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IOFM APS Exam Syllabus Topics:

IOFM Accredited Payables Specialist (APS) Certification Sample Questions:

1. Which of the following federal laws was passed in the U.S. after September 11, 2001, to expedite check clearing by allowing check truncation at any point in the check clearing process?

A) Gramm-Leach-Bliley
B) The Patriot Act
C) Sarbanes-Oxley
D) Check 21

2. Which of the following are reasons an organization needs a sound records management plan? I. To afford some protection against lawsuits; II. To safeguard vital information; III. To analyze and manage expenditures.

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

3. The well-publicized business scandals that occurred in the early 2000s, particularly in the U.S., resulted in legislation that protects which class of employees?

A) Hourly employees
B) Executives
C) Auditors
D) Whistleblowers

4. Which of the following statements best describes the meaning of data integrity?

A) The data has not been altered
B) The data has been tested for accuracy
C) The data comes with a digital signature
D) The data was encrypted using an algorithm

5. Benefits of ACH include each of the following, EXCEPT:

A) ACH reduces the cost of invoice processing
B) ACH eliminates the need for vendor verification
C) ACH speeds up payment processing time
D) ACH replaces having to issue paper checks

Solutions: