Accounts Payable Specialist Certification – IOFM
Latest Update 2025-2026 100 Questions and
100% Verified Correct Answers Guaranteed A+
A ___% reduction in operating expenses has the same impact on the company's P&L
statement as a 30% increase in sales. - CORRECT ANSWER: 5%, 30%
A records management system must manage organization information so that it is: -
CORRECT ANSWER: timely, accurate, complete, cost-effective, accessible, and usable
Account - CORRECT ANSWER: a collection of financial information grouped according
to vendor or purpose, including all purchases, payments and debts.
Accounts Payable Aging Report - CORRECT ANSWER: lists unpaid invoices based on
how old they are, the date entered into the system, or invoice date
Accrual - CORRECT ANSWER: an expense that has been incurred for which an
invoiced has not yet been received, or entered into accounting records
Application System Controls - CORRECT ANSWER: the mechanisms in place over
each separate computer systems to ensure complete, accurate processing.
As much as ___% of all invoice-processing costs are associated with document
handling and manual data entry. - CORRECT ANSWER: 70%
Asset Misappropriation - CORRECT ANSWER: theft or misuse of assets (most common
fraud scheme)
, Balance Sheet - CORRECT ANSWER: shows a company's assets, liabilities, and
owners equity
Benefits of a Records Management System - CORRECT ANSWER: ensure regulatory
compliance;
safeguard vital information;
reduce operating costs;
minimizing litigation risk;
By setting objectives, a company can: - CORRECT ANSWER: measure the
effectiveness of internal controls by how well the objectives are achieved
Cash Flow - CORRECT ANSWER: measure of the organizations financial health; cash
inflows and outflows
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;
Latest Update 2025-2026 100 Questions and
100% Verified Correct Answers Guaranteed A+
A ___% reduction in operating expenses has the same impact on the company's P&L
statement as a 30% increase in sales. - CORRECT ANSWER: 5%, 30%
A records management system must manage organization information so that it is: -
CORRECT ANSWER: timely, accurate, complete, cost-effective, accessible, and usable
Account - CORRECT ANSWER: a collection of financial information grouped according
to vendor or purpose, including all purchases, payments and debts.
Accounts Payable Aging Report - CORRECT ANSWER: lists unpaid invoices based on
how old they are, the date entered into the system, or invoice date
Accrual - CORRECT ANSWER: an expense that has been incurred for which an
invoiced has not yet been received, or entered into accounting records
Application System Controls - CORRECT ANSWER: the mechanisms in place over
each separate computer systems to ensure complete, accurate processing.
As much as ___% of all invoice-processing costs are associated with document
handling and manual data entry. - CORRECT ANSWER: 70%
Asset Misappropriation - CORRECT ANSWER: theft or misuse of assets (most common
fraud scheme)
, Balance Sheet - CORRECT ANSWER: shows a company's assets, liabilities, and
owners equity
Benefits of a Records Management System - CORRECT ANSWER: ensure regulatory
compliance;
safeguard vital information;
reduce operating costs;
minimizing litigation risk;
By setting objectives, a company can: - CORRECT ANSWER: measure the
effectiveness of internal controls by how well the objectives are achieved
Cash Flow - CORRECT ANSWER: measure of the organizations financial health; cash
inflows and outflows
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;
