Accredited Payables Specialist (APS) Certification Exam (APS) Free Practice Test

Question 1

Examples of preventive controls include each of the following EXCEPT:

A. Use of approved vendor lists

B. T&E expenditure guidelines

C. Dollar limits on use of P-card

D. Account reconciliation

Correct Answer: D

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Question 2

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. $600

B. $300

C. $1,000

D. $0

Correct Answer: D

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Question 3

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

Correct Answer: B

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Question 4

In the U.S., what type of information is HIPAA designed to protect?

A. Electronic banking information

B. External auditor findings

C. Private medical records

D. Corporate whistleblower identities

Correct Answer: C

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Question 5

What is the current thinking on the practice of maintaining a petty cash fund?

A. It's practically obsolete and should be eliminated, if possible

B. Three separate individuals should sign off on disbursements

C. It's considered a best practice within service organizations and consulting businesses

D. It should be maintained by an executive in the treasury department

Correct Answer: A

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Question 6

Which of the following are reasons an organization needs a sound records management plan? I. To afford some protection against lawsuits; II. To safeguard vital information; III. To analyze and manage expenditures.

A. I and II only

B. III only

C. I only

D. I, II, and III

Correct Answer: D

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Question 7

Which of the following is the purpose of FATCA?

A. To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.

B. To respond to attempts by foreign governments to capture taxes on activities of U.S. persons in their countries

C. To ensure the privacy of individuals or organizations that bank outside of the U.S.

D. To make the rules regarding reporting payments made to U.S. persons and non-U.S. persons more consistent

Correct Answer: A

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Question 8

Key elements essential for an effective vendor fraud prevention program include each of the following practices, EXCEPT:

A. Checking government sanction lists

B. Requiring a W-9

C. Confirmation of a physical address

D. Verifying that vendors are bonded

Correct Answer: D

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Question 9

Addressing data security involves the use of:

A. I only (Hardware)

B. I and III only (Hardware; Human resources)

C. I and II only (Hardware; Software)

D. I, II, and III (Hardware; Software; Human resources)

Correct Answer: D

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IOFM Accredited Payables Specialist (APS) Certification (APS) Free Practice Test