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100% Pass 2025 APS: Latest Authentic Accredited Payables Specialist (APS) Certification Exam Exam Questions

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IOFM Accredited Payables Specialist (APS) Certification Exam Sample Questions (Q94-Q99):

NEW QUESTION # 94
The accounting term "accrued expenses" represents which of the following?

A. Planned expenditures that have not been incurred in the current period
B. Forecasted expenses for which an invoice has not been received in the current period
C. Pre-paid expenses that were paid with petty cash
D. Incurred expenses that have not been posted in the current period

Answer: D

Explanation:
ThePaymentstopic in the APS Certification Program covers accounting concepts like accrued expenses, which are critical for accurate financial reporting.Accrued expensesare expenses that have been incurred (i.e., the organization has received goods or services) but have not yet been paid or recorded (posted) in the accounts payable system, often because an invoice has not been received by the period's end. These are recognized to match expenses with the period they relate to, per accrual accounting principles.
* Option A (Forecasted expenses for which an invoice has not been received): Incorrect, as accrued expenses are not forecasted (estimated future costs); they are actual expenses already incurred.
* Option B (Planned expenditures that have not been incurred): Incorrect, as planned but unincurred expenditures are not recognized in accounting until incurred.
* Option C (Incurred expenses that have not been posted in the current period): Correct. Accrued expenses are costs incurred (e.g., utilities used) but not yet recorded or paid, oftendue to a missing invoice, and are accrued to ensure accurate period-end reporting.
* Option D (Pre-paid expenses that were paid with petty cash): Incorrect, as pre-paid expenses are paid in advance and recorded as assets, not accrued expenses, which are unpaid liabilities.
Reference to IOFM APS Documents: The APS e-textbook underPaymentsdefines accrued expenses as
"expenses incurred in the current period but not yet posted or paid, often recorded at period-end to reflect true financial obligations." The training video provides examples, such as accruing wages or utilities when invoices are delayed, emphasizing the importance of accrual accounting for financial accuracy.

NEW QUESTION # 95
To date, the Streamlined Sales Tax Project has accomplished which of the following? I. Resolved the origin vs. destination question; II. Implemented a uniform exemption certificate; III. Created rate and boundary databases.

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

Answer: D

Explanation:
TheTax and Regulatory Compliancetopic in the APS Certification Program covers the Streamlined Sales Tax Project (SSTP), initiated to simplify U.S. sales tax compliance across states. The SSTP has achieveda uniform exemption certificate(Item II) to standardize resale and other exemptions andrate and boundary databases(Item III) to provide accurate tax rates and jurisdictional boundaries. However, it has not fully resolved the origin vs. destination question(Item I), as sourcing rules (origin-based vs. destination-based taxation) remain state-specific.
* Item I (Resolved the origin vs. destination question): Not fully accomplished. The SSTP provides guidelines for sourcing, but states still choose between origin-based (tax based on seller's location) and destination-based (tax based on buyer's location) rules, creating variability.
* Item II (Implemented a uniform exemption certificate): Accomplished. The SSTP developed a uniform Streamlined Sales and Use Tax Exemption Certificate, accepted by member states to simplify compliance.
* Item III (Created rate and boundary databases): Accomplished. The SSTP provides centralized databases for tax rates and jurisdictional boundaries, aiding accurate tax calculations.
* Option A (I only): Incorrect, as Item I is not fully accomplished.
* Option B (I, II, and III): Incorrect, as Item I is not fully accomplished.
* Option C (II only): Incorrect, as Item III is also accomplished.
* Option D (II and III only): Correct, as Items II and III are key SSTP achievements.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"The Streamlined Sales Tax Project has implemented a uniform exemption certificate and created rate and boundary databases to simplify compliance, but origin vs. destination sourcing remains variable across states." The training video notes, "SSTP's uniform certificate and tax databases are major achievements, though sourcing rules still differ by state."

NEW QUESTION # 96
Which of the following is the purpose of FATCA?

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

Answer: A

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 # 97
Which of the following accounting entries are necessary to record an expense from an incoming invoice?

A. A credit to expense and a debit to the AP liability account
B. A credit to the AP liability account and a corresponding credit to the expense account
C. A debit to the asset account and a corresponding debit to the expense account
D. A debit to expense and a credit to the AP liability account

Answer: D

Explanation:
TheInvoicestopic in the APS Certification Program covers double-entry accounting for recording invoices.
When an incoming invoice is received, it represents an obligation to pay a vendor (a liability) and an expense (or asset, depending on the purchase). The correct journal entry is todebit the expense account(to recognize the cost incurred) andcredit the accounts payable (AP) liability account(to record the amount owed).
* Option A (A debit to the asset account and a corresponding debit to the expense account):
Incorrect, as recording an invoice does not typically involve debiting both an asset and an expense account. An asset might be debited for capital purchases, but the second debit to an expense account is invalid, and no credit is provided to balance the entry.
* Option B (A credit to the AP liability account and a corresponding credit to the expense account):
Incorrect, as crediting the expense account would reduce expenses, which is not the purpose of recording an invoice. Additionally, two credits do not form a valid journal entry without a debit.
* Option C (A debit to expense and a credit to the AP liability account): Correct. Debiting the expense account (e.g., utilities, supplies) recognizes the cost incurred, and crediting the AP liability account records the obligation to pay the vendor. This is the standard entry for expense-related invoices.
* Option D (A credit to expense and a debit to the AP liability account): Incorrect, as crediting the expense account would decrease expenses, which is not appropriate when recording an invoice.
Debiting the AP liability would also incorrectly increase the liability.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesexplains, "When an invoice is received, the journal entry debits an expense account (or asset for capital purchases) andcredits the accounts payable liability account to reflect the obligation." The training video illustrates this with examples, such as debiting "Office Supplies Expense" and crediting "Accounts Payable" for a supply invoice, emphasizing accurate recording to ensure financial statement integrity.

NEW QUESTION # 98
Which of the following are reasons an employee should keep and submit T&E receipts, even if using a corporate travel card?

A. I and II only (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones)
B. II and III only (Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
C. I and III only (There may be additional expenses for items paid out-of-pocket; The card information may not include the sufficient level of detail needed for approval)
D. I, II, and III (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)

Answer: C

Explanation:
Even when using a corporate travel card, employees must keep and submit T&E receipts for several reasons.
First, there may be additional out-of-pocket expenses (e.g., tips, small cash purchases) not charged to the card, requiring receipts for reimbursement (Option I). Second, corporate card statements often lack sufficient detail (e.g., itemized expenses or business purpose), necessitating receipts to meet approval and compliance requirements (Option III). However, paper receipts are not inherently easier to handle or archive than electronic ones (Option II), as modern T&E systems favor digital receipt management for efficiency and accessibility.
The web source from Esker states: "Employees must submit receipts for T&E expenses, even with corporate cards, to account for out-of-pocket expenses and to provide detailed documentation for approval, as card statements may lack itemized details." The NetSuite source adds: "Digital receipt management is preferred over paper receipts, as it simplifies archiving and retrieval." This supports Options I and III, while refuting Option II, as paper receipts are less efficient in modern systems.
The IOFM APS Certification Program covers "Travel and Entertainment (T&E)," emphasizing proper documentation and compliance in expense reporting. The curriculum's focus on "peer-tested best practices" aligns with the need for receipts to document out-of-pocket expenses and provide detailed approval data, but not for paper-based archiving.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Travel and Entertainment (T&E) Esker: "Employees must submit receipts for T&E expenses, even with corporate cards, to account for out-of- pocket expenses and to provide detailed documentation" NetSuite: "Digital receipt management is preferred over paper receipts"

NEW QUESTION # 99
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