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Pricing and Cost Accounting: A Handbook for Government Contractors
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Pricing and Cost Accounting: A Handbook for Government Contractors
by Darrell J. Oyer
Pricing and Cost Accounting, 3rd Edition
Cover
Title Page
Copyright
About the Author
Dedication
Acknowledgments
Table of Contents
Preface
Chapter 1. Federal Government Procurement Methods
Commercial Items
Sealed Bids
Contracting By Negotiation
Timeliness—Sealed Bid and Competitive Proposals
Evaluation Process—Competitive Proposals
Communications—Competitive Proposals
Truth in Negotiations—Competitive Cost-Type Proposals and All Non-Competitive Proposals
Chapter 2. Types of Government Contracts
Government Selection of Contract Types
Fixed-Price Contracts
Firm-Fixed-Price Contract
Fixed-Price-Incentive Contract
Incentives Contract
Firm-Fixed-Price with Economic Adjustment Contract
Fixed-Price Redeterminable Contract
Firm-Fixed-Price Contract with Successive Targets
Fixed-Price, Level-of-Effort Contract
Fixed-Price, Award-Fee Contract
Cost-Reimbursement Contracts
Cost-Sharing Contract
Cost-Reimbursement-Only Contract
Cost-Plus-Fixed-Fee Contract
Cost-Plus-Incentive-Fee Contract
Cost-Plus-Award-Fee Contract
Other Contract Types
Time-and-Materials Contract
Labor-Hour Contract
Indefinite-Delivery Contract
Letter Contract
Basic Agreement
Basic Ordering Agreement
Unauthorized Contract Types and Variations
Other Transactions
Contract Type and Potential Financial Reward
Chapter 3. Accounting System Requirements
Basic Record Keeping
Internal Controls and Written Policies and Procedures
Managing Contract Costs
Allocating Costs
Direct and Indirect Costs
Overhead Costs
Service Centers
General and Administrative Costs
Consistent Application
Establishing a Cost Structure
Monitoring Indirect Costs
Other Cost Accounting Concepts
Credits
Chapter 4. Cost Allowability
Origin of Government Contract Cost Principles
Applicability of Government Cost Regulations
FAR Concept of Total Cost
Credits
Incurred Costs
Allowability of Costs
Reasonableness
Allocability
Contract Terms/Advance Agreements
Indirect Cost Pools
Directly Associated Cost
Cosmetically Low Rates
Segregation of Unallowable Costs
Chapter 5. Principles—Selected Costs
Generally Unallowable Costs
Public Relations and Advertising Costs (31.205-1)
Bad Debts (31.205-3)
Contributions or Donations (31.205-8)
Entertainment Costs (31.205-14)
Fines, Penalties, and Mischarging Costs (31.205-15)
Interest and Other Financial Costs (31.205-20)
Lobbying and Political Activity Costs (31.205-22)
Losses on Other Contracts (31.205-23)
Organization Costs (31.205-27)
Costs Related to Legal and Other Proceedings (31.205-47)
Goodwill (31.205-49)
Costs of Alcoholic Beverages (31.205-51)
Asset Valuations Resulting from Business Combinations (31.205-52)
Excessive Pass-Through Costs (31.203(i))
Costs Related to Human Resources
Compensation for Personal Services (31.205-6)
Employee Stock Ownership Plans (ESOPs) (31.205-6(q))
Employee Morale, Health, Welfare, Food Service, and Dormitory Costs and Credits (31.205-13)
Professional and Consulting Costs (31.205-33)
Recruitment Costs (31.205-34)
Relocation Costs (31.205-35)
Trade, Business, Technical and Professional Activity Costs (31.205-43)
Training and Educational Costs (31.205-44)
Travel Costs (31.205-46)
Costs Related to Physical Resources
Cost of Money (31.205-10)
Depreciation (31.205-11)
Gains and Losses on Disposition of Depreciable Property or Other Assets (31.205-16)
Idle Facilities and Idle Capacity Costs (31.205-17)
Maintenance and Repair Costs
Manufacturing and Production Engineering Costs (31.205-25)
Plant Reconversion Costs (31.205-31)
Rental Costs (31.205-36)
Special Tooling and Special Test Equipment Costs (31.205-40)
New Business-Related Costs
Independent Research and Development and Bid and Proposal Costs (31.205-18)
Selling Costs (31.205-38)
Miscellaneous Costs
Contingencies (31.205-7)
Economic Planning Costs (31.205-12)
Insurance and Indemnification (31.205-19)
Material Costs (31.205-26)
Other Business Expenses (31.205-28)
Patent Costs (31.205-30)
Precontract Costs (31.205-32)
Royalties and Other Costs for Use of Patents (31.205-37)
Taxes (31.205-41)
Termination Costs (31.205-42)
Environmental Cleanup Costs
Restructuring Costs (DFARS 231.205.70)
Cost of Government Shutdowns
Chapter 6. Cost Accounting Standards
Original CAS Legislation
Basics of Public Law 91-379
CASB Operating Policies
After The Demise of The Original CASB
Basic CAS Requirements
Price Adjustments
Covered Contracts
Exempt Contracts
Waivers of CAS Coverage
CAS Steering Committee and Working Group
The Standards
Standard 401: Consistency in Estimating, Accumulating, and Reporting Costs
Standard 402: Consistency in Allocating Costs Incurred for the Same Purposes
Standard 403: Allocation of Home Office Expenses to Segments
Standard 404: Capitalization of Tangible Assets
Standard 405: Accounting for Unallowable Costs
Standard 406: Cost Accounting Period
Standard 407: Use of Standard Costs For Direct Material and Direct Labor
Standard 408: Accounting for Costs of Compensated Personal Absences
Standard 409: Depreciation of Tangible Capital Assets
Standard 410: Allocation of Business Unit General and Administrative Expenses to Final Cost Objectives
Standard 411: Accounting for Acquisition Costs of Materials
Standard 412: Composition and Measurement of Pension Cost
Standard 413: Adjustment and Allocation of Pension Cost
Standard 414: Cost of Money As an Element of the Cost of Facilities Capital
Standard 415: Accounting for the Cost of Deferred Compensation
Standard 416: Accounting for Insurance Costs
Standard 417: Cost of Money As an Element of the Cost of Capital Assets Under Construction
Standard 418: Allocation of Direct and Indirect Costs
Standard 420: Accounting for Independent Research And Development (IR&D) and Bid and Proposal (B&P) Costs
Disclosure Statement
Dollar Threshold of Contract Awards For Determining Filing Requirements
Revisions to Disclosure Statements
Exemptions
Review and Approval of Disclosure Statement
Detailed Requirements of Disclosure Statement
Chapter 7. Developing Cost Estimates for Proposals
The Estimating Process
Quantity Estimates
Make-or-Buy Decisions
Direct Labor Costs
Direct Material Costs
Other Direct Costs
Indirect Costs
Indirect Cost Estimating Worksheet
Submitting Price Proposals
General Instructions
Required Breakdowns
Chapter 8. Contract Price Negotiation and Profit Guidelines
Government vs. Commercial Profit
Department of Defense Guidelines
Weighted Guidelines Method
Profit Objective Determination
Values: Normal and Designated Ranges
Cost Efficiency Factor
NASA Guidelines
Other Agencies’ Guidelines
Chapter 9. Truth in Negotiations
Applicability of The Law
Basic Coverage
Covered Contracts
Prohibitions on Obtaining Cost or Pricing Data
Adequate Price Competition
Commercial Items
Waivers
Requiring Information Other Than Cost or Pricing Data
Price Reductions
Special Subcontract Considerations
Government Burden of Proof
Cost or Pricing Data
Available Data
Submission of Data
Reliance
Price Increase
Setoffs
The Role of a Certificate
Chapter 10. Contract Administration
Responsibility for Contract Administration and Audits
Contract Administration Duties
Contract Audits
Financial Aspects
Contract Payments
Provisional or Interim Billing Rates
Final Indirect Cost Rates
Cost-Sharing Rates and Ceilings on Indirect Cost Rates
Forward-Pricing Rate Agreements
Quick-Closeout Procedure
Disallowing Costs After Incurrence
Performance Aspects
Suspension of Work, Stop-Work Orders, and Government Delay of Work
Past Performance Evaluations
Contract Modifications
Subcontracting
Government Property
Earned Value Management Systems
Termination for Convenience
Ethics
Chapter 11. Government Contract Audits
Accounting System Review
Basic Record Keeping
Internal Controls and Written Policies and Procedures
Payment Requests
Limitation of Cost Clause
Estimating System Review
Organizational Relationships
Review Requirements
Make-or-Buy Decisions
Updating Cost or Pricing Data
DOD Estimating System Requirements
Labor Recording System Audit
Risk Assessment
Employee Interviews
Audit Report
Procurement System Review
Compensation System Audit
Reasonableness of Compensation
Uncompensated Overtime
Price Proposal Review
Developing Cost Estimates
Auditor Approaches
Incurred Cost Audit
Labor Costs
Material and Subcontract Costs
Indirect Costs
Other Direct Costs
Postaward Review (Defective Pricing)
Audit Emphasis
Applicability of the Truth in Negotiations Act
Price Reduction
Fraud in Defective Pricing
Audit Techniques
Cost Accounting Standards
Disclosure Statement
Changes in Cost Accounting Practices
Contract Termination Audit
Equitable Contract Price Adjustment Audit
Financial Capability Audit
Operations Audit
Material Management And Accounting System
DCAA Contract Audit Manual
Acronyms
Index
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