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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q60-Q65):

NEW QUESTION # 60
Which of the following is true about a recurring wire transfer?

A. It must be made through CHIPS
B. It is made at the same time each week
C. It is made to the same organization each time
D. It is made for the same amount each time

Answer: C

Explanation:
A recurring wire transfer is a payment set up to occur automatically on a regular schedule (e.g., weekly, monthly) to the same recipient organization, such as a vendor or service provider, often for fixed or variable amounts. The defining characteristic is that it ismade to the same organization each time, ensuring consistency in the recipient. The timing (Option A) and amount (Option C) may vary depending on the agreement, and the transfer is not required to use CHIPS (Option D), as wire transfers can be processed through other systems like Fedwire or SWIFT.
The web source from Tipalti states: "A recurring wire transfer is an automated payment to the same organization on a regular schedule, such as for rent or subscriptions, with amounts that may vary." This directly supports Option B.
The IOFM APS Certification Program covers "Payments," including wire transfers and recurring payment setups. The curriculum's focus on "peer-tested best practices" aligns with the definition of recurring wire transfers as payments to a consistent recipient.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Tipalti: "A recurring wire transfer is an automated payment to the same organization on a regular schedule" Notes on Corrections and Formatting:
The original questions contained formatting inconsistencies (e.g., options with "Q" or "O" prefixes, inconsistent punctuation, and parentheses errors in Question 72). These have been corrected to use standard A, B, C, D formatting and consistent wording.
Questions are categorized under the relevant IOFM APS main topics: Payments (Q71, Q73) and Internal Controls (Q72).
Since direct IOFM APS study guide extracts were not provided, answers rely on authoritative sources (Corcentric, SAP Concur, Tipalti) that align with IOFM's curriculum, supplemented by references to the APS program's topical coverage.
If you have access to the official IOFM APS e-textbook or study guide, cross-referencing the relevant sections (Payments, Internal Controls) is recommended for precise wording.

NEW QUESTION # 61
What is a "direct spend" invoice for?

A. Repairs
B. Inventory
C. Supplies
D. Material

Answer: B

Explanation:
A "direct spend" invoice pertains to expenditures directly tied to the production of goods or services, such as raw materials or inventory used in manufacturing or resale. In accounts payable, direct spend is distinguished from indirect spend, which covers operational expenses like supplies or repairs that support business operations but are not incorporated into the final product. The correct answer is "Inventory," as it directly relates to goods acquired for production or resale, aligning with the definition of direct spend.
According to the web source from SAP Concur: "Direct spend refers to the purchase of goods and services that are directly incorporated into a product being manufactured, such as raw materials... Indirect spend refers to expenses that support the operations of a business but are not directly included in the final product, such as utilities, office supplies, and facility maintenance." Inventory, particularly raw materials or goods for resale, is a core component of direct spend, whereas supplies (e.g., office supplies) and repairs (e.g., equipment maintenance) typically fall under indirect spend. The option "Material" could also be associated with direct spend, but "Inventory" is the more precise term in this context, as it encompasses materials used in production or sale.
The IOFM Accounts Payable Specialist (APS) Certification Program includes the topic of "Invoices," which covers invoice types and their purposes. While the IOFM study guide does not explicitly define "direct spend" in the provided sources, its focus on invoice processing and procurement processes implies familiarity with distinguishing direct and indirect spend. The curriculum's emphasis on "peer-tested best practices for each phase of the payment process" supports the standard industry definition provided by SAP Concur.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices SAP Concur: "Direct spend refers to the purchase of goods and services that are directly incorporated into a product being manufactured, such as raw materials"

NEW QUESTION # 62
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 and II only (What data is being accessed; Who is accessing the data)
C. I, II, and III (What data is being accessed; 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: C

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 # 63
To minimize fraud risk before adding a new vendor to the master vendor file, you should do which of the following? I. Check the vendor against government sanction lists; II. See if the vendor's address matches any of the organization's locations; III. Verify the vendor's business registration.

A. II only
B. I only
C. I and II only
D. I, II, and III

Answer: D

Explanation:
TheVendor Master Filetopic in the APS Certification Program emphasizes robust vendor validation to minimize fraud risk. Key practices include checking sanction lists, verifying addresses against internal locations to detect insider fraud, and confirming business registration to ensure legitimacy. All three actions (I, II, III) are standard fraud prevention measures.
* Item I (Check the vendor against government sanction lists): Essential to ensure compliance with regulations (e.g., OFAC) and avoid payments to sanctioned entities.
* Item II (See if the vendor's address matches any of the organization's locations): Critical to detect potential insider fraud, where employees create fake vendors using company addresses.
* Item III (Verify the vendor's business registration): Necessary to confirm the vendor is a legitimate, registered business, reducing the risk of payments to fraudulent entities.
* Option A (I only): Incorrect, as Items II and III are also essential.
* Option B (I, II, and III): Correct, as all three are key fraud prevention practices.
* Option C (II only): Incorrect, as Items I and III are also essential.
* Option D (I and II only): Incorrect, as Item III is also essential.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "To minimize fraud, verify new vendors by checking sanction lists, ensuring addresses don't match internal locations, and confirming business registration." The training video emphasizes, "Sanction checks, address verification, and business registration are critical to prevent fraudulent vendor setups."

NEW QUESTION # 64
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 prevents a duplicate vendor from being entered
C. It automatically generates a price comparison to other similar vendors
D. It enables procurement to use the data for spend analysis

Answer: D

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 # 65
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