CLC 056 Exam Questions &Answers 100% Correct(SCORED A+)

Which of the following are exemptions to the Cost Accounting Standards? - ANSWER-Small Businesses; Contracts based on established or market prices or fixed by law or regulation; All contracts awarded using sealed bidding Using the CAS Coverage and Disclosure Statement Determination flowchart, determine if the original (basic) BBOMS contract is subject to CAS - ANSWER-Yes, none of the listed exemptions apply. Since this is a negotiated procurement in excess of $7.5 M, the contract is coved by the Cost Accounting Standards. Select the Resources tab to review the BBOMS contact and then answer the following question. Now that you have determined that the BBOMS contract us subject to CAS, what level of coverage is applicable? - ANSWER-Full coverage since the contract award is for $50M or more. Look at the BBOMS contract again. which of the following statements is true? - ANSWER-Since the BBOMS contract is subject to full CAS coverage, TSS is required to submit a Disclosure Statement to the CFAO and the Cognizant Auditor and