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Examination Content |
Relying on their extensive knowledge of the leadership of the accounts payable profession, IOMA and The Accounts Payable Network assembled the Subject Matter Experts (SME) to create questions for possible inclusion in the bank of payables examination questions. The questions are reviewed by experts at IOMA, TAPN, and by testing experts, to ensure compliance with accepted question-writing techniques. Approved questions are then included in the examination bank; a subset of these are selected randomly to create new examinations.
Candidates who take tests at "live" testing sites will receive the same exam as others in the room; those who take the test online will receive their own version of the exam from the bank of approved questions. Each exam is comprised of 100 multiple choice questions. The APM exam includes management questions not included in the APS exam.
The APM or APS Examination is weighted in approximately
the following manner:
| Category/Section | APM | APS |
| Internal Controls | 10% | 15% |
| Process Functions | 15% | 35% |
| Vendor File & Vendor Relations | 10% | 10% |
| Technology | 10% | 10% |
| Tax & Regulatory | 10% | 10% |
| Travel & Entertainment | 10% | 20% |
| Management | 35% | 0% |
| 100% | 100% |
Following are examples of the examination questions:
1) The biggest bottleneck in a manual, paper-invoice-based accounts payable process is the
area between the
 a) check printing cycle and check release
b) purchase order issuance and receipt of copy in AP
c) receipt of invoice and entry into system
d) nightly production cycle and data on desktop
2) In most cases a blanket purchase order should have
a) a dollar or periodic limit
b) a commodity classification
c) an accounting classification
d) a senior manager’s approval
3) Which of the following is a reasonable policy regarding rush or exception check
processing?
a) All exception requests should be honored.
b) Process only requests that cannot be handled in any other format.
c) Process only requests made by purchasing.
d) No rush checks should ever be written.
4) Individual purchases detailed on an invoice are commonly referred to as
a) requisitions
b) sub-items
c) line items
d) units
5) Which of the following will help minimize errors in accounts payable?
I. Cross training so staffers can fill in for others who are absent
II. Benchmarking to identify weak spot
III. Reducing the amount of manual data entry
a) I only
b) III only
c) I & II only
d) I, II & III
6) The practice of reordering and writing checks on closed accounts is known as
a) paperhanging
b) check kiting
c) quick checks
d) closed-end checks
7) When a company is looking to preserve cash, the most frequently used and potentially
damaging strategy the company can employ is to
a) place smaller orders
b) talk to vendor
c) stretch payment date
d) stop paying bills
8) Responsibility for maintaining the vendor master file generally resides with
a) purchasing
b) accounts payable
c) customer service
d) internal auditing
9) A company’s best defense against check fraud is
a) the Uniform Commercial Code
b) positive pay
c) banking controls
d) warning bands on checks
10) A company’s schedule for record destruction should be developed with the assistance of
which of the following departments?
a) Legal
b) Purchasing
c) Human resources
d) Information technology
Answers:
1. c
2. a
3. b
4. c
5. d
6. a
7. c
8. b
9. b
10. a
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