CAPA (CNCF) study plan

Map the full accounts payable lifecycle from invoice receipt through payment and reconciliation, writing a one-page flow diagram in your own words

Define the three-way match (purchase order, receiving report, invoice) and explain in writing what happens when each element is missing

Distinguish between invoice date, receipt date, and due date, and calculate payment due dates for 10 sample invoices with varying terms

Build a personal glossary of 25 core AP terms with your own definitions

Classify 20 sample transactions into correct AP subledger categories and justify each classification in one sentence

Explain the AP ledger-to-general-ledger reconciliation process and identify three common causes of reconciling differences

Describe how accruals and reversing entries work at period end and construct two example journal entries

Compare invoice approval workflows (manager, budget owner, two-way vs. three-way match) and state when each is appropriate

Explain the vendor master file and list five data fields that protect against duplicate or fraudulent payments

Describe how AP handles vendor statement reconciliation and disputed invoices, including the escalation path

Identify internal controls that prevent duplicate payments, and design one control you would add to a weak process

Summarize the difference between a debit memo, a credit memo, and a payment on account

Explain the procure-to-pay cycle end to end and identify where AP's work begins and ends within it

Describe how a requisition becomes a purchase order and list the approval thresholds typically involved

Trace one sample purchase from requisition through payment, documenting each handoff and control point

Compare centralized vs. decentralized purchasing and state one advantage and one risk of each

Explain goods receipt and service entry, and describe how receiving discrepancies are resolved before payment

Distinguish between purchase orders, blanket purchase orders, and contracts, and state when each is used

Describe the supplier onboarding and qualification process, including the checks performed before a vendor is paid

Explain how purchasing cards and expense reimbursements fit into the P2P cycle and what controls apply

Describe how P2P data flows into AP aging, cash forecasting, and discount capture decisions

Calculate the value of a 2/10 net 30 early-payment discount versus paying on day 30, and state the annualized cost of forgoing it

Explain how exceptions (price variance, quantity variance, no PO) are routed and resolved, and who owns each

Identify three P2P metrics (e.g., cycle time, match rate, exception rate) and explain what each reveals

Answer 60 mixed practice questions across both domains under timed conditions and log every miss by root cause

Re-teach your three weakest subtopics from memory in writing, then verify against source material

Explain how AP and procurement share responsibility for fraud prevention, naming two controls on each side

Describe the month-end close sequence from AP's perspective, including cutoff testing

Re-drill every item in your error log until each is answered correctly twice in a row

Complete two full-length timed practice exams and compare scores against your week 7 baseline

Recite the AP lifecycle and P2P cycle from memory in under five minutes each

Write a one-page personal cheat sheet of the 15 facts you are most likely to forget