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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q73-Q78):

NEW QUESTION # 73
Good vendor master file practices include each of the following, EXCEPT:

A. Finding and consolidating duplicate vendors
B. Deleting and re-entering vendors that move
C. Having a vendor verification program
D. Blocking inactive vendors after a certain period

Answer: B

Explanation:
TheVendor Master Filetopic in the APS Certification Program outlines best practices for maintaining an accurate and efficient VMF. These include verifying vendor data, blocking inactive vendors, and consolidating duplicates to prevent errors and fraud.Deleting and re-entering vendors that moveis not a good practice, as it disrupts historical data and audit trails; instead, the VMF should be updated with the new address.
* Option A (Having a vendor verification program): A good practice, ensuring vendors are legitimate through TIN matches, address verification, and sanction list checks.
* Option B (Blocking inactive vendors after a certain period): A good practice, preventing accidental payments to dormant vendors while retaining their data for records.
* Option C (Finding and consolidating duplicate vendors): A good practice, reducing errors like duplicate payments by merging redundant vendor records.
* Option D (Deleting and re-entering vendors that move): Not a good practice. Deleting and re- entering disrupts transaction history; updating the address is the correct approach. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "Best practices include vendor verification, blocking inactive vendors, and consolidating duplicates,but deleting and re- entering vendors for address changes is inefficient and risks data loss." The training video emphasizes,
"Update vendor addresses in the VMF rather than deleting records to maintain audit trails."

NEW QUESTION # 74
On a procurement card statement, which of the following levels of purchase detail is necessary in order to conduct spend analysis?

A. Level 2 detail
B. Level 3 detail
C. Level 1 detail
D. Level 4 detail

Answer: B

Explanation:
Procurement card (P-card) statements provide purchase data at different levels of detail. Level 3 detail includes comprehensive transaction information, such as itemized descriptions, quantities, unit prices, and merchant category codes, making it suitable for conducting spend analysis to track spending patterns and optimize procurement strategies. Level 1 provides basic data (e.g., merchant name, amount), and Level 2 includes additional data (e.g., tax amounts), but neither is sufficient for detailed analysis. Level 4 is not a standard term in P-card reporting.
The web source from Corcentric explains: "Level 3 data on P-card statements includes detailed transaction information, such as line-item details and quantities, enabling organizations to perform robust spend analysis." This confirms that Level 3 detail (Option C) is necessary for spend analysis.
The IOFM APS Certification Program covers "Payments," including P-card program management and reporting. The curriculum's focus on "peer-tested best practices" supports the use of Level 3 data for effective spend analysis in P-card programs.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Level 3 data on P-card statements includes detailed transaction information, enabling spend analysis"

NEW QUESTION # 75
In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?

A. Debit cash (asset) and credit the AP liability account
B. Credit cash and debit the asset account
C. Debit the expense and credit the AP liability account
D. Credit cash and debit the AP liability account

Answer: D

Explanation:
In thePaymentsandInvoicestopics of the IOFM APS Certification Program, double-entry accounting principles are covered to ensure AP professionals understand how transactions are recorded. When an invoice is paid, the organization settles an accounts payable (AP) liability, which is a balance sheet account representing money owed to vendors. The payment typically involves a cash outflow (or reduction in a bank account) and a corresponding reduction in the AP liability.
In double-entry accounting, every transaction affects at least two accounts, with debits equaling credits. The process of paying an invoice involves:
* When the invoice isreceived, the AP department records the liability by debiting an expense account (or asset, depending on the purchase) and crediting the AP liability account. This step is not the focus of the question.
* When the invoice ispaid, the AP liability is reduced, and cash is reduced. The correct journal entry is:
* Debit Accounts Payable (AP liability): This reduces the liability, as the organization no longer owes the vendor.
* Credit Cash: This reflects the outflow of cash used to settle the invoice.
* Option A (Credit cash and debit the asset account): This is incorrect because paying an invoice does not typically involve debiting a generic "asset account." The payment reduces the AP liability, not another asset account (unless the invoice was for an asset purchase, which is not specified).
Additionally, crediting cash is correct, but the pairing is wrong.
* Option B (Debit the expense and credit the AP liability account): This describes the journal entry when an invoice isreceived, not when it is paid. When recording an invoice, the expense (or asset) is debited, and the AP liability is credited. This option is incorrect for the payment stage.
* Option C (Debit cash (asset) and credit the AP liability account): This is incorrect because debiting cash would imply an increase in the cash account, which does not occur when paying an invoice (cash decreases). The direction of the cash entry is reversed.
* Option D (Credit cash and debit the AP liability account): This is the correct journal entry for paying an invoice. Debiting the AP liability reduces the amount owed to the vendor, and crediting cash reflects the payment made (cash decreases). This aligns with standard double-entry accounting principles.
Reference to IOFM APS Documents: The IOFM APS e-textbook and training video under thePayments section cover double-entry accounting for AP transactions. The curriculum explains that "when an invoice is paid, the accounts payable liability account is debited to reduce the obligation, and the cash account is credited to reflect the payment outflow." This is reinforced in the practice quizzes, which test understanding of journal entries for invoice payments. The APS program also references best practices for cash management and payment processing, emphasizing accurate accounting to maintain financial integrity.

NEW QUESTION # 76
Fixed assets include which of the following? I. Accounts receivable; II. Furniture and fixtures; III. Inventory.

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

Answer: D

Explanation:
ThePaymentstopic in the APS Certification Program includes understanding the types of accounts involved in AP transactions, such as assets, liabilities, and expenses. Fixed assets are long-term, tangible assets used in business operations, such as furniture and fixtures, which are not intended for sale. Accounts receivable and inventory, however, are not fixed assets; they are current assets, as they are expected to be converted to cash within a year.
* Item I (Accounts receivable): Accounts receivable represent money owed to the organization by customers for goods or services sold. They are classified ascurrent assets, not fixed assets, because they are short-term and liquid. This item is not a fixed asset.
* Item II (Furniture and fixtures): Furniture and fixtures (e.g., desks, chairs, office equipment) are tangible, long-term assets used in business operations. They are classified asfixed assetsbecause they have a useful life exceeding one year and are not intended for sale. This item is a fixed asset.
* Item III (Inventory): Inventory consists of goods held for sale or use in production. It is classified as a current assetbecause it is expected to be sold or used within a year. This item is not a fixed asset.
* Option A (I, II, and III): Incorrect, as only II is a fixed asset; I and III are current assets.
* Option B (I and II only): Incorrect, as I (accounts receivable) is not a fixed asset.
* Option C (II only): Correct, as furniture and fixtures (II) are the only fixed asset among the options.
* Option D (I and III only): Incorrect, as neither I (accounts receivable) nor III (inventory) are fixed assets.
Reference to IOFM APS Documents: The APS e-textbook underPaymentscovers basic accounting principles, including the classification of assets. It defines fixed assets as "tangible assets with a useful life of more than one year, such as furniture, fixtures, and equipment, used in business operations." The text distinguishes fixed assets from current assets like accounts receivable and inventory, which are "expected to be converted to cash or used within a year." The training video reinforces this by discussing how AP processes payments for fixed assets (e.g., capital expenditures) versus current assets (e.g., inventory purchases).

NEW QUESTION # 77
What is one department that can particularly benefit from specific insights provided by the vendor master file?

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

Answer: B

Explanation:
TheVendor Master Filetopic in the APS Certification Program highlights the vendor master file's role in providing data for various departments. ThePurchasingdepartment particularly benefits, as the vendor master file contains details like vendor performance, pricing, and spend history, enabling better supplier selection and negotiation.
* Option A (Manufacturing): Manufacturing uses vendor data indirectly (e.g., for raw materials), but its primary focus is production, not vendor insights. Incorrect.
* Option B (Purchasing): Correct. Purchasing relies on vendor master file data for supplier evaluation, contract terms, and spend analysis, directly benefiting from its insights.
* Option C (Audit): Audit uses vendor data for compliance checks, but its role is verification, not strategic use of vendor insights. Less directly benefited than Purchasing.
* Option D (Mailroom): The mailroom handles physical documents but does not use vendor master file insights for operational decisions. Incorrect.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "The vendor master file provides critical insights for Purchasing, enabling spend analysis and supplier management." The training video notes, "Purchasing benefits most from vendor master data, using it to optimize vendor relationships and costs."

NEW QUESTION # 78
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