IOFM APS

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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?

A) It enables procurement to use the data for spend analysis
B) It automatically generates a price comparison to other similar vendors
C) It prevents a duplicate vendor from being entered
D) It indicates which team member created the new record

2. Which of the following is a part of a successful ERS (Evaluated Receipt Settlement) program?

A) Exclusion of early pay discounts
B) Use of pro forma purchase orders
C) Receiving a complete invoice with the shipment
D) Billing of miscellaneous charges separately

3. The acronym GAAP stands for which of the following?

A) General Accounting Administration Program
B) Government Accounting Actuarial Program
C) Generally Accepted Accounting Principles
D) Government Accounting Acceptance Principles

4. Which U.S. government organization publishes "per diem" travel guidelines?

A) Federal Reserve Board
B) Department of Treasury
C) Department of Commerce
D) General Services Administration

5. Good vendor master file practices include each of the following, EXCEPT:

A) Finding and consolidating duplicate vendors
B) Blocking inactive vendors after a certain period
C) Deleting and re-entering vendors that move
D) Having a vendor verification program

Solutions: