Free IOFM APS Exam Questions

Become IOFM Certified with updated APS exam questions and correct answers

Page: 1 / 21

Total 101 Questions | Updated On: Dec 16, 2025

Add To Cart

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

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

Question 4

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

Question 5

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

Page: 1 / 21

Total 101 Questions | Updated On: Dec 16, 2025

Add To Cart