Accounts Payable Specialist Certification
IOFM Exam Questions with Correct
Verified Answers Latest Update
(2024/2025) Guaranteed Pass
1. Three Types of Audits: - ANS ✓Control Self-Assessments
Internal Audits
External Audits
2. Control Self-Assessment - ANS ✓assessment by the user themselves
3. Internal Auditing - ANS ✓an independent, objective assurance and
consulting activity designed to add value and improve and organizations'
operations
they propose recommendations for improvement and propose corrective actions
where they identify weaknesses
4. External Auditing - ANS ✓provide annually an independent opinion on
the organization's financial statements
Accounts Payable
, 2
Accounts
findings are issued in the management letter, can be broad in scope
5. Accounts Payable Aging Report - ANS ✓lists unpaid invoices based on
how old they are, the date entered into the system, or invoice date
6. Account - ANS ✓a collection of financial information grouped according to
vendor or purpose, including all purchases, payments and debts.
7. Statement - ANS ✓a written record of an account
8. Accrual - ANS ✓an expense that has been incurred for which an invoiced
has not yet been received, or entered into accounting records
9. Balance Sheet - ANS ✓shows a company's assets, liabilities, and owners
equity
10. Cash Flow - ANS ✓measure of the organizations financial health;
cash inflows and outflows
11. Debits and Credits - ANS ✓double-entry accounting; every debit
has a credit, every credit has a debit
12. DPO (Days Payables Outstanding) - ANS ✓an efficiency measure
that calculates the number of days, on average, that accounts payable takes
to settle its trade payables
Accounts Payable
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