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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. What is one department that can particularly benefit from specific insights provided by the vendor master file?

A) Purchasing
B) Audit
C) Mailroom
D) Manufacturing

2. Benefits of ACH include each of the following, EXCEPT:

A) ACH replaces having to issue paper checks
B) ACH reduces the cost of invoice processing
C) ACH eliminates the need for vendor verification
D) ACH speeds up payment processing time

3. What is one reason special care must be taken when making changes to the vendor master file?

A) Many instances of fraud are enabled by changes in the VMF
B) Internal audit generally oversees this process and they must be consulted first
C) Some AP software solutions have been shown to corrupt data during this process
D) This task is generally performed by those who have little training on data entry

4. 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) II and III only
B) I and II only
C) I, II, and III
D) I and III only

5. Which of the following is a key reason for careful management of your vendor master file?

A) Gain visibility into payment status
B) Reduce the potential for fraud
C) Monitor vendor quality
D) Control the number of vendor calls

Solutions: