Blog

Todd Harris Todd Harris

0 Course Enrolled • 0 Course Completed

Biography

100% Pass APS - Accredited Payables Specialist (APS) Certification Exam–High Pass-Rate Test Pattern

To nail the APS exam, what you need are admittedly high reputable APS practice materials like our APS exam questions. What matters to exam candidates is not how much time you paid for the exam or how little money you paid for the practice materials, but how much you advance or step forward after using our practice materials. Actually our APS learning guide can help you make it with the least time but huge advancement. There are so many advantageous elements in them.

APS study material is suitable for all people. Whether you are a student or an office worker, whether you are a veteran or a rookie who has just entered the industry, APS test answers will be your best choice. For office workers, APS test dumps provide you with more flexible study time. You can download learning materials to your mobile phone and study at anytime, anywhere. And as an industry rookie, those unreadable words and expressions in professional books often make you feel mad, but APS Study Materials will help you to solve this problem perfectly.

>> Test APS Pattern <<

Latest Released Test APS Pattern - IOFM Accredited Payables Specialist (APS) Certification Exam Reliable Guide Files

We often regard learning as a torture. Actually, learning also can become a pleasant process. With the development of technology, learning methods also take place great changes. Take our APS practice material for example. All of your study can be completed on your computers because we have developed a kind of software which includes all the knowledge of the APS exam. The simulated and interactive learning environment of our test engine will greatly arouse your learning interests. You will never feel boring and humdrum. Your strong motivation will help you learn effectively. If you are tired of memorizing the dull knowledge point, our APS Test Engine will assist you find the pleasure of learning. Time is priceless. Learn something when you are still young. Then you will not regret when you are growing older.

IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q54-Q59):

NEW QUESTION # 54
In double-entry accounting, which of the following pairs of accounting entries are made when an invoice has been paid?

A. Debit the expense and credit the AP liability account
B. Credit cash and debit the asset account
C. Credit cash and debit the AP liability account
D. Debit cash (asset) and credit the AP liability account

Answer: C

Explanation:
In thePaymentsandInvoicestopics of the IOFM APS Certification Program, double-entry accounting principles are covered to ensure AP professionals understand how transactions are recorded. When an invoice is paid, the organization settles an accounts payable (AP) liability, which is a balance sheet account representing money owed to vendors. The payment typically involves a cash outflow (or reduction in a bank account) and a corresponding reduction in the AP liability.
In double-entry accounting, every transaction affects at least two accounts, with debits equaling credits. The process of paying an invoice involves:
* When the invoice isreceived, the AP department records the liability by debiting an expense account (or asset, depending on the purchase) and crediting the AP liability account. This step is not the focus of the question.
* When the invoice ispaid, the AP liability is reduced, and cash is reduced. The correct journal entry is:
* Debit Accounts Payable (AP liability): This reduces the liability, as the organization no longer owes the vendor.
* Credit Cash: This reflects the outflow of cash used to settle the invoice.
* Option A (Credit cash and debit the asset account): This is incorrect because paying an invoice does not typically involve debiting a generic "asset account." The payment reduces the AP liability, not another asset account (unless the invoice was for an asset purchase, which is not specified).
Additionally, crediting cash is correct, but the pairing is wrong.
* Option B (Debit the expense and credit the AP liability account): This describes the journal entry when an invoice isreceived, not when it is paid. When recording an invoice, the expense (or asset) is debited, and the AP liability is credited. This option is incorrect for the payment stage.
* Option C (Debit cash (asset) and credit the AP liability account): This is incorrect because debiting cash would imply an increase in the cash account, which does not occur when paying an invoice (cash decreases). The direction of the cash entry is reversed.
* Option D (Credit cash and debit the AP liability account): This is the correct journal entry for paying an invoice. Debiting the AP liability reduces the amount owed to the vendor, and crediting cash reflects the payment made (cash decreases). This aligns with standard double-entry accounting principles.
Reference to IOFM APS Documents: The IOFM APS e-textbook and training video under thePayments section cover double-entry accounting for AP transactions. The curriculum explains that "when an invoice is paid, the accounts payable liability account is debited to reduce the obligation, and the cash account is credited to reflect the payment outflow." This is reinforced in the practice quizzes, which test understanding of journal entries for invoice payments. The APS program also references best practices for cash management and payment processing, emphasizing accurate accounting to maintain financial integrity.

NEW QUESTION # 55
Cash management refers to an organization's management of which of the following?

A. Enterprise resource planning systems
B. Payroll disbursements
C. Inflow and outflow of funds
D. Payment terms

Answer: C

Explanation:
Cash management refers to an organization's processes for managing the inflow and outflow of funds to optimize liquidity, ensure financial stability, and meet operational needs. This includes overseeing cash receipts, payments, and forecasting cash flow. While payment terms (Option A) and payroll disbursements (Option B) are components of cash management, they are not the comprehensive definition. Enterprise resource planning systems (Option C) are tools that may support cash management but are not the definition itself.
The web source from Corcentric states: "Cash management involves managing an organization's inflow and outflow of funds to maintain liquidity and meet financial obligations." This directly supports Option D.
The IOFM APS Certification Program covers "Payments," including cash management principles as they relate to AP processes. The curriculum's focus on "peer-tested best practices" aligns with the definition of cash management as managing cash inflows and outflows.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Payments Corcentric: "Cash management involves managing an organization's inflow and outflow of funds"

NEW QUESTION # 56
Which party is responsible for providing 1099 information for P-card transactions to the IRS?

A. Card user
B. Accounts payable
C. Card issuer
D. Merchant

Answer: D

Explanation:
For procurement card (P-card) transactions, themerchantis responsible for providing 1099 information to the IRS, as they are the party receiving payment for goods or services. IRS Form 1099-MISC or 1099-NEC is required for certain payments to non-employee vendors (e.g., independent contractors) exceeding $600 annually, and merchants report these payments directly to the IRS when paid via P-card, just as they would for other payment methods.
The web source from Tipalti states: "For P-card transactions, the merchant is responsible for reporting 1099 information to the IRS, as they receive the payment and must comply with tax reporting requirements." This directly supports Option A. The card issuer (Option B) facilitates thetransaction but does not report 1099s, the card user (Option C) is typically an employee making purchases, and accounts payable (Option D) manages payments but does not report 1099s for P-card transactions.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including IRS reporting requirements like Form 1099. The curriculum's focus on "peer-tested best practices" aligns with the merchant' s responsibility for 1099 reporting in P-card transactions.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Tipalti: "For P-card transactions, the merchant is responsible for reporting 1099 information to the IRS"

NEW QUESTION # 57
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. I and III only
C. I, II, and III
D. III only

Answer: B

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 # 58
Which of the following AP department procedures would reduce the number of vendor calls to the AP department?

A. II and III only (Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
B. I, II, and III (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors, Including as much information as possible on the remittance advice)
C. I and III only (Provide access to a supplier portal, Including as much information as possible on the remittance advice)
D. I and II only (Provide access to a supplier portal, Assigning specific individuals to interact with specific vendors)

Answer: C

Explanation:
Vendor calls to the accounts payable (AP) department often stem from inquiries about invoice status, payment timing, or discrepancies. Providing access to a supplier portal (Option I) allows vendors to check invoice and payment status online, reducing the need for direct contact. Including as much information as possible on the remittance advice (Option III) clarifies payment details, addressing common vendor questions. Assigning specific individuals to interact with specific vendors (Option II) may streamline internal processes but does not directly reduce vendor calls, as it does not provide vendors with self-service tools or additional information.
The web source from Esker states: "Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status in real-time... Detailed remittance advice with comprehensive payment information minimizes follow-up calls from vendors." This supports Options I and III. Option II is not mentioned as a direct method for reducing vendor calls, as it primarily affects internal AP workflows.
The IOFM APS Certification Program covers "Internal Controls," including strategies to improve AP efficiency and vendor relations. The curriculum's focus on "peer-tested best practices" aligns with using supplier portals and detailed remittance advice to minimize vendor inquiries.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Internal Controls Esker: "Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status...
Detailed remittance advice minimizes follow-up calls"

NEW QUESTION # 59
......

You will be able to assess your shortcomings and improve gradually without having anything to lose in the actual Accredited Payables Specialist (APS) Certification Exam exam. You will sit through mock exams and solve actual IOFM APS dumps. In the end, you will get results that will improve each time you progress and grasp the concepts of your syllabus. The desktop-based IOFM APS Practice Exam software is only compatible with Windows.

APS Reliable Guide Files: https://www.testkingpdf.com/APS-testking-pdf-torrent.html

You will get a surprising result by our Up to date Installing and Configuring APS Reliable Guide Files practice guides, You can download the APS pdf free demo questions for a try, As an authoritative IT test, APS enjoys great popularity in the IT field, IOFM Test APS Pattern After all, this society really needs us to be efficient, Those are not just fantastic dreams because many users have realized them with the help of our high-quality IOFM APS exam review.

Copyright Complaints The Company does respect the intellectual property rights APS of others, David actually sent me a book, You will get a surprising result by our Up to date Installing and Configuring Accounts Payable Certification practice guides.

Top Test APS Pattern | Pass-Sure IOFM APS Reliable Guide Files: Accredited Payables Specialist (APS) Certification Exam

You can download the APS pdf free demo questions for a try, As an authoritative IT test, APS enjoys great popularity in the IT field, After all, this society really needs us to be efficient.

Those are not just fantastic dreams because many users have realized them with the help of our high-quality IOFM APS exam review.

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Todd Harris Todd Harris

Biography

COOKIE NOTICE