Free IOFM APS Exam Questions

Become IOFM Certified with updated APS exam questions and correct answers

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Total 101 Questions | Updated On: Oct 28, 2025

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Question 1

What is the current thinking on the practice of maintaining a petty cash fund?

A : It’s practically obsolete and should be eliminated, if possible

B : Three separate individuals should sign off on disbursements

C : It’s considered a best practice within service organizations and consulting businesses

D : It should be maintained by an executive in the treasury department

Answer: A

Question 2

Which of the following IRS documents addresses travel & entertainment (T&E) expenses?

A : Notice 1009

B : Publication 463

C : Advisory 972

D : Form 1046

Answer: B

Question 3

Ways in which an organization could suffer from check fraud include which of the following: I. Check alteration; II. Invalid payments; III. Stolen issued checks.

A : I, II, and III

B : II and III only

C : I and III only

D : I and II only

Answer: A

Question 4

Sales and use taxes are levied by which of the following? I. Cities and towns; II. Federal government; III. States.

A : II and III only

B : III only

C : I and III only

D : I, II, and III

Answer: C

Question 5

Which of the following are data security concerns?

A : I and II only (What data is being accessed; Who is accessing the data)

B : I and III only (What data is being accessed; For what purpose the data is being used)

C : II and III only (Who is accessing the data; For what purpose the data is being used)

D : I, II, and III (What data is being accessed; Who is accessing the data; For what purpose the data is being used)

Answer: D

Page: 1 / 21

Total 101 Questions | Updated On: Oct 28, 2025

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