Try and practice the latest IOFM : APS real questions & answers

Last Updated: Jul 29, 2026

No. of Questions: 102 Questions & Answers with Testing Engine

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IOFM APS Practice Q&A's

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IOFM APS Exam Syllabus Topics:

SectionObjectives
Topic 1: Accounts Payable Fundamentals- AP processes and lifecycle
- Roles and responsibilities in AP departments
Topic 2: AP Automation and Technology- Electronic invoicing and automation tools
- ERP and AP system usage
Topic 3: Internal Controls and Compliance- Audit controls and documentation
- Regulatory compliance in payables
Topic 4: Fraud Prevention and Risk Management- Fraud detection in accounts payable
- Risk mitigation controls
Topic 5: Reporting and Analytics- AP reporting and KPI tracking
- Data analysis for payables optimization
Topic 6: Payments Management- Payment scheduling and optimization
- Payment methods and execution
Topic 7: Vendor Management- Vendor compliance and performance
- Vendor onboarding and maintenance
Topic 8: Invoice Processing and Workflow- Approval workflows and exceptions handling
- Invoice receipt, validation, and matching

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

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

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


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

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


3. The acronym "VAT" stands for:

A) Value added tax
B) Variable added tax
C) Variable assessed tax
D) Value assessed tax


4. In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?

A) Credit cash and debit the asset account
B) Debit cash (asset) and credit the AP liability account
C) Credit cash and debit the AP liability account
D) Debit the expense and credit the AP liability account


5. Procurement card (P-card) issuers offer rebates according to:

A) Quantity of cards issued
B) Volume of spend
C) Frequency of use
D) Number of individual transactions


Solutions:

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

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