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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q16-Q21):

NEW QUESTION # 16
Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:

A. Requiring a W-9
B. Verifying that vendors are bonded
C. Checking government sanction lists
D. Confirmation of a physical address

Answer: B

Explanation:
TheVendor Master Filetopic in the APS Certification Program emphasizes fraud prevention through robust vendor validation processes. Key practices include confirming a vendor's physical address, checking government sanction lists (e.g., OFAC), and requiring a W-9 to verify tax identification numbers (TINs).
However,verifying that vendors are bonded(i.e., insured against financial loss) is not a standard requirement for vendor fraud prevention, as it is more relevant to specific industries (e.g., construction) and not universally applicable.
* Option A (Confirmation of a physical address): Verifying a physical address ensures the vendor is a legitimate entity, reducing the risk of fraudulent shell companies. This is a key practice.
* Option B (Verifying that vendors are bonded): Bonding is not a standard AP requirement for fraud prevention. It may apply to certain vendors (e.g., contractors), but it is not essential for all vendor fraud prevention programs. This is the correct answer.
* Option C (Checking government sanction lists): Checking lists like OFAC (Office of Foreign Assets Control) ensures compliance with regulations and prevents payments to sanctioned entities, a critical fraud prevention step. This is a key practice.
* Option D (Requiring a W-9): A W-9 provides the vendor's TIN, enabling verification with the IRS to prevent fraudulent identities and ensure tax compliance. This is a key practice.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filelists "confirming physical addresses, checking sanction lists, and requiring W-9 forms" as essential for vendor fraud prevention. It notes that "bonding is not a universal requirement for vendor validation,though it may be relevant for specific contracts." The training video emphasizes vendor verification processes, highlighting address checks, sanction list reviews, and W-9 requirements but not bonding.

NEW QUESTION # 17
The general rule for determining independent contractor status looks at evidence in each of the following categories, EXCEPT:

A. The amount of control the employer has over the worker's finances
B. The job title assigned to the worker
C. The type of relationship established between the parties
D. The degree of control the employer exercises over the worker's work results

Answer: B

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers IRS guidelines for determining independent contractor status, critical for 1099 reporting and avoiding worker misclassification.
The IRS uses three categories:Behavioral Control(degree of controlover work results),Financial Control (control over finances, e.g., payment terms, investment in tools), andType of Relationship(contract terms, permanency). Thejob titleassigned is not a factor, as status depends on actual work arrangements, not labels.
* Option A (The degree of control the employer exercises over the worker's work results): Part of Behavioral Control, assessing how much the employer directs the worker's tasks. This is a valid category.
* Option B (The amount of control the employer has over the worker's finances): Part of Financial Control, evaluating payment methods, expense reimbursement, and worker investment. This is a valid category.
* Option C (The job title assigned to the worker): Not a factor. The IRS focuses on the nature of the work relationship, not the title (e.g., "contractor" vs. "employee"). Correct answer.
* Option D (The type of relationship established between the parties): Part of Type of Relationship, considering contracts, benefits, and permanency. This is a valid category.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"IRS independent contractor status is determined by Behavioral Control, Financial Control, and Type of Relationship, not by job titles, which are irrelevant to actual work arrangements." The training video explains,
"Job titles don't determine contractor status; the IRS looks at control and relationship factors."

NEW QUESTION # 18
A copy of front and back of the original check, which is legally the same as the original check, is termed a substitute check or:

A. A negotiated bank draft
B. An electronic conversion order
C. A surrogate financial instrument
D. An image replacement document

Answer: D

Explanation:
A substitute check, created under the Check Clearing for the 21st Century Act (Check 21), is a paper reproduction of the front and back of an original check, legally equivalent to the original for processing purposes. It is also known as animage replacement document (IRD), as it replaces the original check with a digital image-based substitute. This facilitates faster check clearing through electronic processing.
The web source from NetSuite states: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check, legally equivalent to the original, created under Check
21." This directly supports Option D. The other options are incorrect:
* Electronic conversion order (A)is not a recognized term.
* Surrogate financial instrument (B)is not a standard term for substitute checks.
* Negotiated bank draft (C)refers to a different financial instrument.
The IOFM APS Certification Program covers "Payments," including check processing and Check 21 regulations. The curriculum's focus on "peer-tested best practices" aligns with the definition of a substitute check as an image replacement document.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments NetSuite: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check"

NEW QUESTION # 19
Detective controls do which of the following? I. Establish segregation of duties; II. Look for errors and irregularities; III. Determine if preventive controls are effective.

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

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program explains that detective controls are designed to identify errors, fraud, or control failures after they occur. They include activities like reviewing transactions for irregularities and assessing the effectiveness of preventive controls.Segregation of duties, however, is a preventive control, not a detective one, as it prevents fraud by dividing responsibilities.
* Item I (Establish segregation of duties): Segregation of duties prevents fraud by ensuring no single employee controls all aspects of a transaction (e.g., invoice approval and payment). This is a preventive control, not detective.
* Item II (Look for errors and irregularities): Detective controls, such as account reconciliation or audits, identify errors or fraudulent activities after they occur. This is a valid function.
* Item III (Determine if preventive controls are effective): Detective controls, like monitoring or control testing, assess whether preventive controls (e.g., vendor validation) are working. This is a valid function.
* Option A (I, II, and III): Incorrect, as Item I is a preventive control.
* Option B (I and III only): Incorrect, as Item I is not a detective control function.
* Option C (II and III only): Correct, as Items II and III describe detective control functions.
* Option D (I and II only): Incorrect, as Item I is not a detective control function.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "Detective controls, such as audits and reconciliations, look for errors and irregularities and evaluate the effectiveness of preventive controls." It clarifies that "segregation of duties is a preventive control to avoid conflicts of interest." The training video discusses detective controls as tools for "post-transaction review and control assessment," excluding segregation of duties.

NEW QUESTION # 20
All of the following are areas in which accounts payable has a significant influence EXCEPT:

A. Vendor relationships
B. Cash management
C. Inventory turnover
D. Financial statements

Answer: C

Explanation:
TheInternal Controlstopic in the IOFM APS Certification Program emphasizes the role of accounts payable (AP) in managing financial processes, ensuring compliance, and supporting organizational objectives. AP has a significant influence on several key areas, including vendor relationships (through timely payments and communication), cash management (by optimizing payment timing and methods), and financial statements (by ensuring accurate recording of liabilities and expenses). However, AP typically has minimal direct influence oninventory turnover, which is more closely tied to supply chain and inventory management functions.
* Option A (Inventory turnover): Inventory turnover measures how quickly a company sells and replaces its inventory. While AP processes payments for inventory purchases, it does not directly control inventory levels, purchasing decisions, or sales velocity, which are managed by procurement and sales teams. This is the correct answer, as it is the exception.
* Option B (Vendor relationships): AP directly influences vendor relationships by ensuring timely and accurate payments, resolving disputes, and maintaining vendor master file data. This is a core AP responsibility, so it is not the exception.
* Option C (Cash management): AP plays a critical role in cash management by scheduling payments to optimize cash flow, using electronic payments, and implementing positive pay to prevent fraud. This is a key AP function, so it is not the exception.
* Option D (Financial statements): AP impacts financial statements by recording invoices (affecting liabilities and expenses) and payments (affecting cash and liabilities). Accurate AP processes ensure reliable financial reporting, so this is not the exception.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlshighlights AP's role in
"supporting financial integrity through accurate transaction recording and cash flow management." It notes that AP professionals manage vendor payments and cash outflows, directly affecting vendor relationships, cash management, and financial statement accuracy. However, inventory turnover is described as a supply chain metric, outside AP's primary scope. The IOFM training video reinforces this by focusing on AP's responsibilities in payment processing and financial reporting, with no mention of inventory turnover as a direct AP function.

NEW QUESTION # 21
......

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