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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q58-Q63):

NEW QUESTION # 58
Cash management refers to an organization's management of which of the following?

A. Inflow and outflow of funds
B. Payroll disbursements
C. Enterprise resource planning systems
D. Payment terms

Answer: A

Explanation:
Cash management refers to an organization's processes for managing the inflow and outflow of funds to optimize liquidity, ensure financial stability, and meet operational needs. This includes overseeing cash receipts, payments, and forecasting cash flow. While payment terms (Option A) and payroll disbursements (Option B) are components of cash management, they are not the comprehensive definition. Enterprise resource planning systems (Option C) are tools that may support cash management but are not the definition itself.
The web source from Corcentric states: "Cash management involves managing an organization's inflow and outflow of funds to maintain liquidity and meet financial obligations." This directly supports Option D.
The IOFM APS Certification Program covers "Payments," including cash management principles as they relate to AP processes. The curriculum's focus on "peer-tested best practices" aligns with the definition of cash management as managing cash inflows and outflows.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Cash management involves managing an organization's inflow and outflow of funds"

NEW QUESTION # 59
Which of the following is necessary to prepare a 1099?

A. A TIN for all reportable vendors
B. A W-2 for all reportable vendors
C. A W-4 for all reportable vendors
D. A PTIN for all reportable vendors

Answer: A

Explanation:
The preparation of IRS Form 1099 (e.g., 1099-MISC, 1099-NEC) is a critical component of theTax and Regulatory Compliancetopic in the IOFM APS Certification Program. Form 1099 is used to report payments made to non-employees, such as independent contractors, vendors, or other entities, for services rendered, typically when payments exceed $600 in a calendar year. To prepare a 1099, the payer (e.g., the organization' s AP department) must obtain the payee'sTaxpayer Identification Number (TIN), which can be either an Employer Identification Number (EIN) for businesses or a Social Security Number (SSN) for individuals. The TIN is collected via IRS Form W-9, which vendors must provide to the payer.
* Option A (PTIN): A Preparer Tax Identification Number (PTIN) is used by tax preparers who file tax returns on behalf of others. It is not required for vendors or payees when preparing a 1099. This option is incorrect.
* Option B (W-4): Form W-4 is used by employees to indicate withholding preferences for federal income tax from their wages. Since 1099 forms are for non-employees (e.g., contractors), a W-4 is irrelevant. This option is incorrect.
* Option C (TIN): The TIN is mandatory for 1099 reporting. The IRS requires the payee's TIN to be included on the 1099 form to track payments and ensure tax compliance. If a vendor fails to provide a TIN, the payer may be required to implement backup withholding (e.g., 24% as of 2025). This is the correct answer.
* Option D (W-2): Form W-2 is used to report wages paid to employees, not payments to vendors or contractors. Since 1099 forms are for non-employee compensation, a W-2 is not applicable. This option is incorrect.
Reference to IOFM APS Documents: The IOFM APS e-textbook and training video under theTax and Regulatory Compliancesection emphasize the importance of collecting a valid TIN via Form W-9 for 1099 reporting. TheMaster Guide to Form 1099 Compliance, a recommended IOFM resource, details the IRS requirements for TIN collection and backup withholding. Specifically, it states that "a valid TIN is required for all reportable payments to avoid IRS penalties and ensure accurate 1099 filing." Additionally, the APS curriculum covers IRS regulations, including the need to process "B Notices" when TINs are missing or incorrect, reinforcing the centrality of the TIN in 1099 preparation.

NEW QUESTION # 60
Which of the following techniques is NOT recommended to help protect confidential data?

A. When leaving your work area even briefly, lock your computer down
B. When approached at your desk, turn off your monitor and turn papers face down
C. Save reports to a portable USB drive and give that to the requestor instead of emailing them
D. Shred unneeded paper documents or put them in a secure disposal container

Answer: C

Explanation:
Protecting confidential data in accounts payable requires secure practices to prevent unauthorized access.
Locking your computer when leaving your work area (Option A), turning off your monitor and securing papers when approached (Option C), and shredding or securely disposing of unneeded documents (Option D) are recommended techniques to safeguard sensitive information. However, saving reports to a portable USB drive and giving it to a requestor (Option B) is not recommended, as USB drives are easily lost, stolen, or compromised, posing a significant security risk compared to secure email or file-sharing systems.
The web source from Esker states: "To protect confidential AP data, lock computers when unattended, secure physical documents, and use secure disposal methods. Avoid using portable devices like USB drives for data transfer due to security risks." This directly supports Options A, C, and D, while identifying Option B as an insecure practice.
The IOFM APS Certification Program covers "Internal Controls," including data security practices. The curriculum's emphasis on "peer-tested best practices" aligns with secure data handling, ruling out the use of USB drives for sensitive reports.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "To protect confidential AP data, lock computers when unattended, secure physical documents...
Avoid using portable devices like USB drives"

NEW QUESTION # 61
Evaluated Receipt Settlement (ERS) payments are made based on the quantity reflected on which of the following?

A. Receiving Documents
B. Purchase Order
C. Supplier Invoice
D. Advanced Shipping Notice

Answer: A

Explanation:
Evaluated Receipt Settlement (ERS) is a payment process that eliminates the need for a supplier invoice by triggering payments based on the purchase order (PO) and receiving documents. The quantity of goods received, as confirmed by the receiving documents (e.g., goods received note or delivery receipt), determines the payment amount, ensuring that payments reflect only what was actually delivered.
The web source from Esker states: "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." The Corcentric source further clarifies: "ERS uses the PO to establish the agreed-upon price and quantity, but the actual payment is based on the quantity received, as verified by the receiving documents." This confirms that the receiving documents provide the critical data on the quantity delivered, which drives the ERS payment.
* Supplier Invoice (A)is incorrect, as ERS eliminates the need for invoices.
* Purchase Order (B)specifies the ordered quantity and price but does not confirm actualreceipt.
* Advanced Shipping Notice (D)provides pre-delivery information but is not the final confirmation of received goods.
The IOFM APS Certification Program covers "Payments," including ERS as a streamlined payment method.
The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the industry standard that ERS payments are based on receiving documents.
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 uses the PO to establish the agreed-upon price and quantity, but the actual payment is based on the quantity received"

NEW QUESTION # 62
In the U.S., what is the best way to verify a vendor's business registration?

A. Send a letter to the vendor requesting written confirmation that the registration is up-to-date
B. Submit a request to the Internal Revenue Service to do a Form 1120 search
C. Require a sworn affidavit from the vendor's financial institution
D. Check the database of the Secretary of State where the vendor is registered

Answer: D

Explanation:
TheVendor Master Filetopic in the APS Certification Program covers vendor validation to ensure legitimacy and prevent fraud. The best way to verify a vendor's business registration in the U.S. is tocheck the database of the Secretary of Statein the state where the vendor is registered, as this provides authoritative, public confirmation of the vendor's legal status and registration details.
* Option A (Send a letter to the vendor requesting written confirmation): Incorrect. Vendor-provided confirmation is less reliable, as it may be falsified, and is not authoritative.
* Option B (Submit a request to the IRS to do a Form 1120 search): Incorrect. Form 1120 is a corporate tax return, not a business registration record, and the IRS does not provide registration verification services.
* Option C (Require a sworn affidavit from the vendor's financial institution): Incorrect. Financial institutions do not typically provide affidavits for business registration, and this is not a standard practice.
* Option D (Check the database of the Secretary of State where the vendor is registered): Correct.
Secretary of State databases offer verifiable, public records of business registration, the most reliable method.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "To verify a vendor's business registration, check the Secretary of State database in the vendor's state of incorporation for authoritative confirmation." The training video notes, "The best practice for validating vendor legitimacy is accessing Secretary of State records online to confirm registration details."

NEW QUESTION # 63
......

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