APS by IOFM Valid Free Exam Practice Test

Question 1

Evaluated Receipt Settlement (ERS) requires which of the following?

A. PO, Receipt, and Invoice B. PO and Invoice C. Receipt and Invoice D. PO and Receipt

Correct Answer: D

Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).

Question 2

What is a limitation typically associated with a blanket purchase order?

A. It should only be created for a specific delivery date B. It is only issued for purchasing services, not for goods C. It must be settled with a same-day wire transfer D. It should not extend past a specified timeframe

Correct Answer: D

Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).

Question 3

What is blockchain?

A. A random password generator B. An accounts payable collaborative C. An internal audit methodology D. A distributed ledger system

Correct Answer: D

Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).

Question 4

Electronic Data Interchange (EDI) has not gained more widespread use, particularly by small and medium- size companies, in part because of:

A. Security concerns B. Costly technology C. Government regulations D. Staff resistance

Correct Answer: B

Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).

Question 5

What is one benefit of entering a commodity code in a user-defined field when setting up a newvendor?

A. It indicates which team member created the new record B. It enables procurement to use the data for spend analysis C. It automatically generates a price comparison to other similar vendors D. It prevents a duplicate vendor from being entered

Correct Answer: B

Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).

Question 6

An organization's mission statement is intended to provide which of the following?

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

Correct Answer: D

Explanation: Only visible for ExamsLabs members. You can sign-up / login (it's free).

IOFM Accredited Payables Specialist (APS) Certification - APS Exam Practice Test