100% PASS IOFM - APS THE BEST BOOK FREE

100% Pass IOFM - APS The Best Book Free

100% Pass IOFM - APS The Best Book Free

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q92-Q97):

NEW QUESTION # 92
IRS proposed penalties for missing or incorrect tax IDs on 1099 filings can be abated due to 'reasonable cause,' which can include each of the following, EXCEPT:

  • A. The organization's plan for improving the accuracy of future reporting
  • B. Documentation showing the error rate to be less than 5% of total 1099s
  • C. Proof of a successful TIN match prior to the date of assessment
  • D. Steps the organization has taken in an attempt to obtain the correct payee information

Answer: B

Explanation:
TheTax and Regulatory Compliancetopic in the IOFM APS Certification Program covers IRS penalties for
1099 filings and the criteria for penalty abatement under 'reasonable cause.' Reasonable cause can be established by demonstrating due diligence, such as obtaining a TIN match, documenting efforts to collect correct payee information, or outlining plans to improve future reporting. However,an error rate less than
5%is not a recognized IRS criterion for reasonable cause, as the IRS focuses on intent and effort, not specific error thresholds.
* Option A (Proof of a successful TIN match prior to the date of assessment): Valid. A TIN match with the IRS verifies payee information, demonstrating due diligence, which supports reasonable cause for abatement.
* Option B (Documentation showing the error rate to be less than 5% of total 1099s): Not valid. The IRS does not specify a percentage threshold (e.g., 5%) for penalty abatement. Reasonable cause depends on actions taken, not error rates. Correct answer.
* Option C (The organization's plan for improving the accuracy of future reporting): Valid. A documented plan to enhance compliance (e.g., improved TIN collection processes) shows intent to correct issues, supporting reasonable cause.
* Option D (Steps the organization has taken in an attempt to obtain the correct payee information)
* Valid. Documenting efforts like requesting W-9 forms or sending B Notices demonstrates due diligence, a key factor for reasonable cause.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"IRS penalties for incorrect 1099 filings can be abated for reasonable cause, including proof of TIN matching, efforts to obtain correct payee data, and plans for future compliance." TheMaster Guide to Form 1099 Complianceclarifies, "Reasonable cause does not include specific error rate thresholds like 5%; instead, it focuses on documented due diligence." The training video reinforces this, noting that "TIN matches and W-9 solicitations are key to penalty abatement."


NEW QUESTION # 93
Which of the following AP department procedures would reduce the number of vendor calls to the AP department?

  • A. I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
  • B. I and II only (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors)
  • C. I, II, and III (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
  • D. II and III only (Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)

Answer: A

Explanation:
Vendor calls to the accounts payable (AP) department often stem from inquiries about invoice status, payment timing, or discrepancies. Providing access to a supplier portal (Option I) allows vendors to check invoice and payment status online, reducing the need for direct contact. Including as much information as possible on the remittance advice (Option III) clarifies payment details, addressing common vendor questions. Assigning specific individuals to interact with specific vendors (Option II) may streamline internal processes but does not directly reduce vendor calls, as it does not provide vendors with self-service tools or additional information.
The web source from Esker states: "Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status in real-time... Detailed remittance advice with comprehensive payment information minimizes follow-up calls from vendors." This supports Options I and III. Option II is not mentioned as a direct method for reducing vendor calls, as it primarily affects internal AP workflows.
The IOFM APS Certification Program covers "Internal Controls," including strategies to improve AP efficiency and vendor relations. The curriculum's focus on "peer-tested best practices" aligns with using supplier portals and detailed remittance advice to minimize vendor inquiries.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status...
Detailed remittance advice minimizes follow-up calls"


NEW QUESTION # 94
Which of the following techniques is NOT recommended to help protect confidential data?

  • A. When approached at your desk, turn off your monitor and turn papers face down
  • B. Save reports to a portable USB drive and give that to the requestor instead of emailing them
  • C. When leaving your work area even briefly, lock your computer down
  • D. Shred unneeded paper documents or put them in a secure disposal container

Answer: B

Explanation:
Protecting confidential data in accounts payable requires secure practices to prevent unauthorized access.
Locking your computer when leaving your work area (Option A), turning off your monitor and securing papers when approached (Option C), and shredding or securely disposing of unneeded documents (Option D) are recommended techniques to safeguard sensitive information. However, saving reports to a portable USB drive and giving it to a requestor (Option B) is not recommended, as USB drives are easily lost, stolen, or compromised, posing a significant security risk compared to secure email or file-sharing systems.
The web source from Esker states: "To protect confidential AP data, lock computers when unattended, secure physical documents, and use secure disposal methods. Avoid using portable devices like USB drives for data transfer due to security risks." This directly supports Options A, C, and D, while identifying Option B as an insecure practice.
The IOFM APS Certification Program covers "Internal Controls," including data security practices. The curriculum's emphasis on "peer-tested best practices" aligns with secure data handling, ruling out the use of USB drives for sensitive reports.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "To protect confidential AP data, lock computers when unattended, secure physical documents...
Avoid using portable devices like USB drives"


NEW QUESTION # 95
When dealing with a rush payment, which of the following are acceptable practices? I. Allow the payment to be picked up by the vendor; II. Insist on making the payment electronically; III. Mail the payment.

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

Answer: B

Explanation:
ThePaymentstopic in the APS Certification Program covers best practices for handling rush payments, which require expedited processing while maintaining security and compliance. Acceptable practices include allowing vendors to pick up payments (with proper controls) and prioritizing electronic payments for speed and security.Mailing the paymentis generally not suitable for rush payments due to delivery delays.
* Item I (Allow the payment to be picked up by the vendor): Acceptable, provided strict controls (e.g., ID verification) are in place to ensure the correct recipient collects the payment.
* Item II (Insist on making the payment electronically): Acceptable and preferred, as electronic payments (e.g., ACH, wire transfers) are fast, secure, and trackable, ideal for rush scenarios.
* Item III (Mail the payment): Not acceptable for rush payments, as mailing introduces delays (e.g., 2-
5 days), undermining the urgency.
* Option A (II and III only): Incorrect, as Item III is not suitable for rush payments.
* Option B (I, II, and III): Incorrect, as Item III is not suitable.
* Option C (I and II only): Correct, as Items I and II are acceptable rush payment practices.
* Option D (I and III only): Incorrect, as Item III is not suitable.
Reference to IOFM APS Documents: The APS e-textbook underPaymentsstates, "For rush payments, electronic payments are preferred for speed and security, and vendor pickup is acceptable with controls, but mailing is not suitable due to delays." The training video notes, "Rush payments should leverage ACH or wire transfers, or controlled pickup, avoiding mail to meet urgent deadlines."


NEW QUESTION # 96
An organization's mission statement is intended to provide which of the following?

  • A. Metrics and benchmarking information
  • B. Ethics and compliance standards
  • C. Policies and procedures
  • D. Methodology and direction

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program includes understanding the broader organizational context in which AP operates, including governance and strategic objectives. An organization's mission statement is a high-level declaration of its purpose, values, and strategic direction. It provides methodology and directionby guiding decision-making and aligning processes with the organization's goals, rather than detailing specific policies, ethics standards, or metrics.
* Option A (Policies and procedures): Policies and procedures are operational guidelines that dictate how tasks (e.g., AP processes) are performed. A mission statement does not provide these details; it sets a broader vision. This option is incorrect.
* Option B (Ethics and compliance standards): While a mission statement may reflect ethical values, it is not the primary vehicle for defining ethics and compliance standards, which are typically outlined in separate codes of conduct or compliance policies. This option is incorrect.
* Option C (Methodology and direction): The mission statement articulates the organization's purpose and strategic direction, providing a framework (methodology) for how the organization operates and where it is headed. This is the correct answer.
* Option D (Metrics and benchmarking information): Metrics and benchmarking are performance measurement tools, not part of a mission statement, which focuses on vision and purpose rather than quantitative data. This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsbriefly addresses organizational governance, noting that "a mission statement defines the organization's purpose and provides direction for all departments, including AP, to align their processes with strategic goals." The training video emphasizes that AP professionals must understand the organization's mission to ensure their work supports broader objectives, such as cost efficiency or vendor trust. The mission statement is described as a guiding framework, not a detailed operational or compliance document.


NEW QUESTION # 97
......

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