CON 1400V FINAL EXAMINATION TEST
COMPLETE SOLVED QUESTIONS
◉ Cost reimbursement and Time & Material contracts requiring
settlement of indirect cost rates should be closed within _____ of
the month in which the contracting officer receives evidence of
physical completion.
Answer: 36 months
◉ The plant clearance officers should review and accept inventory
disposal schedules within ____ days following receipt.
Answer: 10 days
◉ Government Property
Answer: All property owned or leased to the government or
acquired by the government and furnished to the contractor.
◉ Contractor Acquired Property (CAP)
Answer: Property that the contractor either acquires or fabricates,
and to which the government has title (ownership)
◉ Who retains the title of all government furnished property?
Answer: The government
, ◉ Procuring Contracting Officer (PCO)
Answer: The contracting officer that makes the decision to
terminate and issues the termination notice
◉ Who resolves any funding issues, ensure documentation is
complete, coordinate closeout actions and close the contract?
Answer: PCO/Defense Contract Management Agency (DCMA)
◉ Automated Contract Closeout (ACCO)
Answer: Allows system to initiate and execute the closeout action
without requiring action on the part of the contracting officer
administering the contract.
◉ Manual Closeout
Answer: The process where the KO is responsible for closeout
upon receiving notice of completion.
◉ What contracts are eligible for automated closeout?
Answer: FFP under $500k
◉ DD Form 1594
Answer: Contract Completion Statement, used for all contracts for
closeout
◉ Who provides the release of claims?
COMPLETE SOLVED QUESTIONS
◉ Cost reimbursement and Time & Material contracts requiring
settlement of indirect cost rates should be closed within _____ of
the month in which the contracting officer receives evidence of
physical completion.
Answer: 36 months
◉ The plant clearance officers should review and accept inventory
disposal schedules within ____ days following receipt.
Answer: 10 days
◉ Government Property
Answer: All property owned or leased to the government or
acquired by the government and furnished to the contractor.
◉ Contractor Acquired Property (CAP)
Answer: Property that the contractor either acquires or fabricates,
and to which the government has title (ownership)
◉ Who retains the title of all government furnished property?
Answer: The government
, ◉ Procuring Contracting Officer (PCO)
Answer: The contracting officer that makes the decision to
terminate and issues the termination notice
◉ Who resolves any funding issues, ensure documentation is
complete, coordinate closeout actions and close the contract?
Answer: PCO/Defense Contract Management Agency (DCMA)
◉ Automated Contract Closeout (ACCO)
Answer: Allows system to initiate and execute the closeout action
without requiring action on the part of the contracting officer
administering the contract.
◉ Manual Closeout
Answer: The process where the KO is responsible for closeout
upon receiving notice of completion.
◉ What contracts are eligible for automated closeout?
Answer: FFP under $500k
◉ DD Form 1594
Answer: Contract Completion Statement, used for all contracts for
closeout
◉ Who provides the release of claims?
