APS NEW EXAM BRAINDUMPS | AUTHENTIC APS EXAM QUESTIONS

APS New Exam Braindumps | Authentic APS Exam Questions

APS New Exam Braindumps | Authentic APS Exam Questions

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q75-Q80):

NEW QUESTION # 75
Which of the following is a part of a successful ERS (Evaluated Receipt Settlement) program?

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

Answer: B

Explanation:
Evaluated Receipt Settlement (ERS) is a payment process where invoices are not required from the vendor.
Instead, payment is triggered based on the purchase order (PO) and receiving documents, streamlining the accounts payable process by eliminating invoice processing. A successful ERS program relies on accurate POs and receiving data, standardized pricing, and clear terms with vendors. The exclusion of early pay discounts is a key feature, as ERS payments are typically made on a fixed schedule based on receipt of goods, not invoice terms that include discount incentives.
The web source from Esker explains: "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. ERS eliminates the need for supplier invoices, reducing errors and costs." The source from Corcentric adds: "ERS is designed to streamline payments by using PO and receipt data, typically without early payment discounts, as payments are made on a predictable schedule." Early pay discounts are excluded because ERS prioritizes automation and predictability over negotiating variable payment terms.
The other options are incorrect:
* Billing of miscellaneous charges separately(Option A) complicates ERS, as it requires additional reconciliation outside the PO and receipt data.
* Receiving a complete invoice with the shipment(Option B) contradicts the ERS model, which eliminates the need for invoices.
* Use of pro forma purchase orders(Option D) is not standard, as ERS relies on firm POs, not provisional ones like pro forma POs.
The IOFM APS Certification Program covers "Payments," including advanced payment methods like ERS.
The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the industry standard that ERS programs exclude early pay discounts to ensure streamlined, predictable payments.
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 is designed to streamline payments by using PO and receipt data, typically without early payment discounts"


NEW QUESTION # 76
Filing for a VAT refund is difficult because: I. Invoices must include the name and address of the company filing for the refund; II. Only authorized agents may apply for the refunds; III. An original invoice must be submitted.

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

Answer: C

Explanation:
TheInvoicestopic in the APS Certification Program covers the complexities of value-added tax (VAT) refunds, particularly for businesses operating in VAT jurisdictions (e.g., EU). VAT refund processes are stringent, requiring specific invoice details like the company's name and address (Item I) and, in many cases, original invoices (Item III). However,only authorized agents applying for refunds (Item II)is not universally true, as businesses or their tax representatives can often file directly, depending on the jurisdiction.
* Item I (Invoices must include the name and address of the company filing for the refund): True.
VAT regulations (e.g., EU VAT Directive) require invoices to include the claimant's name and address to verify eligibility. This contributes to refund difficulty.
* Item II (Only authorized agents may apply for the refunds): Not universally true. While some jurisdictions allow or require agents, businesses can often file directly or designate representatives without mandating third-party agents. This does not consistently contribute to difficulty.
* Item III (An original invoice must be submitted): True. Many VAT jurisdictions require original invoices (or certified copies) to validate claims, increasing administrative burden and difficulty.
* Option A (II only): Incorrect, as Item II is not universally applicable, and Items I and III are valid.
* Option B (I only): Incorrect, as Item III also contributes to refund difficulty.
* Option C (I and III only): Correct, as Items I and III are standard requirements that make VAT refunds difficult.
* Option D (II and III only): Incorrect, as Item II is not a universal requirement.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesstates, "VAT refund processes are complex due to requirements like including the claimant's name and address on invoices and submitting original invoices." It notes that "while agents may assist, direct filing bybusinesses is often permitted, depending on the jurisdiction." The training video discusses VAT refunds, highlighting the need for "specific invoice details and original documents" as key challenges.


NEW QUESTION # 77
Regarding documents required to complete a three-way match, which is typically the most difficult to obtain in a timely manner?

  • A. P-card statement
  • B. Expense report
  • C. E-invoice
  • D. Receiving report

Answer: D

Explanation:
The three-way match is a critical accounts payable process that involves cross-referencing three documents:
the purchase order (PO), the supplier invoice, and the receiving report (or goodsreceived note/delivery receipt). This process ensures that payments are made only for goods or services that were ordered and delivered, preventing errors and fraud. The question asks which document is typically the most difficult to obtain in a timely manner.
The receiving report is often the most challenging to obtain promptly because it depends on the physical or logistical confirmation of goods or services delivered, which involves coordination with receiving or inventory departments outside the accounts payable team's direct control. Delays can occur due to manual processes, incomplete deliveries, or discrepancies in the quantity or quality of goods received, requiring additional verification. In contrast, the e-invoice is typically provided directly by the supplier, and the purchase order is an internal document generated by the purchasing department, both of which are generally more readily available. P-card statements and expense reports are not standard components of the three-way match, as they relate to different processes (procurement card transactions and employee reimbursements, respectively).
The source from NetSuite explains: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt. It reduces the chances of fraudulent invoices going undetected and, worse, being paid... A delivery receipt, or a receiving report, which confirms that the purchase was delivered, either in part or in full". Additionally, the Ramp source notes: "Goods received note (GRN): Proof of what was delivered," highlighting that this document requires verification from the receiving department, which can introduce delays.
No direct IOFM APS study guide extract specifically addresses the timeliness of obtaining the receiving report, but the general emphasis in IOFM materials on the importance of internal controls and process efficiency in the three-way match supports the conclusion that the receiving report's dependency on external departments makes it the most difficult to obtain promptly. The IOFM APS Certification Program covers
"Invoices" and "Internal Controls," which include best practices for managing the three-way match process, as noted in the IOFM course description: "Review peer-tested best practices for each phase of the payment process - from receipt of invoice, through processing and payment".
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices and Internal Controls NetSuite: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt" Ramp: "3-way matching-a process that cross-checks purchase orders (POs), goods received notes (GRNs), and invoices"


NEW QUESTION # 78
What is an important reason an organization's tolerance level for discrepancies between a PO and an invoice should be kept confidential?

  • A. To keep procurement alert to not making mistakes
  • B. To prevent vendor fraud
  • C. To allow overages to be deposited into a secure fund for executive use
  • D. To avoid scrutiny by internal audit

Answer: B

Explanation:
The tolerance level for discrepancies between a purchase order (PO) and an invoice refers to the acceptable variance (e.g., in price or quantity) that an organization allows before requiring additional approval or investigation. Keeping this tolerance level confidential is critical to prevent vendor fraud, as vendors could exploit knowledge of the tolerance to submit invoices with intentional discrepancies just within the acceptable range, leading to overpayments or unauthorized charges.
The web source from NetSuite highlights the importance of internal controls in invoice matching: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt. It reduces the chances of fraudulent invoices going undetected and, worse, being paid." While this source does not explicitly address confidentiality of tolerance levels, the emphasis on fraud prevention implies that exposing tolerance thresholds could undermine these controls. If vendors know the tolerance, they might adjust invoices to exploit it, bypassing scrutiny.
Options B, C, and D are incorrect. Keeping procurement alert (Option B) is a general goal but not directly tied to confidentiality of tolerance levels. Avoiding internal audit scrutiny (Option C) is not a legitimate reason, as internal audits ensure compliance. Option D (depositing overages into a fund) is unethical and unrelated to accounts payable processes.
The IOFM APS Certification Program covers "Internal Controls," which includes measures toprevent fraud and ensure accurate invoice processing. The program's focus on "peer-tested best practices" and fraud prevention, as noted in the curriculum description, supports the need to keep tolerance levels confidential to safeguard against vendor manipulation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls NetSuite: "Three-way matching is an AP process used to verify a supplier invoice by checking it against its corresponding purchase order and order receipt"


NEW QUESTION # 79
Which of the following describes the possible consequences for anyone engaging in misconduct relating to the Sarbanes-Oxley Act?

  • A. Community service
  • B. Corporate dissolution
  • C. Industry blacklisting
  • D. Criminal penalties

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program includes understanding the Sarbanes-Oxley Act (SOX), enacted in 2002 to enhance corporate governance and financial reporting accuracy. SOX imposes strict requirements on public companies and holds individuals (e.g., executives, accountants) accountable for misconduct, such as falsifying financial records or obstructing audits. Violations can result incriminal penalties, including fines and imprisonment, depending on the severity of the misconduct.
* Option A (Corporate dissolution): While SOX violations can lead to significant financial and reputational damage, corporate dissolution (complete closure of the company) is not a direct legal consequence specified in the Act. This option is incorrect.
* Option B (Criminal penalties): SOX includes provisions for criminal penalties, such as fines up to $5 million and imprisonment up to 20 years for willful violations (e.g., falsifying records under Section
802). This is the correct answer.
* Option C (Industry blacklisting): There is no formal "industry blacklisting" mechanism in SOX.
While individuals may face reputational damage or debarment from certain roles, this is not a legal consequence. This option is incorrect.
* Option D (Community service): SOX does not prescribe community service as a penalty for misconduct. Penalties are financial or custodial (fines, imprisonment). This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Complianceexplains that "the Sarbanes-Oxley Act imposes criminal penalties, including fines and imprisonment, for misconduct such as falsifying financial records or obstructing audits." Thetraining video discusses SOX's impact on AP, noting that internal controls must prevent fraudulent reporting to avoid penalties under sections like 906 (certification of financial reports) and 802 (document tampering).


NEW QUESTION # 80
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