ACQ 202 Module 3 Exam: Part I Designing - Prototyping the System Q & A 2024/2025ACQ 202 Module 3 Exam: Part I Designing - Prototyping the System Q & A 2024/2025ACQ 202 Module 3 Exam: Part I Designing - Prototyping the System Q & A 2024/2025ACQ 202 Module 3 Exam: Part I Designing - Prototyping the S...
ACQ 202 Module 3 Exam: Part I
Designing - Prototyping the System Q &
A 2024/2025
1. For a contract cost to be considered "allowable," it must be
consistent with Government Cost Accounting Standards,
Generally Accepted Accounting Principles, the terms of the
contract, and the Federal Acquisition Regulation (FAR). It must
also be reasonable and: - ANS --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*
2. A company's organizational structure supports its business
strategy by: - ANS --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*
3. What form of information exchange would a Contracting Officer
use to reach agreement with an offeror over the terms of a
contract? - ANS --Clarification
-*Negotiation*
-Discussion
-Communication
4. 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
______________________. - ANS --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
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