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| Section | Weight | Objectives |
|---|---|---|
| Internal Controls & Fraud Prevention | 10% | - Segregation of duties - Audit readiness and documentation - Fraud detection and mitigation |
| Process Improvement & Automation | 10% | - Data analysis and reporting - AP automation tools and technology - Workflow optimization |
| Payments and Disbursements | 20% | - Payment methods and processing - Travel and expense management - Discounts, allowances and deductions |
| Invoice Processing | 25% | - Invoice receipt and validation - Handling exceptions and discrepancies - Matching and reconciliation |
| Vendor Management | 15% | - 1099 / tax reporting requirements - Vendor communication and resolution - Vendor setup and maintenance |
| Accounts Payable Fundamentals | 20% | - Financial accounting basics for AP - Regulatory compliance and ethics - Role and responsibilities of AP department |
1. Examples of preventive controls include each of the following EXCEPT:
A) Account reconciliation
B) Use of approved vendor lists
C) T&E expenditure guidelines
D) Dollar limits on use of P-card
2. Which of the following has significantly reduced the number of small dollar invoices to be processed?
A) Petty cash
B) Electronic data interchange
C) Payment cards
D) Evaluated receipt settlement
3. Payments by U.S. companies to U.S. unincorporated service providers must be reported to the IRS if they equal or exceed which of the following dollar amounts?
A) $300
B) $600
C) $1,000
D) $500
4. Which of the following are reasons an employee should keep and submit T&E receipts, even if using a corporate travel card?
A) I and III only (There may be additional expenses for items paid out-of-pocket; The card information may not include the sufficient level of detail needed for approval)
B) II and III only (Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
C) I, II, and III (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones; The card information may not include the sufficient level of detail needed for approval)
D) I and II only (There may be additional expenses for items paid out-of-pocket; Paper receipts are more easily handled and archived than electronic ones)
5. Which of the following IRS documents addresses travel & entertainment (T&E) expenses?
A) Advisory 972
B) Notice 1009
C) Form 1046
D) Publication 463
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: D |
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