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Accredited Payables Specialist (APS) Certification Exam

Last Update 3 days ago
Total Questions : 100

Dive into our fully updated and stable APS practice test platform, featuring all the latest Accounts Payable Certification exam questions added this week. Our preparation tool is more than just a IOFM study aid; it's a strategic advantage.

Our free Accounts Payable Certification practice questions crafted to reflect the domains and difficulty of the actual exam. The detailed rationales explain the 'why' behind each answer, reinforcing key concepts about APS. Use this test to pinpoint which areas you need to focus your study on.

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Question # 11

The COSO framework’s categories of internal controls include each of the following EXCEPT:

Options:

A.  

Control environment

B.  

Information and communication

C.  

Risk assessment

D.  

Accounting principles

Discussion 0
Question # 12

Assigning a user name and password is one method of:

Options:

A.  

Optical character recognition

B.  

Robotic process automation

C.  

Data authentication

D.  

Security lockdown

Discussion 0
Question # 13

To protect your organization from employee fraud, which of the following controls should be employed?

Options:

A.  

Require that all potential employees sign an NDA prior to hire

B.  

Ensure all staff members have accounting degrees from accredited universities

C.  

Hire only temporary employees and rotate them out every six to eight months

D.  

Conduct detailed background checks on all new AP employees

Discussion 0
Question # 14

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

Options:

A.  

File a letter of intent with the local taxing jurisdiction

B.  

Provide an exemption certificate to the seller

C.  

Inform the state in writing that the tax will be paid by the buyer

D.  

Supply a copy of a sales tax license to the seller

Discussion 0
Question # 15

Cash management refers to an organization’s management of which of the following?

Options:

A.  

Payment terms

B.  

Payroll disbursements

C.  

Enterprise resource planning systems

D.  

Inflow and outflow of funds

Discussion 0
Question # 16

Which of the following is a key reason for careful management of your vendor master file?

Options:

A.  

Control the number of vendor calls

B.  

Reduce the potential for fraud

C.  

Monitor vendor quality

D.  

Gain visibility into payment status

Discussion 0
Question # 17

Each of the following is one of the most common types of fraudulent expense reimbursement schemes, EXCEPT:

Options:

A.  

Personal expenses reported as business-related

B.  

Forged or modified travel receipts

C.  

Multiple reimbursements for the same expense

D.  

Lapping schemes for transportation cost

Discussion 0
Question # 18

For a VAT invoice that contains what you believe to be a billing error, what is the only recommended solution?

Options:

A.  

Do not pay the invoice and report the transaction to the VAT administration

B.  

Pay the incorrect amount and then send a formal written request for an adjustment

C.  

Do not pay the invoice and return it to the vendor for correction

D.  

Short pay or overpay as necessary and include an explanation of why you did so

Discussion 0
Question # 19

Each of the following are ways to expand the use of the P-card, EXCEPT:

Options:

A.  

Eliminate spending limits on the card

B.  

Issue AP a departmental card for making vendor payments

C.  

Have the issuer identify more vendors that accept the card

D.  

Expand the categories of purchases available for card use

Discussion 0
Question # 20

Electronic Data Interchange (EDI) has not gained more widespread use, particularly by small and medium-size companies, in part because of:

Options:

A.  

Government regulations

B.  

Staff resistance

C.  

Costly technology

D.  

Security concerns

Discussion 0
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