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IOFM APS Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Payments and Disbursements | 20% | - Payment methods and processing - Discounts, allowances and deductions - Travel and expense management |
| Topic 2: Accounts Payable Fundamentals | 20% | - Regulatory compliance and ethics - Financial accounting basics for AP - Role and responsibilities of AP department |
| Topic 3: Internal Controls & Fraud Prevention | 10% | - Fraud detection and mitigation - Audit readiness and documentation - Segregation of duties |
| Topic 4: Process Improvement & Automation | 10% | - AP automation tools and technology - Workflow optimization - Data analysis and reporting |
| Topic 5: Invoice Processing | 25% | - Handling exceptions and discrepancies - Invoice receipt and validation - Matching and reconciliation |
| Topic 6: Vendor Management | 15% | - 1099 / tax reporting requirements - Vendor setup and maintenance - Vendor communication and resolution |
IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?
- A. It automatically generates a price comparison to other similar vendors
- B. It indicates which team member created the new record
- C. It enables procurement to use the data for spend analysis
- D. It prevents a duplicate vendor from being entered
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Cash management refers to an organization's management of which of the following?
- A. Payment terms
- B. Enterprise resource planning systems
- C. Payroll disbursements
- D. Inflow and outflow of funds
Explanation: Only visible for Exam4Free members. You can sign-up / login (it's free).
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
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What is blockchain?
- A. A distributed ledger system
- B. An accounts payable collaborative
- C. An internal audit methodology
- D. A random password generator
Explanation: Only visible for Exam4Free members. You can sign-up / login (it's free).
The accounting term "accrued expenses" represents which of the following?
- A. Pre-paid expenses that were paid with petty cash
- B. Forecasted expenses for which an invoice has not been received in the current period
- C. Planned expenditures that have not been incurred in the current period
- D. Incurred expenses that have not been posted in the current period
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