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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Assigning a user name and password is one method of:

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

2. What is one department that can particularly benefit from specific insights provided by the vendor master file?

A) Purchasing
B) Mailroom
C) Audit
D) Manufacturing

3. Organizations most commonly use wire transfers for which of the following?

A) Rent or mortgage payments
B) Low dollar bulk payments
C) High dollar payments
D) Direct deposit of executive pay

4. Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:

A) Multiple reimbursements for the same expense
B) Lapping schemes for transportation cost
C) Personal expenses reported as business-related
D) Forged or modified travel receipts

5. What does the acronym "FIFO" mean?

A) Fifty Invested, Five Optioned
B) Final Invoice For Offset
C) Fraud In Financial Operations
D) First In, First Out

Solutions: