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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Payments to non-resident aliens for services that are performed in the U.S. must be reported on Form 1042-S if the payment amount exceeds:

A) $0
B) $300
C) $1,000
D) $600

2. In which ways can the accounts payable specialist benefit the organization as a whole? I. Meet the organization's commitments; II. Communicate to management barriers to performance; III. Maintain positive relationships with suppliers.

A) I and III only
B) I, II, and III
C) I and II only
D) II and III only

3. Which of the following is true about a recurring wire transfer?

A) It must be made through CHIPS
B) It is made to the same organization each time
C) It is made at the same time each week
D) It is made for the same amount each time

4. Ways to minimize the number of rush checks that are requested include:

A) I and II only (Distribute the check run schedule with cut-off dates and times, Charge a rush check processing fee)
B) I only (Distribute the check run schedule with cut-off dates and times)
C) I, II, and III (Distribute the check run schedule with cut-off dates and times, Charge a rush check processing fee, Publish the names of frequent rush check requestors)
D) II only (Charge a rush check processing fee)

5. What is a good strategy for dealing with the change that typically accompanies automation?

A) Request that you be reassigned to a role that is unaffected by automation
B) If you feel the change won't be for the best, try to convince management to delay
C) Don't worry about it until you must actually implement the changes
D) Understand and accept that it will take time to learn a new system

Solutions: