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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q81-Q86):

NEW QUESTION # 81
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. I only
C. II only
D. I and III only

Answer: D

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 # 82
Which of the following is a part of a successful ERS (Evaluated Receipt Settlement) program?

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

Answer: C

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 # 83
What is a limitation typically associated with a blanket purchase order?

A. It must be settled with a same-day wire transfer
B. It is only issued for purchasing services, not for goods
C. It should only be created for a specific delivery date
D. It should not extend past a specified timeframe

Answer: D

Explanation:
A blanket purchase order (PO) is a long-term agreement with a supplier to purchase goods or services over a specified period, often used for recurring or high-volume purchases. A key limitation is that itshould not extend past a specified timeframe, as blanket POs are typically set for a defined duration (e.g., one year) to manage pricing, terms, and supplier commitments. Extending beyond this timeframe without renegotiation can lead to pricing discrepancies or supply chain issues.
The web source from NetSuite explains: "A blanket purchase order covers multiple deliveries over a set period, but it is limited by a specified timeframe to ensure pricing and terms remain valid." This directly supports Option B. The other options are incorrect:
* Option A: Blanket POs can be used for both goods and services, not just services.
* Option C: Payment terms for blanket POs vary and are not restricted to same-day wire transfers.
* Option D: Blanket POs are designed for multiple deliveries over time, not a specific delivery date.
The IOFM APS Certification Program covers "Invoices," including the use of purchase orders in invoice processing. The curriculum's focus on "peer-tested best practices" supports the understanding of blanket POs and their time-bound nature.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices NetSuite: "A blanket purchase order covers multiple deliveries over a set period, but it is limited by a specified timeframe"

NEW QUESTION # 84
The acronym GAAP stands for which of the following?

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

Answer: C

Explanation:
TheInternal Controlstopic in the APS Certification Program includes understanding foundational accounting standards, such asGenerally Accepted Accounting Principles (GAAP), which govern financial reporting in the U.S. GAAP provides a standardized framework for recording and reporting financial transactions, ensuring consistency and transparency, which is critical for AP processes like invoice recording and financial statement preparation.
* Option A (Government Accounting Acceptance Principles): Incorrect, as GAAP is not specific to government accounting and is not termed "acceptance principles."
* Option B (Government Accounting Actuarial Program): Incorrect, as GAAP is unrelated to actuarial programs or government-specific accounting.
* Option C (General Accounting Administration Program): Incorrect, as GAAP is a set of principles, not an administrative program.
* Option D (Generally Accepted Accounting Principles): Correct. GAAP is the standard framework for financial accounting, widely used by AP professionals to ensure accurate and compliant financial reporting.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsstates, "Generally Accepted Accounting Principles (GAAP) provide the rules and standards for financial reporting, ensuring that AP transactions are recorded consistently and transparently." The training video mentions GAAP in the context of internal controls, noting its role in maintaining financial statement accuracy and compliance with regulations like the Sarbanes-Oxley Act.

NEW QUESTION # 85
Regarding documents required to complete a three-way match, which is typically the most difficult to obtain in a timely manner?

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

Answer: B

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 # 86
......

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q81-Q86):

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