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Vce IOFM APS Format & New APS Study Materials
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Free PDF Quiz 2025 Fantastic APS: Vce Accredited Payables Specialist (APS) Certification Exam Format
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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q76-Q81):
NEW QUESTION # 76
According to the IRS definition of an accountable plan, how much time is given an employee to adequately account for business expenses after they are incurred?
- A. 60 days
- B. 30 days
- C. 90 days
- D. 120 days
Answer: A
Explanation:
An accountable plan, as defined by the Internal Revenue Service (IRS), is a reimbursement or allowance arrangement that meets specific requirements to ensure business expenses are properly documented and not treated as taxable income. One key requirement is that employees must adequately account for their expenses within a reasonable period. According to IRS guidelines, employees must submit expense reports or other documentation within 60 days after the expenses are incurred to meet the "reasonable period" standard.
The web source from the IRS states: "Under an accountable plan, employees must adequately account to the employer for their expenses within a reasonable period of time. The IRS considers 60 days after the expense was paid or incurred to be a reasonable period for accounting." This directly supports Option B (60 days). The other options (120 days, 30 days, 90 days) do not align with the IRS's specific timeframe for accounting under an accountable plan.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including IRS regulations related to expense reimbursements. The curriculum's focus on "peer-tested best practices" and compliance with federal tax laws includes understanding the requirements of an accountable plan, such as the 60-day rule for expense accounting.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance IRS: "Under an accountable plan, employees must adequately account to the employer for their expenses within a reasonable period of time. The IRS considers 60 days after the expense was paid or incurred to be a reasonable period."
NEW QUESTION # 77
Which of the following are data security concerns?
- A. I and III only (What data is being accessed; For what purpose the data is being used)
- B. II and III only (Who is accessing the data; For what purpose the data is being used)
- 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 II only (What data is being accessed; Who is accessing the data)
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 # 78
Assigning a user name and password is one method of:
- A. Data authentication
- B. Robotic process automation
- C. Optical character recognition
- D. Security lockdown
Answer: A
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 # 79
Organizations most commonly use wire transfers for which of the following?
- A. Rent or mortgage payments
- B. Low dollar bulk payments
- C. Direct deposit of executive pay
- D. High dollar payments
Answer: D
Explanation:
Wire transfers are a secure and immediate payment method typically used for high-value transactions due to their reliability and speed, despite higher transaction fees compared to other methods like ACH. Organizations commonly use wire transfers for high dollar payments, such as large vendor payments, international transactions, or critical one-time payments.
The web source from Corcentric explains: "Wire transfers are often used for high-value payments where speed and security are critical, such as large supplier payments or international transactions." This aligns with Option B.
* Direct deposit of executive pay (A)is typically handled via ACH for regular payroll.
* Low dollar bulk payments (C)are more cost-effectively processed via ACH or checks.
* Rent or mortgage payments (D)may use wire transfers in some cases but are not the most common use.
The IOFM APS Certification Program covers "Payments," including payment methods like wire transfers.
The curriculum's focus on "peer-tested best practices" supports the use of wire transfers for high dollar payments due to their security and immediacy.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Wire transfers are often used for high-value payments where speed and security are critical"
NEW QUESTION # 80
Examples of preventive controls include each of the following EXCEPT:
- A. Account reconciliation
- B. Dollar limits on use of P-card
- C. Use of approved vendor lists
- D. T&E expenditure guidelines
Answer: A
Explanation:
TheInternal Controlstopic in the APS Certification Program distinguishes between preventive and detective controls. Preventive controls are proactive measures designed to stop errors or fraud before they occur, such as approved vendor lists, P-card limits, and T&E guidelines.Account reconciliation, however, is a detective control, as it identifies errors or discrepancies after transactions have occurred.
* Option A (Use of approved vendor lists): Approved vendor lists prevent unauthorized payments by ensuring only validated vendors are paid. This is a preventive control.
* Option B (Dollar limits on use of P-card): Dollar limits restrict P-card spending, preventing unauthorized or excessive purchases. This is a preventive control.
* Option C (T&E expenditure guidelines): T&E guidelines set rules for allowable expenses, preventing non-compliant spending. This is a preventive control.
* Option D (Account reconciliation): Reconciliation involves reviewing accounts to detect errors or fraud after transactions are recorded. This is a detective control, not preventive. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsdefines preventive controls as "measures like approved vendor lists, P-card limits, and T&E policies that prevent errors or fraud." It contrasts these with detective controls, stating, "Account reconciliation is a detective control that identifies discrepancies post-transaction." The training video reinforces this by listing preventive controls in AP and citing reconciliation as a detective measure.
NEW QUESTION # 81
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