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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. An organization's mission statement is intended to provide which of the following?

A) Methodology and direction
B) Policies and procedures
C) Metrics and benchmarking information
D) Ethics and compliance standards

2. Sales and use taxes are levied by which of the following? I. Cities and towns; II. Federal government; III.
States.

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

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

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

4. To establish a successful shared services center, each of the following is required EXCEPT:

A) A customer service orientation
B) Performance metrics
C) A greenfield site
D) A change in mindset

5. What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?

A) It enables procurement to use the data for spend analysis
B) It automatically generates a price comparison to other similar vendors
C) It prevents a duplicate vendor from being entered
D) It indicates which team member created the new record

Solutions: