IOFM : APS Questions & Answers
Last Updated: Oct 11, 2026
No. of Questions: 102 Questions & Answers with Testing Engine
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IOFM APS Practice Q&A's
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IOFM APS Exam Overview:
| Certification Vendor: | IOFM |
|---|---|
| Exam Name: | Accredited Payables Specialist (APS) Certification Exam |
| Exam Number: | APS |
| Certificate Validity Period: | Annual renewal required (15 CEUs) |
| Related Certifications: | Accredited Payables Manager (APM) |
| Exam Format: | Multiple Choice |
| Passing Score: | Pass/Fail (Specific score not disclosed) |
| Exam Price: | $995.00 |
| Available Languages: | English |
| Exam Duration: | 90 minutes |
| Real Exam Qty: | 100 |
| Sample Questions: | DOWNLOAD DEMO |
| Exam Way: | Online (Self-Study) or In-Person (Conference) |
| Pre Condition: | Degree + Years of Experience: No degree (3 yrs), Associate (2 yrs), Bachelor (1 yr). |
| Official Syllabus URL: | https://www.iofm.com/certification/aps |
IOFM APS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: T&E (Travel and Expense) | |
| Topic 2: Invoices | |
| Topic 3: Technology and Automation | |
| Topic 4: Internal Controls | |
| Topic 5: Tax and Regulatory | |
| Topic 6: Vendor Master File | |
| Topic 7: Payments |
Preparing for APS on a Busy Schedule
- T&E (Travel and Expense) ()
- Internal Controls ()
- Technology and Automation ()
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
According to the ACFE, which of the following is the most common type of fraud scheme?
- A. Intellectual property fraud
- B. Financial misstatement
- C. Asset misappropriation
- D. Corruption (bribery)
Correct Answer: C π³οΈ
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What is the current thinking on the practice of maintaining a petty cash fund?
- A. It's considered a best practice within service organizations and consulting businesses
- B. It should be maintained by an executive in the treasury department
- C. It's practically obsolete and should be eliminated, if possible
- D. Three separate individuals should sign off on disbursements
Correct Answer: C π³οΈ
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To minimize fraud risk before adding a new vendor to the master vendor file, you should do which of the following? I. Check the vendor against government sanction lists; II. See if the vendor's address matches any of the organization's locations; III. Verify the vendor's business registration.
- A. I and II only
- B. II only
- C. I only
- D. I, II, and III
Correct Answer: D π³οΈ
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When auditing expense reports, one thing to pay particular attention to is:
- A. Restaurant receipts that include client names
- B. Highly itemized receipt details
- C. Amounts just below the approval threshold
- D. Airfare expenses in combination with hotel costs
Correct Answer: C π³οΈ
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What is an efficient way to handle vendor contact information in the VMF that is likely to change frequently?
- A. Conduct a thorough audit of vendor names and addresses semiannually and make all changes discovered
- B. Assign an individual to review the contact information for these vendors on a weekly basis
- C. Include only the vendor web address in the VMF and check online to find the right contact as needed
- D. Include in the vendor contract that you must be notified of any personnel changes in writing
Correct Answer: D π³οΈ
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