals can perform actions. This is a fundamental security control in accounts payable to protect sensitive financial information. Optical character recognition (Option A) is used for extracting data from documents, robotic process automation (Option B) automates repetitive tasks, and security lockdown (Option D) refers to broader measures like restricting system access during a breach, not specifically user authentication.
The web source from Esker states: "Data authentication, such as assigning user names and passwords, ensures that only authorized personnel can access sensitive AP systems and data." This directly supports Option C.
The IOFM APS Certification Program covers "Internal Controls," including security measures like authentication to protect AP processes. The curriculum's focus on "peer-tested best practices" aligns with using user names and passwords as a standard authentication method.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Data authentication, such as assigning user names and passwords, ensures that only authorized personnel can access sensitive AP systems"

NEW QUESTION # 62
Procurement card (P-card) issuers offer rebates according to:

A. Number of individual transactions
B. Volume of spend
C. Quantity of cards issued
D. Frequency of use

Answer: B

Explanation:
Procurement cards (P-cards) are corporate credit cards used for business purchases, and issuers often offer rebates or incentives to encourage their use. These rebates are typically based on the volume of spend, meaning the total dollar amount charged to the P-card over a specified period. This incentivizes organizations to consolidate more purchases on the card, benefiting both the issuer (through transaction fees) and the organization (through rebates).
The web source from Corcentric states: "P-card issuers commonly offer rebates based on the total volume of spend, encouraging organizations to increase card usage for eligible purchases." This confirms that rebates are tied to the dollar amount spent (Option A), not the number of transactions (Option B), frequency of use (Option C), or number of cards issued (Option D).
The IOFM APS Certification Program covers "Payments," including P-card programs and their benefits. The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the industry standard that rebates are based on spend volume, as this drives cost savings and program efficiency.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "P-card issuers commonly offer rebates based on the total volume of spend"

NEW QUESTION # 63
Which AP function is typically NOT considered a good candidate for business process outsourcing (BPO)?

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

Answer: D

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 # 64
What is the current thinking on the practice of maintaining a petty cash fund?

A. Three separate individuals should sign off on disbursements
B. It should be maintained by an executive in the treasury department
C. It's practically obsolete and should be eliminated, if possible
D. It's considered a best practice within service organizations and consulting businesses

Answer: C

Explanation:
The current thinking on maintaining a petty cash fund is that it ispractically obsolete and should be eliminated, if possible, due to the availability of more efficient and secure alternatives, such as payment cards or electronic reimbursements. Petty cash funds are prone to mismanagement, theft, and lack of oversight, and modern AP practices favor digital solutions for small transactions.
The web source from SAP Concur states: "Petty cash funds are increasingly considered obsolete, as payment cards and electronic reimbursements offer more secure and trackable alternatives for small transactions." This directly supports Option A. The other options are incorrect:
* Option B: Requiring three individuals to sign off is excessive and not a standard practice.
* Option C: Petty cash is not considered a best practice, even in service or consulting businesses.
* Option D: Petty cash is typically managed by AP or administrative staff, not treasury executives.
The IOFM APS Certification Program covers "Internal Controls," including best practices for managing small transactions. The curriculum's focus on "peer-tested best practices" aligns with the trend toward eliminating petty cash in favor of modern payment methods.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls SAP Concur: "Petty cash funds are increasingly considered obsolete, as payment cards and electronic reimbursements offer more secure alternatives"

NEW QUESTION # 65
On a procurement card statement, which of the following levels of purchase detail is necessary in order to conduct spend analysis?

A. Level 1 detail
B. Level 2 detail
C. Level 3 detail
D. Level 4 detail

Answer: C

Explanation:
Procurement card (P-card) statements provide purchase data at different levels of detail. Level 3 detail includes comprehensive transaction information, such as itemized descriptions, quantities, unit prices, and merchant category codes, making it suitable for conducting spend analysis to track spending patterns and optimize procurement strategies. Level 1 provides basic data (e.g., merchant name, amount), and Level 2 includes additional data (e.g., tax amounts), but neither is sufficient for detailed analysis. Level 4 is not a standard term in P-card reporting.
The web source from Corcentric explains: "Level 3 data on P-card statements includes detailed transaction information, such as line-item details and quantities, enabling organizations to perform robust spend analysis." This confirms that Level 3 detail (Option C) is necessary for spend analysis.
The IOFM APS Certification Program covers "Payments," including P-card program management and reporting. The curriculum's focus on "peer-tested best practices" supports the use of Level 3 data for effective spend analysis in P-card programs.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Level 3 data on P-card statements includes detailed transaction information, enabling spend analysis"

NEW QUESTION # 66
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APS Latest Dumps Pdf - APS Discount Code

IOFM APS Practice Test - Free Updated Demo (2025)

IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q61-Q66):

APS Real Exam Questions in Three Formats

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