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IOFM Accredited Payables Specialist (APS) Certification Exam APS Prüfungsfragen mit Lösungen (Q31-Q36):
31. Frage
For a VAT invoice that contains what you believe to be a billing error, what is the only recommended solution?
Antwort: B
Begründung:
Value Added Tax (VAT) invoices are subject to strict regulatory requirements, as they impact taxreporting and compliance. When a VAT invoice contains a billing error (e.g., incorrect amount, tax rate, or details), the recommended solution is to withhold payment and return the invoice to the vendor for correction. This ensures that the corrected invoice complies with VAT regulations, allowing accurate tax reporting and reclaiming of input VAT. Paying an incorrect invoice or reporting the error to the VAT administration without correction risks non-compliance and audit issues.
The web source from Avalara explains: "If a VAT invoice is incorrect, it must be corrected by the supplier issuing a new invoice or a credit note, depending on the nature of the error." This aligns with the option to return the invoice to the vendor for correction. Paying the incorrect amount (Option B) or short/overpaying with an explanation (Option D) can complicate VAT reconciliation and may not be accepted by tax authorities, as the invoice must accurately reflect the transaction. Reporting the transaction to the VAT administration (Option A) is unnecessary unless the error involves fraud or persistent issues, and it does not resolve the invoice discrepancy.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including VAT compliance and invoice handling. While the specific question is not directly quoted in the provided sources, IOFM's curriculum emphasizes compliance with tax regulations, as noted in the program description: "Review peer- tested best practices for each phase of the payment process - from receipt of invoice, through processing and payment." The focus on accurate invoice processing supports returning the invoice for correction as the standard practice.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Avalara: "If a VAT invoice is incorrect, it must be corrected by the supplier issuing a new invoice or a credit note"
32. Frage
Which of the following are among the elements that the IRS considers in defining a T&E accountable plan?
Antwort: D
Begründung:
An accountable plan, as defined by the Internal Revenue Service (IRS), is a reimbursement or allowance arrangement for business expenses, including Travel and Entertainment (T&E), that meets three specific requirements to avoid being treated as taxable income: (1)Expense substantiation, where employees must provide documented evidence (e.g., receipts) for expenses; (2)Business connection requirement, meaning expenses must be incurred in connection with performing services for the employer; and (3)Return of unused cash advances on a timely basis, ensuring any excess advances are returned within a reasonable period (typically 120 days). All three elements (Options I, II, and III) are required for a T&E accountable plan.
The web source from the IRS states: "An accountable plan must meet three requirements: 1) Employees must have paid or incurred expenses while performing services as an employee (business connection); 2) Employees must adequately account for these expenses within areasonable period (substantiation); and 3) Employees must return any excess allowance or advance within a reasonable period." This directly supports Option B, as all three elements are included in the IRS definition.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including IRS regulations for T&E accountable plans. The curriculum's focus on "peer-tested best practices" and compliance with federal tax laws emphasizes the three IRS requirements, confirming that all three elements are essential.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance IRS: "An accountable plan must meet three requirements: 1) Employees must have paid or incurred expenses while performing services... 2) Employees must adequately account... 3) Employees must return any excess allowance."
33. Frage
The Sarbanes-Oxley statute in the U.S. requires public companies to: I. Establish controls over accounts payable hiring; II. Use a recognized framework to design and test controls over financial reporting; III. Ensure that the company CFO is a CPA.
Antwort: B
Begründung:
TheTax and Regulatory Compliancetopic in the APS Certification Program includes detailed coverage of the Sarbanes-Oxley Act (SOX), which mandates internal controls for public companies to ensure accurate financial reporting. SOX requires companies to use a recognized framework, such as COSO (Committee of Sponsoring Organizations), to design and test controls over financial reporting (Item II). However, it does not mandate specific controls over AP hiring (Item I) orrequire the CFO to be a CPA (Item III).
* Item I (Establish controls over accounts payable hiring): SOX focuses on financial reporting controls, not hiring processes for specific departments like AP. While internal controls may indirectly influence hiring (e.g., segregation of duties), there is no specific SOX requirement for AP hiring controls. This item is not required.
* Item II (Use a recognized framework to design and test controls over financial reporting): SOX Section 404 mandates that public companies establish and test internal controls over financial reporting using a recognized framework, such as COSO. This is a core requirement.
* Item III (Ensure that the company CFO is a CPA): SOX requires CFOs to certify financial reports (Section 302), but there is no mandate that they hold a CPA designation. This item is not required.
* Option A (I and II only): Incorrect, as Item I is not a SOX requirement.
* Option B (II only): Correct, as only Item II (using a recognized framework like COSO) is mandated by SOX.
* Option C (I, II, and III): Incorrect, as Items I and III are not SOX requirements.
* Option D (I only): Incorrect, as Item I is not a SOX requirement, and Item II is required.
Reference to IOFM APS Documents: The APS e-textbook underTax and Regulatory Compliancestates,
"SOX Section 404 requires public companies to use a recognized framework, such as COSO, to design and test internal controls over financial reporting." It clarifies that "SOX does not mandate specific hiring controls for departments like AP or require CFOs to be CPAs, though it emphasizes executive accountability." The training video discusses SOX's focus on financial controls, citing COSO as the standard framework and noting no specific hiring or CPA requirements.
34. Frage
Which party is responsible for providing 1099 information for P-card transactions to the IRS?
Antwort: B
Begründung:
For procurement card (P-card) transactions, themerchantis responsible for providing 1099 information to the IRS, as they are the party receiving payment for goods or services. IRS Form 1099-MISC or 1099-NEC is required for certain payments to non-employee vendors (e.g., independent contractors) exceeding $600 annually, and merchants report these payments directly to the IRS when paid via P-card, just as they would for other payment methods.
The web source from Tipalti states: "For P-card transactions, the merchant is responsible for reporting 1099 information to the IRS, as they receive the payment and must comply with tax reporting requirements." This directly supports Option A. The card issuer (Option B) facilitates thetransaction but does not report 1099s, the card user (Option C) is typically an employee making purchases, and accounts payable (Option D) manages payments but does not report 1099s for P-card transactions.
The IOFM APS Certification Program covers "Tax and Regulatory Compliance," including IRS reporting requirements like Form 1099. The curriculum's focus on "peer-tested best practices" aligns with the merchant' s responsibility for 1099 reporting in P-card transactions.
References:
IOFM Accounts Payable Specialist (APS) Certification Program, covering Tax and Regulatory Compliance Tipalti: "For P-card transactions, the merchant is responsible for reporting 1099 information to the IRS"
35. Frage
Filing for a VAT refund is difficult because: I. Invoices must include the name and address of the company filing for the refund; II. Only authorized agents may apply for the refunds; III. An original invoice must be submitted.
Antwort: B
Begründung:
TheInvoicestopic in the APS Certification Program covers the complexities of value-added tax (VAT) refunds, particularly for businesses operating in VAT jurisdictions (e.g., EU). VAT refund processes are stringent, requiring specific invoice details like the company's name and address (Item I) and, in many cases, original invoices (Item III). However,only authorized agents applying for refunds (Item II)is not universally true, as businesses or their tax representatives can often file directly, depending on the jurisdiction.
* Item I (Invoices must include the name and address of the company filing for the refund): True.
VAT regulations (e.g., EU VAT Directive) require invoices to include the claimant's name and address to verify eligibility. This contributes to refund difficulty.
* Item II (Only authorized agents may apply for the refunds): Not universally true. While some jurisdictions allow or require agents, businesses can often file directly or designate representatives without mandating third-party agents. This does not consistently contribute to difficulty.
* Item III (An original invoice must be submitted): True. Many VAT jurisdictions require original invoices (or certified copies) to validate claims, increasing administrative burden and difficulty.
* Option A (II only): Incorrect, as Item II is not universally applicable, and Items I and III are valid.
* Option B (I only): Incorrect, as Item III also contributes to refund difficulty.
* Option C (I and III only): Correct, as Items I and III are standard requirements that make VAT refunds difficult.
* Option D (II and III only): Incorrect, as Item II is not a universal requirement.
Reference to IOFM APS Documents: The APS e-textbook underInvoicesstates, "VAT refund processes are complex due to requirements like including the claimant's name and address on invoices and submitting original invoices." It notes that "while agents may assist, direct filing bybusinesses is often permitted, depending on the jurisdiction." The training video discusses VAT refunds, highlighting the need for "specific invoice details and original documents" as key challenges.
36. Frage
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