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: Aug 18, 2026

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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

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 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

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 5

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

Page: 1 / 21

Total 101 Questions | Updated On: Aug 18, 2026

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