FREE PDF NEWEST IOFM - APS - VCE ACCREDITED PAYABLES SPECIALIST (APS) CERTIFICATION EXAM FILE

Free PDF Newest IOFM - APS - Vce Accredited Payables Specialist (APS) Certification Exam File

Free PDF Newest IOFM - APS - Vce Accredited Payables Specialist (APS) Certification Exam File

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q96-Q101):

NEW QUESTION # 96
Payments to non-resident aliens for services that are performed in the U.S. must be reported on Form 1042-S if the payment amount exceeds:

  • A. $600
  • B. $300
  • C. $0
  • D. $1,000

Answer: C

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers IRS reporting requirements for payments to non-resident aliens, including Form 1042-S. Payments to non-resident aliens for services performed in the U.S. are subject to reporting on Form 1042-S, regardless of the amount, meaning the threshold is$0. This ensures compliance with IRS regulations and potential withholding requirements (e.
g., 30% under Section 1441, unless reduced by a tax treaty).
* Option A ($1,000): Incorrect. There is no $1,000 threshold for Form 1042-S reporting.
* Option B ($600): Incorrect. The $600 threshold applies to Form 1099 reporting for U.S. persons, not Form 1042-S for non-resident aliens.
* Option C ($0): Correct. All payments to non-resident aliens for U.S.-source income, such as services performed in the U.S., must be reported on Form 1042-S, with no minimum threshold.
* Option D ($300): Incorrect. There is no $300 threshold for Form 1042-S reporting.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Complianceexplains,
"Form 1042-S is used to report payments to non-resident aliens for U.S.-source income, such as services performed in the U.S., with no minimum dollar threshold." TheMaster Guide to Form 1099 Compliance, a recommended IOFM resource, clarifies, "Unlike Form 1099, Form 1042-S requires reporting of all payments to non-resident aliens, starting at $0, to ensure compliance with IRS withholding rules." The training video reinforces this, noting the importance of Form 1042-S for international payments.


NEW QUESTION # 97
In the U.S., what type of information is HIPAA designed to protect?

  • A. Private medical records
  • B. Electronic banking information
  • C. External auditor findings
  • D. Corporate whistleblower identities

Answer: A

Explanation:
TheTax and Regulatory Compliancetopic in the IOFM APS Certification Program covers key U.S.
regulations, including the Health Insurance Portability and Accountability Act (HIPAA).Enacted in 1996, HIPAA is designed to protect the privacy and security ofprivate medical records, ensuring that protected health information (PHI) is safeguarded by healthcare providers, insurers, and related entities, including AP departments handling medical-related payments.
* Option A (Corporate whistleblower identities): Incorrect. Whistleblower protections are covered under laws like the Sarbanes-Oxley Act, not HIPAA.
* Option B (External auditor findings): Incorrect. Auditor findings are related to financial or operational audits, not protected by HIPAA.
* Option C (Private medical records): Correct. HIPAA establishes standards to protect PHI, such as patient health records, from unauthorized disclosure.
* Option D (Electronic banking information): Incorrect. Banking information is protected under laws like the Gramm-Leach-Bliley Act, not HIPAA.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"HIPAA protects private medical records, ensuring the confidentiality of protected health information (PHI) in transactions involving healthcare providers." The training video mentions HIPAA in the context of AP compliance, noting that AP staff handling medical vendor payments must ensure PHI is secure.


NEW QUESTION # 98
Filing for a VAT refund is difficult because: I. Invoices must include the name and address of the company filing for the refund; II. Only authorized agents may apply for the refunds; III. An original invoice must be submitted.

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

Answer: C

Explanation:
TheInvoicestopic in the APS Certification Program covers the complexities of value-added tax (VAT) refunds, particularly for businesses operating in VAT jurisdictions (e.g., EU). VAT refund processes are stringent, requiring specific invoice details like the company's name and address (Item I) and, in many cases, original invoices (Item III). However,only authorized agents applying for refunds (Item II)is not universally true, as businesses or their tax representatives can often file directly, depending on the jurisdiction.
* Item I (Invoices must include the name and address of the company filing for the refund): True.
VAT regulations (e.g., EU VAT Directive) require invoices to include the claimant's name and address to verify eligibility. This contributes to refund difficulty.
* Item II (Only authorized agents may apply for the refunds): Not universally true. While some jurisdictions allow or require agents, businesses can often file directly or designate representatives without mandating third-party agents. This does not consistently contribute to difficulty.
* Item III (An original invoice must be submitted): True. Many VAT jurisdictions require original invoices (or certified copies) to validate claims, increasing administrative burden and difficulty.
* Option A (II only): Incorrect, as Item II is not universally applicable, and Items I and III are valid.
* Option B (I only): Incorrect, as Item III also contributes to refund difficulty.
* Option C (I and III only): Correct, as Items I and III are standard requirements that make VAT refunds difficult.
* Option D (II and III only): Incorrect, as Item II is not a universal requirement.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesstates, "VAT refund processes are complex due to requirements like including the claimant's name and address on invoices and submitting original invoices." It notes that "while agents may assist, direct filing bybusinesses is often permitted, depending on the jurisdiction." The training video discusses VAT refunds, highlighting the need for "specific invoice details and original documents" as key challenges.


NEW QUESTION # 99
Ways to reduce the cost of processing an invoice include:

  • A. III only (Reducing the amount of manual data entry)
  • B. I, II, and III (Eliminating the approval process, Reducing the amount of paper handling, Reducing the amount of manual data entry)
  • C. II and III only (Reducing the amount of paper handling, Reducing the amount of manual data entry)
  • D. I and II only (Eliminating the approval process, Reducing the amount of paper handling)

Answer: C

Explanation:
Reducing the cost of invoice processing involves streamlining workflows and minimizing labor-intensive tasks. Reducing paper handling (e.g., through e-invoicing or digital workflows) and manual data entry (e.g., through optical character recognition or automation) are proven methods to lower costs. Eliminating the approval process entirely (Option I) is not a recommended practice, as it increases the risk of errors and fraud, undermining internal controls.
The web source from NetSuite states: "Automation and digitization can significantly reduce invoice processing costs by minimizing manual data entry and paper-based processes... Technologies like OCR and e- invoicing reduce the need for physical handling and manual input." The Esker source adds: "Reducing paper handling and manual data entry are key to lowering AP processing costs, as they eliminate time-consuming tasks." These sources confirm that Options II and III are effective cost-reduction strategies, while Option I is not supported, as approvals are a critical control.
The IOFM APS Certification Program covers "Invoices" and "Technology and Automation," emphasizing efficient invoice processing. The curriculum's focus on "peer-tested best practices" includes adopting automation to reduce manual tasks, aligning with Options II and III.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Invoices and Technology and Automation NetSuite: "Automation and digitization can significantly reduce invoice processing costs by minimizing manual data entry and paper-based processes" Esker: "Reducing paper handling and manual data entry are key to lowering AP processing costs"


NEW QUESTION # 100
An organization's mission statement is intended to provide which of the following?

  • A. Ethics and compliance standards
  • B. Policies and procedures
  • C. Metrics and benchmarking information
  • D. Methodology and direction

Answer: D

Explanation:
TheInternal Controlstopic in the APS Certification Program includes understanding the broader organizational context in which AP operates, including governance and strategic objectives. An organization's mission statement is a high-level declaration of its purpose, values, and strategic direction. It provides methodology and directionby guiding decision-making and aligning processes with the organization's goals, rather than detailing specific policies, ethics standards, or metrics.
* Option A (Policies and procedures): Policies and procedures are operational guidelines that dictate how tasks (e.g., AP processes) are performed. A mission statement does not provide these details; it sets a broader vision. This option is incorrect.
* Option B (Ethics and compliance standards): While a mission statement may reflect ethical values, it is not the primary vehicle for defining ethics and compliance standards, which are typically outlined in separate codes of conduct or compliance policies. This option is incorrect.
* Option C (Methodology and direction): The mission statement articulates the organization's purpose and strategic direction, providing a framework (methodology) for how the organization operates and where it is headed. This is the correct answer.
* Option D (Metrics and benchmarking information): Metrics and benchmarking are performance measurement tools, not part of a mission statement, which focuses on vision and purpose rather than quantitative data. This option is incorrect.
Reference to IOFM APS Documents: The APS e-textbook underInternal Controlsbriefly addresses organizational governance, noting that "a mission statement defines the organization's purpose and provides direction for all departments, including AP, to align their processes with strategic goals." The training video emphasizes that AP professionals must understand the organization's mission to ensure their work supports broader objectives, such as cost efficiency or vendor trust. The mission statement is described as a guiding framework, not a detailed operational or compliance document.


NEW QUESTION # 101
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