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Last Updated: Sep 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 Syllabus Topics:
| Section | Objectives |
|---|---|
| Tax and Regulatory | |
| Invoices | |
| Internal Controls | |
| T&E (Travel and Expense) | |
| Technology and Automation | |
| Payments | |
| Vendor Master File |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
Which of the following are potential red flags for T&E expenses that fall outside of policy?
- A. I and III only (Charges for airline upgrades; Weekend stays)
- B. II and III only (Cab fares; Weekend stays)
- C. I only (Charges for airline upgrades)
- D. II only (Cab fares)
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Which of the following are incentives for automating accounts payable?
- A. I and II only (Reduced costs of handling paper; Better forecasting)
- B. II and III only (Better forecasting; Eliminating the need for audits)
- C. I and III only (Reduced costs of handling paper; Eliminating the need for audits)
- D. I, II, and III (Reduced costs of handling paper; Better forecasting; Eliminating the need for audits)
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Which of the following best describes ERP systems?
- A. They are popular methods of tracking continuous improvement
- B. They are payment systems designed exclusively for cryptocurrency
- C. They link together business functions with real-time data flow
- D. They provide a sophisticated means of fraud detection
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Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:
- A. Confirmation of a physical address
- B. Checking government sanction lists
- C. Verifying that vendors are bonded
- D. Requiring a W-9
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Which of the following is true about a recurring wire transfer?
- A. It must be made through CHIPS
- B. It is made for the same amount each time
- C. It is made to the same organization each time
- D. It is made at the same time each week
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