Accounts Payable Specialist Certification
IOFM Exam Questions with Correct
Verified Solutions Latest Update (2025)
Guaranteed Pass
Journal --- correct answer ---chronological listing of an organizations
transactions - also known as the Book of Original Entry or Cash
Disbursements Journal
PCAOB --- correct answer ---Public Company Accounting Oversight
Board - protects investors and other stakeholders of a public company
by insuring that the auditor of a company's financial statements has
followed a strict set of guidelines
Fraud Triangle --- correct answer ---three elements that must be
present for fraud to occur
Pressure/Incentive, Opportunity, Rationalization/Attitude
Fraud: Pressure/Incentive --- correct answer ---factor of significance
in a person committing fraud
,Why do they need to do this? Greed? Financial Need?
Fraud: Opportunity --- correct answer ---fraudsters must believe that
they can conceal their activities and avoid detection; example: weak
internal controls and poor management oversight
Fraud: Rationalization/Attitude --- correct answer ---when a fraudster
reconciles their behavor with commonly accepted notions of decency
and trust; justification of fraud
Three Types of AP Fraud --- correct answer ---payment fraud, vendor
fraud, and occupational (employee) fraud
Check Fraud Prevention Measures --- correct answer ---timely
reconciliation of bank statements;
segregation of duties;
check stock and check producing controls;
employee controls;
conduct surprise audits;
implement positive pay;
, Common Ways of Check Fraud --- correct answer ---stolen issued
checks;
check altercation;
stolen check materials;
Electronic Payment Fraud Prevention Measures --- correct answer ---
reconcile accounts daily;
set up separate accounts for checks/ach payments;
use ach credits and avoid ach debits;
UPIC --- correct answer ---universal payment identification codes
looks and acts like a standard bank account number, but can only be
used for ach credit payments
Occupational Fraud --- correct answer ---the use of one's occupation
for personal enrichment through the deliberate misuse or
misappropriation of the employing organization's resources or assets
IOFM Exam Questions with Correct
Verified Solutions Latest Update (2025)
Guaranteed Pass
Journal --- correct answer ---chronological listing of an organizations
transactions - also known as the Book of Original Entry or Cash
Disbursements Journal
PCAOB --- correct answer ---Public Company Accounting Oversight
Board - protects investors and other stakeholders of a public company
by insuring that the auditor of a company's financial statements has
followed a strict set of guidelines
Fraud Triangle --- correct answer ---three elements that must be
present for fraud to occur
Pressure/Incentive, Opportunity, Rationalization/Attitude
Fraud: Pressure/Incentive --- correct answer ---factor of significance
in a person committing fraud
,Why do they need to do this? Greed? Financial Need?
Fraud: Opportunity --- correct answer ---fraudsters must believe that
they can conceal their activities and avoid detection; example: weak
internal controls and poor management oversight
Fraud: Rationalization/Attitude --- correct answer ---when a fraudster
reconciles their behavor with commonly accepted notions of decency
and trust; justification of fraud
Three Types of AP Fraud --- correct answer ---payment fraud, vendor
fraud, and occupational (employee) fraud
Check Fraud Prevention Measures --- correct answer ---timely
reconciliation of bank statements;
segregation of duties;
check stock and check producing controls;
employee controls;
conduct surprise audits;
implement positive pay;
, Common Ways of Check Fraud --- correct answer ---stolen issued
checks;
check altercation;
stolen check materials;
Electronic Payment Fraud Prevention Measures --- correct answer ---
reconcile accounts daily;
set up separate accounts for checks/ach payments;
use ach credits and avoid ach debits;
UPIC --- correct answer ---universal payment identification codes
looks and acts like a standard bank account number, but can only be
used for ach credit payments
Occupational Fraud --- correct answer ---the use of one's occupation
for personal enrichment through the deliberate misuse or
misappropriation of the employing organization's resources or assets
