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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q22-Q27):

NEW QUESTION # 22
Sales and use taxes are levied by which of the following? I. Cities and towns; II. Federal government; III.
States.

A. II and III only
B. III only
C. I and III only
D. I, II, and III

Answer: C

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers sales and use taxes, which are imposed on the sale or use of goods and services. In the U.S., sales and use taxes are levied bystates and, in many cases,cities and towns(local jurisdictions). Thefederal governmentdoes not impose sales or use taxes, as this authority is reserved for state and local governments.
* Item I (Cities and towns): Many cities and towns impose local sales taxes, often in addition to state taxes, to fund municipal services. This is a valid taxing authority.
* Item II (Federal government): The federal government does not levy sales or use taxes; it imposes taxes like income or excise taxes. This is not a valid taxing authority for sales and use taxes.
* Item III (States): States are the primary authorities for sales and use taxes, setting rates and rules for taxable transactions. This is a valid taxing authority.
* Option A (II and III only): Incorrect, as Item II is not a valid taxing authority.
* Option B (III only): Incorrect, as Item I is also a valid taxing authority.
* Option C (I and III only): Correct, as only states and local jurisdictions (cities and towns) levy sales and use taxes.
* Option D (I, II, and III): Incorrect, as Item II is not a valid taxing authority.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"Sales and use taxes are levied by states and local jurisdictions, such as cities and towns, but not by the federal government." The training video discusses AP's role in managing sales tax compliance, noting that
"states and local governments set sales tax rates, while the federal government does not impose such taxes."

NEW QUESTION # 23
Which of the following has significantly reduced the number of small dollar invoices to be processed?

A. Payment cards
B. Petty cash
C. Evaluated receipt settlement
D. Electronic data interchange

Answer: A

Explanation:
Payment cards, such as procurement cards (P-cards) or corporate credit cards, have significantly reduced the number of small dollar invoices processed by accounts payable departments. Byconsolidating small, recurring, or low-value purchases onto a single card statement, organizations can avoid processing individual invoices for each transaction, streamlining AP workflows and reducing administrative costs.
The web source from Corcentric states: "Payment cards, like P-cards, significantly reduce the number of small dollar invoices by consolidating multiple purchases into a single statement, minimizing AP processing efforts." This directly supports Option D. The other options are less relevant:
* Petty cash (A)is used for small cash transactions but does not reduce invoice volume, as it typically bypasses invoicing.
* Evaluated receipt settlement (B)eliminates invoices for specific purchases but is not primarily focused on small dollar transactions.
* Electronic data interchange (C)automates invoice data exchange but does not inherently reduce the number of invoices.
The IOFM APS Certification Program covers "Payments," including the role of payment cards in optimizing AP processes. The curriculum's focus on "peer-tested best practices for each phase of the payment process" aligns with the use of payment cards to reduce small dollar invoice processing.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Payment cards, like P-cards, significantly reduce the number of small dollar invoices by consolidating multiple purchases"

NEW QUESTION # 24
The general rule for determining independent contractor status looks at evidence in each of the following categories, EXCEPT:

A. The degree of control the employer exercises over the worker's work results
B. The type of relationship established between the parties
C. The amount of control the employer has over the worker's finances
D. The job title assigned to the worker

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers IRS guidelines for determining independent contractor status, critical for 1099 reporting and avoiding worker misclassification.
The IRS uses three categories:Behavioral Control(degree of controlover work results),Financial Control (control over finances, e.g., payment terms, investment in tools), andType of Relationship(contract terms, permanency). Thejob titleassigned is not a factor, as status depends on actual work arrangements, not labels.
* Option A (The degree of control the employer exercises over the worker's work results): Part of Behavioral Control, assessing how much the employer directs the worker's tasks. This is a valid category.
* Option B (The amount of control the employer has over the worker's finances): Part of Financial Control, evaluating payment methods, expense reimbursement, and worker investment. This is a valid category.
* Option C (The job title assigned to the worker): Not a factor. The IRS focuses on the nature of the work relationship, not the title (e.g., "contractor" vs. "employee"). Correct answer.
* Option D (The type of relationship established between the parties): Part of Type of Relationship, considering contracts, benefits, and permanency. This is a valid category.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"IRS independent contractor status is determined by Behavioral Control, Financial Control, and Type of Relationship, not by job titles, which are irrelevant to actual work arrangements." The training video explains,
"Job titles don't determine contractor status; the IRS looks at control and relationship factors."

NEW QUESTION # 25
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 negotiated bank draft
B. A surrogate financial instrument
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 # 26
Which of the following is the purpose of FATCA?

A. To make the rules regarding reporting payments made to U.S. persons and non-U.S. persons more consistent
B. To ensure the privacy of individuals or organizations that bank outside of the U.S.
C. To respond to attempts by foreign governments to capture taxes on activities of U.S. persons in their countries
D. To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Foreign Account Tax Compliance Act (FATCA), enacted in 2010 to combat tax evasion by U.S. taxpayers using foreign accounts.
FATCA requires foreign financial institutions (FFIs) to report U.S. account holders' information to the IRS, making it harder for individuals and organizations to hide income offshore and avoid U.S. taxes.
* Option A (To ensure the privacy of individuals or organizations that bank outside of the U.S.):
Incorrect. FATCA reduces privacy by requiring FFIs to report account details to the IRS, not protect it.
* Option B (To make the rules regarding reporting payments made to U.S. persons and non-U.S.
persons more consistent): Incorrect. FATCA focuses on reporting foreign accounts of U.S. taxpayers, not harmonizing payment reporting rules for U.S. and non-U.S. persons.
* Option C (To make it more difficult for individuals or organizations to avoid paying taxes by banking outside of the U.S.): Correct. FATCA's primary purpose is to prevent tax evasion by requiring FFIs and certain non-financial foreign entities to report U.S. account holders' financial information, ensuring taxable income is reported.
* Option D (To respond to attempts by foreign governments to capture taxes on activities of U.S.
persons in their countries): Incorrect. FATCA addresses U.S. tax compliance, not foreign governments' tax policies.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"FATCA was enacted to combat tax evasion by requiring foreign financial institutions to report U.S. account holders' information, making it difficult to avoid taxes through offshore accounts." TheMaster Guide to Form
1099 Compliance, a recommended IOFM resource, explains, "FATCA ensures compliance by imposing withholding on payments to non-compliant FFIs, targeting U.S. taxpayers hiding income abroad." The training video reinforces this, noting FATCA's role in "closing loopholes for offshore tax evasion."

NEW QUESTION # 27
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