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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

Question 1

Common elements required in a VAT-acceptable invoice include all of the following, EXCEPT:

A. The supplier's banking information
B. The customer's VAT identification number
C. The VAT rate applied
D. The date of invoice issue

Question 2

Benefits of ACH include each of the following, EXCEPT:

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

Question 3

All of the following items are typically addressed in an organization's vendor setup guidelines except:

A. The conventions for the way letters and abbreviations must be entered
B. Verification that the vendor is not already in the system
C. Whether or not the vendor outsources its order fulfillment process
D. Validating that the person who requested the new vendor is authorized to do so

Question 4

What is another term for "software-as-a-service"?

A. Onsite vendor support
B. On-demand software
C. Consultant-specific applications
D. Perpetual software license

Question 5

The acronym "VAT" stands for:

A. Variable assessed tax
B. Value assessed tax
C. Value added tax
D. Variable added tax

Solutions: