CON 170 Test 1, CON 170 Exam #1, CON 170 Cost and Price Analysis Exam #1, Con 170 exam 1

CON 170 Test 1, CON 170 Exam #1, CON 170 Cost and Price Analysis Exam #1, Con 170 exam 1 Purpose of TINA - ANS place the government on equal footing with the contractor with respect to negotiating contracts and mods. Enables the government to determine proposed prices to be fair and reasonable when normal market forces are not in effect. What does TINA do? - ANS Requires contractors to submit cost or pricing data, defines cost or pricing data, requires certification that data are current, accurate and complete, delineates exceptions to the requirement, provides right for government to examine contractor records, provides rules governing defective pricing What is cost or pricing data? - ANS Factual as of the date of price agreement and a prudent buyer or seller would reasonably expect to affect price negotiations significantly, factual, not judgmental. What is certified cost or pricing data? - ANS Certified by someone at the company the cost or pricing data submitted are accurate, complete and current. Who determines to require the necessary cost and pricing data and determines fair and reasonable? - ANS C.O. When is certified cost or pricing data required? - ANS Over $700,000, mod involving $700,000 price adjustment, subcontract totaling $700,000 or more, mod of a subcontract greater that $700,000. What are the adequate price competition exceptions? - ANS C.O. determines :prices agreed upon are based on adequate competition, prices agreed upon are based on prices set by law or regulation, a commercial item was being acquired, waiver has been granted or when modifying a contract for commercial items. Is certified cost or pricing data required for an acquisition for $149,000? - ANS No, it is below the S.A.T. Can the government request certified cost or pricing data when acquiring commercial items? - ANS No, there is competition. Can the government request "data other than certified cost or pricing data" when acquiring commercial items? - ANS Yes, be specific What is the purpose of Cost Accounting Standards? - ANS Ensure uniformity and consistency in measurement, assignment and allocation. How do you know if a cost is allowable? - ANS Allocable, reasonable, compliant with CAS, within terms of contract and compliant with FAR part 30. In regards to CAS, what are the Contract officer's responsibilities? - ANS Determine when a contract may require CAS coverage, include appropriate notice in the solicitation and shall not award a CAS-covered contract until CFAO has made a written determination that the disclosure statement is adequate. In regards to CAS, what is the responsibility of the Cognizant Federal Agency Official? - ANS Issuing determinations of adequacy and compliance of the disclosure statement. Who can waive CAS coverage? - ANS Head of Agency, ie. Air Force What is a disclosure statement? - ANS Written description of a contractor's cost accounting practices and procedures. Does a disclosure statement mean that the contractor's accounting practices and procedures are compliant? - ANS No, it only means that the disclosure statement is adequate