APS EXAM QUESTIONS AND ACCREDITED PAYABLES SPECIALIST (APS) CERTIFICATION EXAM TORRENT PREP - APS TEST GUIDE

APS Exam Questions and Accredited Payables Specialist (APS) Certification Exam Torrent Prep - APS Test Guide

APS Exam Questions and Accredited Payables Specialist (APS) Certification Exam Torrent Prep - APS Test Guide

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Tags: APS Exam Assessment, APS PDF Questions, Valid Test APS Tips, Reliable Study APS Questions, APS Valid Exam Sims

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IOFM APS PDF Questions, Valid Test APS Tips

The Accredited Payables Specialist (APS) Certification Exam can advance your professional standing. Passing the IOFM APS exam is the requirement to become IOFM Professionals and to get your name included. Practicing with IOFM APS Dumps is considered the best strategy to test the exam readiness. After passing the APS exam you will become a valuable asset for the company you work for or want to work. You don't need to sacrifice your job hours or travel to distant training institutes for exam preparation when you have IOFM APS Dumps for instant success. These APS dumps questions with authentic answers are compiled by IOFM professionals and follow the actual exam’s questioning style.

IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q72-Q77):

NEW QUESTION # 72
In order to get a sales tax exemption on goods purchased for resale, what must the buyer do?

  • A. Provide an exemption certificate to the seller
  • B. Inform the state in writing that the tax will be paid by the buyer
  • C. Supply a copy of a sales tax license to the seller
  • D. File a letter of intent with the local taxing jurisdiction

Answer: A

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers sales tax exemptions, particularly for goods purchased for resale (e.g., by wholesalers or retailers). To claim a sales tax exemption, the buyer must provide anexemption certificateto the seller, documenting that the goods are for resale and not subject to sales tax at the point of purchase. The seller retains this certificate for audit purposes.
* Option A (File a letter of intent with the local taxing jurisdiction): Incorrect. A letter of intent is not a standard requirement; the exemption is documented via a certificate provided to the seller.
* Option B (Provide an exemption certificate to the seller): Correct. An exemption certificate (e.g., a resale certificate) verifies the buyer's intent to resell the goods, exempting the transaction from sales tax.
* Option C (Inform the state in writing that the tax will be paid by the buyer): Incorrect. The buyer does not directly notify the state; the exemption is handled between buyer and seller via the certificate.
* Option D (Supply a copy of a sales tax license to the seller): Incorrect. While a sales tax license may be relevant for the buyer's operations, the exemption certificate is the specific document required for resale exemptions.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"To claim a sales tax exemption for goods purchased for resale, the buyer must provide an exemption certificate to the seller, documenting the resale intent." The training video explains, "AP professionals ensure exemption certificates are collected for resale purchases to avoid unnecessary sales tax payments, maintaining compliance with state regulations."


NEW QUESTION # 73
Common elements required in a VAT-acceptable invoice include all of the following, EXCEPT:

  • A. The date of invoice issue
  • B. The supplier's banking information
  • C. The customer's VAT identification number
  • D. The VAT rate applied

Answer: B

Explanation:
TheInvoicestopic in the APS Certification Program covers value-added tax (VAT) requirements for invoices, particularly for organizations operating in jurisdictions with VAT systems (e.g., EU countries). A VAT- acceptable invoice must include specific elements to comply with tax regulations, such as the customer's VAT identification number, the date of issue, and the VAT rate applied. Thesupplier's banking information, while useful for payment, is not a mandatory requirement for VAT compliance.
* Option A (The customer's VAT identification number): Required for cross-border transactions or business-to-business sales to verify VAT status and enable zero-rating or reverse charge. This is a mandatory element.
* Option B (The date of invoice issue): Required to establish the tax point and ensure proper tax period reporting. This is a mandatory element.
* Option C (The VAT rate applied): Required to specify the tax rate (e.g., standard, reduced) and calculate the VAT amount. This is a mandatory element.
* Option D (The supplier's banking information): Not required for VAT compliance. While banking details may be included for payment purposes, they are not part of VAT invoice requirements. Correct answer.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesstates, "A VAT-acceptable invoice must include the customer's VAT ID, date of issue, VAT rate, and other tax-related details, but supplier banking information is not required for compliance." The training video discusses VAT invoicing for international transactions, listing mandatory elements and noting that "banking details are optional, as they relate to payment, not tax reporting."


NEW QUESTION # 74
Addressing data security involves the use of:

  • A. I and II only (Hardware; Software)
  • B. I, II, and III (Hardware; Software; Human resources)
  • C. I and III only (Hardware; Human resources)
  • D. I only (Hardware)

Answer: B

Explanation:
Data security in accounts payable requires a comprehensive approach involvinghardware(Option I, e.g., secure servers and firewalls),software(Option II, e.g., encryption tools and authentication systems), and human resources(Option III, e.g., employee training on security protocols and access management). All three components are essential to protect sensitive financial data from breaches and unauthorized access.
The web source from Corcentric states: "Effective data security in AP combines hardware, such as secure servers, software, like encryption and access controls, and human resources, through training and policy enforcement, to safeguard sensitive information." This supports Option D, as all three elements are integral to data security.
The IOFM APS Certification Program covers "Internal Controls," emphasizing a multi-faceted approach to data security. The curriculum's focus on "peer-tested best practices" aligns with using hardware, software, and human resources to ensure robust security.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Corcentric: "Effective data security in AP combines hardware, such as secure servers, software, like encryption... and human resources"


NEW QUESTION # 75
Payment of invoices when it is assumed that the goods have been received is referred to as which of the following?

  • A. III only (Assumed Receipt)
  • B. I, II, and III (Positive Payment, Negative Assurance, Assumed Receipt)
  • C. II and III only (Negative Assurance, Assumed Receipt)
  • D. I only (Positive Payment)

Answer: A

Explanation:
Assumed receipt, also known as assumed receipt invoicing, is a process where payment is made based on the assumption that goods have been received, typically when receiving documents are not immediately available.
This contrasts with processes like three-way matching, which require explicit confirmation of receipt. The term "Assumed Receipt" directly describes this practice, while "Positive Payment" and "Negative Assurance" are not standard terms in accounts payable for this context.
The web source from Tipalti explains: "Assumed receipt invoicing allows payments to be processed based on the purchase order and invoice, assuming goods have been received, often used to expedite payments when receiving data is delayed." This aligns with the definition of assumed receipt as the process described in the question.
* Positive Payment (I)is not a recognized term in accounts payable for this process.
* Negative Assurance (II)is a term used in auditing, not accounts payable.
* Assumed Receipt (III)is the correct term, making Option C the only accurate choice.
The IOFM APS Certification Program covers "Payments," including various payment processes and their terminology. While the specific term "assumed receipt" is not directly quoted in the provided sources, the curriculum's emphasis on "peer-tested best practices" includes understanding alternative payment methods, supporting the use of "Assumed Receipt" as the standard term.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Tipalti: "Assumed receipt invoicing allows payments to be processed based on the purchase order and invoice, assuming goods have been received"


NEW QUESTION # 76
In which ways can the accounts payable specialist benefit the organization as a whole? I. Meet the organization's commitments; II. Communicate to management barriers to performance; III. Maintain positive relationships with suppliers.

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

Answer: B

Explanation:
TheVendor Master Filetopic in the IOFM APS Certification Program emphasizes the strategic role of accounts payable (AP) specialists in managing vendor data and relationships, which directly benefits the organization. AP specialists contribute by ensuring timely payments to meet commitments, communicating operational challenges to management, and fostering positive supplier relationships, all of which enhance organizational efficiency and reputation.
* Item I (Meet the organization's commitments): AP specialists ensure invoices areprocessed and paid on time, meeting the organization's financial obligations to vendors. This supports trust and operational continuity.
* Item II (Communicate to management barriers to performance): AP specialists identify issues such as process bottlenecks, system inefficiencies, or vendor disputes and report them to management, enabling proactive solutions.
* Item III (Maintain positive relationships with suppliers): By managing the vendor master file, resolving disputes, and ensuring timely payments, AP specialists foster strong supplier relationships, which can lead to better terms and reliability.
* Option A (II and III only): Incorrect, as it excludes I, which is a core AP function.
* Option B (I and III only): Incorrect, as it excludes II, which is also a key responsibility.
* Option C (I, II, and III): Correct, as all three items represent ways AP specialists benefit the organization.
* Option D (I and II only): Incorrect, as it excludes III, which is critical for vendor management.
Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, "AP specialists add value by ensuring accurate vendor data, timely payments to meet organizational commitments, and strong supplier relationships." It also notes that "communicating barriers to performance, such as delays or system issues, helps management optimize AP processes." The training video reinforces that AP's role extends beyond transactions to strategic contributions, including supplier trust and process improvement.


NEW QUESTION # 77
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