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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q81-Q86):
NEW QUESTION # 81
Which of the following techniques is NOT recommended to help protect confidential data?
Answer: A
Explanation:
Protecting confidential data in accounts payable requires secure practices to prevent unauthorized access.
Locking your computer when leaving your work area (Option A), turning off your monitor and securing papers when approached (Option C), and shredding or securely disposing of unneeded documents (Option D) are recommended techniques to safeguard sensitive information. However, saving reports to a portable USB drive and giving it to a requestor (Option B) is not recommended, as USB drives are easily lost, stolen, or compromised, posing a significant security risk compared to secure email or file-sharing systems.
The web source from Esker states: "To protect confidential AP data, lock computers when unattended, secure physical documents, and use secure disposal methods. Avoid using portable devices like USB drives for data transfer due to security risks." This directly supports Options A, C, and D, while identifying Option B as an insecure practice.
The IOFM APS Certification Program covers "Internal Controls," including data security practices. The curriculum's emphasis on "peer-tested best practices" aligns with secure data handling, ruling out the use of USB drives for sensitive reports.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "To protect confidential AP data, lock computers when unattended, secure physical documents...
Avoid using portable devices like USB drives"
NEW QUESTION # 82
Addressing data security involves the use of:
Answer: A
Explanation:
Data security in accounts payable requires a comprehensive approach involvinghardware(Option I, e.g., secure servers and firewalls),software(Option II, e.g., encryption tools and authentication systems), and human resources(Option III, e.g., employee training on security protocols and access management). All three components are essential to protect sensitive financial data from breaches and unauthorized access.
The web source from Corcentric states: "Effective data security in AP combines hardware, such as secure servers, software, like encryption and access controls, and human resources, through training and policy enforcement, to safeguard sensitive information." This supports Option D, as all three elements are integral to data security.
The IOFM APS Certification Program covers "Internal Controls," emphasizing a multi-faceted approach to data security. The curriculum's focus on "peer-tested best practices" aligns with using hardware, software, and human resources to ensure robust security.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Corcentric: "Effective data security in AP combines hardware, such as secure servers, software, like encryption... and human resources"
NEW QUESTION # 83
COSO identifies each of the following elements as necessary for an effective control environment, EXCEPT:
Answer: A
Explanation:
TheInternal Controlstopic in the APS Certification Program details the COSO framework's Control Environment component, which establishes the foundation for effective internal controls. Key elements include clear roles and responsibilities, timely information distribution, and ongoing monitoring of controls.
However,staff working in self-directed teamsis not a COSO requirement, as the framework focuses on structure and accountability rather than specific team management styles.
* Option A (Internal controls are monitored and evaluated): This aligns with COSO's Monitoring Activities component but also supports the Control Environment by ensuring controls are enforced. It is a necessary element.
* Option B (Staff work in self-directed teams): COSO does not mandate self-directed teams. While teamwork may be beneficial, the Control Environment emphasizes defined roles and oversight, not specific team structures. This is the correct answer.
* Option C (Information is distributed in a timely way): This supports the Control Environment by ensuring employees have the information needed to perform their duties, aligning with COSO's Information and Communication component. It is a necessary element.
* Option D (People know their responsibilities and limits of authority): This is a core element of the Control Environment, ensuring clear accountability and authority structures. It is a necessary element.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsexplains, "The COSO Control Environment requires clear responsibilities, timely information flow, and ongoing monitoring to establish effective controls." It lists elements like "defined roles and authority limits" and "effective communication" but does not mention self-directed teams as a requirement. The training video emphasizes COSO's focus on accountability and structure, noting that team configurations are organizational choices, not COSO mandates.
NEW QUESTION # 84
In order to get a sales tax exemption on goods purchased for resale, what must the buyer do?
Answer: B
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 # 85
What is one concern accounts payable should have regarding international travel?
Answer: C
Explanation:
International travel introduces specific concerns for accounts payable, particularly in ensuring compliance with tax regulations. A key concern is that employees must collect appropriate Value Added Tax (VAT) information (e.g., VAT invoices or receipts) to enable the organization to reclaim VAT paid on eligible expenses in foreign jurisdictions. This is critical for cost recovery and compliance with international tax laws.
The web source from Avalara states: "For international travel, AP departments must ensure employees collect proper VAT invoices to reclaim taxes, as failure to do so can result in lost savings and compliance issues." The other options are less directly relevant:
* Option A(unscrupulous vendors) is a generalization and not a primary AP concern.
* Option C(time zones) affects communication but is not an AP-specific issue.
* Option D(exchange rates) is a consideration for budgeting, not AP's primary responsibility.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)" and "Tax and Regulatory Compliance," including VAT compliance for international expenses. The curriculum's emphasis on "peer- tested best practices" supports the importance of collecting VAT information for tax reclamation.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) and Tax and Regulatory Compliance Avalara: "For international travel, AP departments must ensure employees collect proper VAT invoices to reclaim taxes"
NEW QUESTION # 86
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