IOFM APS : Accredited Payables Specialist (APS) Certification Exam

  • Exam Code: APS
  • Exam Name: Accredited Payables Specialist (APS) Certification Exam
  • Updated: Jun 21, 2026
  • Q & A: 102 Questions and Answers

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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. 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 ensure the privacy of individuals or organizations that bank outside of the U.S.
C) To make the rules regarding reporting payments made to U.S. persons and non-U.S. persons more consistent
D) To respond to attempts by foreign governments to capture taxes on activities of U.S. persons in their countries


2. Examples of preventive controls include each of the following EXCEPT:

A) T&E expenditure guidelines
B) Account reconciliation
C) Dollar limits on use of P-card
D) Use of approved vendor lists


3. Organizations most commonly use wire transfers for which of the following?

A) High dollar payments
B) Rent or mortgage payments
C) Direct deposit of executive pay
D) Low dollar bulk payments


4. What is the current thinking regarding automation of T&E expense handling, reporting, and reimbursement?

A) It opens too many loopholes for unauthorized expenses to sneak through
B) While automation can be helpful, T&E processing still requires a lot of manual work
C) It reduces processing costs, thereby increasing efficiency in handling T&E data
D) T&E automation solutions are still too new to evaluate accurately


5. Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:

A) Multiple reimbursements for the same expense
B) Lapping schemes for transportation cost
C) Personal expenses reported as business-related
D) Forged or modified travel receipts


Solutions:

Question # 1
Answer: A
Question # 2
Answer: B
Question # 3
Answer: A
Question # 4
Answer: C
Question # 5
Answer: B

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