IOFM APS : Accredited Payables Specialist (APS) Certification Exam

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IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. The COSO framework's categories of internal controls include each of the following EXCEPT:

A) Information and communication
B) Risk assessment
C) Accounting principles
D) Control environment

2. Common elements required in a VAT-acceptable invoice include all of the following, EXCEPT:

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

3. In order to be SOX compliant, the T&E process in the U.S. must:

A) II only (Provide a reliable approval workflow)
B) I and II only (Ensure correct and accurate recordkeeping; Provide a reliable approval workflow)
C) I and III only (Ensure correct and accurate recordkeeping; Include report generation with visibility at all required levels)
D) I only (Ensure correct and accurate recordkeeping)

4. IRS proposed penalties for missing or incorrect tax IDs on 1099 filings can be abated due to 'reasonable cause,' which can include each of the following, EXCEPT:

A) Documentation showing the error rate to be less than 5% of total 1099s
B) Steps the organization has taken in an attempt to obtain the correct payee information
C) Proof of a successful TIN match prior to the date of assessment
D) The organization's plan for improving the accuracy of future reporting

5. Which of the following is the purpose of FATCA?

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

Solutions: