APS TEST REVIEW - RELIABLE APS EXAM PRACTICE

APS Test Review - Reliable APS Exam Practice

APS Test Review - Reliable APS Exam Practice

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
A copy of front and back of the original check, which is legally the same as the original check, is termed a substitute check or:

  • A. A surrogate financial instrument
  • B. A negotiated bank draft
  • C. An image replacement document
  • D. An electronic conversion order

Answer: C

Explanation:
A substitute check, created under the Check Clearing for the 21st Century Act (Check 21), is a paper reproduction of the front and back of an original check, legally equivalent to the original for processing purposes. It is also known as animage replacement document (IRD), as it replaces the original check with a digital image-based substitute. This facilitates faster check clearing through electronic processing.
The web source from NetSuite states: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check, legally equivalent to the original, created under Check
21." This directly supports Option D. The other options are incorrect:
* Electronic conversion order (A)is not a recognized term.
* Surrogate financial instrument (B)is not a standard term for substitute checks.
* Negotiated bank draft (C)refers to a different financial instrument.
The IOFM APS Certification Program covers "Payments," including check processing and Check 21 regulations. The curriculum's focus on "peer-tested best practices" aligns with the definition of a substitute check as an image replacement document.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments NetSuite: "A substitute check, also known as an image replacement document (IRD), is a paper copy of the front and back of a check"


NEW QUESTION # 43
Payment of invoices when it is assumed that the goods have been received is referred to as which of the following?

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

Answer: D

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 # 44
Which of the following are among the elements that the IRS considers in defining a T&E accountable plan?

  • A. I, II, and III (Expense substantiation; Business connection requirement; Return of unused cash advances on a timely basis)
  • B. I only (Expense substantiation)
  • C. II only (Business connection requirement)
  • D. I and III only (Expense substantiation; Return of unused cash advances on a timely basis)

Answer: A

Explanation:
An accountable plan, as defined by the Internal Revenue Service (IRS), is a reimbursement or allowance arrangement for business expenses, including Travel and Entertainment (T&E), that meets three specific requirements to avoid being treated as taxable income: (1)Expense substantiation, where employees must provide documented evidence (e.g., receipts) for expenses; (2)Business connection requirement, meaning expenses must be incurred in connection with performing services for the employer; and (3)Return of unused cash advances on a timely basis, ensuring any excess advances are returned within a reasonable period (typically 120 days). All three elements (Options I, II, and III) are required for a T&E accountable plan.
The web source from the IRS states: "An accountable plan must meet three requirements: 1) Employees must have paid or incurred expenses while performing services as an employee (business connection); 2) Employees must adequately account for these expenses within areasonable period (substantiation); and 3) Employees must return any excess allowance or advance within a reasonable period." This directly supports Option B, as all three elements are included in the IRS definition.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including IRS regulations for T&E accountable plans. The curriculum's focus on "peer-tested best practices" and compliance with federal tax laws emphasizes the three IRS requirements, confirming that all three elements are essential.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance IRS: "An accountable plan must meet three requirements: 1) Employees must have paid or incurred expenses while performing services... 2) Employees must adequately account... 3) Employees must return any excess allowance."


NEW QUESTION # 45
According to the ACFE, which of the following is the most common type of fraud scheme?

  • A. Corruption (bribery)
  • B. Asset misappropriation
  • C. Intellectual property fraud
  • D. Financial misstatement

Answer: B

Explanation:
TheInternal Controlstopic in the APS Certification Program addresses fraud prevention, referencing the Association of Certified Fraud Examiners (ACFE) for fraud trends. According to the ACFE's Report to the Nations,asset misappropriationis the most common type of occupational fraud, involving schemes like theft of cash, inventory, or other assets. It is more frequent than corruption, financial misstatement, or intellectual property fraud due to its simplicity and accessibility in roles like AP.
* Option A (Asset misappropriation): Correct. ACFE data consistently shows asset misappropriation as the most common fraud scheme, accounting for over 80% of cases, due to its prevalence in roles with access to funds or assets.
* Option B (Intellectual property fraud): Intellectual property fraud is less common, as it requires specialized knowledge and access, and is not a primary AP concern. This is incorrect.
* **Option C (Corruption (####
TheInternal Controlstopic in the APS Certification Program addresses fraud prevention, referencing the Association of Certified Fraud Examiners (ACFE) for fraud trends. According to the ACFE'sReport to the Nations,asset misappropriationis the most common type of occupational fraud, involving schemes like theft of cash, inventory, or other assets. It is more frequent than corruption, financial misstatement, or intellectual property fraud due to its simplicity and accessibility in roles like accounts payable (AP).
* Option A (Asset misappropriation): Correct. The ACFE'sReport to the Nations(2022 edition, as referenced in IOFM materials) states that asset misappropriation accounts for approximately 86% of occupational fraud cases, making it the most common scheme. Examples include stealing cash, falsifying expense reports, or misusing company assets, which are prevalent in AP due to access to payments and vendor data.
* Option B (Intellectual property fraud): Intellectual property fraud, such as theft of trade secrets, is less common (less than 5% of cases per ACFE) and typically involves specialized roles, not AP. This is incorrect.
* Option C (Corruption (bribery)): Corruption, including bribery and kickbacks, accounts for about
38% of cases (often overlapping with other schemes), but is less frequent than asset misappropriation.
This is incorrect.
* Option D (Financial misstatement): Financial misstatement, such as falsifying financial reports, is the least common (around 10% of cases) but often involves the highest financial impact. This is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlscites the ACFE'sReport to the Nations, stating, "Asset misappropriation is the most common fraud scheme, comprising over 80% of cases, due to its ease of execution in roles like AP." The training videodiscusses fraud risks in AP, emphasizing that "per the ACFE, asset misappropriation, such as cash theft or fraudulent payments, is the most frequent fraud type."


NEW QUESTION # 46
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

Answer: A

Explanation:
TheTax and Regulatory Compliancetopic in the IOFM APS Certification Program covers IRS penalties for
1099 filings and the criteria for penalty abatement under 'reasonable cause.' Reasonable cause can be established by demonstrating due diligence, such as obtaining a TIN match, documenting efforts to collect correct payee information, or outlining plans to improve future reporting. However,an error rate less than
5%is not a recognized IRS criterion for reasonable cause, as the IRS focuses on intent and effort, not specific error thresholds.
* Option A (Proof of a successful TIN match prior to the date of assessment): Valid. A TIN match with the IRS verifies payee information, demonstrating due diligence, which supports reasonable cause for abatement.
* Option B (Documentation showing the error rate to be less than 5% of total 1099s): Not valid. The IRS does not specify a percentage threshold (e.g., 5%) for penalty abatement. Reasonable cause depends on actions taken, not error rates. Correct answer.
* Option C (The organization's plan for improving the accuracy of future reporting): Valid. A documented plan to enhance compliance (e.g., improved TIN collection processes) shows intent to correct issues, supporting reasonable cause.
* Option D (Steps the organization has taken in an attempt to obtain the correct payee information)
* Valid. Documenting efforts like requesting W-9 forms or sending B Notices demonstrates due diligence, a key factor for reasonable cause.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"IRS penalties for incorrect 1099 filings can be abated for reasonable cause, including proof of TIN matching, efforts to obtain correct payee data, and plans for future compliance." TheMaster Guide to Form 1099 Complianceclarifies, "Reasonable cause does not include specific error rate thresholds like 5%; instead, it focuses on documented due diligence." The training video reinforces this, noting that "TIN matches and W-9 solicitations are key to penalty abatement."


NEW QUESTION # 47
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