Free Practice IOFM APS Exam Questions 2026

Stay ahead with 100% Free Accredited Payables Specialist (APS) Certification APS Dumps Practice Questions

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Total 101 Questions | Updated On: May 21, 2026

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Question 1

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

A : Receipt and Invoice

B : PO and Receipt

C : PO and Invoice

D : PO, Receipt, and Invoice

Answer: B

Question 2

To protect your organization from employee fraud, which of the following controls should be employed?

A : Require that all potential employees sign an NDA prior to hire

B : Ensure all staff members have accounting degrees from accredited universities

C : Hire only temporary employees and rotate them out every six to eight months

D : Conduct detailed background checks on all new AP employees

Answer: D

Question 3

What is the current thinking on the practice of maintaining a petty cash fund?

A : It’s practically obsolete and should be eliminated, if possible

B : Three separate individuals should sign off on disbursements

C : It’s considered a best practice within service organizations and consulting businesses

D : It should be maintained by an executive in the treasury department

Answer: A

Question 4

COSO identifies each of the following elements as necessary for an effective control environment, EXCEPT:

A : Internal controls are monitored and evaluated

B : Staff work in self-directed teams

C : Information is distributed in a timely way

D : People know their responsibilities and limits of authority

Answer: B

Question 5

Which of the following IRS documents addresses travel & entertainment (T&E) expenses?

A : Notice 1009

B : Publication 463

C : Advisory 972

D : Form 1046

Answer: B

Page: 1 / 21

Total 101 Questions | Updated On: May 21, 2026

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