APS VALID EXAM QUESTIONS - APS NEW CRAM MATERIALS

APS Valid Exam Questions - APS New Cram Materials

APS Valid Exam Questions - APS New Cram Materials

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q69-Q74):

NEW QUESTION # 69
Which of the following are reasons an employee should keep and submit T&E receipts, even if using a corporate travel card?

  • A. I and II only (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones)
  • B. I and III only (There may be additional expenses for items paid out-of-pocket; The card information may not include the sufficient level of detail needed for approval)
  • C. I, II, and III (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
  • D. II and III only (Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)

Answer: B

Explanation:
Even when using a corporate travel card, employees must keep and submit T&E receipts for several reasons.
First, there may be additional out-of-pocket expenses (e.g., tips, small cash purchases) not charged to the card, requiring receipts for reimbursement (Option I). Second, corporate card statements often lack sufficient detail (e.g., itemized expenses or business purpose), necessitating receipts to meet approval and compliance requirements (Option III). However, paper receipts are not inherently easier to handle or archive than electronic ones (Option II), as modern T&E systems favor digital receipt management for efficiency and accessibility.
The web source from Esker states: "Employees must submit receipts for T&E expenses, even with corporate cards, to account for out-of-pocket expenses and to provide detailed documentation for approval, as card statements may lack itemized details." The NetSuite source adds: "Digital receipt management is preferred over paper receipts, as it simplifies archiving and retrieval." This supports Options I and III, while refuting Option II, as paper receipts are less efficient in modern systems.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," emphasizing proper documentation and compliance in expense reporting. The curriculum's focus on "peer-tested best practices" aligns with the need for receipts to document out-of-pocket expenses and provide detailed approval data, but not for paper-based archiving.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) Esker: "Employees must submit receipts for T&E expenses, even with corporate cards, to account for out-of- pocket expenses and to provide detailed documentation" NetSuite: "Digital receipt management is preferred over paper receipts"


NEW QUESTION # 70
What is another term for "software-as-a-service"?

  • A. On-demand software
  • B. Consultant-specific applications
  • C. Onsite vendor support
  • D. Perpetual software license

Answer: A

Explanation:
Software-as-a-Service (SaaS)is a cloud-based software delivery model where applications are hosted by a provider and accessed over the internet, typically on a subscription basis. Another term for SaaS ison- demand software, as it allows users to access software as needed without on-premises installation. A perpetual software license (Option A) refers to a one-time purchase model, onsite vendor support (Option B) is a service, and consultant-specific applications (Option C) is not a standard term.
The web source from Tipalti states: "Software-as-a-Service (SaaS), also known as on-demand software, provides cloud-based access to applications, enabling flexible and scalable AP solutions." This directly supports Option D.
The IOFM APS Certification Program covers "Technology and Automation," including cloud-based solutions like SaaS. The curriculum's focus on "peer-tested best practices" aligns with recognizing SaaS as on-demand software for AP automation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Technology and Automation Tipalti: "Software-as-a-Service (SaaS), also known as on-demand software, provides cloud-based access"


NEW QUESTION # 71
In order to get a sales tax exemption on goods purchased for resale, what must the buyer do?

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

Answer: C

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 # 72
Evaluated Receipt Settlement (ERS) requires which of the following?

  • A. PO, Receipt, and Invoice
  • B. PO and Receipt
  • C. Receipt and Invoice
  • D. PO and Invoice

Answer: B

Explanation:
Evaluated Receipt Settlement (ERS) is a payment process that eliminates the need for a supplier invoice by triggering payments based on the purchase order (PO) and receiving documents (e.g., goods received note or delivery receipt). The PO establishes the agreed-upon terms, quantities, and prices, while the receipt confirms the actual delivery of goods or services. This allows payments to be processed without an invoice, streamlining the accounts payable process.
The web source from Esker states: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice from the supplier... Payments are triggered by the receipt of goods or services against a purchase order." The Corcentric source further clarifies: "ERS requires only the purchase order and receiving documents to initiate payment, eliminating the need for an invoice." This directly supports Option B (PO and Receipt), as these are the two critical documents for ERS. Options A, C, and D are incorrect because they include the invoice, which is not required in ERS.
The IOFM APS Certification Program covers "Payments," including ERS as an efficient payment method.
The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the industry standard that ERS relies on the PO and receipt.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Esker: "Evaluated Receipt Settlement (ERS) is a procedure for paying suppliers without requiring a paper invoice" Corcentric: "ERS requires only the purchase order and receiving documents to initiate payment"


NEW QUESTION # 73
Which of the following AP department procedures would reduce the number of vendor calls to the AP department?

  • A. II and III only (Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
  • B. I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
  • C. I, II, and III (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
  • D. I and II only (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors)

Answer: B

Explanation:
Vendor calls to the accounts payable (AP) department often stem from inquiries about invoice status, payment timing, or discrepancies. Providing access to a supplier portal (Option I) allows vendors to check invoice and payment status online, reducing the need for direct contact. Including as much information as possible on the remittance advice (Option III) clarifies payment details, addressing common vendor questions. Assigning specific individuals to interact with specific vendors (Option II) may streamline internal processes but does not directly reduce vendor calls, as it does not provide vendors with self-service tools or additional information.
The web source from Esker states: "Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status in real-time... Detailed remittance advice with comprehensive payment information minimizes follow-up calls from vendors." This supports Options I and III. Option II is not mentioned as a direct method for reducing vendor calls, as it primarily affects internal AP workflows.
The IOFM APS Certification Program covers "Internal Controls," including strategies to improve AP efficiency and vendor relations. The curriculum's focus on "peer-tested best practices" aligns with using supplier portals and detailed remittance advice to minimize vendor inquiries.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status...
Detailed remittance advice minimizes follow-up calls"


NEW QUESTION # 74
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