IOFM Accredited Payables Specialist (APS) Certification Sample Questions:
1. When auditing expense reports, one thing to pay particular attention to is:
A) Highly itemized receipt details
B) Airfare expenses in combination with hotel costs
C) Amounts just below the approval threshold
D) Restaurant receipts that include client names
2. According to the ACFE, which of the following is the most common type of fraud scheme?
A) Intellectual property fraud
B) Asset misappropriation
C) Corruption (bribery)
D) Financial misstatement
3. Which of the following is the purpose of FATCA?
A) To make the rules regarding reporting payments made to U.S. persons and non-U.S. persons more consistent
B) To ensure the privacy of individuals or organizations that bank outside of the U.S.
C) To respond to attempts by foreign governments to capture taxes on activities of U.S. persons in their countries
D) To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.
4. The Sarbanes-Oxley statute in the U.S. requires public companies to: I. Establish controls over accounts payable hiring; II. Use a recognized framework to design and test controls over financial reporting; III. Ensure that the company CFO is a CPA.
A) I only
B) I, II, and III
C) I and II only
D) II only
5. Examples of preventive controls include each of the following EXCEPT:
A) Use of approved vendor lists
B) Account reconciliation
C) T&E expenditure guidelines
D) Dollar limits on use of P-card
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: B | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: B |
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