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ACCOUNTS PAYABLE SPECIALIST CERTIFICATION IOFM EXAM
NEWEST 2025/2026 ACTUAL EXAM WITH COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+| ||PROFESSOR VERIFIED||
Which attributes on the payables invoice can be used during
approval rule creation?
A. company and cost center segment only
B. company segment, cost center segment, supplier, and Attribute
1 on the invoice line
C. cost center segment and supplier only
D. supplier only - ANSWER-B. company segment, cost center
segment, supplier, and Attribute 1 on the invoice line
You entered an invoice of 12,000 and paid it for Office Supplies.
The payment was never received by the supplier, and you decide
to return the entire order. What should you do?
A. Void the payment, which debits cash and credits the liability,
and then issue a credit memo, which debits the liability and
credits the expense.
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B. Issue a credit memo, which will debit the liability and credit the
expense.
C. Cancel the invoice, which debits the liability and credits the
expense.
D. Void the payment, which debits cash and credits the liability,
and then cancel the invoice, which debits the liability and credits
the expense. - ANSWER-D. Void the payment, which debits cash
and credits the liability, and then cancel the invoice, which debits
the liability and credits the expense.
A company has a requirement to default the disbursement bank
account when submitting a Payment Process Request.
Which two actions will accomplish this?
A. Define the Disbursement Bank Account at the business unit
level to have the payment process derive the bank account.
B. Assign the Disbursement Bank Account to users to have the
payment process default the bank account.
C. Define the Disbursement Bank Account to every supplier.
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D. Create a Payment Process Request template that includes the
Disbursement Bank Account.
E. Define the Disbursement Bank Account to the Payment Method
in payment default rules. - ANSWER-D. Create a Payment
Process Request template that includes the Disbursement Bank
Account.
E. Define the Disbursement Bank Account to the Payment Method
in payment default rules.
Your business has requirement to print payment register only for a
spcific supplier. What modificatios would you do in the BI template
for payment register' The choices were like;
A. using if at beganing of the template and using endif
B. hardcoding supplier name in the template
C. Using if at begning of the template and using if at the end -
ANSWER-C. Using if at begning of the template and using if at
the end
Select three true statements about the Invoice Validation process.
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A. creates tax lines and distributions
B. creates withholding invoices
C. validates project information
D. creates Accounting Entries
E. updates Supplier Balance - ANSWER-A. creates tax lines and
distributions
B. creates withholding invoices
C. validates project information
A company has three Balancing Segment values. An Invoice is
charged to all the three Balancing Segments. It is created with
three distributions with the respective Balancing Segment values
and the same Natural Account for AP Charge Account. Which set
up should automatically account the liability account to the
respective Balancing Segment Values?
A. Distribution Set
B. Invoice Matching
C. Automatic Offset
ACCOUNTS PAYABLE SPECIALIST CERTIFICATION IOFM EXAM
NEWEST 2025/2026 ACTUAL EXAM WITH COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+| ||PROFESSOR VERIFIED||
Which attributes on the payables invoice can be used during
approval rule creation?
A. company and cost center segment only
B. company segment, cost center segment, supplier, and Attribute
1 on the invoice line
C. cost center segment and supplier only
D. supplier only - ANSWER-B. company segment, cost center
segment, supplier, and Attribute 1 on the invoice line
You entered an invoice of 12,000 and paid it for Office Supplies.
The payment was never received by the supplier, and you decide
to return the entire order. What should you do?
A. Void the payment, which debits cash and credits the liability,
and then issue a credit memo, which debits the liability and
credits the expense.
,2|Page
B. Issue a credit memo, which will debit the liability and credit the
expense.
C. Cancel the invoice, which debits the liability and credits the
expense.
D. Void the payment, which debits cash and credits the liability,
and then cancel the invoice, which debits the liability and credits
the expense. - ANSWER-D. Void the payment, which debits cash
and credits the liability, and then cancel the invoice, which debits
the liability and credits the expense.
A company has a requirement to default the disbursement bank
account when submitting a Payment Process Request.
Which two actions will accomplish this?
A. Define the Disbursement Bank Account at the business unit
level to have the payment process derive the bank account.
B. Assign the Disbursement Bank Account to users to have the
payment process default the bank account.
C. Define the Disbursement Bank Account to every supplier.
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D. Create a Payment Process Request template that includes the
Disbursement Bank Account.
E. Define the Disbursement Bank Account to the Payment Method
in payment default rules. - ANSWER-D. Create a Payment
Process Request template that includes the Disbursement Bank
Account.
E. Define the Disbursement Bank Account to the Payment Method
in payment default rules.
Your business has requirement to print payment register only for a
spcific supplier. What modificatios would you do in the BI template
for payment register' The choices were like;
A. using if at beganing of the template and using endif
B. hardcoding supplier name in the template
C. Using if at begning of the template and using if at the end -
ANSWER-C. Using if at begning of the template and using if at
the end
Select three true statements about the Invoice Validation process.
, 4|Page
A. creates tax lines and distributions
B. creates withholding invoices
C. validates project information
D. creates Accounting Entries
E. updates Supplier Balance - ANSWER-A. creates tax lines and
distributions
B. creates withholding invoices
C. validates project information
A company has three Balancing Segment values. An Invoice is
charged to all the three Balancing Segments. It is created with
three distributions with the respective Balancing Segment values
and the same Natural Account for AP Charge Account. Which set
up should automatically account the liability account to the
respective Balancing Segment Values?
A. Distribution Set
B. Invoice Matching
C. Automatic Offset
