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The Defense Contract Audit Agency (DCAA) is an agency of the United States Department of Defense under the direction of the Under Secretary of Defense (Comptroller). It was established in 1965 to perform all contract audits for the Department of Defense. Previously, the various branches of military service were responsible for their own ...
Cost Accounting Standards (popularly known as CAS) are a set of 19 standards and rules promulgated by the United States Government for use in determining costs on negotiated procurements. CAS differs from the Federal Acquisition Regulation (FAR) in that FAR applies to substantially all contractors, whereas CAS applied primarily to the larger ones.
A cost-plus contract, also termed a cost plus contract, is a contract such that a contractor is paid for all of its allowed expenses, plus additional payment to allow for risk and incentive sharing. [1] Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred ...
The Defense Contract Management Agency (DCMA) is an agency of the United States federal government reporting to the Under Secretary of Defense for Acquisition and Sustainment.
Director of Cost Assessment & Program Evaluation: Christine H. Fox: October 28, 2009 – June 2013 Robert M. Gates Leon Panetta Chuck Hagel. Barack Obama Jamie M. Morin: June 30, 2014 – January 20, 2017 Chuck Hagel Ashton Carter. Barack Obama Scott Comes (Acting) January 20, 2017 - August 7, 2017 James Mattis: Donald Trump: Robert Daigle
The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when: Collections are assured; The accounting system can: Estimate profitability
Shutdown cost: Costs incurred if operations are shut down, and which would not occur if operations are continued. Capacity cost: The cost incurred by a company for providing production, administration and selling and distribution capabilities in order to perform various functions. These costs are normally fixed costs.
The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin. It is essentially the same as what is known (especially in the U.S.) as a cost-plus contract. This contract form is popular to ensure that a competitive price is obtained, for instance in cases where tender competitions are impractical.
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