ACQ 202 Module 3 Exam: Part I Designing - Prototyping the System Questions with answers, 2022/2023. Rated A+

ACQ 202 Module 3 Exam: Part I Designing - Prototyping the System Questions with answers, 2022/2023. Rated A+ Document Content and Description Below ACQ 202 Module 3 Exam: Part I Designing - Prototyping the System Questions with answers, 2022/2023. Rated A+ For a contract cost to be considered "allowable," it must be consistent with Governmen t Cost Accounting Standards, Generally Accepted Accounting Principles, the terms of the contract, and the Federal Acquisition Regulation (FAR). It must also be reasonable and: - -Reflected in the liabilities listed in the corporate balance sheet -Fair and equitable to all parties, including all involved subcontractors -Factored into the profitability ratios reported by the firm -*Allocable to the contract (in whole or in part) or to the overall cost of operating the business* A company's organizational structure supports its business strategy by: - -Using only the divisional organizational structure -Having as many managers as possible -Focusing on only one area -*Focusing resources where needed to achieve corporate goals and objectives* What form of information exchange would a Contracting Officer use to reach agreement with an offeror over the terms of a contract? - -Clarification -*Negotiation* -Discussion -Communication For a cost in a contract to be considered allowable, it must meet certain criteria. One of the criteria that must be met is that ______________________. - -The cost need not be in compliance with industry accounting standards -*The cost must be reasonable* -The cost must exceed what a prudent business person would incur -The cost must be exempt from compliance with the Federal Acquisition Regulations The Air Force is procuring maintenance services, and the Contracting Officer decides that no discussions are required to select the best contractor. However, the contractor's proposal has a typographical error showing period of performance beginning 1 June rather than 1 July. What type of information exchange would be used to resolve this discrepancy? - -Negotiations -Communications -*Clarifications* -Solicitations Items that are owned by a company are listed on which of the following financial statements? - -Statement of Cash Flows -Income Statement -Profitability Report -*Balance Sheet* In Government contracting, one criterion for cost allowability is that the contractor's costs must comply with Generally Accepted Accounting Principles (GAAP) and _________________. - -Lean Manufacturing Principles -*Government Cost Accounting Standards (CAS)* -Cost as an Independent Variable (CAIV) Principles -ISO 9001 Principles During source selection, a contractor calls you with a question about the Request for Proposal (RFP). To whom should you refer this inquiry? - -*Contracting Officer* -