APS Exam Dumps : Accredited Payables Specialist (APS) Certification Exam

In the context of accounts payable and financial operations, the acronymFIFOstands forFirst In, First Out, a method commonly used in inventory management and accounting to assume that the earliest goods purchased (first in) are sold or used first (first out). This affects cost of goods sold and inventory valuation. The other options are not relevant: “Fifty Invested, Five Optioned” (Option B), “Fraud In Financial Operations” (Option C), and “Final Invoice For Offset” (Option D) are not standard terms in AP or accounting.

The web source from SAP Concur states: “FIFO, or First In, First Out, is an inventory accounting method where the earliest goods received are recorded as sold first, impacting financial reporting.” This directly supports Option A.

The IOFM APS Certification Program covers “Internal Controls,” including accounting principles like FIFO that affect financial processes. The curriculum’s focus on “peer-tested best practices” aligns with understanding FIFO as a standard method in inventory and cost accounting.

Cash management refers to an organization’s processes for managing the inflow and outflow of funds to optimize liquidity, ensure financial stability, and meet operational needs. This includes overseeing cash receipts, payments, and forecasting cash flow. While payment terms (Option A) and payroll disbursements (Option B) are components of cash management, they are not the comprehensive definition. Enterprise resource planning systems (Option C) are tools that may support cash management but are not the definition itself.

The web source from Corcentric states: “Cash management involves managing an organization’s inflow and outflow of funds to maintain liquidity and meet financial obligations.” This directly supports Option D.

The IOFM APS Certification Program covers “Payments,” including cash management principles as they relate to AP processes. The curriculum’s focus on “peer-tested best practices” aligns with the definition of cash management as managing cash inflows and outflows.

TheVendor Master Filetopic in the APS Certification Program addresses managing dynamic vendor data, such as contact information, which can change frequently. An efficient approach is toinclude a contractual requirementfor vendors to notify the organization in writing of personnel or contact changes, ensuring the VMF remains accurate without excessive manual effort.

Option A (Conduct a thorough audit semiannually): Inefficient, as semiannual audits are too infrequent for frequently changing data and resource-intensive.

Option B (Include only the vendor web address): Inefficient and risky, as websites may not provide current contact details, and manual checks are time-consuming.

Option C (Assign an individual to review weekly): Inefficient, as weekly reviews are labor-intensive and impractical for large vendor bases.

Option D (Include in the vendor contract notification of personnel changes): Correct. Contractual notification shifts responsibility to vendors, ensuring timely updates with minimal organizational effort.

Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, “To manage frequently changing contact information, include contractual terms requiring vendors to notify the organization of changes in writing, reducing manual updates.” The training video notes, “Efficient VMF management leverages vendor contracts to ensure timely contact updates, avoiding labor-intensive audits.”