AP CERTIFICATION STUDY GUIDE-IOFM SOLVED CORRECTLY TO PASS!!
balance sheet ✔️✔️A financial statement that reports Assets, Liabilities and Owner's Equity
UPIC ✔️✔️Universal Payment Identification Codes
Positive Pay ✔️✔️An organization's best defense against Check fraud
accrued expenses ✔️✔️Incurred expenses that have not been paid in the current period
The Association of Certified Fraud Examiners (ACFE) ✔️✔️Three branches: fraudulent statements;
corruption and asset misappropriation
Corporate Payment ✔️✔️Is governed by the invoice, the purchase order and receiving documents
Reduce ACH Fraud ✔️✔️Reconcile accounts daily, use ACH credits & avoid ACH debuts or control debits
with rules and filters, setup separate accounts for checks and ACH and use UPIC
ACH transaction ✔️✔️Is initiated by either the buyer or seller
Cash Management ✔️✔️how a person manages money coming in and money going out (in and outflow of
funds)
Best Practice to deal with an invoice without an invoice number ✔️✔️Return to vendor and inform vendor
that all invoices must have an invoice number to be paid
Check signing control ✔️✔️Most common is to require two authorized signatures for checks above a
certain dollar amount
responsibility of procurement group ✔️✔️Sourcing; execution; and supplier relations
Controlled Disbursement Account ✔️✔️A bank account that is designed to control the flow of checks
through the banking system
Important step in preventing vendor fraud ✔️✔️Management review of report on additions and changes
to the vendor master file
Addressing Data Security ✔️✔️Involves software; Human Resources; Hardware
NEXUS ✔️✔️The term used to describe the minimum presence or level of activity in a state at which an
entity may fall under sales tax law
General Services Administration ✔️✔️US gov org that publishes "per diem" travel guidelines
Front-line managers ✔️✔️Are the most visible role models in demonstrating to employees whether a
company is ethical
balance sheet ✔️✔️A financial statement that reports Assets, Liabilities and Owner's Equity
UPIC ✔️✔️Universal Payment Identification Codes
Positive Pay ✔️✔️An organization's best defense against Check fraud
accrued expenses ✔️✔️Incurred expenses that have not been paid in the current period
The Association of Certified Fraud Examiners (ACFE) ✔️✔️Three branches: fraudulent statements;
corruption and asset misappropriation
Corporate Payment ✔️✔️Is governed by the invoice, the purchase order and receiving documents
Reduce ACH Fraud ✔️✔️Reconcile accounts daily, use ACH credits & avoid ACH debuts or control debits
with rules and filters, setup separate accounts for checks and ACH and use UPIC
ACH transaction ✔️✔️Is initiated by either the buyer or seller
Cash Management ✔️✔️how a person manages money coming in and money going out (in and outflow of
funds)
Best Practice to deal with an invoice without an invoice number ✔️✔️Return to vendor and inform vendor
that all invoices must have an invoice number to be paid
Check signing control ✔️✔️Most common is to require two authorized signatures for checks above a
certain dollar amount
responsibility of procurement group ✔️✔️Sourcing; execution; and supplier relations
Controlled Disbursement Account ✔️✔️A bank account that is designed to control the flow of checks
through the banking system
Important step in preventing vendor fraud ✔️✔️Management review of report on additions and changes
to the vendor master file
Addressing Data Security ✔️✔️Involves software; Human Resources; Hardware
NEXUS ✔️✔️The term used to describe the minimum presence or level of activity in a state at which an
entity may fall under sales tax law
General Services Administration ✔️✔️US gov org that publishes "per diem" travel guidelines
Front-line managers ✔️✔️Are the most visible role models in demonstrating to employees whether a
company is ethical
