CAPA CAPA Expense Management

Question 1

What is an employee expense report in the context of accounts payable?

Accepted Answer

A form employees submit to request reimbursement for business expenses

Answer

An employee expense report documents business expenses paid personally by an employee and is submitted to AP for reimbursement processing.

Question 2

What is the IRS standard mileage rate used for in expense management?

Accepted Answer

Reimbursing employees for business use of personal vehicles

Answer

The IRS standard mileage rate lets companies reimburse employees for business use of personal vehicles at a set per-mile rate without requiring itemized fuel or maintenance receipts.

Question 3

What is a corporate purchasing card (P-card) primarily used for?

Accepted Answer

Purchasing low-value items without a formal purchase order

Answer

P-cards allow employees to purchase low-value items directly without creating a purchase order, reducing administrative burden for small and routine purchases.

Question 4

Which control helps prevent personal expenses from being submitted as business expenses?

Accepted Answer

Manager approval of expense reports

Answer

Requiring manager approval ensures that someone with knowledge of the employee's business activities reviews and authorizes each expense reimbursement request.

Question 5

What is a 'per diem' in business expense management?

Accepted Answer

A fixed daily allowance for meals and lodging during business travel

Answer

A per diem is a daily allowance covering meals and incidental expenses during business travel, simplifying expense reporting by eliminating the need for individual receipts.

CAPA - Certified Accounts Payable Associate Practice Test

CAPA - Certified Accounts Payable Associate Practice Test

CAPA CAPA Expense Management